Condominium Loan definition

Condominium Loan means a Mortgage Loan secured by a condominium unit located in a building having no more than four stories.
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Condominium Loan means Mortgage Asset (other than a Bridge Loan, a Preferred Equity Interest or an Equity Asset) the Underlying Mortgaged Property for which is owned, is in the process of being converted to be owned or is otherwise expected to be owned, in whole or in part, by a condominium form of ownership. Condominium Loans are not Eligible Assets unless deemed so by the Administrative Agent on a case–by–case basis.
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Condominium Loan. A Mortgage Asset (other than a Bridge Loan or a Preferred Equity Interest) the Underlying Mortgaged Property for which is owned, is in the process of being converted to be owned or is otherwise expected to be owned, in whole or in part, by a condominium form of ownership. Condominium Loans are not Eligible Assets unless deemed so by the Purchaser on a case–by–case basis.
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Examples of Condominium Loan in a sentence

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  • Lenders may use Form HUD-9991, FHA Condominium Loan Level/Single-Unit Approval Questionnaire, or similar, to document these requirements.

  • Lenders may use Form HUD-9991, FHA Condominium Loan Level/Single-UnitApproval Questionnaire, or similar, to document these requirements.

  • Having defined the models for provisioning of IT infrastructure from previous chapters, we can apply these results also fora service contract specification.The proposed service contract is based on Service scope and Service Level Agreement (SLA), as shown by Fig.

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  • Units in FHA-approved condominium projects are eligible for FHA-insured financing.Form HUD-9991, FHA Condominium Loan Level/Single-Unit Approval QuestionnaireDirect Endorsement (DE) lenders in good standing use the HUD-9991, FHA Condominium Loan Level/Single-Unit Approval Questionnaire to collect project information at the time the forward or HECM condominium loan is being originated.


More Definitions of Condominium Loan

Condominium Loan means a Mortgage Loan secured by a unit in a condominium.
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Condominium Loan means a Mortgage Loan secured by a unit in a condominium. “Confirmation” shall have the meaning assigned thereto in Section 4 hereof.
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Condominium Loan is defined in the Recitals to this Agreement.
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Related to Condominium Loan

  • Condominium Project Real estate including the separate ownership in fee, or on a satisfactory leasehold estate, of a particular residential unit with an indivisible interest in the real estate designated for common ownership strictly by unit owners.

  • Condominium Property means the lands, leaseholds, and personal property that are subjected to condominium ownership, whether or not contiguous, and all improvements thereon and all easements and rights appurtenant thereto intended for use in connection with the condominium.

  • Condominium unit A Single Family Property within a Condominium Project.

  • Condominium means a common interest community in which portions of the real estate are designated for separate ownership and the remainder of the real estate is designated for common ownership solely by the owners of those portions. A common interest community is not a condominium unless the undivided interests in the common elements are vested in the unit owners.

  • Condominium Plan means a plan described in Section 4285.

  • Condominium Act means Article 9-B of the Real Property Law of the State of New York or any statute enacted in lieu thereof.

  • Leasehold condominium means a condominium in which all or a portion of the real estate is subject to a lease the expiration or termination of which will terminate the condominium or reduce its size.

  • Condominium Documents means the master deed, recorded pursuant to this act, and any other instrument referred to in the master deed or bylaws which affects the rights and obligations of a co-owner in the condominium.

  • Condominium Declaration means the Declaration of Condominium for NetApp RTP Phase I Condominium recorded in Book 012647, Page 01310, Wake County, North Carolina Registry.

  • Condominium Corporation means a condominium or strata corporation established under provincial legislation.

  • Loan Property means any property in which the applicable party (or a subsidiary of it) holds a security interest and, where required by the context, includes the owner or operator of such property, but only with respect to such property.

  • apartment building means a residential use building, or the residential use portion of a mixed-use building, other than a townhouse or stacked townhouse containing four or more dwelling units each of which shall have access to above grade common halls, stairs, elevators, and yards;

  • Mortgaged Property shall have the meaning assigned to such term in the recitals.

  • Conversion condominium means a condominium containing structures which before the recording of the declaration, were wholly or partially occupied by persons other than those who have contracted for the purchase of condominium units and those who occupy with the consent of such purchasers.

  • Condominium Association ’ means the organization, whose membership consists ex- clusively of all the unit owners in the con- dominium project, which is, or will be respon- sible for the operation, administration, and management of the condominium project;

  • Construction Loan means the loan to finance construction of the Apartment Housing, made to Owner by the Construction Lender.

  • Mortgage Borrower shall have the meaning set forth in the Recitals to this Agreement.

  • farm building means that part of a bona fide farming operation encompassing barns, silos and other ancillary development to an agricultural use, but excluding a residential use;

  • Facility Mortgage As defined in Section 13.1.

  • Qualified building means a building built at least 30 years before the date of application, located within a designated downtown or, village center, or neighborhood development area, which, upon completion of the project supported by the tax credit, will be an income-producing building not used solely as a single-family residence. Churches and other buildings owned by religious organization may be qualified buildings, but in no event shall tax credits be used for religious worship.

  • Undeveloped Property means all Assessor’s Parcels of Taxable Property which are not Developed Property.

  • Park Sienna Mortgage Loans The Mortgage Loans identified as such on the Mortgage Loan Schedule for which Park Sienna is the applicable Seller.

  • Building Project means the aggregate combined parcel of land on a portion of which are the improvements of which the Premises form a part, with all the improvements thereon, said improvements being a part of the block and lot for tax purposes which are applicable to the aforesaid land.

  • Real Estate Loan means any debt obligation that is (a) directly or indirectly secured by a mortgage, deed of trust or similar Lien on commercial real estate, residential real estate, office, retail or industrial property or undeveloped land, is underwritten as a mortgage loan and is not otherwise associated with an operating business or (b) a loan to a company engaged primarily in acquiring and developing undeveloped land (whether or not such loan is secured by real estate).

  • Ground Lease means a lease creating a leasehold estate in real property where the fee owner as the ground lessor conveys for a term or terms of years its entire interest in the land and buildings and other improvements, if any, comprising the premises demised under such lease to the ground lessee (who may, in certain circumstances, own the building and improvements on the land), subject to the reversionary interest of the ground lessor as fee owner. With respect to any Mortgage Loan where the Mortgage Loan is secured by a Ground Leasehold estate in whole or in part, and the related Mortgage does not also encumber the related lessor’s fee interest in such Mortgaged Property, based upon the terms of the Ground Lease and any estoppel or other agreement received from the ground lessor in favor of Mortgage Loan Seller, its successors and assigns (collectively, the “Ground Lease and Related Documents”), Mortgage Loan Seller represents and warrants that:

  • Project Loan means the loan made by the Governmental Lender to the Borrower pursuant to the Project Loan Agreement in the original principal amount of $[AMOUNT], as evidenced by the Project Note.