Mortgage Payoff definition

Mortgage Payoff means, with respect to any Home, the amount, if any, paid to retire the entire remaining principal balance of any Mortgage on such Home, together with interest accrued thereon to the date of payment.
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Examples of Mortgage Payoff in a sentence

  • At such time as Fleet shall have received the Mortgage Payoff, in immediately available funds, Fleet shall notify UKS in writing that (x) it has received the Mortgage Payoff and (y) it has accepted the Documents ("Acceptance Notice") and UKS shall thereafter automatically release the Documents held in escrow to Fleet.

  • From any excess of the Condemnation Award over the Mortgage Payoff (the "Excess Amount"), Landlord shall receive an amount equal to the Excess Amount multiplied by a fraction: (i) the numerator of which is the Fair Market Value of Landlord's interest in the Leased Premises; and (ii) the denominator of which is the total of the Fair Market Value of Landlord's and Tenant's respective interests in the Leased Premises.

  • In connection with the Mortgage Payoff, Fleet agrees to execute a subordination agreement whereby Fleet subordinates its first mortgage position on the Mortgaged Property to any mortgagee designated by EDAC.

  • If an MPF Direct Mortgage Loan prepays in full on or prior to the last day of the third full month following the date the MPF Direct Mortgage Loan was sold to the MPF Provider (an “Early Mortgage Payoff”), the PFI shall be obligated to repay the MPF Provider the premium paid by the MPF Provider for such MPF Direct Mortgage Loan, as calculated by the MPF Provider in accordance with the applicable provisions of the Guides (“Early Mortgage Payoff Refund).

  • Early Mortgage Payoff Savings Pay Off select Home community Early.

  • If the Condemnation Award exceeds the Mortgage Payoff, then Landlord and Tenant jointly shall appoint a Qualified Appraiser (as defined in Exhibit B).

  • In the event that City shall exercise its right to terminate this Agreement pursuant to Section 15.B., any portion of the Deposit remaining on deposit with Escrow Agent shall be paid to City and applied against the obligations of Developer to City under the Mortgage Documents and Developer shall pay the Developer Default Mortgage Payoff Amount to City within thirty (30) days following the termination of this Agreement.

  • If the Mortgage Payoff shall not have occurred by February 14, 2001, then UKS shall automatically destroy the Documents escrowed by them hereunder, unless otherwise instructed in a writing joined in by all of the parties hereto.

  • In the event that City shall exercise its right to terminate this Agreement pursuant to Section 15.C. and Developer shall default in its obligation to make payment of the Developer Default Mortgage Payoff Amount to City within thirty (30) days following the termination of this Agreement, City shall have the right to foreclose the lien of the Mortgage.

  • Upon Developer’s payment of the Developer Default Mortgage Payoff Amount to City, the Parties and Guarantor shall be released from any and all further obligations under this Agreement and the Mortgage Documents except for such obligations as this Agreement expressly provides shall survive such termination.