Recognized Mortgage definition

Recognized Mortgage means a Mortgage that: (i) secures financing the sole purposes of which are the financing of the Project, including the costs the acquisition of the Company Parcels and any other preliminary costs of the Project prior to the Construction Commencement Date, and (ii) is in favor of an Institutional Lender and executed by YIDA as lessee under the Development Leases and sublessor under the Financing Leases. It is expressly understood that a Mortgage from an Institutional Lender in connection with the construction and financing of the Project is a Recognized Mortgage and a Mortgage held by YIDA and/or the bond trustee in connection with a FTA is a Recognized Mortgage.

Recognized Mortgage is a mortgage or other similar security agreements given to any Recognized Mortgagee of the interest of Rail Company hereunder, and shall be deemed to include any mortgage or trust indenture under which this Agreement shall have been encumbered, and including any and all renewals, modifications, advances, additions, and extensions of or to a Recognized Mortgage. A “Recognized Mortgagee” is a public or private lending source or institution, federal, state, county or municipal governmental agency or bureau, bank, savings and loan, pension fund, insurance company, real estate investment trust, tax credit syndication entity, or other real estate investment or lending entity, savings bank, whether local, national or international, and/or the holder of any purchase money mortgage given back to a transferor, that is or becomes the holder, mortgagee or beneficiary under any Recognized Mortgage and the successors or assigns of such holder, mortgagee or beneficiary, and shall be deemed to include, without limitation, the trustee under any such trust indenture and the successors or assigns of such trust. A parent, subsidiary, affiliate, division, or entity controlling, controlled by, or under common control with Rail Company shall not be a “Recognized Mortgagee” for the purposes of this Agreement.

Recognized Mortgage has the meaning provided in Section 10.1(c) of this Agreement. "Recognized Mortgagee" has the meaning provided in Section 10.1(c) of this Agreement. "Reimbursement" has the meaning provided in Section 2.3 of this Agreement.

Examples of Recognized Mortgage in a sentence

• The Company (or any successor in interest pursuant to the terms of this Agreement) shall notify the CDA and YIDA in advance of any financing it proposes to enter into which financing will be secured by a Recognized Mortgage.

• With the exception of the rights granted to Recognized Mortgagees pursuant to the provisions of this Article 10, the execution and delivery of a Recognized Mortgage shall not give or be deemed to give a Recognized Mortgagee any greater rights against the CDA, the City or the YIDA than those granted to the Company under this Agreement.

• The Company shall not engage in any financing or any other transaction creating any mortgage or other encumbrance or lien upon the Disposition Parcels, or any part thereof, except the Company Parcels, whether by express agreement or by operation of law, or suffer any encumbrance or lien to be made on or attach thereto, except for the purposes of obtaining a Recognized Mortgage.

• Neither this Agreement nor any provisions hereof may be changed, modified, amended, supplemented, altered, waived, discharged or terminated orally, but only by an instrument in writing signed by the party against who enforcement of the change, modification, amendment, supplement, alteration, waiver, discharge or termination is sought, and, if required by any Recognized Mortgage, the Recognized Mortgagee has consented thereto.

• Recognized Mortgage" means a Mortgage that: (i) secures financing the sole purposes of which are the financing of the Project, including the costs the acquisition of the Company Parcels and any other preliminary costs of the Project prior to the Construction Commencement Date, and (ii) is in favor of an Institutional Lender and executed by YIDA as lessee under the Development Leases and sublessor under the Financing Leases.

More Definitions of Recognized Mortgage

Recognized Mortgage means a Mortgage (A) that is held by a Lending Institution, (B) that complies with the provisions of this Lease, and (C) a copy of which has been delivered to Landlord, together with a certification of a Qualified Certifying Party of Tenant confirming that the copy is a true and complete copy of such Mortgage and giving the name and address of the mortgagee thereunder.

Recognized Mortgage means a Mortgage (i) that is held by an Institutional Lender (or a corporation or other entity wholly owned by an Institutional Lender) that is a Permitted Person; (ii) which shall comply with the provisions of this Article 11; (iii) an electronic (in “.PDF” format) or photostatic copy of which has been delivered to Landlord, together with a certification by Xxxxxx and the Mortgagee confirming that such electronic or photostatic copy is a true and accurate copy of the Mortgage and giving the name and post office address of the holder thereof; and (iv) which is recorded in the Office of the City Register, Richmond County, City of New York.

Recognized Mortgage shall have the meaning as set forth in the Hotel Lease.

Recognized Mortgage as defined in Section 13.01(d)(ix).

Recognized Mortgage has the meaning provided in Section 11.2(b) hereof. “Recognized Mortgagee” means the holder of a Recognized Mortgage.

Recognized Mortgage means the a Leasehold Mortgage recorded among the Land Records not later than sixty (60) days after the date of its execution and delivery (i) that, as of the time of recordation or immediately following an assignment thereof, is held by a Lending Institution, (ii) a photostatic copy of which has been delivered to Landlord, together with a certification by Tenant and the Leasehold Mortgagee confirming that the copy is a true copy of the Leasehold Mortgage and giving the name of the party secured thereby and the address to which notices under this Lease to such Leasehold Mortgagee shall be addressed, and (iii) that obligates the Leasehold Mortgagee to deliver to Landlord, simultaneously with the delivery thereof of to Tenant, copies of any notices of default or nonperformance given to Tenant thereunder. If (i) a Leasehold Mortgage is not recorded among the Land Records within sixty (60) days after the date of its execution and delivery, (ii) the Leasehold Mortgagee otherwise qualifies as a Recognized Mortgage, and (iii) the Leasehold Mortgagee thereafter records such Leasehold Mortgage among the Land Records, such Leasehold Mortgage shall qualify as a Recognized Mortgage from and after the date of recordation.

Recognized Mortgage means a Mortgage (i) that is held by a Person (other than an Affiliate) which is an Institutional Lender, (ii) which expressly provides that it is subject and subordinate to the terms of this Lease and, except as expressly set forth herein regarding Owner's subordination in certain circumstances of its right to Percentage Rent, to Owner's Interest in the Prernises, and (iii) a photostatic copy of which is, following the execution and delivery thereof, delivered to Owner, together with a certification by Tenant confirming that the photostatic copy is a true copy of the Mortgage and a certification by the Recognized Mortgagee thereunder confIrming the address of such Recognized Mortgagee for notices. Notwithstanding anything contained herein to the contrary, an Affiliate may be part of a lending group constituting a Recognized Mortgagee for so long as such Affiliate (i) does not own more than a forty-nine percent (49%) beneficial interest in the debt held by such Recognized Mortgagee with respect to Tenant or the Project and (ii) is not the lead lender or agent for the lending group. Section 11.3