Institutional First Mortgage definition

Institutional First Mortgage means a mortgage loan from a bank, mortgage bank, credit union, or other financial institution that was the primary loan used to purchase the property or to refinance (i.e., pay-off) all previously existing mortgages, such that it assumed priority over all other liens or claims on the property.
View Source
Institutional First Mortgage is a mortgage executed in favor of an Institutional First Mortgagee, which mortgage is a first and prior mortgage encumbering a Home.
View Source
Institutional First Mortgage means a mortgage in the Principal amount of $1,000,000.00 on substantially the same terms and conditions as shown on the Application to Union Mutual Life Insurance Company (attached hereto as Exhibit "A").
View Source

Examples of Institutional First Mortgage in a sentence

  • An Institutional First Mortgage encumbering any Lot in the Property may singly or jointly with other Institutional First Mortgagees: pay the taxes or other charges which are in default and which may or have become a charge against the Common Area; pay overdue premiums on hazard insurance policies for the Common Area; or secure new hazard insurance coverage for the Common Area after lapse of the existing coverage.

  • The Association’s lien for unpaid charges, assessments, and all other amounts shall be subordinate and inferior to any recorded Institutional First Mortgage, unless the Association’s Claim of Lien was recorded before the mortgage, but shall relate back to the date the original Declaration was recorded in the Public Record and be superior to, and take priority over, any other mortgage, lien, or interest recorded after that date.

  • TWIP shall execute and deliver any and all documents reasonably necessary or appropriate to close and effectuate the Institutional First Mortgage.

  • The lien of the assessments provided for herein shall be subordinate to the lien of any Institutional First Mortgage on any Lot unless the Association's claim of lien is recorded prior to the recording of such mortgage.

  • TWIP shall execute and deliver all documents reasonably necessary or appropriate to close and effectuate the Institutional First Mortgage.

  • The lien of the Assessments provided for herein shall be superior to all other liens except tax liens and the liens of any bona fide Institutional First Mortgage to an Institutional First Mortgagee recorded prior to any lien for Assessments by the Association; provided, however, that said mortgage liens are first liens against the property encumbered thereby, subject only to tax liens, and secure indebtednesses payable in monthly, quarterly or annual payments over a period of not less than ten (10) years.

  • The lien of the assessments provided for herein shall be superior to all other liens except tax liens and the liens of any bona fide Institutional First Mortgage to an Institutional First Mortgagee recorded prior to any lien for assessments by the Association; provided, however, that said mortgage liens are first liens against the property encumbered thereby, subject only to tax liens, and secure indebtednesses payable in monthly, quarterly or annual payments over a period of not less than ten (10) years.

  • Such amendments shall not require the consent of the Institutional First Mortgage Lenders and shall become effective when executed by Declarant and recorded in the Public Records of the County.

Related to Institutional First Mortgage

  • First Mortgage means a Mortgage that constitutes a first Lien on the real property and improvements described in or covered by that Mortgage.

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

  • First Mortgage Indenture means a first mortgage indenture pursuant to which any Borrower or any Subsidiary of any Borrower may issue bonds, notes or similar instruments secured by a lien on all or substantially all of such Borrower’s or such Subsidiary’s fixed assets, as the case may be.

  • Reverse mortgage means a nonrecourse loan under which both of the following apply:

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