Capped Mortgage definition
Capped Mortgage means any Mortgage which, pursuant to its express terms, limits the maximum principal amount that may be secured by such Mortgage to less than the Outstanding Amount as of the date of such Mortgage.
Examples of Capped Mortgage in a sentence
Notwithstanding the foregoing, the amounts secured by any Jurisdictional Capped Mortgage shall not be reduced in connection with any payments of principal which the Lender has the right to apply to the Loans in such manner and order as Lender shall elect in its sole and absolute discretion in accordance with the immediately preceding sentence until the aggregate maximum principal amount secured by such Jurisdictional Capped Mortgage(s) shall exceed the total principal amount of all Loans then outstanding.