Mortgage Component definition
Examples of Mortgage Component in a sentence
Lender, in its sole discretion, may elect to waive the foregoing survey delivery requirement as a condition precedent to the making of the Mortgage Component Advance and/or the Receivables Component Advance hereunder, in which case Borrower agrees to deliver to Lender surveys and surveyor's certificates that comply fully with the requirements of this Section 4.1(i) by no later than thirty (30) days following the Closing Date.
Each Mortgage Loan having a Net Mortgage Rate of greater than or equal to 5.00% and less than 5.50% will, for purposes of allocating principal, be deemed to have been split into a Mortgage Component accruing interest at 5.00% (which will be deemed to be part of Group One) and a Mortgage Component accruing interest at 5.50% (which will be deemed to be part of Group Two).
A mandatory payment of the greater of (a) $135,000; or (b) one hundred twenty percent (120%) of the original principal amount of the Mortgage Component of the Loan divided by the total number of Units encumbered by the Resort Mortgage as of the Closing Date less the number of Units listed on Exhibit "F" hereto, due Lender upon the sale of the first Interval in such Unit or otherwise in accordance with the provisions of Section 2.4(a)(ii) hereof.
Notwithstanding any term, provision, or condition hereof to the contrary, the entire outstanding principal balance of the Mortgage Component of the Loan and the Receivables Component of the Loan, together with any and all accrued but unpaid interest thereon and all other Obligations, shall immediately be paid via wire transfer by Borrower to Lender and otherwise be satisfied in full on or before the earlier to occur of (i) an Event of Default hereunder; or (ii) the Maturity Date.
Such Unit Release Fees shall be applied by Lender to reduce the outstanding principal balance of the Mortgage Component of the Loan and shall continue to be paid by Borrower until the Mortgage Note, including all interest, principal, and other amounts due thereunder, has been paid in full.