Junior Mortgage definition

Junior Mortgage means, with respect to each Individual --------------- Property, collectively, that certain second priority Mortgage (or Deed of Trust or Deed to Secure Debt), Assignment of Leases and Rents and Security Agreement, dated the date hereof, and that certain Junior Assignment of Leases and Rents, dated the date hereof, each in form and substance satisfactory to Lender in its sole discretion, executed and delivered by Borrower as security for that certain Guaranty of Payment and encumbering such Individual Property, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time.

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedSchedule a Demo

Junior Mortgage. Any mortgage permitted by Mortgagee which now or hereafter encumbers all or any portion of the Mortgaged Property and which is junior or subordinate to the lien of this Mortgage, which term shall collectively refer to all such mortgages and the note or notes secured thereby.

Junior Mortgage means a Mortgage which (1) has the same priority of precedence over all other charges or encumbrances upon Real Property as that required for a First Mortgage except that it is subject to the priority of one or more other Mortgages and (2) must be satisfied before such other charges or encumbrances (other than prior Mortgages) are entitled to participate in the proceeds of any sale or other disposition of such Real Property.

Examples of Junior Mortgage in a sentence

• No Indebtedness other than the Debt may be secured (subordinate or pari passu) ---- ----- by the Properties, except pursuant to the Junior Mortgage.

• With respect to any Junior Mortgage Loan, a partial release pursuant to this Section 3.13 shall be permitted only if the Combined Loan-to-Value Ratio for such Mortgage Loan after such partial release does not exceed the Combined Loan-to-Value Ratio for such Mortgage Loan as of the Cut-off Date.

• The Junior Loan shall (i) be evidenced by the Junior Note; (ii) be initially secured by the Junior Mortgage; (iii) be in the original aggregate principal amount of $ ; (iv) bear interest as provided in the Junior Note; (v) provide for principal and interest payments in accordance with the Junior Note; and (vi) be subject to optional and mandatory prepayment at the times, in the manner and on the terms, and have such other terms and provisions, as provided herein and in the Junior Note.

• The Borrower shall make available to the Issuer and the Trustee, such information concerning the Project, the Junior Mortgage and the Junior Loan Documents as any of them may reasonably request.

• The obligations of Mortgagors in this Article 30 hereof shall survive satisfaction of this Junior Mortgage and the discharge of Mortgagors' other obligations under this Junior Mortgage, the Secured Agreement and the other Secured Instrument Documents.

More Definitions of Junior Mortgage

Junior Mortgage means the second preferred ship mortgage to be executed and registered by the Owner in favour of the Junior Mortgagee in the form set out in Appendix B;

Junior Mortgage means a home loan secured by a deed of trust or mortgage on real property if the deed of trust or mortgage is junior in priority to another deed of trust or mortgage on the real property.

Junior Mortgage means that certain Junior Deed of Trust, Security Agreement, Assignment of Leases and Rents and Fixture Filing dated as of even date herewith, executed pursuant to the Note Purchase Agreement by Mortgage Maker, as trustor, for the benefit of Collateral Agent, as beneficiary, securing the obligations of Makers under the Note Purchase Documents, as the same may be Modified.

Junior Mortgage. Junior Mortgage" shall mean any Mortgage other than a First Mortgage.

Junior Mortgage means a Mortgage which is a valid lien and encumbrance on Real Estate that is subject to the priority of one or more other Mortgages.

Junior Mortgage shall have the meaning provided in the first recital to this Agreement.

Junior Mortgage means, in respect of a Vessel, a second preferred ship mortgage to be given by the relevant Guarantor in favour of the Junior Security Trustee (and to be held by the Junior Security Trustee on behalf of itself and any Swap Bank):