Mortgage or deed of trust definition
Examples of Mortgage or deed of trust in a sentence
No payments due and payable under the terms of the Mortgage Note and Mortgage or deed of trust, except for seller or builder concessions, have been paid by any person who was involved in, or benefited from, the sale or purchase of the Mortgaged Property or the origination, refinancing, sale, purchase or servicing of the Mortgage Loan other than the borrower.
No payments due and payable under the terms of the Mortgage Note and Mortgage or deed of trust, except for seller or builder concessions, have been paid by any person who was involved in, or benefited from, the sale or purchase of the Mortgaged Property or the origination, refinancing, sale, purchase or servicing of the Mortgage Loan other than the Mortgagor.
Recorded Mortgage or deed of trust securing the above mortgage note.
Any Mortgagee who obtains title to a Lot pursuant to remedies provided in the Mortgage or deed of trust, or upon foreclosure of the mortgage or deed of trust, or upon receiving a deed (or assignment) in lieu of foreclosure, shall take the Lot free of any claims for unpaid Assessments and charges against the mortgaged Lot, which accrue prior to the time such holder comes into possession of same.
The Declarant hereby reserves and shall have the right, power, privilege, and authority, in its sole discretion, to amend this Declaration and any Exhibit hereto without the consent, joinder, or approval of the Association, the Board, Owner, any Person having a contractual right to purchase a Lot, any Mortgagee or beneficiary of any Mortgage or deed of trust on any Lot or any other Person.
If the Landlord under or holder of any such Mortgage or deed of trust (a “Mortgagee”) shall advise Landlord that its desires or requires this Lease to be prior and superior thereto, upon notice to Tenant, this Lease shall automatically be superior thereto.
As used throughout this Section 18, the term "mortgagee" shall refer to the holder of a Mortgage or deed of trust or ground lease affecting the Premises.
Any Mortgagee who obtains title to a Unit pursuant to remedies provided in the Mortgage or deed of trust, or upon foreclosure of the mortgage or deed of trust, or upon receiving a deed (or assignment) in lieu of foreclosure, shall take the Unit free of any claims for unpaid Assessments and charges against the mortgaged Unit, which accrue prior to the time such holder comes into possession of same.
The PARTIES hereby acknowledge and agree that a violation of this ADDENDUM by either party shall not defeat or render invalid the lien of any first mortgage or deed of trust made in good faith find for value, and the covenants and provisions of this ADDENDUM shall be inferior and subordinate to the lien of any such first Mortgage or deed of trust recorded concurrently with the deed conveying the PROPERTY to BUYER.
Any Leasehold Lender under any note or loan secured by a Leasehold Mortgage or deed of trust lien on Tenant’s interest (or any successor’s interest to Tenant’s interest) who succeeds to such interest by foreclosure, deed in lieu of foreclosure, or otherwise, may take title to and shall have all of the rights of Tenant under this Agreement including the right to exercise any renewal option(s) or purchase option(s) set forth in this Agreement, and to assign this Agreement as permitted hereunder.