Examples of First Lender in a sentence
In the event all or any of the Improvements shall be destroyed or damaged by fire, by an exercise of the power of eminent domain, by failure of warranty, or other casualty, subject to the rights of First Lender, the money derived from any settlement, judgment, or insurance on any portion of the Project shall be applied in accordance with the terms of Program Obligations and the Borrower Security Instrument or as otherwise may be directed in writing by HUD.
Except as otherwise approved in writing by HUD, Borrower shall grant to Lender and HUD a second lien security interest in all personal property of Borrower related to the Project as additional security for the obligations of Borrower under the Note, the Borrower Security Instrument and this Agreement, subject only to the rights of the First Lender under the First Mortgage Documents.
Any person or entity receiving Mortgaged Property or any other proceeds of the Project other than (i) the First Lender pursuant to the First Mortgage Documents, or (ii) for eligible purposes pursuant to this Agreement shall immediately deliver such Mortgaged Property or other proceeds to Borrower for the benefit of the Project and failing so to do shall hold and be deemed to hold such Mortgaged Property in trust for the benefit of the Project.
The security interest referred to in Section 27 below shall constitute, to the extent permitted by law, a second lien upon all of the rights, titles and interests of Borrower, if any, in the Permits and Approvals, subject only to the rights of First Lender under the First Mortgage Documents.