Second Lien Mortgage definition

Second Lien Mortgage means each mortgage, deed of trust and any other document or instrument under which any Lien on real property owned or leased by any Grantor is granted to secure any Second Lien Obligations or under which rights or remedies with respect to any such Liens are governed.

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Second Lien Mortgage is a Mortgage that is secured by a second priority lien on the real property that secures it.

Second Lien Mortgage means any Second Lien Security Document granting a lien on any real property Collateral.

Examples of Second Lien Mortgage in a sentence

• No Mortgage Loan that is a Second Lien Mortgage Loan has a CLTV in excess of 100%.

• With respect to any Second Lien Mortgage Loan, such Mortgage is a valid, subsisting and enforceable Second Lien on the Mortgaged Property, including all buildings on the Mortgaged Property and all installations and mechanical, electrical, plumbing, heating and air conditioning systems located in or annexed to such buildings, and all additions, alterations and replacements made at any time with respect to the foregoing.

• With respect to each Second Lien Mortgage Loan, either (a) no consent for the Second Lien Mortgage Loan is required by the holder of the related first lien or (b) such consent has been obtained and is contained in the Mortgage File.

• Each related Mortgage is a valid, subsisting and enforceable First Lien (with respect to a First Lien Mortgage Loan) or Second Lien (with respect to a Second Lien Mortgage Loan) on the related Mortgaged Property, including all improvements on the Mortgaged Property.

• Where required or customary in the jurisdiction in which the Mortgaged Property is located, the original lender has filed for record a request for notice of any action by the related senior lienholder, and the Seller has notified such senior lienholder in writing of the existence of the Second Lien Mortgage Loan and requested notification of any action to be taken against the Mortgagor by such senior lienholder.

More Definitions of Second Lien Mortgage

Second Lien Mortgage means any replacement deed of trust entered into in connection with such refinancing, extension or replacement.

Second Lien Mortgage. A "SECOND LIEN MORTGAGE" is a Mortgage that is secured by a second priority lien on the real property that secures it.

Second Lien Mortgage. A mortgage, deed of trust or other instrument, which creates a second priority lien on or ownership interest in the related Mortgaged Property securing the related Mortgage Note, including any rider incorporated therein by reference, which lien is subordinate only to any first mortgage loan secured by the related Mortgaged Property.

Second Lien Mortgage shall have the meaning ascribed to such term in the preliminary statement of this Agreement.

Second Lien Mortgage. A mortgage lien on a Mortgaged Property which is first in priority to any other mortgage liens on that Mortgaged Property except the lien of a First Lien Mortgage.

Second Lien Mortgage means the Second Lien Deed of Trust, Security Agreement, Assignment of Rents and Leases and Fixture Filing, dated as of the date hereof, from NW Spectrum Co., as Grantor, to the Second Lien Collateral Agent, as Beneficiary. After any refinancing, extension or replacement of any Indebtedness under the Second Lien Notes pursuant to the terms of the Intercreditor Agreement, the term “Second Lien Mortgage” shall mean any replacement deed of trust entered into in connection with such refinancing, extension or replacement.

Second Lien Mortgage. Second Lien Mortgage, Security Agreement, Assignment of Rents and Leases and Fixture Filing dated the date hereof by Mortgagor in favor of Wilmington Trust Company, as collateral agent for the holders of Borrower’s Second Priority Senior Secured Fixed Rate Notes due 2014 and Borrower’s Second Priority Senior Secured Floating Rate Notes due 2014.