Permanent Mortgage definition

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

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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 provided, or to be provided by FmHA for the Apartment Complex following the completion thereof in the aggregate principal amount of $1,326,859. 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.

Examples of Permanent Mortgage in a sentence

Permanent Mortgage Loan account records must be maintained by the Servicer for each Mortgage Loan.
However, from and after Permanent Mortgage Commencement, neither any General Partner nor any Related Person shall at any time bear, nor shall the General Partners permit any other Partner or any Related Person to bear, the Economic Risk of Loss for the payment of any portion of any Mortgage.
At any time during construction and prior to Permanent Mortgage Commencement, if the Special Limited Partner ascertains that the Development Budget exceeds the sum of the Capital Contributions and the Mortgage amount then the General Partner shall be responsible for and shall be obligated to pay the difference thereof within thirty days of receiving written notice from the Special Limited Partner except as otherwise provided for in this Agreement.
The General Partner shall cause the Partnership to elect promptly, to the extent permitted and in the manner prescribed by any Agency or Lender having jurisdiction, that all debt service payments made by the Partnership to the holder of the Permanent Mortgage shall be applied first to interest determined at the stated rate set forth in the Permanent Note, and then to principal due with respect to the Permanent Note.
The Partnership may decrease, increase or refinance the Permanent Mortgage and may make any required transfer or conveyance of Partnership assets for security or mortgage purposes, provided, however, any such decrease (except through the fifty-year amortization schedule anticipated at Permanent Mortgage Commencement), increase or refinancing of the Permanent Mortgage may be made by the General Partners only with the Consent of the Investment Limited Partner.

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 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, 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 FmHA for the Apartment Complex following the completion thereof in the initial principal amount of $1,406,000.