Assumed Mortgage definition

Assumed Mortgage means the existing mortgage encumbering the Hotel located in Overland Park, Kansas.
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Assumed Mortgage means those mortgages on certain of the Initial Properties assumed by the REIT.
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Assumed Mortgage shall have the meaning set forth in Section 4.5.1.
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Examples of Assumed Mortgage in a sentence

  • Assumed Mortgage Interest Rate means a mortgage interest rate of 1.00 per cent., which interest rate may be amended from time to time by the CBC and the Issuer subject to the consent of the Security Trustee and notification thereof to the Rating Agencies.

  • Assumed Mortgage Interest Rate means a mortgage interest rate of 0.85 per cent., which interest rate may be amended from time to time by the CBC and the Issuer subject to the consent of the Security Trustee and notification thereof to the Rating Agencies.

  • Assumed Mortgage Interest Rate means a mortgage interest rate of 1.00 per cent., which interest rate may be amended from time to time by the CBC and the Issuer, subject to the consent of the Security Trustee and notification thereof to the Rating Agencies.

  • See ""Terms Sheet Ì Assumed Mortgage Characteristics'' in this Supplement.

  • Assumed Mortgage Characteristics (as of February 1, 1997) The actual remaining terms to maturity, loan ages and interest rates of most of the Mortgages diÅer from those shown above, in some cases signiÑcantly.

  • Seller shall not be obligated to expend funds to cure any title matter objected to by Purchaser, other than monetary liens and encumbrances created by the actions or omissions of Seller that are capable of being removed by the payment of cash at Closing out of the Purchase Price, but expressly excluding the Assumed Mortgage Debt or any Permitted Encumbrance.

  • The Purchase Price consists of a cash amount specified on Schedule 2 (the "Cash Portion of the Purchase Price"), which shall be paid to the Seller at the Closing, as well as the estimated outstanding balance of the mortgage indebtedness specified on Exhibit C hereto (the "Assumed Mortgage Debt") which currently encumbers the Property, which Assumed Mortgage Debt shall be assumed by Purchaser (and title taken subject thereto) at the Closing.

  • Seller shall receive a credit adjustment to the amount of the Cash Portion of the Purchase Price at Closing by an amount equal to the amortization to such Assumed Mortgage Debt which occurs between the date of the applicable mortgage balances specified on Schedule 2 and the Closing (hereinafter referred to as the "Mortgage Amortization Adjustment").

  • The obligations of the applicable Lenders hereunder to make Revolving Credit Loans, Term Loans and Delayed Draw Term Loans, to fund participations in Letters of Credit and Swing Line Loans, to purchase Existing Empire State Mortgage Debt and Assumed Mortgage Debt and to make payments pursuant to Section 10.04(c) are several and not joint.

  • The AssetsThe Assets are Gold PCs and/or Gold Giant PCs. The MortgagesThe Mortgages underlying the Assets (the ""Mortgages'') are fixed-rate, first lien residential mortgages and mortgage participations.For purposes of this Supplement, we have made certain assumptions regarding the Mortgages, as shown under Terms Sheet Ì Assumed Mortgage Characteristics.


More Definitions of Assumed Mortgage

Assumed Mortgage means, individually and collectively, those certain deeds of trust or mortgages securing the Assumed Notes that establish a lien on an Encumbered Facility, as further described on Exhibit K attached hereto.
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Assumed Mortgage means the mortgage made by JBAK Canton Realty, Inc. to The Chase Manhattan Bank, dated as of December 30, 1996, encumbering the Owned Real Property.
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Related to Assumed Mortgage

  • Purchased Mortgage Loans means the collective reference to Mortgage Loans sold by Seller to Buyer in a Transaction hereunder, listed on the related Mortgage Loan Schedule attached to the related Transaction Request, which such Mortgage Loans the Custodian has been instructed to hold pursuant to the Custodial Agreement.

  • Covered Mortgage Loan Any Mortgage Loan that is covered by a PMI Policy.

  • Permitted Mortgage means (a) any purchase money mortgage on such Principal Property prior to, simultaneously with or within 180 days after the later of (1) the acquisition or completion of construction or completion of substantial reconstruction, renovation, remodeling, expansion or improvement (each, a “substantial improvement”) of such Principal Property or (2) the placing in operation of such property after the acquisition or completion of any such construction or substantial improvement; (b) Mortgages on a Principal Property existing at the time of acquisition, including acquisition through merger or consolidation; (c) Mortgages existing on the date of the initial issuance of the Notes, Mortgages on assets of a corporation or other business entity existing on the date it becomes a Restricted Subsidiary or is merged or consolidated with the Company or a Restricted Subsidiary or at the time the corporation or other business entity sells, leases or otherwise disposes of its property as an entirety or substantially as an entirety to the Company or a Restricted Subsidiary or Mortgages on the assets of a Subsidiary that is newly designated as a Restricted Subsidiary if the Mortgage would have been permitted under the provisions of this paragraph if such Mortgage was created while the Subsidiary was a Restricted Subsidiary; (d) Mortgages in favor of the Company or a Restricted Subsidiary; (e) Mortgages for taxes, assessments or governmental charges or levies that are not delinquent or that are being contested in good faith; (f) carriers’, warehousemen’s, materialmen’s, repairmen’s, mechanic’s, landlords’ and other similar Mortgages arising in ordinary course of business that are not delinquent or remain payable without penalty or that are being contested in good faith; (g) Mortgages (other than any Mortgage imposed by the Employee Retirement Income Security Act of 1974) consisting of pledges or deposits required in the ordinary course of business in connection with workers’ compensation, unemployment insurance and other social security legislation; (h) easements, rights-of-way, restrictions, encroachments, imperfections and other similar encumbrances affecting real property that, in the aggregate, are not substantial in amount and do not in any case materially detract from the value of the Principal Property subject thereto or materially interfere with the ordinary conduct of the Company and its Subsidiaries’ business, taken as a whole; (i) Mortgages arising by reason of deposits with, or the giving of any form of security to, any governmental agency or any body created or approved by law or governmental regulation, including any zoning or similar law or right reserved to or vested in any governmental office or agency to control or regulate the use of any real property; (j) Mortgages arising from filing Uniform Commercial Code financing statements relating solely to leases; and (k) Mortgages to secure Indebtedness incurred to extend, renew, refinance or replace Indebtedness secured by any Mortgages referred to above, provided that the principal amount of the extended, renewed, refinanced or replaced Indebtedness does not exceed the principal amount of Indebtedness so extended, renewed, refinanced or replaced, plus transaction costs and fees, and that any such Mortgage applies only to the same property or assets subject to the prior permitted Mortgage (and, in the case of real property, improvements).

  • Modified Mortgage Loan Any Mortgage Loan that has been the subject of a Servicing Modification.

  • Serviced Mortgage Loan A Mortgage Loan that is not an Outside Serviced Mortgage Loan.

  • Retained Mortgage File With respect to each Mortgage Loan, the file consisting of the Mortgage Loan Documents listed as items 6 through 12 of Exhibit C attached hereto. Securities Act: The Securities Act of 1933, as amended.

  • Deleted Mortgage Loan A Mortgage Loan replaced or to be replaced by a Qualified Substitute Mortgage Loan.

  • Distressed Mortgage Loan Any Mortgage Loan that at the date of determination is Delinquent in payment for a period of 90 days or more without giving effect to any grace period permitted by the related Mortgage Note or for which the applicable Servicer or the Trustee has accepted a deed in lieu of foreclosure.

  • Streamlined Mortgage Loan A Mortgage Loan originated in connection with the refinance of a mortgage loan pursuant to the related Seller’s streamlined documentation program then in effect.

  • Corrected Mortgage Loan Any Mortgage Loan that had been a Specially Serviced Mortgage Loan but has ceased to be such in accordance with the definition of "Specially Serviced Mortgage Loan" (other than by reason of a Liquidation Event occurring in respect of such Mortgage Loan or a related Mortgaged Property becoming an REO Property).

  • MERS Designated Mortgage Loan Mortgage Loans for which (a) the Seller has designated or will designate MERS as, and has taken or will take such action as is necessary to cause MERS to be, the mortgagee of record, as nominee for the Seller, in accordance with MERS Procedures Manual and (b) the Seller has designated or will designate the Purchaser as the Investor on the MERS System.

  • Substitute Mortgage Loan A Mortgage Loan substituted by the Seller for a Deleted Mortgage Loan which must, on the date of such substitution, as confirmed in a Request for Release, substantially in the form of Exhibit L, (i) have a Stated Principal Balance, after deduction of the principal portion of the Scheduled Payment due in the month of substitution, not in excess of, and not more than 10% less than the Stated Principal Balance of the Deleted Mortgage Loan; (ii) have an Adjusted Net Mortgage Rate not lower than the Adjusted Net Mortgage Rate of the Deleted Mortgage Loan, provided that the Master Servicing Fee for the Substitute Mortgage Loan shall be equal to or greater than that of the Deleted Mortgage Loan; (iii) have a maximum mortgage rate not more than 1% per annum higher or lower than the maximum mortgage rate of the Deleted Mortgage Loan; (iv) have a minimum mortgage rate specified in its related Mortgage Note not more than 1% per annum higher or lower than the minimum mortgage rate of the Deleted Mortgage Loan; (v) have the same mortgage index, reset period and periodic rate as the Deleted Mortgage Loan and a gross margin not more than 1% per annum higher or lower than that of the Deleted Mortgage Loan (vi) be accruing interest at a rate no lower than and not more than 1% per annum higher than, that of the Deleted Mortgage Loan; (iv) have a Loan-to-Value Ratio no higher than that of the Deleted Mortgage Loan; (vii) have a remaining term to maturity no greater than (and not more than one year less than that of) the Deleted Mortgage Loan; (viii) not be a Cooperative Loan unless the Deleted Mortgage Loan was a Cooperative Loan and (ix) comply with each representation and warranty set forth in Section 2.3 hereof.

  • Refinanced Mortgage Loan A Mortgage Loan the proceeds of which were not used to purchase the related Mortgaged Property.

  • Second Mortgage Loan A Home Equity Loan which constitutes a second priority mortgage lien with respect to the related Property.

  • Conforming Mortgage Loan means a first lien Mortgage Loan originated in accordance with the criteria of an Agency for purchase of Mortgage Loans, including, without limitation, conventional Mortgage Loans, as determined by Buyer in its sole discretion.

  • Qualified Mortgage Insurer Any mortgage insurer that is Xxxxxx Xxx and Xxxxxxx Mac approved.

  • MERS Mortgage Loan Any Mortgage Loan registered with MERS on the MERS System.

  • FHA Approved Mortgagee A corporation or institution approved as a mortgagee by the FHA under the Act, and applicable HUD regulations, and eligible to own and service mortgage loans such as the FHA mortgage loans.

  • Liquidated Mortgage Loan With respect to any Distribution Date, a defaulted Mortgage Loan (including any REO Property) which was liquidated in the calendar month preceding the month of such Distribution Date and as to which the Master Servicer has determined (in accordance with this Agreement) that it has received all amounts it expects to receive in connection with the liquidation of such Mortgage Loan, including the final disposition of an REO Property.