Permanent First Mortgage definition

Permanent First Mortgage means the permanent financing provided by the Permanent Lender for the Apartment Complex in the initial principal amount of $507,669 and which is to be assumed by the Partnership.
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Permanent First Mortgage means the mortgage loan to the Partnership from Chase Community Development Corporation in the amount of up to $318,000 to be obtained by the Partnership in accordance with the Permanent First Mortgage Commitment.
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Examples of Permanent First Mortgage in a sentence

  • The Permanent First Mortgage Loan shall have (a) a term of at least the greater of (i) the then remainder of the initial Term of this Lease or (ii) ten years and (b) an amortization schedule of no less than 20 years.

  • When the Base Rent has finally been determined pursuant to this Schedule for the portion of the Term when the Term Loan Segment of the Interim First Mortgage Loan is applicable and the portion of the Term when the Permanent First Mortgage Loan is applicable, the Parties shall mutually execute and deliver a written instrument setting forth and confirming such rent.

  • In calculating Base Rent as aforesaid, the Permanent First Mortgage Monthly Debt Service shall be such debt service specifically and only with respect to the initial Permanent First Mortgage Loan obtained to refinance the Interim First Mortgage Loan pursuant to Section 5.2 of the Lease.

  • In particular, reference is made to the definitions of Interim First Mortgage Loan, Permanent First Mortgage Loan and Second Mortgage Loan set forth in Section 1.1 of the Lease.

  • As Party ideology has weakened, regulation and control is often legitimised in terms of anti-pornography campaigns or copyright protection, a legal governance discourse favoured by neoliberalism.

  • Monthly Debt Service Component" of Base Rent shall mean the sum of (a) either (i) Interim First Mortgage Monthly Debt Service Amount or (ii) the Permanent First Mortgage Monthly Debt Service Amount, whichever is then applicable, plus (b) the Second Mortgage Monthly Debt Service Amount, as more particularly defined in Schedule BR.

  • Once the Base Rent is determined based on such debt service value, it remains the same for the balance of the original Lease Term (except only for the aforesaid 16% increase for Lease Years 11-15), and does not change with any subsequent refinancings of such initial Permanent First Mortgage Loan.

  • The original principal amount of the Permanent First Mortgage Loan shall be the then outstanding balance due under the Interim First Mortgage Loan (and not more), and the proceeds thereof shall be used to fully pay off and discharge the Interim First Mortgage Loan.

  • Landlord shall make reasonable and diligent efforts to obtain the Permanent First Mortgage Loan at the lowest possible interest rates and on the best possible other terms and conditions, given then prevailing market conditions.

  • The degree of the implementation of the instructions was not known.In 1907, the director of education of Konya, Hulusi Bey, wrote a report about conditions of education in Konya, districts and villages that belonged to Konya.

Related to Permanent First Mortgage

  • First Mortgage means a Mortgage that constitutes a first Lien on the real property and improvements described in or covered by that Mortgage.

  • Permanent Financing means long-term debt (with a term of no less than fifteen (15) years) including a mortgage or other financing evidenced by a lien against the property. Permanent sources of financing identified on Page 7 of Form 3 to cover development costs (including capitalized operating and replacement reserves) may not include letters of credit, cash from operations, the lease up reserve or other non-cash contributions to the Project.

  • First Mortgage Bonds means bonds issued by the Company pursuant to the Indenture.

  • First Mortgage Indenture means a first mortgage indenture pursuant to which any Borrower or any Subsidiary of any Borrower may issue bonds, notes or similar instruments secured by a lien on all or substantially all of such Borrower’s or such Subsidiary’s fixed assets, as the case may be.

  • First Mortgage Loan A Home Equity Loan which constitutes a first priority mortgage lien with respect to any Property.

  • Existing Mortgage has the meaning specified in Section 5.02(a)(vi).

  • Mortgage Amendments as defined in Section 6.11(a).

  • Second Mortgage means a mortgage from which the proceeds of a loan or other extension of credit made by a third person are secured by a mortgage on the real property for which the mortgagor has used the proceeds of the loan or other extension of credit to pay all or part of the purchase price of the property.

  • First Mortgagee means the holder of any First Mortgage.

  • Aircraft Mortgage means each Aircraft and Engine mortgage and security agreement entered into by any Borrower in favor of the Agent evidencing the Liens in respect of such Aircraft Collateral that will secure the Obligations, in each case as amended, modified, restated, supplemented or replaced from time to time.

  • Mortgage Amendment means an amendment to an Existing Mortgage or an amendment and restatement of an Existing Mortgage, in each case in form and substance reasonably acceptable to the Collateral Agent.

  • Reverse mortgage means a nonrecourse loan under which both of the following apply:

  • Park Sienna Mortgage Loans The Mortgage Loans identified as such on the Mortgage Loan Schedule for which Park Sienna is the applicable Seller.

  • Split Mortgage Loan Any Mortgage Loan that is part of a Loan Combination. The only Split Mortgage Loans that are assets of the Trust as of the Closing Date are those that have the respective loan numbers (as set forth on the Mortgage Loan Schedule) listed on the Loan Combination Table under the column heading “Loan No. for related Mortgage Loan.”

  • Mezzanine Loan Agreement means that certain Mezzanine Loan Agreement, dated as of the date hereof, between Mezzanine Borrower and Mezzanine Lender, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time.

  • Construction Loan Agreement means the Loan Agreement to be entered into by and between the Construction Lender and the Partnership, as amended.

  • Park Monaco Mortgage Loans The Mortgage Loans identified as such on the Mortgage Loan Schedule for which Park Monaco is the applicable Seller.

  • Blanket Mortgage The mortgage or mortgages encumbering a Cooperative Property.

  • Mortgage Impairment Insurance Policy A mortgage impairment or blanket hazard insurance policy as described in Section 4.11.

  • Senior Loan Agreement means that certain Term Loan Agreement, dated as of June 26, 2015, by and among Borrower and Senior Lenders, as amended, restated, supplemented or otherwise modified from time to time.

  • Permanent Offshore Global Note means an Offshore Global Note that does not bear the Temporary Offshore Global Note Legend.

  • Subsequent Mortgage Loan Purchase Agreement The agreement between the Depositor and the Seller regarding the transfer of the Subsequent Mortgage Loans by the Seller to the Depositor.

  • Net Mortgage Interest Rate As to any Mortgage Loan and Distribution Date, such Mortgage Loan's Mortgage Interest Rate thereon on the first day of the month preceding the month of the related Distribution Date reduced by (i) the Servicing Fee Rate and (ii) the Trustee Fee Rate.

  • B-BBEE means broad-based black economic empowerment as defined in section 1 of the Broad-Based Black Economic Empowerment Act;

  • Second Lien Mortgage Loan A Mortgage Loan secured by a second lien Mortgage on the related Mortgaged Property.

  • High Cost Mortgage Loan means a Mortgage Loan classified as (a) a “high cost” loan under the Home Ownership and Equity Protection Act of 1994 or (b) a “high cost,” “threshold,” “covered,” or “predatory” loan under any other applicable state, federal or local law (or a similarly classified loan using different terminology under a law, regulation or ordinance imposing heightened regulatory scrutiny or additional legal liability for residential mortgage loans having high interest rates, points and/or fees).