Leasehold Loan definition
Examples of Leasehold Loan in a sentence
It is acknowledged and agreed that, during the term of this Ground Lease, there may be multiple Leasehold Mortgages and multiple Leasehold Lenders and that each Leasehold Lender may, from time to time, assign its right, title and interest in and to the Leasehold Loan, Leasehold Mortgage and this Ground Lease.
It is acknowledged and agreed that, during the Term, there may be multiple Leasehold Mortgages and multiple Leasehold Lenders and that each Leasehold Lender may, from time to time, assign its right, title and interest in and to the Leasehold Loan, Leasehold Mortgage and this Ground Lease.
It is acknowledged and agreed that, during the term of this Lease, there may be multiple Leasehold Mortgages and multiple Leasehold Lenders and that each Leasehold Lender may, from time to time, assign its right, title and interest in and to its Leasehold Loan, Leasehold Mortgage and this Lease.
If the County Board expends any monies to cure or attempt to cure any default by Leasehold Borrower under the terms of the VHDA Deed of Trust, Borrower shall be obligated to reimburse the County Board, upon written demand from the County Board, for all such amounts so expended, all such amounts so expended by the County Board shall be deemed to be proceeds of the County Leasehold Loan.
VHDA shall process all of Borrower’s requisitions of County Leasehold Loan and VHDA Loan proceeds utilizing the same procedural and documentation requirements, inspectors and inspection procedures, schedules, and processes stipulated in the Construction Loan Agreement, by and between the Leasehold Borrower and VHDA (the “VHDA Construction Loan Agreement”) with respect to VHDA’s disbursement of the VHDA Senior Loan proceeds to the Leasehold Borrower.
This Lease, and, subject to Article X, the rights of Tenant hereunder, shall be subject and subordinate to the Leasehold Loan or any portion thereof and to all advances made or hereafter to be made upon the security thereof.
Any portion of the Transfer Price not funded by New Leasehold Loan Proceeds would be paid 100% to Developer.
The County Board agrees that, after it receives a written notice of a Leasehold Borrower's Event of Default from VHDA directing the County Board not to accept payments from the Leasehold Borrower on account of the County Leasehold Loan, it will not accept any payments under or pursuant to the County Leasehold Loan without VHDA's prior written consent, which consent shall not be unreasonably withheld.
Each Leasehold Loan will be evidenced by a promissory note (each a "Leasehold Note" and collectively, "Leasehold Notes") in the form attached hereto as Exhibit "C-1".
Until the County Board receives a written notice of a Leasehold Borrower's Event of Default from VHDA with respect to the VHDA Senior Loan, the County Board shall be entitled to retain for its own account all payments made under or pursuant to the County Leasehold Loan documents.