First Mortgage Sample Clauses
A First Mortgage clause establishes that a particular lender holds the primary security interest in a property, giving them priority over other creditors in the event of default. This means that if the borrower fails to meet their obligations and the property is sold, the first mortgage lender is paid before any subsequent lenders or lienholders. For example, if a homeowner has both a first and a second mortgage, the first mortgage lender will be repaid in full before any funds are distributed to the second mortgage holder. The core function of this clause is to clearly define the order of repayment, thereby reducing risk for the primary lender and making the terms of security interests transparent to all parties involved.
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First Mortgage. The Mortgagor covenants and stipulates that this mortgage is in first position and there is no other financing hereto.
First Mortgage. Where the Mortgagee is or becomes first mortgagee, the Mortgagor shall deposit with the Mortgagee the Certificate (if issued) and the Transfer. The Mortgagee may keep the Certificate and the Transfer at any location within Australia. Unless expressly obliged by statute, the Mortgagee may refuse to produce the Certificate and Transfer to any person for any reason.
First Mortgage. This Lease is subject and subordinate to the lien of any first mortgage (which term "mortgage" shall include both construction and permanent financing and shall include deeds of trust and similar security instruments) which may now or hereafter encumber or otherwise affect the Land and the Building or Landlord's interest therein, and to all and any renewals, extensions, modifications, recastings or refinancings thereof, but shall not be subordinate to any mortgage other than a first mortgage. In confirmation of such subordination, Tenant shall, at Landlord's request, promptly execute any requisite or appropriate certificate or other document. ▇▇▇▇▇▇ agrees that in the event that any proceedings are brought for the foreclosure of any such mortgage, Tenant shall attorn to the purchaser at such foreclosure sale, if requested to do so by such purchaser, and shall recognize such purchaser as the Landlord under this Lease, and Tenant waives the provisions of any statute or rule of law, now or hereafter in effect, which may give or purport to give Tenant any right to terminate or otherwise adversely affect this Lease and the obligations of Tenant hereunder in the event that any such foreclosure proceeding is prosecuted or completed.
First Mortgage. The term “
First Mortgage. Supplementing all applicable provisions of the Existing Lease (including, without limitation, Section 7 of the Existing Lease), the Current Lease is subordinate to any current or future first mortgage on the Building. In the event of a foreclosure of such mortgage, Tenant shall attorn to the then mortgagee thereunder and any subsequent owner or purchaser of the Building and the land on which it stands.
First Mortgage. (i) TABLE OF CONTENTS (Continued) Page
First Mortgage. The Borrower shall have provided a duly executed First Mortgage covering the Drillship in substantially the form of Exhibit 4.1A and an opinion of special Panama legal counsel to the Borrower with respect thereto in substantially the form of Exhibit 4.1K and otherwise as reasonably satisfactory to the Agent within ten (10) Business Days from the date it takes title thereto.
First Mortgage. Attached hereto as Exhibit J is a list of all agreements and other documents, including all amendments and modifications, evidencing, securing or relating to First Mortgage (the "Loan Documents"). Seller has heretofore delivered to Buyer true, correct and complete copies of the Loan Documents. The principal amount of the First Mortgage currently outstanding is approximately Sixty-Three Million Dollars ($63,000,000), all accrued interest which has become due thereunder has been paid to the date hereof, and there are no other amounts owed in connection with the First Note or the other Loan Documents. Seller has not received any notification that Seller is in default of its obligations under the Loan Documents, and to Seller's knowledge, Seller is not in default of its obligations thereunder; and there are no disputes or claims outstanding in connection with the Loan Documents.
First Mortgage. Broker will use its best efforts to procure a commitment for a new first mortgage loan on the Premises of $_______________________, or _________% of the purchase price, to bear interest at an initial rate of not more than __________% per year fixed rate adjustable rate, payable monthly in an initial amount not to exceed $______________________ and to be due in not less than ________ years with any loan fee not to exceed _________%. This loan commitment is conditioned on Purchaser's acceptable credit and is to be secured by a new first mortgage or trust deed on the Premises.
First Mortgage. First Mortgage" shall mean a recorded Mortgage with priority over other Mortgages.