Examples of Existing Lender in a sentence
The Company and the Existing Lender will hold on trust any money received pursuant to the Company’s Mortgage or the Existing Lender’s Mortgage respectively to give effect to the priorities declared by this deed.
This Deed is made on the Date between the Existing Lender and the Company and is supplemental to the Borrower’s Mortgage.
The Existing Lender hereby covenants with the Company that the Existing Lender shall not exercise or purport to exercise its power of sale or power of appointment of a receiver or any other security enforcement power conferred on the Existing Lender under or pursuant to the Existing Lender’s Mortgage without giving the Company not less than fourteen days’ prior notice (except in the case of an emergency).
The Existing Lender agrees that the Company shall register the Company’s Mortgage over the Property.
The Existing Lender hereby agrees to postpone the Existing Lender’s Mortgage (and any other rights of the Existing Lender over the Property or the proceeds of sale thereof) to rank in priority after and take effect subject to the Company’s Mortgage as continuing security for the payment to the Company of the Priority Amount, calculated both before and from the date of any demand of payment.