Subordinate Mortgage definition

Subordinate Mortgage. Any mortgage, deed of trust, pledge, lien (statutory, constitutional, or contractual), security interest, encumbrance or charge, or conditional sale or other title retention agreement, covering all or any portion of the Mortgaged Property executed and delivered by Borrower, the lien of which is subordinate and inferior to the lien of the Deed of Trust.

Subordinate Mortgage means a mortgage or deed of trust securing an original principal amount not

Subordinate Mortgage means the Subordinate Multifamily Deed of Trust, Security Agreement and Fixture Filing dated of even date with this Indenture, executed by the Borrower for the benefit of the Trustee and the Issuer as security for the Borrower’s obligations under the Financing Agreement other than repayment of principal and interest on the Mortgage Note.

Examples of Subordinate Mortgage in a sentence

• The Subordinate Loan is evidenced by the Subordinate Note and is secured by the Subordinate Mortgage.

• Xxxxxxxx and Senior Lender acknowledge and agree that payments received by Subordinate Lender, and remitted to Senior Lender under this Section 5, shall not be applied or otherwise credited against the Subordinate Loan, nor shall the tender of such payment to Senior Lender waive any Subordinate Mortgage Default which may arise from the inability of Subordinate Lender to retain such payment or apply such payment to the Subordinate Loan.

• All amounts paid by Subordinate Lender to Senior Lender to cure any default under the Senior Loan Documents shall be deemed to have been advanced by Subordinate Lender pursuant to, and shall be secured by the lien of, the Subordinate Mortgage.

• Senior Lender shall have the opportunity, but not the obligation, to cure any Subordinate Mortgage Default within 60 days following the date of such notice; provided, however that Subordinate Lender shall be entitled, during such 60-day period, to continue to pursue its rights and remedies under the Subordinate Loan Documents, subject to the limitations set forth in Section 6(b) below.

• Evidence of title (title policy or title policy endorsement, as appropriate) insuring the lien of the Senior Security Instrument which insures that (i) the lien of the Subordinate Mortgage is subordinate to the lien of the Senior Mortgage, and (ii) this Agreement has been recorded among the applicable land records.

More Definitions of Subordinate Mortgage

Subordinate Mortgage means a Mortgage that constitutes a Lien that is not a first Lien on the real property and improvements described in or covered by that Mortgage.

Subordinate Mortgage means the recorded mortgage securing the HOP Loan which is subordinante to the First Mortgage.

Subordinate Mortgage means the mortgage, deed of trust or deed to secure debt encumbering the Mortgaged Property as security for the Subordinate Loan, which Subordinate Lender will cause to be recorded among the applicable land records immediately before this Agreement.

Subordinate Mortgage means any mortgage, deed of trust, pledge, lien (statutory, constitutional, or contractual), security interest, encumbrance or charge, or conditional sale or other title retention agreement, covering all or any portion of the Mortgaged Property executed and delivered by Borrower, the lien of which is subordinate and inferior to the lien of the Deed of Trust.

Subordinate Mortgage means a mortgage or deed of trust securing an original principal amount not exceeding $150,000, encumbering or conveying an interest in residential real estate containing not more than one dwelling unit that is subordinate in priority (i) under subdivision A 1 of § 55.1-407 or (ii) as a result of a previous refinancing.

Subordinate Mortgage means that certain [INSERT NAME OF SECURITY INSTRUMENT], dated [INSERT DATE], from Borrower to Subordinate Lender securing the Subordinate Note.

Subordinate Mortgage means a Second Mortgage or a Third Mortgage.