Permanent Mortgage Commencement definition

Permanent Mortgage Commencement means the first date on which all of the following have occurred: (a) the Construction Loan shall have been repaid in full; (b) the Mortgage shall have closed and funded; and (c) amortization of the Mortgage shall have commenced.

Permanent Mortgage Commencement means the payment and discharge of the Construction Loan and the execution and delivery of the Permanent Loan Documents.

Permanent Mortgage Commencement means the date when the closing of the Mortgage shall have occurred and amortization of the Mortgage shall have commenced.

Examples of Permanent Mortgage Commencement in a sentence

• The Lease Up Reserve may be used with the consent of CHFA to pay for any costs incurred by the Owner reasonably related to the lease-up of the Project, achieving Debt Service Coverage and achieving Permanent Mortgage Commencement.

• Said funds shall remain as a line item in the Budget until the date when both of the following have occurred: (i) Permanent Mortgage Commencement and (ii) sustained 1.15 Debt Service Coverage for three consecutive months.

• The Administrative General Partner, on behalf of the Partnership, shall open a Replacement Reserve Account to be held by Citibank, N.A. and shall cause the Partnership to deposit thereinto an annual amount equal to $300 per residential unit per year, commencing upon Permanent Mortgage Commencement.

• The Administrative General Partner further guarantees that, at the time of Permanent Mortgage Commencement, if the actual hard costs and soft costs of developing and rehabilitating the Apartment Housing (other than Development Fee) exceed the Development Budget, then the Administrative General Partner shall advance the money to the Partnership to pay the difference between the aggregate of the actual hard and soft costs and the Development Budget.

More Definitions of Permanent Mortgage Commencement

Permanent Mortgage Commencement means the first date on which all of the following shall have occurred with respect to the Apartment Complex: (a) Completion Date; (b) the principal amount and maturity date of the permanent mortgage loan shall have been finally determined; (c) amortization of the permanent mortgage loan shall have commenced, and (d) repayment in full of the construction financing and discharge of the construction mortgage and all other liens related thereto.

Permanent Mortgage Commencement means the later to occur of (a) closing of the Permanent Mortgage, or (b) repayment of the Construction Mortgage in its entirety.

Permanent Mortgage Commencement means the first date on which amortization of the Mortgage shall have commenced. Sections 1.81, 1.82 and 1.83 are amended in their entirety to provide as follows:

Permanent Mortgage Commencement means the first date on which all of the following have occurred: (a) achievement of the “Conversion Date” as defined in that certain Borrower Loan Agreement, dated as of May 1, 2013, entered into between the Partnership and the Issuer in connection with the Tax-Exempt Loan; (b) each of the Mortgage Loans has closed and fully funded pursuant to the terms thereof; and (c) amortization of the Mortgage Loans requiring such amortization has commenced.

Permanent Mortgage Commencement means the latest to occur of: (i) the repayment of the Bond Loan; (ii) release of the Bond LOC, (iii) commencement of monthly amortization of principal and interest on the Permanent Loan and Tranche A of the Seller Loan, (iv) termination of any construction phase guarantees granted in connection with any Mortgage Loan, and (v) full disbursement of the principal amount of the Permanent Loan, the Sponsor Loan and the State Historic Tax Credit Loan.

Permanent Mortgage Commencement means occurrence of the Completion Date, closing of the permanent financing and commencement of permanent loan debt service payments.

Permanent Mortgage Commencement means the payment and discharge of the Construction Loan and the execution and delivery of the Permanent Loan Documents. "Permanent Note" means the Promissory Note to be executed by the Partnership to evidence its obligations with respect to the Permanent Loan, which Note shall be secured by the Permanent Mortgage.