Mortgage Project definition

Mortgage Project means a Project encumbered by a mortgage on the real property of such Project by the Tenant of such Project as mortgagor in favor of a Borrower as the sole mortgagee.
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Examples of Mortgage Project in a sentence

  • The outstanding principal balance of the Mortgage Project Loan, as of the date hereof, is $0.00 and the unadvanced principal balance of the Mortgage Loan is $5,000,000.00.

  • Borrower shall perform or cause to be performed the PIP Project in accordance with the applicable PIP, this Section 5.24.1, Section 5.24.1 of the Mortgage Project Loan Agreement and the other applicable terms and provisions of this Agreement and the Mortgage Project Loan Agreement.

  • Up Project that is a Mortgage Project The lesser of 65% of (i) the "as stabilized" Appraised Value for such Lease-Up Project, (ii) the total budget for Project Costs for such Lease-Up Project, (iii) the actual Project Costs incurred with respect to such Lease-Up Project, and (iv) the outstanding principal balance owed by any Operator of such Project to the applicable Borrower under the applicable Loan Agreement.

  • On or prior to the date hereof, Mortgage Borrower has satisfied the conditions set forth in clauses (ii), (iii), (vi) and (vii) of Section 2.1.3(a) of the Mortgage Project Loan Agreement.

  • Borrower shall not perform or cause to be performed any part of the PIP Project unless all of the conditions set forth in Section 2.1.3(a) of the Mortgage Project Loan Agreement have been satisfied.