Assumed Mortgage Debt definition

Assumed Mortgage Debt means the Existing Mortgages listed on Schedule 3.18 relating to the Acquired Real Property Assets.
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Assumed Mortgage Debt means, at any time, (i) with respect to any Investment Property being acquired by a Borrower after the Closing Date, all Indebtedness owing by the seller of such Investment Property at such time that is (x) secured solely by one or more Mortgages on such Investment Property (which Mortgage(s) may include an assignment of leases and rents) and (y) being assumed by such Borrower in connection with such acquisition and (ii) with respect to any Existing Mortgaged Investment Property, all Indebtedness at such time that is secured solely by the Mortgage(s) on such Existing Mortgaged Investment Property (which Mortgage(s) may include an assignment of leases and rents) in favor of the existing third-party mortgage lender(s).
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Assumed Mortgage Debt means those mortgage loans identified on Schedule 11.1.20 with respect to the Properties owned by Arbor Walk Property Owner, Palms Crossing Property Owners and Arbor Hills Property Owner.
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Examples of Assumed Mortgage Debt in a sentence

  • 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.

  • The balance of the Purchase Price shall be paid by the Purchaser's assumption of (and taking title subject to) the Assumed Mortgage Debt which currently encumbers the Property.

  • 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.

  • All documents required by any lender in connection with issuing the Lender Consent under any of the Assumed Mortgage Debt Loan Documents, duly executed by each of the applicable Property Owners and, to the extent any of the same are a party thereto, WPG and any affiliates of WPG, in the form approved by Seller and Primary Purchaser (which approval shall not be unreasonably withheld), and the Lender Consents.

  • This process is intended to provide consumer bodies with a mechanism to raise issues with the FCA about features of the market that may be affecting consumer interests.

  • In each case: (i) no Property Owner has given or received a written notice of default alleging a default that remains uncured under any Assumed Mortgage Debt Loan Document, (ii) no Property Owner is in default under any Assumed Mortgage Debt Loan Document, and (iii) to WPG’s Knowledge, no lender under any of the Assumed Mortgage Debt Loan Documents is in default thereunder.

  • The parties shall act in good faith and use commercially reasonable efforts to obtain the consent of such lenders under the Assumed Mortgage Debt, to the extent the consent of any such lender is required with respect thereto, to the matters set forth on Schedule 13.8(b).

  • Immediately prior to the applicable Closing, the only assets and liabilities of the Companies will be the Acquired Real Property Assets (subject to any Permitted Liens), the Acquired Personal Property Assets, the Assumed Mortgage Debt, the Specified Liabilities and any Excluded Liabilities which Seller shall have assumed pursuant to Section 5.08.


More Definitions of Assumed Mortgage Debt

Assumed Mortgage Debt means the existing mortgage indebtedness as --------------------- set forth on Schedule 1.2 which encumbers certain of the Properties to be ------------ contributed, directly or indirectly, by Title Holding Entities to the Partnership and which indebtedness will be assumed by the Partnership at the Closing.
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Assumed Mortgage Debt also includes the amount of any Assumed Mortgage Debt secured by a Leased Property that is refinanced because such Assumed Mortgage Debt matures or the maker of such Debt is required to pay it in its entirety during the Term of a Lease. In the event that Landlord shall for any reason itself discharge (including by prepayment) any Assumed Mortgage Debt, Tenant shall thereafter pay the relevant Assumed Mortgage Debt Service Rent directly to Landlord in accordance with the original payment terms of the Assumed Mortgage Debt so discharged.
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Related to Assumed Mortgage Debt

  • Mortgage Debt means (i) debt secured only by real property at the time of the MSPLF Loan’s origination;2 and (ii) limited recourse equipment financings (including equipment capital or finance leasing and purchase money equipment loans) secured only by the acquired equipment.

  • 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).

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

  • Second Lien Mortgage Loan A Mortgage Loan secured by a second lien Mortgage on the related Mortgaged Property.

  • Purchased Mortgage Loans means the collective reference to Mortgage Loans together with the Repurchase Assets related to such Mortgage Loans transferred 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.

  • Refinancing Mortgage Loan Any Mortgage Loan originated in connection with the refinancing of an existing mortgage loan.

  • Cross-Collateralized Mortgage Loan Any Mortgage Loan, that is, by its terms, cross-defaulted and cross-collateralized with any other Mortgage Loan; provided that the Mortgage Loans that are part of any Loan Combination shall not constitute Cross-Collateralized Mortgage Loans.

  • First Lien Mortgage Loan A Mortgage Loan secured by a first lien Mortgage on the related Mortgaged Property.

  • 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.

  • Group 4 Mortgage Loan Each Mortgage Loan listed on Exhibit D-4 hereto.

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

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

  • 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.

  • Group 2 Mortgage Loan Each Mortgage Loan listed on Exhibit D-2 hereto.

  • Subserviced Mortgage Loan Any Mortgage Loan that, at the time of reference thereto, is subject to a Subservicing Agreement.

  • Group 3 Mortgage Loan Each Mortgage Loan listed on Exhibit D-3 hereto.

  • 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.

  • 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.

  • 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.

  • Converted Mortgage Loan An ARM Loan with respect to which the Borrower has complied with the applicable requirements of the related Mortgage Note to convert the related Mortgage Interest Rate to a fixed rate of interest, and the Servicer has processed such conversion. Co-op Shares: Shares issued by private non-profit housing corporations.

  • First Mortgage Loan A Home Equity Loan which constitutes a first priority mortgage lien with respect to any Property.

  • Non-Serviced Mortgage Loan means a Mortgage Loan included in the Trust but serviced under another agreement. There are no Non-Serviced Mortgage Loans in the Trust.

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

  • MERS Eligible Mortgage Loan Any Mortgage Loan that has been designated by the Servicer as recordable in the name of MERS.

  • EMC Mortgage Loans Those Mortgage Loans serviced by the Company pursuant to the terms of this Agreement.

  • Group 3 Mortgage Loans Those Mortgage Loans identified on the Mortgage Loan Schedule as Group 3 Mortgage Loans.