Condominium Loan definition

Condominium Loan means a Mortgage Loan secured by a condominium unit located in a building having no more than four stories.
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Condominium Loan means Mortgage Asset (other than a Bridge Loan, a Preferred Equity Interest or an Equity Asset) the Underlying Mortgaged Property for which is owned, is in the process of being converted to be owned or is otherwise expected to be owned, in whole or in part, by a condominium form of ownership. Condominium Loans are not Eligible Assets unless deemed so by the Administrative Agent on a case—by—case basis.
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Condominium Loan. A Mortgage Asset (other than a Bridge Loan or a Preferred Equity Interest) the Underlying Mortgaged Property for which is owned, is in the process of being converted to be owned or is otherwise expected to be owned, in whole or in part, by a condominium form of ownership. Condominium Loans are not Eligible Assets unless deemed so by the Purchaser on a case–by–case basis.
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Examples of Condominium Loan in a sentence

  • All tax credits shall be sold by Borrower and the proceeds of such sale applied by Borrower to the repayment of the Loan and the Condominium Loan pursuant to a schedule to be approved by the Agents.

  • If the Condominium Loan is repaid in full at any time before the Loan is repaid in full and the obligations of the Lenders under this Agreement are terminated, then Borrower shall deliver to Administrative Agent Borrower’s NOI Certificate, setting forth the NOI for the Property for the twelve (12) full calendar months immediately preceding the date of repayment of the Condominium Loan.

  • The occurrence of a Default under (and as defined in) the Condominium Loan Agreement or event of default (however defined in) any other Condominium Loan Document (after giving effect to any notice or cure periods, if any).

  • Once the Condominium Loan has been paid in full, any Release Payment (as defined in that certain Sixth Loan Modification and Extension Agreement executed as of March 15, 2011 among Condominium Borrower and the lenders party to the Condominium Loan) from the Condominium Loan shall be paid by Condominium Borrower to Administrative Agent and credited against the amount of the next Quarterly Payment.


More Definitions of Condominium Loan

Condominium Loan means Mortgage Asset (other than a Bridge Loan, a Preferred Equity Interest or an Equity Asset) the Underlying Mortgaged Property for which is owned, is in the process of being converted to be owned or is otherwise expected to be owned, in whole or in part, by a condominium form of ownership. Condominium Loans are not Eligible Assets unless deemed so by the Administrative Agent on a case–by–case basis.
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Condominium Loan means a Mortgage Loan secured by a unit in a condominium.
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Condominium Loan is defined in the Recitals to this Agreement.
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Condominium Loan means a Mortgage Loan secured by a unit in a condominium. “Confirmation” shall have the meaning assigned thereto in Section 4 hereof.
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Related to Condominium Loan

  • Condominium means a common interest community in which portions of the real estate are designated for separate ownership and the remainder of the real estate is designated for common ownership solely by the owners of those portions. A common interest community is not a condominium unless the undivided interests in the common elements are vested in the unit owners.

  • Mortgaged Property shall have the meaning assigned to such term in the recitals.

  • Mortgage Borrower shall have the meaning set forth in the Recitals to this Agreement.

  • farm building means that part of a bona fide farming operation encompassing barns, silos and other ancillary development to an agricultural use, but excluding a residential use;

  • Ground Lease means a lease creating a leasehold estate in real property where the fee owner as the ground lessor conveys for a term or terms of years its entire interest in the land and buildings and other improvements, if any, comprising the premises demised under such lease to the ground lessee (who may, in certain circumstances, own the building and improvements on the land), subject to the reversionary interest of the ground lessor as fee owner. With respect to any Mortgage Loan where the Mortgage Loan is secured by a Ground Leasehold estate in whole or in part, and the related Mortgage does not also encumber the related lessor’s fee interest in such Mortgaged Property, based upon the terms of the Ground Lease and any estoppel or other agreement received from the ground lessor in favor of Mortgage Loan Seller, its successors and assigns (collectively, the “Ground Lease and Related Documents”), Mortgage Loan Seller represents and warrants that: