First Lien Mortgage definition

First Lien Mortgage means that certain first lien mortgage granted by Borrower as of the same date hereof.

First Lien Mortgage means a mortgage, deed of trust, assignment of leases and rents, leasehold mortgage or other security document granting a Lien on any First Lien Mortgaged Property to secure the Secured Obligations. Each First Lien Mortgage shall be in form and substance reasonably satisfactory to the Collateral Agent and the Borrower.

First Lien Mortgage means the First Lien Deed of Trust, Security Agreement, Assignment of Rents and Leases and Fixture Filing, dated as of the date hereof, from NW Spectrum Co., as Grantor, to the First Lien Collateral Agent, as Beneficiary. After any refinancing, extension or replacement of any Indebtedness under the First Lien Notes pursuant to the terms of the Intercreditor Agreement, the term “First Lien Mortgage” shall mean any replacement deed of trust entered into in connection with such refinancing, extension or replacement.

Examples of First Lien Mortgage in a sentence

• Except as set forth on the respective Mortgage Loan Schedule, with respect to each First Lien Mortgage Loan with an LTV of greater than 80% at the time of origination, the Company shall, without any cost to the Purchaser, maintain or cause the Mortgagor to maintain in full force and effect a PMI Policy insuring that portion of the Mortgage Loan over 78% of value until terminated pursuant to the Homeowners Protection Act of 1998, 12 USC Section 4901, et seq.

• In connection with its activities as servicer, the Company agrees to prepare and present, on behalf of itself and the Purchaser, claims to the insurer under any PMI Policy in a timely fashion in accordance with the terms of such PMI Policy and, in this regard, to take such action <PAGE> as shall be necessary to permit recovery under any PMI Policy respecting a defaulted First Lien Mortgage Loan.

• Each First Lien Mortgage Loan is a valid, subsisting and enforceable First Lien on the Mortgaged Property, including all buildings on the Mortgaged Property and all installations and mechanical, electrical, plumbing, heating and air conditioning systems located in or annexed to such buildings, and all additions, alterations and replacements made at any time with respect to the foregoing.

• To the extent that any Non-Agency Mortgage Loan is a First Lien Mortgage Loan that does not provide for Escrow Payments, the Servicer shall determine that any such payments are made by the related Mortgagor when due.

• Each related Mortgage is a valid, subsisting and enforceable First Lien (with respect to a First Lien Mortgage Loan) or Second Lien (with respect to a Second Lien Mortgage Loan) on the related Mortgaged Property, including all improvements on the Mortgaged Property.

More Definitions of First Lien Mortgage

First Lien Mortgage means any replacement deed of trust entered into in connection with such refinancing, extension or replacement.

First Lien Mortgage shall have the meaning ascribed to such term in the preliminary statement of this Agreement.

First Lien Mortgage. A mortgage lien on a Mortgaged Property which is first in priority to any other mortgage liens on that Mortgaged Property.

First Lien Mortgage. A mortgage, deed of trust or other instrument, which creates a first priority lien on or ownership interest in the related Mortgaged Property securing the related Mortgage Note, including any rider incorporated therein by reference.

First Lien Mortgage means a first priority mortgage, deed of trust, security deed or similar agreement (i) from a Client in favor of Borrower or (ii) from a Client Borrower to Borrower which is subject to a Client Collateral Assignment in favor of Borrower, encumbering real property as security for a Client Loan, which mortgage, deed of trust, security deed or similar agreement is filed of record (or in transit to be filed of record) in the appropriate real property records, and insured by a title insurance policy (including “gap coverage” for the period from the Client Loan Closing Date to the date of recording of such mortgage, deed of trust, security deed or similar agreement and containing only such title exceptions as are reasonably acceptable to Lender) issued by a title insurer reasonably acceptable to Lender for the amount of such Client Note.

First Lien Mortgage means the First Lien Deed of Trust, Security Agreement and Fixture Filing dated as of the Documentation Date made by the Lessor and the Lessee for the benefit of the Administrative Agent (on behalf of the Lessor Lenders).

First Lien Mortgage. Except as set forth in the Mortgage Schedule, Seller has received no written notice, nor, to Seller's Knowledge, does Seller have any knowledge, that any Mortgage is not a legal, valid and enforceable first lien on the related Mortgaged Property, including all buildings thereon and fixtures attached thereto, subject only to (a) the lien of current real property taxes, ground rents, water charges, sewer rents and assessments not yet due and payable, (b) covenants, conditions and restrictions, rights of way, easements and other matters of public record specifically referred to in the title insurance policy, and (c) other matters to which like properties are commonly subject (each of the matters described in clauses (a), (b), and (c), a "Permitted Exception").