Purchase Money Mortgage. 5. (Delete if inapplicable) If there is to be a purchase money mortgage as indicated in paragraph 3(c) above: (a) The purchase money note and mortgage shall be drawn by the attorney for Seller in the form attached or, if not, in the standard form adopted by the New York State Land Title Association. Purchaser shall pay at Closing the mortgage recording tax, recording fees and the attorney’s fees in the amount of $ for its preparation. (b) The purchase money note and mortgage shall also provide that it is subject and subordinate to the lien of the existing mortgage and any extensions, modifications, replacements or consolidations of the existing mortgage, provided that (i) the interest rate thereof shall not be greater than percent per annum and the total debt service thereunder shall not be greater than $ per annum, and (ii) if the principal amount thereof shall exceed the amount of principal owing and unpaid on the existing mortgage at the time of placing such new mortgage or consolidated mortgage, the excess be paid to the holder of such purchase money mortgage in reduction of the principal thereof. The purchase money mortgage shall also provide that such payment to the holder thereof shall not alter or affect the regular installments, if any, of principal payable thereunder and that the holder thereof will, on demand and without charge therefor, execute, acknowledge and deliver any agreement or agreements further to effectuate such subordination.
Purchase Money Mortgage. (Delete if inapplicable) If there is to be a purchase money mortgage as indicated in paragraph 3(c) above:
Purchase Money Mortgage. If any of the debt secured by this Security Instrument is lent to Borrower to acquire title to the Property, this Security Instrument shall be a purchase money mortgage.
Purchase Money Mortgage. If the proceeds of the Indebtedness are used by Borrower to pay all or a part of the purchase price of the Mortgaged Property, this Instrument is declared to be a purchase money mortgage.
Purchase Money Mortgage. This Mortgage is intended to be a “purchase money mortgage” as defined in 42 Pa. C.S.A. §8141.
Purchase Money Mortgage. A Purchase Money Note and a Purchase Money Mortgage as described on the attached Rider shall be executed and delivered by the Buyer to the Seller at Closing.
Purchase Money Mortgage. This is a purchase money mortgage and shall be entitled to all benefits as such under the lien priority provisions of the Pennsylvania Judicial Code, 42 Pa.C.S.A. ss.8141, as amended.
Purchase Money Mortgage. If the proceeds of the Indebtedness are used by Borrower to pay all or a part of the purchase price of the Mortgaged Property, this Instrument is declared to be a purchase money mortgage and will be entitled to all the benefits as such under the Lien priority provisions of the Pennsylvania Judicial Code, 42 Pa. Con. Stat. Xxx. Section 8141, as amended.
Purchase Money Mortgage. This Mortgage is a purchase money mortgage as defined by Iowa Code Section 654.12B.
Purchase Money Mortgage. The Purchase Money Note shall be secured by an exculpated first in priority lien Purchase Money Mortgage ("Purchase Money Mortgage"), which shall be in the form attached hereto as Exhibit "C" and incorporated herein by this reference, from Buyer to Seller which Purchase Money Mortgage shall encumber all of the Property, with the exception of only the Released Lots or Acreage (hereinafter defined). The Purchase Money Mortgage shall contain a provision wherein Buyer collaterally assigns, but only if and to the extent assignable, to Seller all rights and/or entitlements appurtenant to the Property arising from any development permits or approvals obtained by Buyer in connection the Property, which assignment would permit Seller to obtain the benefits of the rights and/or entitlements arising in connection with any such permits and/or approvals obtained by Buyer in connection with the Property in the event of the occurrence of certain uncured defaults of Buyer under the Purchase Money Mortgage, as more particularly set forth in the Purchase Money Mortgage. The Purchase Money Mortgage shall also contain a provision whereby Buyer is required to provide written evidence to Seller, no later than December 31st of each year until the year in which all sums required to be paid by Buyer to Seller under the Purchase Money Note have been paid in full, that all real property ad valorem taxes due and payable in such calendar year with respect to the portions of the Property encumbered by the Purchase Money Mortgage in such calendar year, have been paid in full. Additionally, the Purchase Money Mortgage shall require Buyer, at all times during which the Purchase Money Mortgage is in effect, to maintain in effect commercial general liability insurance coverage for the portions of the Property encumbered by the Purchase Money Mortgage at any given time, with minimum coverage amounts of Ten Million and No/100 Dollars ($10,000,000.00), which policy names Buyer as the primary insured and names Seller as an additional insured. Buyer shall be responsible for the payment of any and all documentary stamps and intangible taxes required to be paid in connection with the recording of the Purchase Money Mortgage in the official records of Xxx County, Florida. The Purchase Money Mortgage shall provide, without limitation, the following:
