Mortgage Reserve Funds definition
Examples of Mortgage Reserve Funds in a sentence
Borrower grants to Lender a first-priority perfected security interest in Borrower’s interest in each of the Mortgage Reserve Funds, if any, subject to the prior rights of Mortgage Lender, and any and all monies now or hereafter deposited in each Mortgage Reserve Fund as additional security for payment of the Debt to the extent Borrower has an interest in same.
Borrower grants to Lender a security interest in Borrower’s interest (if any) in each of the Mortgage Reserve Funds, if any, subject to the prior rights of Mortgage Lender, and any and all monies now or hereafter deposited in each Mortgage Reserve Fund as security for payment of the Debt to the extent Borrower has an interest in the same.
Borrower shall cause Mortgage Borrower to deposit and maintain each of the Mortgage Reserve Funds as more particularly set forth in Article VII of the Mortgage Loan Agreement and to perform and comply with all the terms and provisions relating thereto.
Borrower shall not, without obtaining the prior written consent of Lender, cause or permit Mortgage Borrower or any Mortgage Loan Party to further pledge, assign or grant any security interest in any Mortgage Reserve Funds or the monies deposited therein or permit any lien or encumbrance to attach thereto, or any levy to be made thereon, or any UCC-1 Financing Statements, except those naming Mortgage Lender as the secured party, to be filed with respect thereto.
Subject to the qualifications regarding Borrower’s interest in the Mortgage Reserve Funds, if any, and, subject to the prior rights of Mortgage Lender until expended or applied in accordance with the Mortgage Loan Documents or the Loan Documents, Borrower’s interest in the Mortgage Reserve Funds shall constitute security for the Debt.
Borrower shall cause Mortgage Borrower to deposit and maintain each of the Mortgage Reserve Funds as more particularly set forth in Article VI of the Mortgage Loan Agreement and to perform and comply with all the terms and provisions relating thereto.
Borrower shall also cause Mortgage Borrower to pay to Mortgage Lender all amounts required in respect of Mortgage Reserve Funds as set forth in Article 6 of the Mortgage Loan Agreement.
Borrower shall cause Mortgage Borrower to cause CPLV Tenant to deposit and maintain each of the Mortgage Reserve Funds as more particularly set forth in Article VII of the Mortgage Loan Agreement and to perform and comply with all the terms and provisions relating thereto.
After the Mortgage Debt has been paid in full, any remaining portion of the Alteration Deposit (i) if deposited by CPLV Tenant shall be treated as funds on deposit in the Loan Reserve Accounts (as defined in the CPLV Lease SNDA), and disbursed as set forth in the CPLV Lease SNDA, or (ii) if deposited by Mortgage Borrower shall be treated as Mortgage Reserve Funds as set forth in Section 7.6(g) of the Mortgage Loan Agreement.
Provided no Event of Default shall exist and remain uncured, Lender shall release any Substitute Reserve Funds in accordance with substantially the same terms and conditions in the Mortgage Loan Agreement with respect to the release of the applicable Mortgage Reserve Funds.