First Mortgagee definition

First Mortgagee means the holder of any First Mortgage.
First Mortgagee. The term "First Mortgagee" shall mean the Mortgagee of a First Mortgage. The term "First Mortgagee" shall also include an insurer or governmental guarantor of a First Mortgage including, without limitation, the Federal Housing Authority and the Department of Veteran's Affairs.
First Mortgagee means the holder of the First Mortgage.

Examples of First Mortgagee in a sentence

  • No failure or delay on the part of either the First Mortgagee or the Subordinate Mortgagee in exercising any right, power or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right, power or remedy preclude any other or further exercise thereof or the exercise of any other right, power or remedy hereunder or under their respective loan documents.

  • In the event of the failure of the Subordinate Mortgagee to make endorsement or assignment, the First Mortgagee, or any of its officers or employees, are hereby irrevocably authorized to make the endorsement or assignment.

  • The First Mortgagee shall promptly thereafter deliver all Collateral remaining in its possession, if any, to the Subordinate Mortgagee.

  • Without limiting the foregoing, the Subordinate Mortgagee agrees that all rights of the Subordinate Mortgagee to the Subordinate Mortgage Indebtedness and under the Subordinate Mortgage Loan Documents shall be expressly subject and subordinate: (x) to the rights of the First Mortgagee to the First Mortgage Indebtedness and under the First Mortgage Loan Documents; and (y) to any and all Protective Advances made and other expenses incurred under the First Mortgage Loan Documents.

  • Each party acknowledges that to the extent that no adequate remedy at law exists for breach of its obligations under this Agreement, the First Mortgagee and/or the Subordinate Mortgagee shall have the right to obtain specific performance of the obligations of such defaulting party, injunctive relief or such other equitable relief as may be available.


More Definitions of First Mortgagee

First Mortgagee means the holder or beneficiary of any First Mortgage.
First Mortgagee means any person named as a mortgagee or beneficiary in any First Mortgage, or any successor to the interest of any such person under such First Mortgage.
First Mortgagee means the Mortgagee under a First Mortgage.
First Mortgagee means the holder of a First Mortgage.
First Mortgagee shall also include an insurer or governmental guarantor of a First Mortgage including, without limitation, the Federal Housing Authority and the Department of Veteran's Affairs.
First Mortgagee means The Royal Bank of Scotland plc. “First Security” means (i) the first preferred Liberian mortgage over the Vessel in favour of the First Mortgagee and (ii) the first priority assignment of the earnings, insurance and requisition compensation relating to the Vessel in favour of the First Mortgagee. “Intercreditor Deed” means the intercreditor deed between the First Mortgagee and the Builder under which the Post Delivery Instalment shall rank behind the claims of the First Mortgagee under the First Loan entered into or to be entered into between (inter alia) the First Mortgagee and the Buyer providing (inter alia) for the First Security. “Letter of Guarantee” has the meaning given in Clause 3.2. “Mortgage” has the meaning given in Clause 3.3. “Post Delivery Instalment” has the meaning given in Clause 2.1. “Post Delivery Instalment Due Date” has the meaning given in Clause 2.3. “Promissory Note” has the meaning given in Clause 3.1. “Second Security” means the Mortgage, the Assignment and the Time Charter Assignment. “Tax” means any tax (other than tax on the overall income of the Builder, levy, impost, duty or other charge or withholding of a similar nature (including any penalty or interest payable in connection with any failure to pay or any delay in paying any of the same). “Tax Deduction” means a deduction or withholding for or on account of Tax from a payment under a Transaction Document except for those imposed in Korea upon the payment of the Post Delivery Instalment. “Time Charterer” means Hyundai Merchant Marine Co., Ltd of Korea. “Time Charter” means the time charter dated 18 October 2007 as amended by addendum no. 1 and addendum no. 2 between the Buyer and the Time Charterer. “Time Charter Assignment” has the meaning given in clause 3.5 “Total Loss” means: (a) actual, constructive, compromised, agreed or arranged total loss of the Vessel; (b) requisition for title or other compulsory acquisition of the Vessel otherwise than by requisition for hire; (c) capture, seizure, arrest, detention, or confiscation of the Vessel by any person, governmental authority or government or by persons acting or purporting to act on behalf of any government or any other person which deprives the Buyer of the use of the Vessel for 90 days or more after that occurrence; and (d) requisition for hire of the Vessel by any government or by persons acting or purporting to act on behalf of any government which deprives the Buyer of the use of the Vessel for a period of 9...
First Mortgagee means the holder of a recorded First Mortgage encumbering a Lot and the Home thereon, if any.