Permanent Mortgage Commencement definition

Permanent Mortgage Commencement means the first date on which all of the following have occurred: (a) the Construction Loan shall have been repaid in full; (b) the Mortgage shall have closed and funded; and (c) amortization of the Mortgage shall have commenced.

Permanent Mortgage Commencement means the payment and discharge of the Construction Loan and the execution and delivery of the Permanent Loan Documents.

Permanent Mortgage Commencement means the date when the closing of the Mortgage shall have occurred and amortization of the Mortgage shall have commenced.

Examples of Permanent Mortgage Commencement in a sentence

• 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 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.

• Promptly after Permanent Mortgage Commencement, the General Partners shall send to BCCLP a closing binder containing photocopies of the fully-executed versions of all documents signed in connection with the Permanent Mortgage.

• Any such advances ("Development Advances") shall, to the extent permitted under the Project Documents and any applicable Regulations or requirements of any Lender or Agency (or otherwise with any Requisite Approvals), be reimbursed at or prior to Permanent Mortgage Commencement only out of Specified Proceeds available from time to time after payment of all Development Costs.

More Definitions of Permanent Mortgage Commencement

Permanent Mortgage Commencement means 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 Commencement means the first date on which amortization of the Mortgage shall have commenced. Sections 1.81, 1.82 and 1.83 are amended in their entirety to provide as follows:

Permanent Mortgage Commencement means the later to occur of (a) closing of the Permanent Mortgage, or (b) repayment of the Construction Mortgage in its entirety.

Permanent Mortgage Commencement means the first date on which all of the following shall have occurred: (a) the Completion Date; and (b) the principal amount and maturity date of the Permanent Mortgages shall have been finally determined. Permanent Mortgage Commitments means, collectively, the Permanent First Mortgage Commitment and the Permanent Second Mortgage Commitment. Permanent Mortgages means, collectively, the Permanent First Mortgage and the Permanent Second Mortgage.

Permanent Mortgage Commencement means November 21, 1996.

Permanent Mortgage Commencement means the first date on which all of the following have occurred: (a) achievement of the “Conversion Date” as defined in that certain Borrower Loan Agreement, dated as of May 1, 2013, entered into between the Partnership and the Issuer in connection with the Tax-Exempt Loan; (b) each of the Mortgage Loans has closed and fully funded pursuant to the terms thereof; and (c) amortization of the Mortgage Loans requiring such amortization has commenced.

Permanent Mortgage Commencement means the first date on which all of the following have occurred on all fifty-one (51) homes: (a) the Mortgage shall have closed and funded; and (b) amortization of the Mortgage shall have commenced.