Springing Mortgage definition

Springing Mortgage means that certain Fee and Leasehold Mortgage and Security Agreement dated 15 October 2019 granted in favor of Agent by (i) W 28th Street Development LLC and (ii) 118 Highline LLC, which shall be held by Agent and only recorded upon the occurrence and during the continuance of an Event of Default in accordance with these Terms and Conditions.
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Springing Mortgage means that certain Fee and Leasehold Mortgage and Security Agreement dated 15 October 2019 granted in favor of Agent by the Original Mortgagors, as amended and restated by that certain Amended and Restated Fee and Leasehold Mortgage and Security Agreement dated as of 12 May 2021 by the Original Mortgagors.
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Examples of Springing Mortgage in a sentence

  • Notwithstanding one or more partial foreclosures, the Collateral shall remain subject to the Mortgages (if Administrative Agent has elected to procure the Springing Mortgage Documents following a Springing Deed of Trust Event) and the other Collateral Documents to secure payment of sums secured by the Collateral Documents and not previously recovered.

  • If a Springing Deed of Trust Trigger Event has occurred, the Administrative Agent may, at its sole discretion, by delivering written notice to Borrower, require Borrower to record the Springing Mortgage Documents and procure Title Insurance Policies for the benefit of the Administrative Agent (on behalf of the Secured Parties) with respect to each Property relating to the Springing Mortgage Documents.