Permanent Mortgage definition

Permanent Mortgage means the Mortgage securing the Partnership's obligations under the Permanent Note.

Permanent Mortgage means the permanent financing provided, or to be provided, by the Permanent Lnder for the Apartment Complex following the completion thereof in the initial principal amount of $1,100,000. Permanent Mortgage Commencement means the first date on which all of the following shall have occurred: (a) the Completion Date; (b) the principal amount and maturity date of the Permanent Mortgage shall have been finally determined; and (c) amortization of the Permanent Mortgage shall have commenced. Permanent Mortgage Commitment means the first date on which the Partnership receives the written commitment of the Permanent Lender to make the Permanent Mortgage.

Permanent Mortgage means the permanent financing to be provided by the Permanent Lender for the Apartment Complex following the completion thereof in the maximum principal amount of $685,000 pursuant to the Permanent Mortgage Commitment. Permanent Mortgage Commencement means the first date on which all of the following shall have occurred: (a) the Completion Date; (b) the principal amount and maturity date of the Permanent Mortgage shall have been finally determined; and (c) amortization of the Permanent Mortgage shall have commenced (to the extent required by the terms thereof).

Examples of Permanent Mortgage in a sentence

• There is no default on the part of Borrower under this Agreement, the Loan Documents, or any Permanent Mortgage Loan Documents, and no event has occurred and is continuing which with notice, or the passage of time, or either, would constitute an Event of Default under any provision thereof.

• Borrower shall abide by, perform and be governed and restricted by, each and every one of the terms and provisions of (a) the Loan Documents and any supplement or amendment thereto or any instrument which may, at any time or from time to time, be executed by one or more of the parties hereto, and (b) any Permanent Mortgage Loan Documents, if applicable.

• OCD acknowledges and agrees that Borrower has entered into a Permanent Loan affecting the Project, in the original principal sum of $ , secured by a Permanent Loan Mortgage in favor of Permanent Lender, having a first priority mortgage lien on the Project, and evidenced by the Permanent Mortgage Loan Documents described on Exhibit D – Permanent Mortgage Loan Documents, and that the lien of OCD’s Mortgage and the Loan Documents are subordinate to the Permanent Mortgage Loan Documents in all respects.

• If the amount in the Interest Reserve Account is not enough to pay interest that is due prior to the Permanent Mortgage Date, I will pay those amounts directly to Lender from my own funds.

• The Lease Up Reserve may be used with the consent of CHFA to pay for any costs incurred by the Owner reasonably related to the lease-up of the Project, achieving Debt Service Coverage and achieving Permanent Mortgage Commencement.

More Definitions of Permanent Mortgage

Permanent Mortgage means the permanent financing provided, or to be provided, by the Permanent Lender for the Apartment Complex in accordance with a Permanent Mortgage Commitment.

Permanent Mortgage means the permanent financing provided, or to be pro- vided, by the FmHA for the Apartment Complex following the completion thereof. The Permanent Mortgage is to be funded in two stages. The first stage shall is assumed FmHA financing in the initial principal amount of $912,000. The second stage shall be funded in the initial principal amount of $368,600. Permanent Mortgage Commencement means the first date on which all of the following shall have occurred: (a) the Completion Date; (b) the principal amount and maturity date of the Permanent Mortgage shall have been finally determined; and (c) amortization of the Permanent Mortgage shall have commenced. Permanent Mortgage Commitment means the first date on which the Partnership receives the written commitment of FmHA to make the Permanent Mortgage.

Permanent Mortgage. Commencement shall mean the first date on which all of the following shall have occurred with respect to the Apartment Complex: (a) Completion Date; (b) the principal amount and maturity date of the permanent mortgage loan shall have been finally determined; (c) amortization of the permanent mortgage loan shall have commenced, and (d) repayment in full of the construction financing and discharge of the construction mortgage and all other liens related thereto.

Permanent Mortgage means the permanent financing provided, or to be provided, by the FmHA for the Apartment Complex following the completion thereof in the initial principal amount up to $1,235,000. Permanent Mortgage Commencement means the first date on which all of the following shall have occurred: (a) the Completion Date; (b) the principal amount and maturity date of the Permanent Mortgage shall have been finally determined; and (c) amortization of the Permanent Mortgage shall have commenced. Permanent Mortgage Commitment means the first date on which the Partnership receives the written commitment of FmHA to make the Permanent Mortgage.

Permanent Mortgage means, for each Project, the Security Instrument from the Borrower, conveying a first priority security interest in the Project to secure performance of the Borrower’s obligations under the Permanent Mortgage Loan.

Permanent Mortgage means the permanent financing provided, or to be provided, by the FmHA for the Apartment Complex following the completion thereof. The Permanent Mortgage is to be assumed FmHA financing in the initial principal amount of $1,180,629. Permanent Mortgage Commencement means the first date on which all of the following shall have occurred: (a) the Completion Date; (b) the principal amount and maturity date of the Permanent Mortgage shall have been finally determined; and (c) amortization of the Permanent Mortgage shall have commenced. Permanent Mortgage Commitment means the first date on which the Partnership receives the written commitment of FmHA to make the Permanent Mortgage.

Permanent Mortgage means the permanent financing provided, or to be provided, by Trustmark National Bank of Jackson, Mississippi for the Partnership Property following the completion thereof in the initial principal amount of $200,000. Permanent Mortgage Commencement means the first date on which all of the following shall have occurred: (a) the Completion Date; (b) the principal amount and maturity date of the Permanent Mortgage shall have been finally determined; and (c) amortization of the Permanent Mortgage shall have commenced. Permanent Mortgage Commitment means the first date on which the Partnership receives the written commitment of the Permanent Lender to make the Permanent Mortgage.