Junior Mortgage Sample Clauses
A Junior Mortgage is a secondary loan secured against a property that is subordinate to a primary, or senior, mortgage. In practice, this means that if the property is sold or foreclosed, the senior mortgage is paid off first, and only then does the junior mortgage holder receive any remaining proceeds. Junior mortgages are often used when a borrower needs additional funds beyond what the primary lender will provide, such as through a home equity loan or second mortgage. The core function of this clause is to establish the priority of claims on the property, thereby clarifying the order in which lenders are repaid and allocating risk among multiple creditors.
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Junior Mortgage. No Junior Mortgage exists as of the date hereof except for that certain Junior Mortgage in favor of Canpartners Realty Holding Company IV LLC, a California limited liability company, in the amount of Ten Million Dollars ($10,000,000.00). Such Junior Mortgage does not require the consent of any of the holders thereof to the Loan or if such consent is required it has been obtained. Such Junior Mortgage is in good standing, all principal, interest and other payments due thereunder have been paid in accordance with the terms thereof, there is no default thereunder and no event has occurred which with due notice or the lapse of time, or both, would constitute a default thereunder.
Junior Mortgage. In the event that the Mortgagee in its sole and absolute discretion hereafter permits a junior mortgage on the Mortgaged Premises, the Mortgagor does hereby covenant and agree to faithfully and fully comply with and abide by each and every term, covenant, and condition of such junior mortgage or mortgages on the Mortgaged Premises. The Mortgagee is hereby expressly authorized, permitted, and directed, in its sole discretion, and at its option, to advance all sums necessary to cure any default under any such mortgage. The Mortgagor further covenants and agrees not to modify, change, alter, or extend any of the terms or conditions of any such junior mortgage.
Junior Mortgage. A duly executed Junior Mortgage, together with such UCC financing statements, title insurance notices and such other documents as the Lender shall request.
Junior Mortgage. This Mortgage shall be junior and subordinate to that certain Mortgage, Security Agreement, Absolute Assignment of Leases and Rents and Fixture Filing dated as of the date hereof made by Mortgagor in favor of Mortgagee pursuant to the Loan Agreement described therein, which instrument is being recorded in the Official Records immediately prior hereto.
Junior Mortgage. Borrowers shall have delivered the Junior Mortgage to Lender, together with such other documents as Lender may reasonably request in connection therewith on or before April 20, 2001."
2.11. Section 7.3
Junior Mortgage. No Junior Mortgage, if any, existing as of the date hereof requires the consent of any of the holders thereof to the Loan, the execution and delivery of the Loan Documents, or to any transaction contemplated under the Loan Documents. All Junior Mortgages existing as of the date hereof, if any, are in good standing, all principal, interest and other payments due thereunder have been paid in accordance with the terms thereof, there is no default thereunder and no event has occurred which with due notice or the lapse of time, or both, would constitute a default thereunder.
Junior Mortgage. This Mortgage is a Junior Mortgage, the lien of which is junior, subject and subordinate to the lien of the Mortgage dated January 7, 1998 (hereinafter referred to as the "Alliance Mortgage") in favor of ALLIANCE BANKING COMPANY (hereinafter referred to as "Alliance"), recorded on ______________________, 1998 with the Recorder of Deeds of ▇▇▇▇ County, Illinois as Document Number __________, to secure a note to Alliance (hereinafter referred to as the "Alliance Note") in the original principal amount of SIX HUNDRED FIFTY THOUSAND AND NO/l00 ($650,000.00) DOLLARS. The Alliance Mortgage constitutes a first mortgage on all of the mortgaged premises. The indebtedness evidenced by the Alliance Note and secured by the Alliance Mortgage is hereinafter referred to as the "Alliance Indebtedness". Mortgagor covenants and agrees that it shall well and truly perform and discharge each and all of the obligations of the conditions of the Alliance Mortgage and Alliance Note and all other documents relating thereto (the Alliance Note, Alliance Mortgage and all such other documents being hereinafter referred to collectively as the "Alliance Loan Documents"), and that a default. or the occurrence of an event of default under any of the Alliance Loan Documents shall constitute a default hereunder, in consequence whereof Mortgagee may avail itself of any or all of the rights or remedies reserved herein or allowed or permitted by law or in equity as in such case made and provided. Notwithstanding anything herein to the contrary, all rights of Mortgagee under this Mortgage are subject to the rights of the holder of the Alliance Indebtedness so long as the same remains unpaid. In the event the provisions hereof conflict or are inconsistent with provisions of the Alliance Loan Documents such that Mortgagor is unable to fully comply with any provision hereof as a result of Mortgagor's compliance with the provisions of any of the Alliance Loan Documents, e.g. as to payment of taxes in installments or delivery of insurance policies, Mortgagor shall not be in default hereunder so long as Mortgagor continues to comply with the Alliance Loan Documents; provided, however, that upon payment in full of the Alliance Indebtedness such provisions hereunder are complied with by Mortgagor.
Junior Mortgage. The Mortgagor does hereby covenant and agree that no junior mortgage or mortgages shall be permitted in connection with the Collateral without the prior written consent of the Mortgagee.