Subordinate Financing. Subordinate financing must comply with the terms for Community Seconds® mortgages, except that the requirement contained therein for a down payment from the borrower’s own funds shall be governed by Section 6 above (“Minimum Down Payment”) for the particular option.
Subordinate Financing. If Mortgagor, without the prior written consent of Mortgagee, executes or delivers any pledge, security agreement, mortgage or deed of trust covering all or any portion of the Property (hereinafter called “Unauthorized Subordinate Mortgage”), Mortgagee may, at Mortgagee’s option, which option may be exercised at any time following such pledge, security agreement, mortgage or deed of trust, without demand, presentment, protest, notice of protest, notice of intent to accelerate, notice of acceleration or other notice, or any other action, all of which are hereby waived by Mortgagor and all other parties obligated in any manner on the Obligation, declare the Obligation to be immediately due and payable. In the event of consent by Mortgagee to the granting of a subordinate mortgage, or in the event the above-described right of Mortgagee to declare the Obligation to be immediately due and payable upon the granting of a Unauthorized Subordinate Mortgage without the prior written consent of Mortgagee is determined by a court of competent jurisdiction to be unenforceable under the provisions of any applicable law, Mortgagor will not execute or deliver any subordinate mortgage unless (i) it shall contain express covenants to the effect: (a) that the subordinate mortgage is in all respects unconditionally subject and subordinate to the lien and security interest evidenced by this Mortgage and each term and provision hereof; (b) that if any action or proceeding shall be instituted to foreclose the subordinate mortgage (regardless of whether the same is a judicial proceeding or pursuant to a power of sale contained therein), no tenant of any portion of the Property will be named as a party defendant, nor will any action be taken with respect to the Property which would terminate any occupancy or tenancy of the Property without the prior consent of Mortgagee; (c) that the rents and profits, if collected through a receiver or by the holder of the subordinate mortgage, shall be applied first to the obligations secured by this Mortgage, including principal and interest due and owing on or to become due and owing under the Loan Agreement and the other indebtedness secured hereby, and then to the payment of maintenance, operating charges, taxes, assessments, and disbursements incurred in connection with the ownership, operation and maintenance of the Property; and (d) that if any action or proceeding shall be brought to foreclose the subordinate mortgage (regardless of whet...
Subordinate Financing. For any Mortgage Loan secured by a Property with permitted non-Xxxxxx Xxx subordinate debt, choose only the applicable one:
Subordinate Financing. Mortgages may be subject to subordinate financing in accordance with the EA Lender Guide. Mortgages subject to subordinate financing are subject to any applicable loan level price adjustments, in addition to any other loan level price adjustments that may apply.
Subordinate Financing. Borrower shall not permit there to exist nor shall Borrower obtain any subordinate financing of the SLF, or any part thereof, or any other property granted as security for the Loan.
Subordinate Financing. No Mortgagor is permitted to incur indebtedness subordinate to the related Mortgage Loan and secured by the related Mortgaged Property.
Subordinate Financing. Xxxxxxx Mac will not purchase, but may permit another lender to extend to Borrower, subordinate financing secured by the Mortgaged Property, provided that all of Lender’s requirements are satisfied.
Subordinate Financing. If the Borrower has incurred or will incur additional debt to cover such difference, such debt cannot be secured by a lien on the Project unless the Project is a Multifamily Affordable Housing Property; in which case the additional debt must be subordinated to the Permanent Mortgage Loan, and the terms, conditions and documentation of the additional debt must meet the requirements for subordinate financing as set forth in the DUS Guide.
Subordinate Financing. Lender may extend to Borrower subordinate financing secured by the Mortgaged Property, provided that all of Lender’s requirements are satisfied.
Subordinate Financing. (a) Subordinate financing on any Future Projects shall be subject to the approval of the Lender and such approval shall be made on a project by project basis in the Lender’s sole discretion. The subordination agreement used for any Future Projects shall be upon Lender’s standard form and shall in all respects be acceptable to Lender in its sole discretion.
