mortgage balance definition
mortgage balance means the money you still have lefl to repay under your mortgage. Ыis includes, capital, interest and any fees, costs and charges
mortgage balance means the amount sufficient to satisfy in full any and all Mortgages and liens, assignment of leases and other associated encumbrances associated with all such Mortgages against the Premises including the actual principal amount due and owing thereunder, but not to exceed 90% of the Project Costs; prorated interest and any prepayment premium and/or penalty. For purpose of the foregoing, the "Lease Buy-Out Amount" shall mean the difference between: (i) the cumulative remaining payments of Base Rent payable under this Lease through the end of the Term, assuming no termination; less (ii) the monthly payments payable by Landlord to the Lender under the Mortgage, reduced to present value using a present value interest rate factor equal to the yield of a U.S. Treasury ▇▇▇▇ with a maturity closest to the expiration date of the Term assuming no termination. Notwithstanding anything contained in this Section 15 to the contrary, if a Total Destruction occurs during the last year of the Term (or any extended term) of this Lease, and provided that the rent loss insurance as required to be obtained by Tenant under Section 14 above, is sufficient and available to pay the Base Rent and Additional Rent which may be due under the terms of this Lease through the end of the Term, then Landlord shall have the option of retaining the casualty insurance proceeds relating to the damage to the Building and/or improvements, in lieu of making casualty proceeds available for rebuilding.