Mortgage Property definition

Mortgage Property is defined in Section 1.

Mortgage Property the collective reference to the real properties owned by the Grantors described on Schedule 7.

Mortgage Property means (a) any real property owned by a Loan Party which has a value in excess of $1,000,000 and (b) any other Real Property, whether owned or leased, for which a Mortgage is granted to secure the Senior High Yield Debt Documents or Other Secured Debt Documents.

Examples of Mortgage Property in a sentence

• The Mortgage File contains an appraisal of the related Mortgage Property signed prior to the approval of the Loan application by a qualified appraiser who had no interest, direct or indirect, in the Mortgaged Property or in any loan made on the security thereof; and whose compensation is not affected by the approval or disapproval of the Loan, and the appraisal and appraiser both satisfy all Applicable Requirements in effect on the date the Loan was originated.

• Other than Loans designated for second homes or investment property, at the time that each Loan was originated, the Borrower represented that the Borrower would occupy the related Mortgage Property as the Borrower’s primary residence, and Seller has no reason to believe that the Mortgaged Property will not be so occupied.

• Lock-in / Commitments A Lock-in is a commitment, which pertains to a specific borrower(s) and a specific Mortgage Property.

• None of the Mortgage Property or any other collateral securing the Loan have been seized by a governmental agency.

• Other than Loans designated for second homes or investment property, at the time that each Loan was originated, the Borrower represented that the Borrower would occupy the related Mortgage Property as the Borrower’s primary residence, and Seller has no reason to believe that the MortgagedProperty will not be so occupied.

More Definitions of Mortgage Property

Mortgage Property has the meaning set forth in Section 7.15.

Mortgage Property means, with respect to each Mortgage Loan, the real or immoveable property mortgaged, charged or hypothecated pursuant to such Mortgage Loan, including all fixtures attached thereto;

Mortgage Property or “Mortgage Properties” shall mean collectively the First Mortgaged Property, Second Mortgage Property, Third Mortgage Property, Fourth Mortgage Property, Fifth Mortgage Property, Sixth Mortgage Property and General Assets;

Mortgage Property means the fully constructed one-to-four family residential real property that is encumbered by a Mortgage (or that is now or becomes REO Property), including all buildings and fixtures thereon and all accessions thereto, including installations of mechanical, electrical, plumbing, heating and air conditioning systems located in or affixed to such buildings, and all alterations, additions and replacements.

Mortgage Property means the land, buildings, fixtures and improvements constituting the mini-mill facility of Borrower located in Charlotte, North Carolina, together with any additions and improvements thereto.

Mortgage Property means, for any date or period of time, the “Property” as defined in the Existing Fee Mortgage that is encumbered thereby on or as of such date or during such period of time.

Mortgage Property means, as of any date, an Eligible Collateral Pool Property which is encumbered by a Mortgage securing the Obligations. The initial Mortgage Properties are the Eligible Collateral Pool Properties specifically identified on Exhibit A hereto.