Second Mortgage definition

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.

Second Mortgage means a Mortgage that constitutes a second Lien on the real property and improvements described in or covered by that Mortgage.

Second Mortgage means a mortgage or deed of trust which constitutes a second Lien on the property covered thereby.

Examples of Second Mortgage in a sentence

• The Purchaser can choose to instruct his/her/its own solicitors to act for him/her/it, and in such event, the Purchaser shall also bear his/her/its own solicitors’ costs and disbursements relating to the Second Mortgage Loan.

• The total loan amount of the first mortgage and the Second Mortgage shall not exceed 80% of the Transaction Price@ or 80% of the valuation of the property@ (whichever is lower).

• The Second Mortgage and its application are subject to the following key terms and conditions: 1.

• The interest rate for the rest of the term of the Second Mortgage shall be Prime Rate (P).

• No representation, undertaking or warranty, whether express or implied, is given, or shall be deemed to have been given by Vendor in respect of the terms and conditions and the approval of applications for the Second Mortgage.

More Definitions of Second Mortgage

Second Mortgage means a mortgage interest having priority over all other security interests registered against the same real property used to secure such mortgage, other than a first mortgage of such real property.

Second Mortgage means a Mortgage constituting a second lien on real property. “Second Mortgage Loan” means a Mortgage Loan secured by a Second Mortgage.

Second Mortgage a Mortgage which is subject to one prior or superior Mortgage.

Second Mortgage means the Deed of Trust, Security Agreement, Financing Statement, and Fixture Filing (Second Priority) executed this date by Borrower in favor of Lender, to be recorded in the real estate records of the county where the Property is located, and any extensions, renewals, modifications or replacements thereof or therefor, which secures, in part, the obligations under the Borrower Guarantees and which shall be junior and subordinate to the Mortgage.

Second Mortgage. The City’s HOME Loan will be in second lien position.

Second Mortgage means a second or other subordinate priority mortgage lien or similar real property security interest.

Second Mortgage means a mortgage having priority over all interests other than any First Mortgage registered against the same real estate used to secure such mortgage.