PURCHASE MONEY NOTE AND MORTGAGE Sample Clauses

PURCHASE MONEY NOTE AND MORTGAGE. In order to effect the above-referenced take-out financing arrangement by or before December 31, 1997, Seller shall accept a Promissory Note ("Purchase Money Note") from Buyer in a principal amount to be agreed upon by the parties, but not to exceed Two Hundred Ninety Thousand Dollars ($290,000.00). This Purchase Money Note shall bear interest at the rate of eight and one-half percent (8.5%) per annum for a term of five (5) years. Principal and accrued interest shall be amortized over a twenty (20) year schedule and paid in fifty-nine (59) equal monthly installments with a single, balloon payment of all outstanding principal and accrued interest due in full upon the fifth (5th) anniversary date of the Purchase Money Note. Said Purchase Money Note shall be guaranteed by Delaware Transportation Group, Inc. and secured by a first-priority mortgage lien (the "Purchase Money Mortgage") on all of the Buyer's real property, including all Rail Line segments, rail corridors, the CSX interchange and engine house grants of easement, aforesaid, and all outparcels but excluding Track, in form and substance acceptable to the Seller. Seller's security shall also include a collateral assignment of all real property leases and collateral assignment of that certain Option to purchase the stock shares of Gettysburg Passenger Service, Inc., a Pennsylvania corporation ("GPS"). Buyer shall pay all costs associated with the preparation, delivery and recording of the mortgage and the collateral assignment documents, including any transfer or recording taxes associated with same. Seller agrees that Buyer may convey the Rail Lines to its affiliate, Pennsylvania Land Company, LLC, a Delaware limited liability company after repayment of the Short Term Note and subject to the lien of the Purchase Money Mortgage, without release to Buyer.
Sample 1
AutoNDA by SimpleDocs
PURCHASE MONEY NOTE AND MORTGAGE. Seller agrees to hold a purchase money note and mortgage in the amount of $50,000.00. Said purchase money note shall bear interest at 9 Y:z % per annum with monthly payments of interest only until April 1 , 2004, at which time the entire principal balance and any accrued but unpaid interest shall be due and payable in full. The purchase money note and mortgage shall be in a form customarily used by commercial banks for similar loans in Pinellas County, Florida. Said purchase money note and mortgage may be prepaid in whole or in part at any time without penalty and shall be subordinate only to a first mortgage securing indebtedness of not more than $115,000.00. Buyer agrees to execute, record at its expense and authorize Seller to deliver to the holder of the first mortgage a notice pursuant to Fla. Stat. 697 ..04( 1 )(b) limiting the maximum principal amount of the first mortgage to $115,000.00.
Sample 1
PURCHASE MONEY NOTE AND MORTGAGE. At Closing, the balance of the Purchase Price shall be paid by way of a purchase money promissory note (the "Purchase Money Note"), in the form attached as EXHIBIT "2" to this Agreement, to be executed by Purchaser and delivered to Seller at Closing, evidencing Purchaser's obligation to pay to Seller the balance of the Purchase Price, in the principal amount of SEVENTEEN MILLION AND N0/100 U.S. DOLLARS (U.S. $17,000,000.00), which Purchase Money Note shall be secured by a purchase money mortgage (the "Purchase Money Mortgage") covering the Property and the Additional Property, in the form attached as EXHIBIT "3" to this Agreement, to be executed by Purchaser and recorded at Closing, and by a UCC Financing Statement (the "UCC Financing Statement") relating to the Property, in the form attached as EXHIBIT "4" to this Agreement, to be filed at Closing. As shall be more particularly described in the Purchase Money Note, (i) interest on the unpaid balance of the Purchase Money Note shall accrue at the rate of eight percent (8%) per annum for the first two years after Closing, and at the rate of ten percent (10%) per annum thereafter until the maturity date, and shall be paid monthly in arrears, (ii) the maturity date of the Purchase Money Note shall be the earlier to occur of (A) three years after Closing, and (B) sixty days after issuance by the County of a special management area use permit for development of any portion of the Property, and (iii) the obligation to pay principal and interest under the Purchase Money Note shall be non-recourse as to Purchaser. The Purchase Money Mortgage shall at all times, until its release in accordance with its terms, constitute a first mortgage lien on the Property prior to all other financial encumbrances affecting the Property, and subject only to the Permitted Exceptions (as defined below). No construction shall occur on the Property until payment in full of the Purchase Money Note and release of the Purchase Money Mortgage.
Sample 1

Related to PURCHASE MONEY NOTE AND MORTGAGE

  • Mortgage Lessee does hereby agree to make reasonable modifications of this Lease requested by any Mortgagee of record from time to time, provided such modifications are not substantial and do not increase any of the Rents or obligations of Lessee under this Lease or substantially modify any of the business elements of this Lease.

  • Mortgage Loan The appraisal was conducted by an appraiser who had no interest, direct or indirect, in the Mortgaged Property or in any loan made on the security thereof; and whose compensation is not affected by the approval or disapproval of the Mortgage Loan, and the appraisal and the appraiser both satisfy the applicable requirements of Title XI of the Financial Institution Reform, Recovery, and Enforcement Act of 1989 and the regulations promulgated thereunder, all as in effect on the date the Mortgage Loan was originated;

  • Maintenance of Security Interests in Financed Equipment The Servicer shall, in accordance with its customary servicing procedures, take such steps as are necessary to maintain perfection of the security interest created by each Receivable in the related Financed Equipment. The Servicer is hereby authorized to take such steps as are necessary to re-perfect such security interest on behalf of the Issuing Entity and the Indenture Trustee in the event of the relocation of the Financed Equipment or for any other reason.

  • Repurchase of Mortgage Loans with First Payment Defaults With respect to any Mortgage Loan, in the event that the first scheduled payment of principal and interest due either (i) after origination of such Mortgage Loan, or (ii) after the related Closing Date is not paid within sixty (60) days of the related Due Date, the Seller, at the Purchaser's option, shall repurchase such Mortgage Loan from the Purchaser at the Repurchase Price. The Seller shall repurchase such delinquent Mortgage Loan within thirty (30) days of such request unless the Seller can provide evidence reasonably acceptable to the Purchaser in its good faith discretion that such delinquency was due to a servicing error. Notwithstanding the foregoing, the Purchaser may, in its sole discretion, elect to submit for the Seller's consideration a revised Purchase Price Percentage (as defined in the related Purchase Price and Terms Agreement) (in each case, a "Revised Pricing Offer") with respect to any such Mortgage Loan. Thereafter, the Seller shall accept or reject such Revised Pricing Offer. In the event the Seller rejects a Revised Pricing Offer, the applicable Mortgage Loan shall be repurchased pursuant to the previous paragraph. In the event the Seller accepts a Revised Pricing Offer with respect to any such Mortgage Loan (such loan, a "Repriced Mortgage Loan") the Seller shall refund to the Purchaser an amount equal to (i) the product of (x) the difference between the original related Purchase Price Percentage and (y) the applicable Revised Pricing Offer, and (ii) the outstanding principal balance of such Repriced Mortgage Loan as of the related Cut-off Date (such product, in each case, the "Repricing Adjustment"), plus accrued interest on such Repricing Adjustment calculated at the federal funds rate as of the related Closing Date. Such amount shall be paid by the Seller to the Purchaser within thirty (30) days thereof.

  • Secured Promissory Notes The Term Loans shall be evidenced by a Secured Promissory Note or Notes in the form attached as Exhibit D hereto (each a “Secured Promissory Note”), and shall be repayable as set forth in this Agreement. Borrower irrevocably authorizes each Lender to make or cause to be made, on or about the Funding Date of any Term Loan or at the time of receipt of any payment of principal on such Lender’s Secured Promissory Note, an appropriate notation on such Lender’s Secured Promissory Note Record reflecting the making of such Term Loan or (as the case may be) the receipt of such payment. The outstanding amount of each Term Loan set forth on such Lender’s Secured Promissory Note Record shall be prima facie evidence of the principal amount thereof owing and unpaid to such Lender, but the failure to record, or any error in so recording, any such amount on such Lender’s Secured Promissory Note Record shall not limit or otherwise affect the obligations of Borrower under any Secured Promissory Note or any other Loan Document to make payments of principal of or interest on any Secured Promissory Note when due. Upon receipt of an affidavit of an officer of a Lender as to the loss, theft, destruction, or mutilation of its Secured Promissory Note, Borrower shall issue, in lieu thereof, a replacement Secured Promissory Note in the same principal amount thereof and of like tenor.

  • Security Instrument Borrower will execute the Security Instrument dated of even date with this Loan Agreement. The Security Instrument will be recorded in the applicable land records in the Property Jurisdiction.

  • Loan Agreements Notwithstanding any term hereof (or any term of the UCC that might otherwise be construed to be applicable to a “securities intermediary” as defined in the UCC) to the contrary, none of the Collateral Agent, the Collateral Custodian nor any securities intermediary shall be under any duty or obligation in connection with the acquisition by the Borrower, or the grant by the Borrower to the Collateral Agent, of any Loan Asset in the nature of a loan or a participation in a loan to examine or evaluate the sufficiency of the documents or instruments delivered to it by or on behalf of the Borrower under the related Loan Agreements, or otherwise to examine the Loan Agreements, in order to determine or compel compliance with any applicable requirements of or restrictions on transfer (including without limitation any necessary consents). The Collateral Custodian shall hold any Instrument delivered to it evidencing any Loan Asset granted to the Collateral Agent hereunder as custodial agent for the Collateral Agent in accordance with the terms of this Agreement.

  • Mortgage Loan Schedules The Mortgage Loan Seller agrees to provide to the Purchaser as of the date hereof a preliminary listing of the Mortgage Loans (the “Preliminary Mortgage Loan Schedule”) setting forth the information listed on Exhibit 2 to this Agreement with respect to each of the Mortgage Loans being sold by the Mortgage Loan Seller. If there are changes to the Preliminary Mortgage Loan Schedule, the Mortgage Loan Seller shall provide to the Purchaser as of the Closing Date a final schedule (the “Final Mortgage Loan Schedule”) setting forth the information listed on Exhibit 2 to this Agreement with respect to each of the Mortgage Loans being sold by the Mortgage Loan Seller to the Purchaser. The Final Mortgage Loan Schedule shall be delivered to the Purchaser on the Closing Date, shall be attached to an amendment to this Agreement to be executed on the Closing Date by the parties hereto and shall be in form and substance mutually agreed to by the Mortgage Loan Seller and the Purchaser (the “Amendment”). If there are no changes to the Preliminary Mortgage Loan Schedule, the Preliminary Mortgage Loan Schedule shall be the Final Mortgage Loan Schedule for all purposes hereof.

  • Security Instruments (i) The Administrative Agent shall fail to have an Acceptable Security Interest in any portion of the Collateral or (ii) any Security Instrument shall at any time and for any reason cease to create the Lien on the Property purported to be subject to such agreement in accordance with the terms of such agreement, or cease to be in full force and effect, or shall be contested by the Borrower, any Guarantor or any of their respective Subsidiaries;

  • The Loan Section 2.01. The Bank agrees to lend to the Borrower, on the terms and conditions set forth or referred to in the Loan Agreement, various currencies that shall have an aggregate value equivalent to the amount of one hundred million dollars ($100,000,000), being the sum of withdrawals of the proceeds of the Loan, with each withdrawal valued by the Bank as of the date of such withdrawal.

Time is Money Join Law Insider Premium to draft better contracts faster.