Second Mortgage Clause Samples
A Second Mortgage clause establishes the terms under which a borrower may take out an additional loan secured by the same property that already has a primary mortgage. This clause typically outlines the lender's rights, the priority of repayment in case of default, and any restrictions or requirements for obtaining the second mortgage, such as lender approval or notification. Its core function is to clarify the hierarchy of claims on the property and protect the interests of the primary lender by ensuring they are repaid before the second mortgage holder in the event of foreclosure or sale.
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Second Mortgage. Developer shall provide the City with a second mortgage interest for each mortgaged parcel subject to this Agreement. To the extent of a foreclosure on any mortgaged parcels subject to this Agreement, ▇▇▇▇▇▇▇▇▇ agrees to indemnify and reimburse the City for any and all costs and fees, including, but not limited to purchase price, transaction costs, and attorney fees, associated with the City’s redemption of its second mortgage interest from the senior line holder.
Second Mortgage. Notwithstanding any other provisions of this Mortgage to the contrary, ▇▇▇▇▇▇ agrees and acknowledges that this Mortgage is a second mortgage, subsequent in right in lien and payment priority (and in all other respects) to a prior first mortgage that is recorded on the applicable land records with respect to the Property. All provisions of this Mortgage relating to the payment of, or taking reserves for, Taxes, the requirements regarding insurance coverage, the application of insurance or condemnation proceeds, or the rebuilding or repair of the Improvements after a casualty or condemnation with such proceeds, shall be expressly subject to the provisions of such first mortgage and the rights of such first mortgagee to obtain such funds and/or make such decisions. Borrower shall be entitled to refinance the debt secured by such first mortgage; provided ▇▇▇▇▇▇▇▇ first provides Lender with prior written notice of such refinancing and evidence that the amount of such refinancing will not exceed the original principal amount to such first mortgage, in which event ▇▇▇▇▇▇ agrees to enter into a customary subordination agreement with any party providing such permitted refinancing on terms consistent with this Section 1.15.
Second Mortgage. The Durham County School District loan will be in second lien position.
Second Mortgage i. The term “Second Mortgage(s)” means that document (or those documents) identified on Exhibit B hereto as a “Second Mortgage” or a “Second Deed of Trust” executed by Borrower and encumbering the real property legally described in Exhibit C hereto.
Second Mortgage ascribed thereto in paragraph 4.1.
Second Mortgage. Notwithstanding anything herein to the contrary, this Mortgage is a Second Mortgage subject and inferior to the Superior Mortgage. No Default shall exist and no technical breach of the agreements herein shall occur as a result of said Superior Mortgage being of record as a lien upon the Property. Further, if certain rights granted to Mortgagee under this Mortgage conflict with the terms of the Superior Mortgage or the rights granted thereunder, then such rights of Mortgagee shall be deemed waived to the extent of such conflict while the Superior Mortgage remains of record as a lien on the Property.
Second Mortgage. Borrower agrees to use its best efforts to cause GE Credit TN (and all other persons whose consent is required) to consent to the execution and delivery by Horizon Vessels International, Ltd. of the Second Mortgage and the Second Lien Maritime Security Agreement. If such documents are not executed on or prior to the Closing Date, the Borrower shall continue to use its best efforts to obtain such consent, and, if obtained, shall promptly thereafter execute such documents, and undertake such related action as the Agent may reasonably require.
Second Mortgage. 12 Securities...................................... 12
Second Mortgage. The terms and conditions set forth herein and the security interest granted hereby shall be subject, in all respects, to the terms of the Intercreditor Agreement.
Second Mortgage. The Lender reserves the right to be granted a second mortgage over either mv “Oregon” or mv “Mystic” during the Waiver Period. Should neither of these vessels be available for such purpose at the time of any such request by the Lender, or if consent of the first mortgagor is not obtained, an alternative acceptable vessel is to be provided.