Net Mortgage Proceeds definition

Net Mortgage Proceeds means (i) the sum of (a) the proceeds of any loan made to the Partnership and the proceeds from refinancing any such loan, plus (b) any amount released from cash escrow accounts established under any loan to the Partnership, plus (c) the proceeds received by the Partnership from any Investment Entity on account of any loan made to such Investment Entity and the proceeds from refinancing any such loan received from any Investment Entity, other than Investment Entity Tax Loans, reduced by (ii) the sum of (a) any amounts required to fund the Partnership's expenditures that are reasonably Approved by the Partners or that are otherwise permitted to be withheld from such amounts for such purpose under this Agreement, (b) any and all expenses incurred by the Partnership in connection with such loan or refinancing that are reasonably Approved by the Partners, (c) amounts used as permitted under this Agreement to repay other indebtedness of the Partnership, plus (d) amounts thereof retained as reserves under this Agreement for Shortfall Disbursements by the Partnership (such reserves to be reasonably Approved by the Partners).
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Net Mortgage Proceeds means (a) any amounts paid, other than scheduled repayments, by a Mortgagor to Borrower or any of its Subsidiaries under an agreement, evidencing or securing any interest of Borrower or such Subsidiary as lender and as mortgagee or beneficiary, as applicable, in respect of a loan secured in whole or in part by a Lien on a Property, in respect of principal thereunder, plus (b) the gross proceeds received by or for the account of Borrower or such Subsidiary of any sale or other disposition of any such agreement, minus (c) the reasonable out-of-pocket fees and expenses (including attorneys' fees and expenses) incurred by Borrower or such Subsidiary in connection with such sale or other disposition.
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Net Mortgage Proceeds has the meaning given to such term in Section 2.5.1 of this Agreement.
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Examples of Net Mortgage Proceeds in a sentence

  • The General Partners shall cause the Partnership's accountants (i) at the end of each quarter, to determine the amount of Net Available Cash and, (ii) upon the occurrence of any event giving rise to Net Mortgage Proceeds or Capital Receipts, to determine the amount of such Net Mortgage Proceeds and Capital Receipts, if any.

  • By way of illustration, if the Mortgage Closing Date is March 15, 2002 and the Net Mortgage Proceeds are $1,500,000, then, the Borrowers shall only be required to remit to the Lender $1,000,000, which is the difference between the Net Mortgage Proceeds ($1,500,000) and the Step Reduction already paid to the Lender for such month ($500,000).

  • Notwithstanding the first sentence of Section 3, the Second Mortgage will be released before the Obligations are repaid to the Lenders upon (a) a bona fide sale for all cash, to a party unrelated to the Borrowers, at fair market value, of the property which is subject to the Second Mortgage, and (b) payment to the Lenders of the Net Mortgage Proceeds (as defined in Section 2.5.1).


More Definitions of Net Mortgage Proceeds

Net Mortgage Proceeds means all of the net proceeds obtained from the sale of KRUG'▇ ▇▇▇l property in Dayton, Ohio, which is subject to the first mortgage of Gem City Savings Association described in Section 1.48.5, and on which the Lenders will be granted the Second Mortgage pursuant to, inter alia, Section 3.3 of this Agreement, after payment of the first mortgage and any customary taxes, commissions or charges, and reduced by Income Taxes on Sale. "Income Taxes on Sale" means the excess, if any, of the estimated federal and state income tax liability of KRUG ▇▇▇ the fiscal year in which the sale occurs over the estimated payment of federal and state income tax liability which KRUG ▇▇▇ld have had for the same year if the sale had not occurred, in each case as reasonably determined by Deloitte & Touche, or other independent certified public accountants acceptable to the Borrowers and the Lenders.
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Net Mortgage Proceeds means (i) the sum of (a) the proceeds of any loan made to the Partnership or the proceeds from refinancing any such loan, as applicable, plus (b) any amount released from cash escrow accounts established under any loan to the Partnership, reduced by (ii) the sum of (a) any amounts required to fund the Partnership's capital expenditures that are otherwise permitted to be withheld from such amounts for such purpose under this Agreement, (b) any and all expenses incurred by the Partnership in connection with such loan or refinancing, (c) amounts used as permitted under this Agreement to repay the loan being refinanced and any other indebtedness of the Partnership, plus (d) amounts thereof retained as reserves under this Agreement. For purposes of this Agreement, Net Mortgage Proceeds, shall, to the extent necessary, be determined at the REO Partnership level on a look through basis.
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Net Mortgage Proceeds means the net proceeds received from the Proposed Mortgage on the Mortgage Closing Date, after the payment of customary costs and expenses in connection with the Proposed Mortgage.
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