Underlying Mortgage definition

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

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.

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

• Tenant agrees that it will execute upon demand and deliver such instruments as will be required by the holder of any Underlying Mortgage to confirm or give effect to the subordination set forth above.

• The Landlord covenants that so long as the Tenant is not in default under this Lease, the Tenant will quietly enjoy the Premises, subject to the covenants, agreements, terms, provisions, and conditions of this Lease and to the Underlying Mortgage to which this Lease is subject and subordinate.

• This Lease is and will be subject and subordinate to any mortgage or mortgages (hereinafter collectively referred to for convenience a "Underlying Mortgage") which will at any time be a lien upon the Premises or the Building.

• That as further additional security for the payment of the debt secured by the Underlying Mortgage, Owner has executed and delivered to Assignee Bank an Assignment of Lessor's Interest in Lease (the "Assignment of Leases"), which Assignment of Leases is also being submitted for recording.

• The property is currently assessed at a base rate of $150,000 per acre.2 Market evidence of actual sales by the Petitioner therefore supports the current assessment and refutes the Petitioner’s claim for a lesser value.

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 a mortgage that: 1) complies with all MCC Program Guidelines; and 2) is used to finance the purchase of an Eligible Property in connection with an MCC.

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 a first priority mortgage or deed of trust, executed and delivered by an Underlying Borrower to Borrower as security for an Underlying Loan and encumbering the related Mortgaged Property.