Mortgage Satisfaction Sample Clauses
Mortgage Satisfaction. A mortgagor named in a foreclosure complaint may satisfy the subject mortgage at any time prior to the Judiciary’s entering of a judgment of foreclosure. Under such circumstances, the mortgagor shall submit to the Judiciary proof of payment in full of the mortgage principal, any interest owed and any court costs incurred by the Nation. Upon receipt of verified proof of satisfaction, the Judiciary shall dismiss the foreclosure complaint based on satisfaction of the mortgage.
Mortgage Satisfaction. Milk & Honey will secure a mortgage on the property in the amount of $2,233,000.00 (the “Mortgage”), reflecting the full valuation of the Land. SGD agrees to contribute capital to the Joint Venture for the specific purpose of satisfying this mortgage upon the completion of the development of the lots, as outlined in Exhibit A.
Mortgage Satisfaction. SGD agrees to contribute capital to the Joint Venture for the specific purpose of satisfying the existing mortgage on the Land, as detailed in Exhibit A.
Mortgage Satisfaction. The Department may, upon expiration or termination of the Agreement, exercise any of the following options:
(a) If the Agreement Ceiling equals the Total Project Cost, the Department may require that the Agency transfer the Facility’s title either to the Department or to an entity designated by the Department.
(b) If the Agreement Ceiling is less than the Total Project Cost, the Department may pay the Agency for the Agency’s interest in the Facility, and upon such payment the Agency shall transfer the Facility’s title either to the Department or to an entity designated by the Department. In such case, the amount of the Department’s payment to the Agency shall be calculated by multiplying the Current Fair Market Value of the Facility by the percentage of the original investment represented by Agency funds.
(c) Regardless of the relationship of the Agreement Ceiling to the Total Project Cost, the Department may require payment by the Agency to satisfy the Mortgage. If the Agency must sell the Facility in order to satisfy the Mortgage, and if the proceeds of such sale are less than the amount of the Mortgage, the Department’s fair share of such proceeds shall be deemed to satisfy the Agency’s indebtedness under the Mortgage. The Department’s fair share of the sale proceeds shall be the same percentage as the percentage of the original investment represented by Department funds. No amount less than the full amount of the Mortgage shall be deemed to satisfy the Agency’s indebtedness to the Department unless the Agency furnishes the Department with an appraisal indicating the Current Fair Market Value at the time of such sale and unless the Department is satisfied that the sale price was reasonable in light of such appraisal.
Mortgage Satisfaction. 71 15.1 Satisfaction..................................................................................... 71
Mortgage Satisfaction. Except as may otherwise be provided for in this document, all non-financial obligations of both parties shall continue after the Project Period and shall cease on the effective date of expiration or termination of the Agreement.
Mortgage Satisfaction. The Note shall be cancelled and the CDA shall execute a Satisfaction of Mortgage upon the earlier of: (a) repayment of the Loan in full and, a reversion of the Property to the City, or (b) completion of the Project on or before December 31, 2015 January 1, 2012. This Agreement shall terminate upon the execution by the CDA of its satisfaction of mortgage.