Unit Mortgage definition

Unit Mortgage means any recorded deed of trust, mortgage or other financing document held by a Unit Mortgagee constituting a lien upon such Owner’s Unit, and any modifications, extensions, renewals and replacements thereof.
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Examples of Unit Mortgage in a sentence

  • This Agreement shall inure to the benefit of and be binding upon the parties hereto, their respective heirs, representatives, successors and assigns, including, without limitation, any party to which Mortgagee may transfer, sell or assign its interest in the Unit Mortgage and its rights thereunder and hereunder.

  • Unit Owner and Mortgagee hereby agree and acknowledge that their respective interests in the Unit and the Unit Mortgage are subject to the terms of this Agreement and subject and subordinate to the Ground Lease.

  • This Agreement shall inure to the benefit of and be binding upon the parties hereto, their respective heirs, representatives, successors and assigns, including, without limitation, any party to which Residential Mortgagee may transfer, sell or assign its interest in the Unit Mortgage and its rights thereunder and hereunder.

  • Residential Mortgagee further agrees and acknowledges that to the extent that the Unit Mortgage is not a first mortgage lien on the Unit, the lien of the Unit Mortgage is subject and subordinate to the Board’s right to be paid Common Charges and to BPCA’s right to receive all Residential Rent payable under the Ground Lease allocable to the Unit.

  • Mortgagee further agrees and acknowledges that to the extent that the Unit Mortgage is not a first mortgage lien on the Unit, the lien of the Unit Mortgage is subject and subordinate to the Board’s right to be paid Common Charges and to BPCA’s right to receive all Rent payable under the Ground Lease allocable to the Unit.

  • Mortgagee hereby agree and acknowledge that their respective interests in the Unit and the Unit Mortgage are subject to the terms of this Agreement and subject and subordinate to the Ground Lease.

  • If Purchaser plans to pay any portion of the Total Purchase Price by way of a mortgage loan from a bank, insurance company, savings and loan association, credit union or other established lending institution authorized to make mortgage loans in the State and selected by Purchaser to finance the purchase of the Unit ("Mortgage Lender"), Purchaser shall be solely responsible for securing such financing.

  • If Purchaser plans to pay any portion of the Total Purchase Price by way of a mortgage loan from a bank, insurance company, savings and loan association, credit union or other established lending institution authorized to make mortgage loans in the State and selected by Purchaser to finance the purchase of the Unit ("Mortgage Lender") Purchaser shall be solely responsible for securing such financing.

  • See 4155.1 REV-5, Mortgage Credit Analysis for Mortgage Insurance on One-to-Four Unit Mortgage Loans, for additional information.

  • The net proceeds of any Unit Mortgage will be payable to the Vendor on the Closing Date on account of the Purchase Price.