Examples of Institutional Mortgage in a sentence
Provided, however, any person who becomes the owner of a lot or dwelling as purchaser at a judicial or foreclosure sale conducted with respect to an Institutional Mortgage, or pursuant to any proceeding in lieu of the foreclosure of such mortgages, is liable only for assessments coming due after the date the person acquires title to the lot or dwelling.
In such event, any partial Taking award shall be paid first to the Tenant in an amount equal to the greater of (i) the unamortized cost of any Improvements constructed by Tenant on the portion of the Premises subject to the Taking; or (ii) the amount necessary to discharge or, if such amount is insufficient, to reduce any Permitted Institutional Mortgage.
Each such Permitted Institutional Mortgage shall be expressly subject to the terms and conditions of this Lease.
Notwithstanding the foregoing, however, if the Tenant has constructed the Improvements, Landlord shall not share in any Taking award with respect to the Improvements unless and until the unpaid balance of the Permitted Institutional Mortgage (as defined in Section 12.3 below) on the Premises, if any, is paid in full, all such Taking proceeds being used first to pay off and discharge such Permitted Institutional Mortgage.
You may also obtain a list of charges at our Corporate & Institutional Mortgage Finance unit or at one of Danske Bank’s finance centres.