Permanent Mortgage Commencement definition

Permanent Mortgage Commencement means the first date on which all of the following have occurred: (a) the Construction Loan shall have been repaid in full; (b) the Mortgage shall have closed and funded; and (c) amortization of the Mortgage shall have commenced.

Permanent Mortgage Commencement means the payment and discharge of the Construction Loan and the execution and delivery of the Permanent Loan Documents.

Permanent Mortgage Commencement means the date when the closing of the Mortgage shall have occurred and amortization of the Mortgage shall have commenced.

Examples of Permanent Mortgage Commencement in a sentence

• However, from and after Permanent Mortgage Commencement, neither any General Partner nor any Related Person shall at any time bear, nor shall the General Partners permit any other Partner or any Related Person to bear, the Economic Risk of Loss for the payment of any portion of any Mortgage.

• At any time during construction and prior to Permanent Mortgage Commencement, if the Special Limited Partner ascertains that the Development Budget exceeds the sum of the Capital Contributions and the Mortgage amount then the General Partner shall be responsible for and shall be obligated to pay the difference thereof within thirty days of receiving written notice from the Special Limited Partner except as otherwise provided for in this Agreement.

• If the Specified Proceeds as available from time to time are insufficient to pay all Development Costs and achieve Permanent Mortgage Commencement, the Developer shall advance or cause to be advanced to the Partnership from time to time as needed all such funds as are required to pay such deficiencies.

• All material given to or made available to the CONTRACTOR by virtue of this Agreement, which is identified as proprietary or confidential information, will be safeguarded by the CONTRACTOR and shall not be disclosed to any individual or organization without the prior written approval of the UNIVERSITY.

• Any balance of the amount of each Development Advance not reimbursed through Permanent Mortgage Commencement shall not be reimbursable, shall not be credited to the Capital Account of any Partner, or otherwise change the interest of any Person in the Partnership, but shall be borne by the Developer under the terms of this Agreement.

More Definitions of Permanent Mortgage Commencement

Permanent Mortgage Commencement means the first date on which all of the following shall have occurred with respect to the Apartment Complex: (a) Completion Date; (b) the principal amount and maturity date of the permanent mortgage loan shall have been finally determined; (c) amortization of the permanent mortgage loan shall have commenced, and (d) repayment in full of the construction financing and discharge of the construction mortgage and all other liens related thereto.

Permanent Mortgage Commencement means the first date on which amortization of the Mortgage shall have commenced. Sections 1.81, 1.82 and 1.83 are amended in their entirety to provide as follows:

Permanent Mortgage Commencement means the later to occur of (a) closing of the Permanent Mortgage, or (b) repayment of the Construction Mortgage in its entirety.

Permanent Mortgage Commencement means the payment and discharge of the Construction Loan and the execution and delivery of the Permanent Loan Documents. "Permanent Note" means the Promissory Note to be executed by the Partnership to evidence its obligations with respect to the Permanent Loan, which Note shall be secured by the Permanent Mortgage.

Permanent Mortgage Commencement means the first date on which all of the following have occurred: (a) achievement of the “Conversion Date” as defined in that certain Borrower Loan Agreement, dated as of May 1, 2013, entered into between the Partnership and the Issuer in connection with the Tax-Exempt Loan; (b) each of the Mortgage Loans has closed and fully funded pursuant to the terms thereof; and (c) amortization of the Mortgage Loans requiring such amortization has commenced.

Permanent Mortgage Commencement means the first date on which all of the following shall have occurred: (a) the Completion Date; and (b) the principal amount and maturity date of the Permanent Mortgages shall have been finally determined. Permanent Mortgage Commitments means, collectively, the Permanent First Mortgage Commitment and the Permanent Second Mortgage Commitment. Permanent Mortgages means, collectively, the Permanent First Mortgage and the Permanent Second Mortgage.

Permanent Mortgage Commencement means November 21, 1996.