Pilot Mortgage definition

Pilot Mortgage has the meaning set forth in the definition of the term “IXX Transaction”.
Sample 1Sample 2Sample 3
Pilot Mortgage means the Liens on certain of the Company’s Real Property Leases and easements held by Rensselaer County Industrial Agency.
Sample 1
Pilot Mortgage means, collectively, (a) that certain PILOT Leasehold Mortgage No. 1, dated as of the date hereof, made by Legacy Tenant and the IXX, as mortgagors, to the IXX, as mortgagee, to secure the principal amount of $25,000,000.00, and intended to be recorded in the Register’s Office, (b) that certain PILOT Leasehold Mortgage No. 2, dated as of the date hereof, made by Legacy Tenant and the IXX, as mortgagors, to the IXX, as mortgagee, to secure the principal amount of $225,000,000.00, and intended to be recorded in the Register’s Office, and (c) that certain PILOT Leasehold Mortgage No. 3, dated as of the date hereof, made by Legacy Tenant and the IXX, as mortgagors, to the IXX, as mortgagee, to secure the principal amount of $225,000,000.00, and intended to be recorded in the Register’s Office, as each such Leasehold Mortgage was assigned by the IXX to HYIC pursuant an Assignment and Assumption Agreement, dated as of the date hereof by and among The City of New York, the IXX and HYIC dated and intended to be recorded in the Register’s Office, each encumbering the Property and securing Legacy Tenant’s obligation to pay PILOT to the IXX under the Agency Lease Agreement, as the same may be amended, restated or supplemented or otherwise modified from time to time in accordance with the terms of this Agreement.
Sample 1

Examples of Pilot Mortgage in a sentence

  • Each such PILOT Mortgage shall be (a) subject and subordinate to the PILOT Mortgage securing the PILOT Note that evidences the Company’s obligation to make corresponding PILOT Increment payments hereunder during any succeeding PILOT Year, and (b) paramount in lien to the PILOT Mortgage securing the PILOT Note that evidences the Company’s obligation to make corresponding PILOT Increment payments hereunder during any preceding PILOT Year.

  • Upon a foreclosure of a PILOT Mortgage by the mortgagee thereunder, the Lessee shall execute and deliver an additional or replacement PILOT Mortgage within twenty (20) business days following receipt of the form of such additional or replacement PILOT Mortgage from such mortgagee.

  • No delay or omission to exercise any right or power accruing upon any failure or PILOT Mortgage Default shall impair any right or power or shall be construed to be a waiver of any such failure or PILOT Mortgage Default or acquiescence therein; and every such right and power may be exercised from time to time and as often as may be deemed expedient.

  • In addition to remedies specified in the Trust Indenture, if the Trustee fails to use commercially reasonable efforts to enforce the obligations contained in the PILOT Mortgage or to collect and remit, as required, the PILOT Payments pursuant to this Agreement and the Trust Indenture, each Party shall have the right to enforce the provisions of the PILOT Mortgage against the Property.

  • No waiver of any failure or PILOT Mortgage Default hereunder by Mortgagee shall extend to or shall affect any subsequent failure or PILOT Mortgage Default or shall impair any rights or remedies consequent thereon.

  • In the event that all events of default have been made good and Mortgagee shall have surrendered possession to Mortgagor, the right of entry provided in this Section shall again exist upon any subsequent PILOT Mortgage Default.

  • Upon the issuance of the Bonds, the Property will be exempt from local real property ad valorem taxes pursuant to the provisions of Section 103.285 of the Kentucky Revised Statutes, but shall be subject to the payment obligations as set forth in this Agreement and the PILOT Mortgage.

  • Assignment of PILOT Mortgages shall mean, collectively, the Assignment of Fee and Leasehold PILOT Mortgage No. 1, dated as of the Commencement Date, from Agency to HYIC, the Assignment of Fee and Leasehold PILOT Mortgage No. 2, dated as of the Commencement Date, from Agency to HYIC, and the Assignment of Fee and Leasehold PILOT Mortgage No. 3, dated as of the Commencement Date, from Agency to HYIC.

  • Upon the occurrence of a PILOT Mortgage Default, the lien on the Mortgaged Property created and vested by this Mortgage may be foreclosed and the Mortgagee may sell or otherwise dispose of the Mortgaged Property to satisfy the unpaid annual obligation in the manner provided by law, and either or both Mortgagee, if the highest bidder, may become the purchaser of the Mortgaged Property at any such sale.


More Definitions of Pilot Mortgage

Pilot Mortgage has the meaning set forth in the definition of the term “XXX Transaction”.
Sample 1

Related to Pilot Mortgage

  • First Mortgage means a Mortgage that constitutes a first Lien on the real property and improvements described in or covered by that Mortgage.

  • Aircraft Mortgage means each Aircraft and Engine mortgage and security agreement entered into by any Borrower in favor of the Agent evidencing the Liens in respect of such Aircraft Collateral that will secure the Obligations, in each case as amended, modified, restated, supplemented or replaced from time to time.

  • First Mortgage Loan A Home Equity Loan which constitutes a first priority mortgage lien with respect to any Property.

  • Mortgage shall have the meaning assigned to such term in the recitals.

  • Fee Mortgage Any mortgage, pledge agreement, security agreement, assignment of leases and rents, fixture filing or similar document creating or evidencing a lien on Landlord’s interest in the Leased Property or any portion thereof (or an indirect interest therein, including without limitation, a lien on direct or indirect interests in Landlord) in accordance with the provisions of Article XXXI hereof.

  • Reverse mortgage means a nonrecourse loan under which both of the following apply:

  • Second Mortgage means a mortgage from which the proceeds of a loan or other extension of credit made by a third person are secured by a mortgage on the real property for which the mortgagor has used the proceeds of the loan or other extension of credit to pay all or part of the purchase price of the property.

  • Ship Mortgage shall have the meaning set forth for such term in the Intercreditor Agreement. Notice of Assignment ASSIGNMENT OF INSURANCE BY INTERNAL CHARTERERS Vantage Driller I Co. NOTICE OF ASSIGNMENT To Whom It May Concern: Vantage Driller IV Co., an exempted company incorporated with limited liability under the laws of the Cayman Islands (the “Assignor”), HEREBY GIVES NOTICE that by an Assignment, dated October 25, 2012, and made by the Assignor to Xxxxx Fargo Bank, National Association (the “Assignee”), as Pari Passu Collateral Agent (as defined under the Intercreditor Agreement defined below), the Assignor assigned to the Assignee all of the Assignor’s right, title and interest in and to all insurances and the benefit of all insurances heretofore, now or hereafter taken out in respect of the Panamanian flag vessel TOPAZ DRILLER and all proceeds thereof. This Notice and the attached Loss Payable Clauses are to be endorsed on all policies and certificates of entry evidencing such insurances.

  • mortgage agreement ’ means the note or debt instrument and the mortgage instrument, deed of trust instrument, trust deed, or instru- ment or instruments creating the mortgage, including any instrument incorporated by ref- erence therein (including any applicable regu- latory agreement), and any instrument or agreement amending or modifying any of the foregoing;

  • FHA Mortgage Insurance means, mortgage insurance authorized under the National Housing Act, as amended from time to time, and provided by the FHA.

  • Existing Mortgage has the meaning specified in Section 5.02(a)(vi).

  • High Cost Mortgage Loan means a Mortgage Loan classified as (a) a “high cost” loan under the Home Ownership and Equity Protection Act of 1994 or (b) a “high cost,” “threshold,” “covered,” or “predatory” loan under any other applicable state, federal or local law (or a similarly classified loan using different terminology under a law, regulation or ordinance imposing heightened regulatory scrutiny or additional legal liability for residential mortgage loans having high interest rates, points and/or fees).

  • Mortgage Sale Agreement means the mortgage sale agreement dated 3 June 2005 as amended and restated on 4 October 2007, 20 May 2008 and as further amended and restated on 25 June 2014 made between Santander UK plc (1) Abbey Covered Bonds LLP (the "LLP") (2) and Deutsche Trustee Company Limited (the "Security Trustee") (3) (as the same may be or have been amended, varied or supplemented from time to time with the consent of those parties).

  • Jumbo Mortgage Loan is a collective reference to Jumbo Mortgage Loans (Standard Limit) and Jumbo Mortgage Loans (Specialty).

  • Replacement Mortgage Loan A Mortgage Loan or Mortgage Loans in the aggregate substituted by the Seller for a Deleted Mortgage Loan, which must, on the date of such substitution, as confirmed in a Request for Release, (i) have a Stated Principal Balance, after deduction of the principal portion of the Scheduled Payment due in the month of substitution, not in excess of, and not less than 90% of, the Stated Principal Balance of the Deleted Mortgage Loan; (ii) if the Replacement Mortgage Loan is a fixed rate Mortgage Loan, have a fixed Mortgage Rate not less than or more than 1% per annum higher than the Mortgage Rate of the Deleted Mortgage Loan; (iii) have the same or higher credit quality characteristics than that of the Deleted Mortgage Loan; (iv) have a Loan-to-Value Ratio no higher than that of the Deleted Mortgage Loan; (v) have a remaining term to maturity no greater than (and not more than one year less than) that of the Deleted Mortgage Loan; (vi) not permit conversion of the Mortgage Rate from a fixed rate to a variable rate; (vii) have the same lien priority as the Deleted Mortgage Loan; (viii) constitute the same occupancy type as the Deleted Mortgage Loan or be owner occupied; (ix) if the Replacement Mortgage Loan is an Adjustable Rate Mortgage Loan, have a Maximum Mortgage Rate not less than the Maximum Mortgage Rate on the Deleted Mortgage Loan, (x) if the Replacement Mortgage Loan is an Adjustable Rate Mortgage Loan, have a Minimum Mortgage Rate not less than the Minimum Mortgage Rate of the Deleted Mortgage Loan, (xi) if the Replacement Mortgage Loan is an Adjustable Rate Mortgage Loan, have a Gross Margin equal to or greater than the Gross Margin of the Deleted Mortgage Loan, (xii) if the Replacement Mortgage Loan is an Adjustable Rate Mortgage Loan, have a next Adjustment Date not more than two months later than the next Adjustment Date on the Deleted Mortgage Loan, (xiii) comply with each representation and warranty set forth in Section 7 of the Mortgage Loan Purchase Agreement and (xiv) the Custodian has delivered a Final Certification noting no defects or exceptions.

  • Second Lien Mortgage Loan A Mortgage Loan secured by a second lien Mortgage on the related Mortgaged Property.

  • Second Mortgage Loan A Home Equity Loan which constitutes a second priority mortgage lien with respect to the related Property.

  • ARM Mortgage Loan A Mortgage Loan pursuant to which the interest rate shall be adjusted from time to time in accordance with the related Mortgage Note.

  • Park Monaco Mortgage Loans The Mortgage Loans identified as such on the Mortgage Loan Schedule for which Park Monaco is the applicable Seller.

  • MERS Mortgage Loan Any Mortgage Loan registered with MERS on the MERS System.