Authorized Mortgage definition

Authorized Mortgage is defined to mean a first priority mortgage, pledge or encumbrance of or other form of security interest in the assets constituting the Hotel which provides, at a minimum, that (i) such mortgage, pledge, encumbrance or security interest shall contain terms which are reasonable and customary in similar transactions; (ii) the lien shall not be cross-collateralized outside of the pool of hotels listed on Exhibit “D” or the obligation cross-defaulted with any other obligation, (iii) if the loan secured by such encumbrance is made after completion of construction of the Hotel, at the time the lien is first attached the loan does not require a debt service coverage ratio of 1.3:1, nor allow a loan-to-value ratio of greater than eighty percent (80%); (iv) this Agreement shall not be subject to forfeiture or termination in the event of a default or foreclosure under such mortgage, pledge, encumbrance or security interest; and (vi) in the event of default, foreclosure or the exercise of any remedy available to the mortgagee thereunder, this Agreement and Manager’s rights hereunder, including Manager’s right to manage and operate the Hotel as a Holiday Inn hotel, may not be disturbed. The foregoing shall be applicable both to original financing and to any refinancing.

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Authorized Mortgage means (a) any first mortgage, charge, debenture, first deed-of-trust or first deed to secure debt, and other related security documents granted in connection therewith, now or hereafter granted by Purchaser to secure a loan to, or other debt of, Purchaser or its Affiliates which is made by an institutional lender, investment bank, publicly traded investment fund or other similar Person regularly making loans secured by hotels, or incurred in connection with the issuance of a mortgage backed security, which loan or debt provides for (i) level payments of interest and principal and (ii) amortization and other terms which are commercially reasonable and/or (b) the deed of trust granted by Purchaser to its Affiliate in connection with Purchaser’s acquisition of the hotel in Tennessee.

Authorized Mortgage means any first mortgage, charge, debenture, first deed-of-trust or first deed to secure debt, and other related security documents granted in connection therewith, now or hereafter granted by Purchaser to secure a loan to, or other debt of, Purchaser or its Affiliates which is made by an institutional lender, investment bank, publicly traded investment fund or other similar Person regularly making loans secured by hotels, or incurred in connection with the issuance of a mortgage backed security, which loan or debt provides for (a) level payments of interest and principal and (b) amortization and other terms which are commercially reasonable.

Examples of Authorized Mortgage in a sentence

Provided that Owner assists Manager in obtaining a commercially reasonable subordination, non-disturbance and attornment agreement which provides for the priority payment of the Base Management Fee and the fees under the License Agreement from the holder of each Authorized Mortgage, this Agreement shall be subordinate to any Authorized Mortgage.
At its cost, Owner agrees, subject to the provisions of this Article 14 and to the terms of any Authorized Mortgage then in effect, to repair, restore, rebuild or replace any damage to, or impairment or destruction of, the Hotel from fire or other casualty.
Manager shall deliver to Owner, Purchaser and any holder of an Authorized Mortgage, certificates of insurance with respect to all policies so procured by it and, in the case of insurance policies about to expire, shall deliver certificates with respect to the renewal thereof.
Upon request, Owner will use all commercially reasonable efforts to obtain and provide to Manager estoppel certificates from the holder of an Authorized Mortgage, if any, and from the lessor under any approved ground lease, stating that there is no default under such agreements or the related obligations and confirming the name, address and amounts due or coming due to such holder or lessor and the completeness and accuracy of copies of the relevant documents provided to Manager.
Owner, at Owner’s own expense shall prosecute all appropriate actions, judicial or otherwise, required to assure such quiet and peaceable operation by Manager and shall pay and discharge any ground rents, other lease or rental payments, or any other charges payable by Owner relative to the Hotel or any component thereof, including all amounts due under a ground lease for the Site or an Authorized Mortgage.
Purchaser or the holder of an Authorized Mortgage shall be named loss payee(s) on any property insurance.
Owner may assign its interest in the Agreement together with all of its interest in the Hotel to a mortgagee who is a recognized institutional source of hotel loans and holds in its own name (whether or not participated with others) an Authorized Mortgage.
Landlord or the holder of an Authorized Mortgage shall be named loss payee(s) on any property insurance.
Should any such award or compensation be inadequate, applied to reduce any indebtedness secured by an Authorized Mortgage, or otherwise applied to other purposes, Owner's obligation to pay amounts due Manager from Owner shall continue unabated and shall not be limited to the amount of the award or compensation made available to Owner.
For as long as there is any Authorized Mortgage in effect, Lessee and Lessor hereby expressly stipulate and agree that they will not modify, amend, restate, or surrender this Lease in any way, and Lessee will not waive any of its rights under this Lease, without the express prior written consent of the Authorized Mortgagee, and any attempt to take any such action without the Authorized Mortgagee’s consent shall not be binding on such Authorized Mortgagee at the option of such Authorized Mortgagee.

More Definitions of Authorized Mortgage

Authorized Mortgage means any first mortgage, first deed-of-trust or first deed to secure debt and other related security documents granted in connection therewith now or hereafter granted by any Landlord to secure a loan to, or other debt of, any Landlord or its Affiliates which is made by an institutional lender, investment bank, publicly traded investment fund or other similar Person regularly making loans secured by hotels or incurred in connection with the issuance of a mortgage backed security, which loan or debt provides for (i) level payments of interest and principal and (ii) amortization and other terms which are commercially reasonable. The parties acknowledge that the Assumed Mortgage is an Authorized Mortgage.

Authorized Mortgage shall have the meaning provided in Section 13.7 herein.

Authorized Mortgage means any first mortgage, first deed-of-trust or first deed to secure debt and other related security documents granted in connection therewith now or hereafter granted by Purchaser to secure a loan to, or other debt of, Purchaser or its Affiliates which is made by an institutional lender, investment bank, publicly traded investment fund or other similar Person regularly making loans secured by hotels or incurred in connection with the issuance of a mortgage backed security, which loan or debt provides for (i) level payments of interest and principal and (ii) amortization and other terms which are commercially reasonable.

Authorized Mortgage means any first mortgage, charge, debenture, first deed-of-trust or first deed to secure debt, and other related security documents granted in connection therewith, now or hereafter granted by Landlord or Owner to secure a loan to, or other debt of, Landlord or Owner or their respective Affiliates which is made by an institutional lender, investment bank, publicly traded investment fund or other similar Person regularly making loans secured by hotels, or incurred in connection with the issuance of a mortgage backed security, which loan or debt provides for (i) level payments of interest and principal and (ii) amortization and other terms which are commercially reasonable. The parties acknowledge that the Assumed Mortgage is an Authorized Mortgage.