Mortgage Note. The originally executed note or other evidence of the indebtedness of a Mortgagor under the related Mortgage Loan.
Mortgage Note. The promissory note or other instrument evidencing the indebtedness of a Borrower under a Mortgage Loan.
Mortgage Note. The original Mortgage Note (or, if acceptable to the Purchaser, a lost note affidavit in a form acceptable to an Agency) bearing all intervening endorsements, endorsed “Pay to the order of _____________, without recourse” and signed in the name of the last endorsee by an authorized officer thereof.
Mortgage Note. In return for a loan that I received, I promise to pay $ (called “Principal”), plus interest in accordance with the terms of a Mortgage Note (referred to as the “Note”) dated . The Note provides for monthly payments of $ and a yearly interest rate of %. All sums owed under the Note are due no later than . All terms of the Note are made part of this Mortgage.
Mortgage Note. The note or other evidence of the indebtedness of a ------------- Mortgagor secured by a Mortgage under a Mortgage Loan.
Mortgage Note. The note or other evidence of the indebtedness of a Mortgagor secured by a Mortgage and riders thereto.
Mortgage Note. The originally executed secured promissory note or other evidence of indebtedness of a Borrower under a Qualified Loan, together with all riders thereto and amendments thereof.
Mortgage Note. The originally executed note evidencing the indebtedness of a Mortgagor secured by a Mortgage under a Mortgage Loan and any modification thereto.
Mortgage Note. The Seller's Price Guarantee shall be evidenced by its Mortgage Note in substantially the form of Exhibit A attached to this Agreement in the principal amount of $255,000. The Mortgage Note shall be dated as of the Closing Date and shall be due and payable twenty four (24) months from its issuance. Commencing on September 1, 2001 and continuing for the next eight (8) successive months, Buyer shall be required each such month to convert a portion of the Mortgage Note into shares of the Seller's Common Stock, the mandatory conversion dates and number of shares to be issued on each mandatory conversion date are set forth in Schedule I attached hereto (the "Monthly Allocation"). Commencing on September 30, 2001 and continuing on the last day of each of the next eight (8) successive months, the principal amount of the Mortgage Note shall be reduced by the greater of (i) the actual gross proceeds received by Buyer for sale of the Monthly Allocation and any previously issued Monthly Allocation shares not sold during the applicable month during the applicable month made in accordance with Rule 144, or (ii) the average of the closing price for the Seller's Common Stock from the 1st day of the applicable month to the next to last day of the applicable month as quoted on the OTC BB times the Monthly Allocation (the greater of subsection (i) or (ii) hereinafter referred to as the "Incremental Mortgage Reduction Amount"). In the event that Incremental Mortgage Reduction Amount is less than the Monthly Allocation times $2.50 per share during the applicable month (the "Target Reduction Amount"), the difference between the Target Reduction Amount and the Incremental Mortgage Reduction Amount realized shall bear interest at the rate of 11.11% per annum until paid. To assist Seller in making this calculation, Buyer agrees to provide evidence of all sales made in the applicable month to Seller by the tenth (10th) day of the succeeding month. Each successive Incremental Mortgage Reduction Amount shall be applied first to accrued but unpaid interest and thereafter as a reduction to principal. At the end of the term of the Mortgage Note, all unpaid principal and accrued interest not otherwise paid by the incremental reductions to principal shall be due and payable. In the event that incremental reductions pay off the entire Mortgage Note and any accrued but unpaid interest prior to the end of the term, any Monthly Allocation shares not previous issued to Buyer shall be immediat...
