Purchase Money Mortgage means a mortgage secured by a first lien or junior lien taken or retained by the seller of real property to secure all or part of the purchase price of the property.
Purchase Money Mortgage of any Person means any Lien created upon any property or assets of such Person to secure or securing the whole or any part of the purchase price of such property or assets or the whole or any part of the cost of constructing or installing fixed improvements thereon or to secure or securing the repayment of money borrowed to pay the whole or any part of such purchase price or cost of any vendor’s privilege or Lien on such property or assets securing all or any part of such purchase price or cost including title retention agreements and leases in the nature of title retention agreements; provided that (i) the principal amount of money borrowed which is secured by such Lien does not exceed 100% of such purchase price or cost and any fees incurred in connection therewith, and (ii) such Lien does not extend to or cover any other property other than such item of property and any improvements on such item.
Purchase Money Mortgage means any Lien created, issued or assumed by a Person to secure a Purchase Money Obligation of such Person; provided that the Lien is limited only to the assets acquired or constructed (together with all improvements and accessions thereto and proceeds thereof) using the funds advanced to such Person in connection with that Purchase Money Obligation.
Examples of Purchase Money Mortgage in a sentence
In recognition of SELLER’S efforts, the PURCHASER shall make payment to SELLER in the amount of $125,000.00 per annum (“Administrative Fees”) until the earlier of: (i) achievement of Final Completion or (ii) the Purchase Money Mortgage is satisfied.
All real property transfer taxes payable by reason of the conveyance of title as provided for in this Agreement, all mortgage recording taxes payable by reason of the recording of the Purchase Money Mortgage and any costs related to the recordation of the Deed and of the Purchase Money Mortgage shall be paid by PURCHASER.
PURCHASER expressly acknowledges and agrees that SELLER will dedicate significant time and effort monitoring and administering the terms of this Agreement and the Purchase Money Mortgage.
More Definitions of Purchase Money Mortgage
Purchase Money Mortgage means, in respect of any Person, any Encumbrance charging property acquired by such Person, which is granted or assumed by such Person, reserved by the transferor (including, Capital Lease Obligations) or which arises by operation of Law in favour of the transferor concurrently with and for the purpose of the acquisition of such property, in each case where (i) the principal amount secured by such Encumbrance is not in excess of the cost to such Person of the property acquired; and (ii) such Encumbrance extends only to the property acquired.
Purchase Money Mortgage means a mortgage, charge or other lien on or against any property securing any Purchase Money Obligation for such property;
Purchase Money Mortgage means a mortgage, charge or other lien on or against any property securing any Purchase Money Obligation for such property.
Purchase Money Mortgage means any Lien given (whether or not to the transferor), assumed or arising by operation of law to provide or secure or to provide the obligor with funds to pay the whole or any part of the consideration for the acquisition or costs of construction of property where:
Purchase Money Mortgage of any Person means any Lien created upon any property or assets of the Person or any shares or stock of a Restricted Subsidiary to secure or securing the whole or any part of the purchase price of the property or assets or shares or stock or the whole or any part of the cost of constructing or installing fixed improvements on that property or assets or to secure or securing the repayment of money borrowed to pay the whole or any part of such purchase price or cost or any vendor’s privilege or Lien on that property or assets or shares or stock securing all or any part of the purchase price or cost including title retention agreements and leases in the nature of title retention agreements when recourse is limited solely to such Lien.
Purchase Money Mortgage means any security interest, mortgage, pledge, charge or other encumbrance created, issued or assumed by the Company or a Designated Subsidiary to secure a Purchase Money Obligation; provided that the security interest, mortgage, pledge, charge or other encumbrance is limited to the property (including associated rights) acquired, constructed, installed or improved using the funds advanced to the Company or a Designated Subsidiary in connection with that Purchase Money Obligation;
Purchase Money Mortgage means any mortgage, charge, hypothec, pledge, Lien or other secu- rity created upon any real or personal assets of the Issuer or any Guarantor to secure or securing the whole or any part of the purchase price of those assets or the whole or any part of the cost of constructing or in- stalling fixed improvements thereon or to secure or securing the repayment of money borrowed to pay the whole or any part of that purchase price or cost or any vendor’s privilege or Lien on those assets securing all or any part of that purchase price or cost, including title retention agreements and leases in the nature of title retention agreements entered into within 180 days of completion of the purchase.