Second Mortgage Clause Samples
A Second Mortgage clause establishes the terms under which a borrower may take out an additional loan secured by the same property that already has a primary mortgage. This clause typically outlines the lender's rights, the priority of repayment in case of default, and any restrictions or requirements for obtaining the second mortgage, such as lender approval or notification. Its core function is to clarify the hierarchy of claims on the property and protect the interests of the primary lender by ensuring they are repaid before the second mortgage holder in the event of foreclosure or sale.
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Second Mortgage. Developer shall provide the City with a second mortgage interest for each mortgaged parcel subject to this Agreement. To the extent of a foreclosure on any mortgaged parcels subject to this Agreement, ▇▇▇▇▇▇▇▇▇ agrees to indemnify and reimburse the City for any and all costs and fees, including, but not limited to purchase price, transaction costs, and attorney fees, associated with the City’s redemption of its second mortgage interest from the senior line holder.
Second Mortgage. Notwithstanding any other provisions of this Mortgage to the contrary, ▇▇▇▇▇▇ agrees and acknowledges that this Mortgage is a second mortgage, subsequent in right in lien and payment priority (and in all other respects) to a prior first mortgage that is recorded on the applicable land records with respect to the Property. All provisions of this Mortgage relating to the payment of, or taking reserves for, Taxes, the requirements regarding insurance coverage, the application of insurance or condemnation proceeds, or the rebuilding or repair of the Improvements after a casualty or condemnation with such proceeds, shall be expressly subject to the provisions of such first mortgage and the rights of such first mortgagee to obtain such funds and/or make such decisions. Borrower shall be entitled to refinance the debt secured by such first mortgage; provided ▇▇▇▇▇▇▇▇ first provides Lender with prior written notice of such refinancing and evidence that the amount of such refinancing will not exceed the original principal amount to such first mortgage, in which event ▇▇▇▇▇▇ agrees to enter into a customary subordination agreement with any party providing such permitted refinancing on terms consistent with this Section 1.15.
Second Mortgage. The Durham County School District loan will be in second lien position.
Second Mortgage. The mortgage on the property will be a second mortgage in the amount of $[AMOUNT] at an interest rate of [PERCENTAGE]% per annum in accordance with this Addendum.
Second Mortgage. In September 2006, APFC NY entered into a second mortgage agreement in the amount of $4,750,000. The loan provides for interest only payments for the first twenty-four months, at the interest rate of 7.05%. After that, the agreement calls for monthly payments of principal and interest of $34,200 through September 2025 and a balloon payment in October 2025 for the remaining balance due.
Second Mortgage. ▇▇▇▇▇▇▇▇▇ agrees that a second mortgage will be a lien against the Property and shall secure the repayment of the Loan and any Grant claw-back requirements and that a Default hereunder shall be a default under the Loan.
Second Mortgage i. The term “Second Mortgage(s)” means that document (or those documents) identified on Exhibit B hereto as a “Second Mortgage” or a “Second Deed of Trust” executed by Borrower and encumbering the real property legally described in Exhibit C hereto.
Second Mortgage. 12 Securities...................................... 12
Second Mortgage. The terms and conditions set forth herein and the security interest granted hereby shall be subject, in all respects, to the terms of the Intercreditor Agreement.
Second Mortgage ascribed thereto in paragraph 4.1.