Construction Mortgage definition

Construction Mortgage means a mortgage that secures an obligation incurred for the construction of an improvement on land including the acquisition cost of the land, if the recorded writ- ing so indicates.

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Construction Mortgage means a mortgage that secures an obligation incurred for the construction of an improvement on land, including the acquisition cost of the land.

Construction Mortgage means the financing for the construction of the Apartment Complex provided by the Construction Lender in the principal amount of $274,310.

Examples of Construction Mortgage in a sentence

• To secure, among other things, the payment and performance of all sums and obligations owing by Seller under the Loan, Seller has granted or will grant to the Administrative Agent as agent for the Lenders, a Construction Mortgage with Absolute Assignment of Leases and Rents, Security Agreement, Fixture Filing and Financing Statement (the “Mortgage”), covering Seller's interest in the Land and the Project, including the Property covered by this Agreement.

• The General Partners and their Affiliates, jointly and severally, are hereby authorized to incur personal liability for the repayment of funds advanced by the Construction Lender (and interest thereon) pursuant to the Construction Mortgage.

• Neither any General Partner nor any Related Person shall at any time bear the Economic Risk of Loss for the payment of any portion of any Mortgage, and the General Partners shall not permit any other Partner or any Related Person to bear the Economic Risk of Loss for the payment of any portion of any Mortgage, except as may be expressly permitted with respect to the Construction Mortgage pursuant to Article III.

• This Mortgage is intended to be a Construction Mortgage within the meaning of 13 Pa. C.S.A. § 2A309(a).

• The General Partners, jointly and severally, are hereby authorized to incur personal liability for the repayment of funds advanced by the Construction Lender (and interest thereon) pursuant to the Construction Mortgage.

More Definitions of Construction Mortgage

Construction Mortgage means the financing for the construction of the Apartment Complex provided by the Construction Lender in a principal amount of up to $6,757,536. Construction Mortgage Closing means the first date upon which the Construction Mortgage was closed and the initial draw thereunder was disbursed.

Construction Mortgage means the Mortgage securing the Partnership's obligations under the Construction Note.

Construction Mortgage means the first ranking shipbuilding mortgage (Hoechstbetragsschiffshypothek) in the maximum amount of EUR 581, 000,000 executed or to be executed by the Borrower in favour of banks and financial institutions designated by the Builder to secure loans made or to be made to the Builder to finance the construction of the Purchased Vessel.

Construction Mortgage means the financing for the construction of the Apartment Complex provided by the Construction Lender dated June 12, 1997, in a principal amount of up to $1,100,000.

Construction Mortgage means the Construction Mortgage as described in the Recitals hereto.

Construction Mortgage means the Mortgage, Assignment of Rents and Proceeds and Security Agreement delivered by Borrower pursuant to the Construction Loan Agreement.

Construction Mortgage means, collectively, that certain Mortgage, Assignment of Rents and Proceeds and Security Agreement dated as of December 19, 1991 between Borrower and GREFCO; as amended by that certain First Amendment to Mortgage, Assignment of Rents and Proceeds and Security Agreement dated as of January 13, 1993 between Borrower and Lender; and as further amended by that certain Second Amendment to Mortgage, Assignment of Rents and Proceeds and Security Agreement of even date herewith between Lender and Borrower.