Junior Mortgage definition

Junior Mortgage means, with respect to each Individual --------------- Property, collectively, that certain second priority Mortgage (or Deed of Trust or Deed to Secure Debt), Assignment of Leases and Rents and Security Agreement, dated the date hereof, and that certain Junior Assignment of Leases and Rents, dated the date hereof, each in form and substance satisfactory to Lender in its sole discretion, executed and delivered by Borrower as security for that certain Guaranty of Payment and encumbering such Individual Property, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time.

Junior Mortgage. Any mortgage permitted by Mortgagee which now or hereafter encumbers all or any portion of the Mortgaged Property and which is junior or subordinate to the lien of this Mortgage, which term shall collectively refer to all such mortgages and the note or notes secured thereby.

Junior Mortgage means a Mortgage which (1) has the same priority of precedence over all other charges or encumbrances upon Real Property as that required for a First Mortgage except that it is subject to the priority of one or more other Mortgages and (2) must be satisfied before such other charges or encumbrances (other than prior Mortgages) are entitled to participate in the proceeds of any sale or other disposition of such Real Property.

Examples of Junior Mortgage in a sentence

• This rate reduction may be combined with the Short Term Rate, Reorganization and Junior Mortgage Rate, Commercial Rate and Residential Resale Rate described herein.

• The fee for each additional mortgage or deed of trust, after the first, shall be as set forth in section1.2 Junior Mortgage.

• The Junior Note and Junior Mortgage and any and all other documents now or hereafter executed and/or delivered in connection with the Junior Loan are hereafter collectively referred to as the “Junior Loan Documents.” The terms and conditions of this Rider supersede all other terms of the Junior Loan Documents, and, should there be any conflict or inconsistency between this Rider and any other provisions of the Junior Loan Documents, the terms and conditions of this Rider shall prevail.

• The Borrower shall make available to the Issuer and the Trustee, such information concerning the Project, the Junior Mortgage and the Junior Loan Documents as any of them may reasonably request.

• The Junior Loan shall (i) be evidenced by the Junior Note; (ii) be initially secured by the Junior Mortgage; (iii) be in the original aggregate principal amount of $ ; (iv) bear interest as provided in the Junior Note; (v) provide for principal and interest payments in accordance with the Junior Note; and (vi) be subject to optional and mandatory prepayment at the times, in the manner and on the terms, and have such other terms and provisions, as provided herein and in the Junior Note.

More Definitions of Junior Mortgage

Junior Mortgage means the second preferred ship mortgage to be executed and registered by the Owner in favour of the Junior Mortgagee in the form set out in Appendix B;

Junior Mortgage means a home loan secured by a deed of trust or mortgage on real property if the deed of trust or mortgage is junior in priority to another deed of trust or mortgage on the real property.

Junior Mortgage means any Mortgage other than a First Mortgage.

Junior Mortgage means the Junior Multifamily Deed of Trust, Assignment of Rents, Security Agreement and Fixture Filing dated as of the date hereof, together with all riders and addenda thereto, granting a second priority mortgage and security interest in the Project to the Issuer to secure the repayment of the Junior Loan which Junior Mortgage has been assigned by the Issuer to the Trustee as the same may be amended, supplemented or restated.

Junior Mortgage a Hong Kong law second ranking legal mortgage over the Property granted by an Independent Third Party in favour of the Customer “HK$” Hong Kong Dollars, the lawful currency of Hong Kong

Junior Mortgage means a Mortgage which (i) has the same priority or precedence over charges or encumbrances upon Real Property as that required for a First Mortgage except that it is subject to the priority of one or more other Mortgages and (ii) must be satisfied before any other charges or liens over which it takes priority or precedence are entitled to participate in the proceeds of any sale of such Real Property.

Junior Mortgage means, in respect of a Vessel, a second preferred ship mortgage to be given by the relevant Guarantor in favour of the Junior Security Trustee (and to be held by the Junior Security Trustee on behalf of itself and any Swap Bank):