Examples of Senior Mortgage Loans in a sentence
There is also no assurance that any Senior Mortgage Loans, if obtained, will be renewed when they mature.
As a co-owner under the Co-Ownership Agreement, Sunstone Investments will identify prospective Properties for investment by the Realty Trust and Sunstone Investments through the Co-Ownership, will undertake and implement financial, physical and environmental due diligence in respect of each such prospective Property, will coordinate the placement of Senior Mortgage Loans and will engage counsel to complete the purchase of the Properties for the Co-Ownership.
The Realty Trust also intends to finance a part of the purchase price of the Properties by way of Senior Mortgage Loans from third party Lenders.
The Senior Mortgage Loans will be secured by mortgages registered on the Properties in respect of which the loans were advanced, and will have priority over the repayment of the Mortgage Loan and the return of capital to the Realty Trust.
Sunstone Investments will target the overall loan to value ratio of the Senior Mortgage Loans at not more than 75% of the purchase price of the Properties as a whole, plus the amount of any property improvement reserve account approved by the Lenders.
The operation of the Properties may not generate sufficient funds to make the payments of principal and interest due on the Senior Mortgage Loans, and, upon default, one or more Lenders could exercise their rights including, without limitation, foreclosure or sale of the Properties.
Investment in real estate is subject to numerous risks, which include but are not limited to the following: (a) Financing Risks – There is no assurance that the Realty Trust will be able to obtain sufficient Senior Mortgage Loans to finance the acquisition of Properties on commercially acceptable terms or at all.
Subsequent Priority of Fund Mortgage – Generally, the Fund Mortgage and the amount outstanding under the Mortgage Loan will be subsequent in priority to the interests of the Lenders of the Senior Mortgage Loans granted by the Realty Trust and Sunstone Investments as co-owners under the Co-Ownership to secure financing used in the purchase, ownership and operation of Properties.
It is anticipated that the Realty Trust, through its interest in the Co-Ownership, will incur Senior Mortgage Loans in the aggregate principal amount of up to $127,627,123 and borrow up to $44,000,000 by way of the Mortgage Loan.
Synonyms• Senior Mortgage Loans Servicer Primary Person responsible for servicing the Mortgage Loan (e.g., the originator, the selling Lender, or a third- party servicer).