Harmony Loan definition
Examples of Harmony Loan in a sentence
Borrower has closed the Harmony Loan, or is closing it simultaneously with the Loan.
Borrower shall secure its obligation to repay the Loan, as evidenced by the Note, by executing the Deed of Trust, and causing or permitting the Deed of Trust to be recorded as a first position mortgage lien against the Property, superior in lien priority to the deed of trust securing the Harmony Loan.
The Harmony Loan has a term of ten (10) years and is expected to be refinanced prior to the expiration of its term by a new loan to Borrower from a private bank or other institutional lender.
To satisfy this requirement, Borrower must provide to the County, in addition to any other information reasonably required by the County, evidence demonstrating that the proposed amount of the Senior Loan is necessary to provide refinancing for the Harmony Loan and rehabilitation financing, if necessary to ensure the viability of the Property, and adequate financing for the Property would not be available without the proposed subordination.
Harmony and ARM have agreed to make certain facilities available to the Borrower on the terms and subject to the conditions set out in the ARM Loan Agreement and the Harmony Loan Agreement.
At the time of recordation of the Deed of Trust, Borrower will have good and marketable fee title to the Property and there will exist thereon or with respect thereto no mortgage, lien, pledge or other encumbrance of any character whatsoever other than liens for current real property taxes, the deed of trust securing the Harmony Loan, and liens in favor of the County or approved in writing by the County.
The County has approved the Harmony Loan as a loan junior in lien priority to the County Loan.