Underlying Mortgage definition

Underlying Mortgage means a mortgage, consolidated mortgage, deed of trust, deed to secure debt, security deed or other security device which is customary and serves the same function as a mortgage under the law and practice in the jurisdiction in which the premises subject to the mortgage are located.

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Underlying Mortgage has the meaning specified in the definition of “Assignment of Mortgage.”

Underlying Mortgage means, individually or collectively, as the context may require, the mortgage, deed of trust, deed to secure debt or other instrument, creating a valid and enforceable first Lien on or a first priority ownership interest in (subject to Permitted Encumbrances) an estate in fee simple in real property and the improvements thereon or a ground lease, securing, among other things, the Underlying Mortgage Note.

Examples of Underlying Mortgage in a sentence

• This clause shall be self-operative and no further instrument of subordination need be required by any mortgagee, ground lessor or beneficiary, affecting any Underlying Mortgage in order to make such subordination effective.

• Tenant shall give written notice to the holder of any Underlying Mortgage whose name and address have been previously furnished to Tenant of any act or omission by Landlord which Tenant asserts as giving Tenant the right to terminate this Lease or to claim a partial or total eviction or any other right or remedy under this Lease or provided by law.

• The Mortgage Note and the Mortgage and any other agreement executed and delivered by a Mortgagor or guarantor, if applicable, in connection with an Underlying Mortgage Loan are genuine, and each is the legal, valid and binding obligation of the maker thereof enforceable in accordance with its terms.

• All parties to the Mortgage Note, the Mortgage and any other such related agreement had legal capacity to enter into the Underlying Mortgage Loan and to execute and deliver the Mortgage Note, the Mortgage and any such agreement, and the Mortgage Note, the Mortgage and any other such related agreement have been duly and properly executed by such related parties.

• In no event, however, shall the term “Mortgaged Property” include any mortgaged property or real estate owned property relating to an Underlying Mortgage Loan.

More Definitions of Underlying Mortgage

Underlying Mortgage means a mortgage lien or other lien or charge (exclusive of permitted encumbrances) prior to the lien of this Indenture upon any property, plant or equipment acquired by the Company after the execution and delivery of this instrument.

Underlying Mortgage means a mortgage, hypothecation, agreement or deed to secure debt or other instrument, creating a valid and enforceable Security on or a first priority ownership interest in an estate in fee simple or long leasehold estate (or the equivalent thereof in any relevant jurisdiction) in real property and the improvements thereon, securing any Underlying Loan.

Underlying Mortgage shall have the meaning given to such term in the Note Purchase Agreement.

Underlying Mortgage means a PrimeFirst® Loan, a Three Year ARM, or a Five Year ARM written through MLCC.

Underlying Mortgage means, as to each HELOC, the mortgage, deed of trust, deed or other security interest issued in favor of the Borrower in respect thereof.

Underlying Mortgage means any mortgage or deed of trust which now affects or which may hereafter affect Landlord's interest in the Demised Premises.

Underlying Mortgage means a mortgage that: