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.

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

• The final decision on reallocation will be made by the program that has already accepted the organ.

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

• This rate reduction may be combined with the Short Term Rate, Reorganization and Junior Mortgage Rate, Commercial Rate and Residential Resale Rate described herein.

• 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 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.

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

Junior Mortgage means, the Building Loan Mortgage HOME Investment Partnership Program given by the Partnership to Junior Lender and dated December 30, 1993, securing the Junior Mortgage Loan.

Junior Mortgage is hereby inserted in alphabetical order as of the date hereof to read as follows:

Junior Mortgage means that certain Junior Mortgage, dated as of February 15, 2001, executed by ___________________ in favor of Lender, as the same may be amended, modified or supplemented from time to time."

Junior Mortgage means the Junior Multifamily Deed of Trust, Assignment of Rents, Security Agreement and Fixture Filing dated as of the date hereof, together with all riders and addenda thereto, granting a second priority mortgage and security interest in the Prqject to the I ssuerto secure the repayment of theJ uni or Loan whi chJ uni or Mortgage has been assigned by the Issuer to the Trustee as the same may be amended, supp emented or restated.