Examples of Junior Mortgages in a sentence
All Junior Mortgages existing as of the date hereof, if any, are in good standing, all principal, interest and other payments due thereunder have been paid in accordance with the terms thereof, there is no default thereunder and no event has occurred which with due notice or the lapse of time, or both, would constitute a default thereunder.
The Borrower shall not amend, modify or supplement any of the Acquisition Documents (including, including, without limitation, the Seller Notes and the Junior Mortgages) in any manner that would or is reasonably likely to adversely affect the Lender’s interests or rights under this Agreement and the other Financing Agreements to which Borrower is a party or the likelihood that the Liabilities will be paid in full when due, without the Lender’s prior written consent.
The Borrower has delivered true, correct and complete copies of the fully-signed Acquisition Documents, the Real Estate Leases, the Seller Note, and the Junior Mortgages to the Lender on or prior to the Closing Date.
Therefore, the Court’s first task is to determine if the Junior Mortgages are secured.Whether a claim is “secured” or “unsecured” depends on whether the lienholder's interest in the collateral has economic value.
If there should be an Event of Default in any of the terms, conditions or obligations of any of the Additional Junior Mortgages or the Junior Assignment, such default shall constitute an Event of Default under this Mortgage.
Upon execution of this Agreement, GBC II shall deposit with Escrowee releases with respect to the Senior Mortgages, Junior Mortgages, Third Mortgages, Senior ALRs, Junior ALRs, Third ALRs and UCC financing statement amendments terminating the effectiveness of the UCC-1 financing statements pertaining to Project One, Project Two and Project Four.
Junior Mortgage Loans" shall mean Mortgage Loans secured or collateralized by Junior Mortgages.
However, in the event that SummitBridge determines in its reasonable sole discretion that any of the SummitBridge Junior Mortgages must be divested, Purchaser shall, promptly upon SummitBridge’s request, re-execute substantially similar mortgages to replace the SummitBridge Junior Mortgages.
The Borrower shall not amend, modify or supplement any of the Seller Note and the Junior Mortgages in any manner that would or is reasonably likely to adversely affect the Lender’s interests or rights under this Agreement and the other Financing Agreements to which Borrower is a party or the likelihood that the Liabilities will be paid in full when due, without the Lender’s prior written consent.
SummitBridge shall use reasonable commercial efforts to deliver marketable title to the Land and to cause the issuance of title policies, subject only to the SummitBridge Junior Mortgages, existing zoning laws, restrictions of record, taxes due and payable and other items which would not interfere with the ownership and operation of the Land.