Subordinate Mortgages definition

Subordinate Mortgages means the mortgages or deeds of trust encumbering the Property as security for the Subordinate Loans, which were previously recorded in the applicable land records.
Sample 1
Subordinate Mortgages means each Subordinate Mortgage, Deed of Trust, Assignment, Security Agreement, Financing Statement and Fixture Filing heretofore delivered by a Guarantor in favor of the Borrower to secure any Indebtedness of such Guarantor owing to the Borrower outstanding including, without limitation, (i) each Subordinate Mortgage, Deed of Trust, Assignment, Security Agreement, Financing Statement and Fixture Filing dated as December 17, 2001, as assigned and amended, and (ii) each Subordinate Mortgage, Deed of Trust, Assignment, Security Agreement, Financing Statement and Fixture Filing dated as February 25, 2004.
Sample 1
Subordinate Mortgages means the Open-End Mortgage, Security Agreement and Assignment of Leases and Rents given by the Borrower to Seller on each of the Project Properties, to secure the Borrower's and Balanced Care's respective obligations under the Deferred Purchase Price Note and the BCC Note, respectively. The Subordinate Mortgages are subordinate to the Mortgages and shall constitute second priority liens on the Project Properties.
Sample 1

Examples of Subordinate Mortgages in a sentence

  • Ineligible Subordinate Mortgages: • Interest rate buydown plan.• Negative amortization.• Closed-end with Balloon payments.• HELOCs cannot have a balloon or call option within five years of the date of the Note.• Graduated or variable payments.• Equity sharing or wraparound terms.• Community Second Mortgage/Down Payment Assistance Program.• Seconds held by the property seller.• Any type of tax or judgment lien.

  • Ineligible Subordinate Mortgages: • Investment properties with subordinate financing.• Subordinate mortgages subject to an interest rate buydown plan.• Subordinate mortgages that allow negative amortization.• Subordinate mortgages that involved graduated or variable payments.• Subordinate mortgages that have wraparound terms.• Subordinate mortgages through a Community Second Mortgage/Down Payment Assistance Program.• Subordinate mortgages held by the property seller.• Any type of tax or judgment lien.

  • The Subordinate Lender, the County and the Borrower each agree, at the Borrower's expense, to execute and deliver all additional instruments and/or documents reasonably required by any other party to this Agreement in order to (i) evidence that the Subordinate Mortgages are subordinate to the lien, covenants and conditions of the Senior Mortgage or (ii) further evidence the intent of this Agreement.

  • Owner-Occupied Projects Transfers of title for owner-occupied projects where a household receives AHP subsidy for purchase, purchase in conjunction with rehabilitation or construction of an owner-occupied unit are effectively monitored through retention agreements (i.e. Subordinate Mortgages), deed restrictions or other legally enforceable mechanisms.

  • Senior Xxxxxx agrees, subject to the provisions of this Agreement, to permit Subordinate Lenders to record the Subordinate Mortgages and other recordable Subordinate Loan Documents against the Mortgaged Property (which are subordinate in all respects to the lien of the Senior Security Instrument) to secure Borrower's obligation to repay the Subordinate Notes and all other obligations, indebtedness and liabilities of Borrower to Subordinate Lenders under and in connection with the Subordinate Loans.

  • Ineligible Subordinate Mortgages:  Interest rate buydown plan. Negative amortization. Closed-end with Balloon payments. HELOCs cannot have a balloon or call option within five years of the date of the Note. Graduated or variable payments. Equity sharing or wraparound terms. Community Second Mortgage/Down Payment Assistance Program. Seconds held by the property seller. Any type of tax or judgment lien.

  • The Subordinate Loans are evidenced by the Subordinate Notes and are secured by the Subordinate Mortgages.

  • All amounts paid by the Subordinate Lender to the County to cure a Senior Mortgage Loan Default shall be deemed to have been advanced by the Subordinate Lender pursuant to, and shall be secured by the lien of, the Subordinate Mortgages.

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

  • Confirmation that, as of the date of the Initial Advance, there no other creditors of the Borrower other than those holding security under the Subordinate Mortgages and an acknowledgement by the shareholder(s) of the Borrower that all of their present and future claims in respect of the Borrower have been fully postponed and subordinated to those of the Lender.


More Definitions of Subordinate Mortgages

Subordinate Mortgages means each Subordinate Mortgage, Deed of Trust, Assignment, Security Agreement, Financing Statement and Fixture Filing delivered by a Guarantor in favor of the Borrower to secure any Indebtedness of such Guarantor owing to the Borrower outstanding from time to time including, without limitation, each Subordinate Mortgage, Deed of Trust, Assignment, Security Agreement, Financing Statement and Fixture Filing dated as May 11, 2005 described in the Security Schedule.
Sample 1
Subordinate Mortgages means each Subordinate Mortgage, Deed of Trust, Assignment, Security Agreement, Financing Statement and Fixture Filing delivered by a Guarantor in favor of the Borrower to secure any Indebtedness of such Guarantor owing to the Borrower outstanding from time to time including, without limitation, (i) each Subordinate Mortgage, Deed of Trust, Assignment, Security Agreement, Financing Statement and Fixture Filing dated as December 17, 2001, described in the Security Schedule as (or as intended to be) assigned and amended pursuant to the Assignment of Secured Indebtedness and the Subordinate Mortgage Assignment and Amendment, and (ii) each Subordinate Mortgage, Deed of Trust, Assignment, Security Agreement, Financing Statement and Fixture Filing dated as February 25, 2004 described in the Security Schedule.
Sample 1
Subordinate Mortgages means those subordinate mortgages encumbering the Mortgaged Properties as more specifically described on Schedule IX.
Sample 1
Subordinate Mortgages means the 15 separate security instruments in --------------------- favor of Subordinate Creditor executed by the Borrower and granting a second lien to Subordinate Creditor with respect to the Sites.
Sample 1

Related to Subordinate Mortgages

  • Subordinate Debt means indebtedness secured hereby or by any Supplemental Indenture which is by its terms expressly subordinate and inferior hereto both in lien and right of payment.

  • Existing Mortgages means each of the mortgages, deeds of trust or other agreements made pursuant to the Existing Credit Agreement by any Loan Party in favor of the Agent for the benefit of the Agent and the Lenders.

  • Mortgages means, individually and collectively, one or more mortgages, deeds of trust, or deeds to secure debt, executed and delivered by Parent or its Subsidiaries in favor of Agent, in form and substance reasonably satisfactory to Agent, that encumber the Real Property Collateral.

  • Subordinate Note means each B Note.

  • Reverse mortgage means a nonrecourse loan under which both of the following apply:

  • Subordinate Notes means the B Notes and the C Notes, individually or collectively, as the context may require.

  • Mortgage Debt means (i) debt secured only by real property at the time of the MSPLF Loan’s origination;2 and (ii) limited recourse equipment financings (including equipment capital or finance leasing and purchase money equipment loans) secured only by the acquired equipment.

  • Existing Mortgage has the meaning specified in Section 5.02(a)(vi).

  • Second Lien Mortgage Loan A Mortgage Loan secured by a second lien Mortgage on the related Mortgaged Property.

  • First Mortgage means a Mortgage that constitutes a first Lien on the real property and improvements described in or covered by that Mortgage.

  • Subordinate Obligations means, collectively, the Subordinate Notes and any Other Subordinate Obligations.

  • Facility Mortgage As defined in Section 13.1.

  • Ship Mortgage shall have the meaning set forth for such term in the Intercreditor Agreement. Notice of Assignment ASSIGNMENT OF INSURANCE BY INTERNAL CHARTERERS Vantage Driller I Co. NOTICE OF ASSIGNMENT To Whom It May Concern: Vantage Driller IV Co., an exempted company incorporated with limited liability under the laws of the Cayman Islands (the “Assignor”), HEREBY GIVES NOTICE that by an Assignment, dated October 25, 2012, and made by the Assignor to Xxxxx Fargo Bank, National Association (the “Assignee”), as Pari Passu Collateral Agent (as defined under the Intercreditor Agreement defined below), the Assignor assigned to the Assignee all of the Assignor’s right, title and interest in and to all insurances and the benefit of all insurances heretofore, now or hereafter taken out in respect of the Panamanian flag vessel TOPAZ DRILLER and all proceeds thereof. This Notice and the attached Loss Payable Clauses are to be endorsed on all policies and certificates of entry evidencing such insurances.

  • Mortgage shall have the meaning assigned to such term in the recitals.

  • Subordinate Bonds means all Bonds but Senior Bonds.

  • Fee Mortgage Any mortgage, pledge agreement, security agreement, assignment of leases and rents, fixture filing or similar document creating or evidencing a lien on Landlord’s interest in the Leased Property or any portion thereof (or an indirect interest therein, including without limitation, a lien on direct or indirect interests in Landlord) in accordance with the provisions of Article XXXI hereof.

  • First Lien Mortgage Loan A Mortgage Loan secured by a first lien Mortgage on the related Mortgaged Property.

  • 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.

  • Mortgage Instruments means such title reports, ALTA title insurance policies (with endorsements), evidence of zoning compliance, property insurance, flood certifications and flood insurance (and, if applicable FEMA form acknowledgements of insurance), opinions of counsel, ALTA surveys, appraisals, environmental assessments and reports, mortgage tax affidavits and declarations and other similar information and related certifications as are requested by, and in form and substance reasonably acceptable to, the Administrative Agent from time to time.

  • Subordinate Loan Documents means the Subordinate Note, the Subordinate Mortgage, and all other documents at any time evidencing, securing, guaranteeing, or otherwise delivered in connection with the Subordinate Indebtedness.

  • Group 3 Mortgage Loans Those Mortgage Loans identified on the Mortgage Loan Schedule as Group 3 Mortgage Loans.

  • Subordinate means, with respect to an obligation (the “Subordinated Obligation”) and another obligation of the obligor thereon to which such obligation is being compared (the “Senior Obligation”), a contractual, trust or similar arrangement (without regard to the existence of preferred creditors arising by operation of law or to collateral, credit support, lien or other credit enhancement arrangements or provisions regarding the application of proceeds of any of the foregoing) providing that (i) upon the liquidation, dissolution, reorganization or winding up of the obligor, claims of the holders of the Senior Obligation will be satisfied prior to the claims of the holders of the Subordinated Obligation or (ii) the holders of the Subordinated Obligation will not be entitled to receive or retain payments in respect of their claims against the obligor at any time that the obligor is in payment arrears or is otherwise in default under the Senior Obligation.

  • Subordinate Indebtedness means all present and future indebtedness, obligations, and liabilities of Borrower to Subordinate Lender under or in connection with the Subordinate Loan or the Subordinate Loan Documents.