Second Mortgage definition

Second Mortgage means a mortgage from which the proceeds of a loan or other extension of credit made by a third person are secured by a mortgage on the real property for which the mortgagor has used the proceeds of the loan or other extension of credit to pay all or part of the purchase price of the property.

Second Mortgage means a Mortgage that constitutes a second Lien on the real property and improvements described in or covered by that Mortgage.

Second Mortgage means a mortgage interest having priority over all other security interests registered against the same real property used to secure such mortgage, other than a first mortgage of such real property.

Examples of Second Mortgage in a sentence

• The portion of the proceeds of the sale and delivery of the 2024 Series A Bonds deposited into the 2024 Series A subaccount of the Acquisition Account pursuant to Section 4.1 hereof shall be applied to purchase (i) 2024 Series A Xxxxxx Xxx Certificates backed by 2024 Series A Mortgage Loans and (ii) up to $5,000,000 of Second Mortgage Loans.

• The 2024 Series B Governmental Mortgage Loans and any Second Mortgage Loans shall be purchased at par and paid from the 2024 Series B subaccount of the Acquisition Account.

• Any Second Mortgage Loans shall be purchased at par and paid from the 2024 Series A subaccount of the Acquisition Account.

• The 2024 Series A Bonds are authorized to finance (i) the purchase of 2024 Series A Xxxxxx Xxx Certificates backed by 2024 Series A Mortgage Loans for Eligible Borrowers purchasing Residential Housing, (ii) the purchase of Second Mortgage Loans, and (iii) to pay the costs of issuance of the 2024 Series A Bonds.

• The 2024 Series B Bonds are authorized to finance (i) the purchase of 2024 Series B Xxxxxx Xxx Certificates backed by 2024 Series B Mortgage Loans for Eligible Borrowers purchasing Residential Housing, (ii) the purchase of Second Mortgage Loans, (iii) the purchase of 2024 Series B Governmental Mortgage Loans, and (iv) to pay the costs of issuance of the 2024 Series B Bonds.

More Definitions of Second Mortgage

Second Mortgage means a mortgage or deed of trust which constitutes a second Lien on the property covered thereby.

Second Mortgage means a Mortgage constituting a second lien on real property. “Second Mortgage Loan” means a Mortgage Loan secured by a Second Mortgage.

Second Mortgage means a second or other subordinate priority mortgage lien or similar real property security interest.

Second Mortgage a Mortgage which is subject to one prior or superior Mortgage.

Second Mortgage means the Deed of Trust, Security Agreement, Financing Statement, and Fixture Filing (Second Priority) executed this date by Borrower in favor of Lender, to be recorded in the real estate records of the county where the Property is located, and any extensions, renewals, modifications or replacements thereof or therefor, which secures, in part, the obligations under the Borrower Guarantees and which shall be junior and subordinate to the Mortgage.

Second Mortgage. The City’s HOME Loan will be in second lien position.

Second Mortgage means a mortgage having priority over all interests other than any First Mortgage registered against the same real estate used to secure such mortgage.