Mortgage Shortfall definition

Mortgage Shortfall means, in relation to a Purchased Receivable, the amount (if a positive number) equal to the Principal Loss for that Purchased Receivable minus the aggregate of:
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Mortgage Shortfall means, for each month, as determined by Mortgage Lender on the third (3rd) Business Day of each month, an amount equal to the sum of all expenses, disbursements and Building Loan Advances expected to be paid by Mortgage Lender during such month as described in items Article II of the Building Loan Agreement and Section 4.1.40(iii) of the Building Loan Agreement and Section 4.1.40(iii) of the Senior Loan Agreement (i.e., on account of debt service under the Mortgage Loan, Taxes, Insurance, and Operating Expenses) to the extent that such amounts have not been paid to Building Loan Borrower and Senior Loan Borrower in accordance with the Building Loan Documents and Senior Loan Documents, as applicable.
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Examples of Mortgage Shortfall in a sentence

  • In addition, if requested by Lender, Borrower shall execute any documents to evidence the implementation of the Substitute Shortfall Provisions with Lender so long as the Substitute Shortfall Provisions are substantially identical to the Mortgage Shortfall Provisions.

  • In such event, the amount of the Mortgage Shortfall shall be added to the outstanding principal balance of the First Mezzanine Loan and shall accrue interest at the Applicable Interest Rate under the First Mezzanine Loan Documents.

  • Lender shall have the same legal and economic rights and remedies as Mortgage Lender under the Mortgage Shortfall Provisions, provided that in all events the disbursement and application of funds held in any such account controlled by Lender shall be substantially identical to that provided in the Mortgage Shortfall Provisions with respect to the Mortgage Loan Shortfall Account.