Lot Loan definition

Lot Loan. Any Term Loan that (i) is secured by a valid and perfected first priority security interest on all of the Obligor’s assets constituting Related Property for the Loan, (ii) (a) has a “first dollar” at risk at less than or equal to 50% of the Loan-to-Value Ratio and a “last dollar” at risk less than or equal to 65% of the Loan-to-Value Ratio where the Loan is not a Material Middle Market Mortgage Loan or the Related Property is not primarily real estate, and (b) has a “last dollar” at risk less than or equal to 80% of the Loan-to-Value Ratio where the Loan is a Material Middle Market Mortgage Loan or the Related Property is primarily real estate and (iii) contains terms which, upon the occurrence of an event of default under the Underlying Instruments or in the case of any liquidation or foreclosure on the Related Property, the Seller’s portion of such Loan would be paid only after the other lender party to such Loan (whose right to payment is contractually senior to the Seller) is paid in full.
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Lot Loan means a First Lien Mortgage Loan, for which the Mortgaged Property consists of unimproved real property.
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Lot Loan means a loan to pay the purchase price of a lot on which a one-to-four single-family residence is to be constructed which is evidenced by a Lot Note and secured by a Mortgage.”
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Examples of Lot Loan in a sentence

  • The Interest Rate; Origination Fee; Line Expiration Date; Unit Maturity Date for each type of Home or Lot; Loan to Value Ratio; Loan to Cost Ratio; Lot, Speculative and Model Home Limitations; and other limitations and guidelines governing the Loans and the making of a Loan for any specific Lot or Home shall be as set out on Exhibit “A”.

  • Each reference in Section 4.21 of the Original Agreement (i) to a Mortgage Loan shall be deemed to refer to both a Mortgage Loan and a Lot Loan and (ii) to a Mortgage Note shall be deemed to refer to both a Mortgage Note and a Lot Note.

  • Notwithstanding any other provision of this Agreement to the contrary, the amount Advanced for each Finished Lot financed hereunder shall not exceed the Lot Loan Allocation for said Finished Lot.

  • Effective immediately after the deposit of the Purchase Price by the Servicer, all interest of the Indenture Trustee in the Modified Residential Lot Loan shall automatically be deemed transferred and assigned to the Servicer and all benefits and burdens of ownership thereof, including the right to accrued interest thereon from the date of the deposit of the Purchase Price and the risk of default thereon, shall pass to the Servicer.

  • At that time and place, oral or written objections may be filed or made to the proposal to enter into the Parking Lot Loan Agreement.

  • Lender shall not be required to fund any new Lot Loan for which all conditions precedent have not been satisfied (in the reasonable determination of Lender) prior to the funding of the Initial Advance for said Finished Lot.

  • The City Council of the City of Marshalltown, Iowa, will meet on the 22nd day of October, 2018, at the Council Chambers, Marshalltown, Iowa, at 5:30 o’clock p.m., for the purpose of holding a hearing and taking action to enter into a loan agreement (the “Parking Lot Loan Agreement”) in a principal amount not to exceed $600,000 for the purpose of paying the cost, to that extent, of constructing improvements to a City parking lot.

  • No Advances shall be made under the Line of Credit to purchase Finished Lots or commence construction of any new Homes pursuant to New Start Requests or Lot Loan Requests submitted to Lender from and after the Line of Credit Termination Date.

  • Upon the payment of the Release Price, the Home Loan Allocation attributable to the Home being released, or the Lot Loan Allocation attributable to the Lot being released, shall no longer be reserved against the Maximum Budget Allocation.

  • Landlord shall use commercially reasonable efforts to cause the monthly payments of principal and/or interest under the Parking Lot Loan to be payable on the first day of each month during the Term, commencing on May 1, 2010 and, following execution of the Parking Lot Loan documentation, Landlord will give Tenant notice of such payment due date.


More Definitions of Lot Loan

Lot Loan means a loan under the Lot Loan Facility to finance a Finished Lot in an Approved Subdivision.
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Lot Loan means a Mortgage Loan that is otherwise an Eligible Mortgage Loan but (i) which may not exceed a Face Amount of $150,000, (ii) for which Borrower also has delivered Lot Loan Documents, (iii) that otherwise complies with the program set forth on Schedule 1.1(e), and (iv) that covers property located in Pennsylvania, upon which a home is being constructed by the Parent or its subsidiaries.
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Lot Loan means a mortgage loan (a) for the purpose of buying a vacant lot of land; (b) with a minimum FICO score of 680; (c) with a maximum maturity of twelve months from origination and (d) originated in accordance with the Underwriting Guidelines.
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Lot Loan. Any Loan that (i) is secured by a valid and perfected first priority security interest on all of the Related Property securing such Loan and (ii) contains terms which, upon the occurrence of an event of default under the Underlying Instruments or in the case of any liquidation or foreclosure on the Related Property, the Borrower’s portion of such Loan would be paid only after the other lenders party to such Loan (whose right to payment is contractually senior to the Borrower) are paid in full.
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Related to Lot Loan

  • Wet Loan means a Purchased Loan originated and owned by the Seller immediately prior to being purchased by the Buyers:

  • VA Loan means a Mortgage Loan which is subject of a VA Loan Guaranty Agreement as evidenced by a loan guaranty certificate, or a Mortgage Loan which is a vendor loan sold by the VA.

  • Subsidy Loan Any Mortgage Loan subject to a temporary interest subsidy agreement pursuant to which the monthly interest payments made by the related Mortgagor will be less than the scheduled monthly interest payments on such Mortgage Loan, with the resulting difference in interest payments being provided by the employer of the Mortgagor. Each Subsidy Loan will be identified as such in the Mortgage Loan Schedule.

  • SOFR Loan means a Loan that bears interest at a rate based on Adjusted Term SOFR, other than pursuant to clause (c) of the definition of “Base Rate”.

  • RFR Loan means a Loan that bears interest at a rate based on the Adjusted Daily Simple SOFR.

  • Project Loan means the loan made by the Governmental Lender to the Borrower pursuant to the Project Loan Agreement in the original principal amount of $[AMOUNT], as evidenced by the Project Note.

  • PACE Loan means (x) any “Property-Assessed Clean Energy loan” or (y) any other indebtedness, without regard to the name given to such indebtedness, which is (i) incurred for improvements to the Property for the purpose of increasing energy efficiency, increasing use of renewable energy sources, resource conservation, or a combination of the foregoing, and (ii) repaid through multi-year assessments against the Property.

  • Buydown Loan A Mortgage Loan for which the Mortgage Interest Rate has been subsidized through a Buydown Fund provided at the time of origination of such Mortgage Loan.

  • LPMI Loan A Mortgage Loan with a LPMI Policy.

  • PPP Loan means the loan in principal amount of $673,184 issued to the Company by the PPP Lender pursuant to the promissory note dated April 20, 2020.

  • Lender PMI Mortgage Loan Certain Mortgage Loans as to which the lender (rather than the borrower) acquires the Primary Insurance Policy and charges the related borrower an interest premium.

  • PMI Advance As defined in the related Servicing Agreement, if applicable.

  • Initial Loan is defined in Section 2.1.

  • CD Loan means a Committed Loan which bears interest at a CD Rate pursuant to the applicable Notice of Committed Borrowing or Notice of Interest Rate Election.

  • Loan means an extension of credit by a Lender to the Borrower under Article II in the form of a Committed Loan or a Swing Line Loan.

  • Jumbo Loan means a Mortgage Loan (other than a Conforming Loan) that (1) is underwritten by an Approved Investor (other than Xxxxxx Xxx, Xxxxxxx Mac or Xxxxxx Mae), (2) matches all applicable requirements for purchase under the requirements of a Take-Out Commitment issued for the purchase of such Mortgage Loan, (3) differs from a Conforming Loan solely because the principal amount of such Mortgage Loan exceeds the limit set for Conforming Loans by Xxxxxx Xxx or Xxxxxxx Mac from time to time, and (4) is a First Lien Mortgage Loan.

  • FHA Loan means a Mortgage Loan which is the subject of an FHA Mortgage Insurance Contract.

  • Market Loan means any loan or other indebtedness where an entity issues commercial paper, certificates, subordinated debentures, bonds or any other debt securities (including, for the avoidance of doubt, medium term note programmes and other market funding programmes), provided in each case that such instruments and securities are or can be subject to trade on Nasdaq Stockholm or any other regulated or unregulated recognised market place.

  • Mortgage Loan shall have the meaning assigned to such term in the recitals.

  • Sub-loan means a loan made or proposed to be made by the Borrower out of the proceeds of the Loan to a Private Enterprise for an Investment Project;

  • DIP Loan Any Loan (i) with respect to which the related Obligor is a debtor-in-possession as defined under the Bankruptcy Code, (ii) which has the priority allowed pursuant to Section 364 of the Bankruptcy Code and (iii) the terms of which have been approved by a court of competent jurisdiction (the enforceability of which is not subject to any pending contested matter or proceeding).

  • Refinanced Mortgage Loan A Mortgage Loan the proceeds of which were not used to purchase the related Mortgaged Property.

  • Second Mortgage Loan A Home Equity Loan which constitutes a second priority mortgage lien with respect to the related Property.

  • Jumbo Mortgage Loan Unless defined otherwise in the Transactions Terms Letter, a first lien Mortgage Loan (i) for which the original loan amount is greater than the applicable conventional conforming loan limits set by the Federal Housing Finance Authority in the jurisdiction where the related Mortgaged Property is located and (ii) which meets the transaction requirements set forth on Schedule 1 of the Transactions Terms Letter.

  • Facility A Loan means a loan made or to be made under Facility A or the principal amount outstanding for the time being of that loan.

  • Converted Mortgage Loan An ARM Loan with respect to which the Borrower has complied with the applicable requirements of the related Mortgage Note to convert the related Mortgage Interest Rate to a fixed rate of interest, and the Servicer has processed such conversion. Co-op Shares: Shares issued by private non-profit housing corporations.