Permanent Mortgage Loan definition

Permanent Mortgage Loan is the loan which is secured by Host to finance the Total Development Cost. Said loan shall (a) have a minimum term of ten (10) years, (b) be non-recourse to Host, (c) have a twenty-five year amortization schedule which provides for level annual payments, and (d) be otherwise acceptable to Host. If said loan has not been closed as of the Commencement Date, then the terms set forth in the commitment for said Loan shall be used.
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Permanent Mortgage Loan means a loan secured by real property collateral which has an initial term of more than three years.
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Permanent Mortgage Loan means a Construction/Permanent Mortgage Loan after the construction or rehabilitation on the premises related to such Mortgage Loan has been completed and such Mortgage Loan has been converted to an amortizing Mortgage Loan by the modification or replacement of the Mortgage Note.
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Examples of Permanent Mortgage Loan in a sentence

  • Permanent Mortgage Loan account records must be maintained by the Servicer for each Mortgage Loan.

  • 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.

  • Woodhaven L.P. Woodhaven Partners (the "Woodhaven Partnership") Permanent Mortgage Loan financing for the Apartment Complexes described herein is being or will be provided from a variety of sources, as described below.

  • 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.

  • Borrower shall abide by, perform and be governed and restricted by, each and every one of the terms and provisions of 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 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.

  • On December 21, 2006, the Company obtained a permanent first mortgage loan in the original principal amount of $76,200,000 from Bank of America, N.A., which we refer to as the Permanent Mortgage Loan.

  • The Acquisition Mortgage Loan was repaid in its entirety on December 26, 2006 from the proceeds of the sale of equity interests in the Company and from the proceeds of the Permanent Mortgage Loan.

  • Borrower shall obtain an agreement from the holder of the Permanent Loan to give Grantee written notice of any default by Borrower under the Permanent Mortgage Loan Documents, and a reasonable opportunity (but not the obligation) to cure such default on behalf of the Borrower before foreclosing on the Project under the Permanent Mortgage Loan Documents.

  • To the extent the Permanent Mortgage Loan Documents require deposits by Borrower into a reserve account(s) for the payment of taxes and insurance, or for repair and replacement of the Project units, Grantee acknowledges and agrees that Xxxxxxxx’s compliance with the reserve requirements under the Permanent Mortgage Loan Documents shall satisfy any similar reserve requirements contained in the Loan Documents.


More Definitions of Permanent Mortgage Loan

Permanent Mortgage Loan means with respect to a Local Limited Partnership, the permanent mortgage loan or loans made to the Local Limited Partnership by a permanent mortgage lender or lenders, and secured by a mortgage or deed of trust and other related security documents and financing statements.
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Permanent Mortgage Loan means, for each Project, the permanent mortgage loan to be made by the DUS Lender to the Borrower under the Permanent Mortgage Loan Commitment and purchased by Xxxxxx Xxx under the Forward Commitment.
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Permanent Mortgage Loan. Phase II Permanent Mortgage Loan" shall mean the permanent mortgage loan obtained by Phase II Landlord pursuant to Section 20.4 of the Lease to finance the Phase II Project.
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Permanent Mortgage Loan. Phase III Permanent Mortgage Loan" shall mean the permanent mortgage loan obtained by Phase III Landlord pursuant to Section 21.3 of the Lease to finance the Phase III Project.
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Related to Permanent Mortgage Loan

  • Subsequent Mortgage Loan A Mortgage Loan sold by the Depositor to the Trust Fund pursuant to Section 2.08, such Mortgage Loan being identified on the Mortgage Loan Schedule attached to a Subsequent Transfer Instrument.

  • Replacement Mortgage Loan A Mortgage Loan or Mortgage Loans in the aggregate substituted by the Seller for a Deleted Mortgage Loan, which must, on the date of such substitution, as confirmed in a Request for Release, (i) have a Stated Principal Balance, after deduction of the principal portion of the Scheduled Payment due in the month of substitution, not in excess of, and not less than 90% of, the Stated Principal Balance of the Deleted Mortgage Loan; (ii) if the Replacement Mortgage Loan is a fixed rate Mortgage Loan, have a fixed Mortgage Rate not less than or more than 1% per annum higher than the Mortgage Rate of the Deleted Mortgage Loan; (iii) have the same or higher credit quality characteristics than that of the Deleted Mortgage Loan; (iv) have a Loan-to-Value Ratio no higher than that of the Deleted Mortgage Loan; (v) have a remaining term to maturity no greater than (and not more than one year less than) that of the Deleted Mortgage Loan; (vi) not permit conversion of the Mortgage Rate from a fixed rate to a variable rate; (vii) have the same lien priority as the Deleted Mortgage Loan; (viii) constitute the same occupancy type as the Deleted Mortgage Loan or be owner occupied; (ix) if the Replacement Mortgage Loan is an Adjustable Rate Mortgage Loan, have a Maximum Mortgage Rate not less than the Maximum Mortgage Rate on the Deleted Mortgage Loan, (x) if the Replacement Mortgage Loan is an Adjustable Rate Mortgage Loan, have a Minimum Mortgage Rate not less than the Minimum Mortgage Rate of the Deleted Mortgage Loan, (xi) if the Replacement Mortgage Loan is an Adjustable Rate Mortgage Loan, have a Gross Margin equal to or greater than the Gross Margin of the Deleted Mortgage Loan, (xii) if the Replacement Mortgage Loan is an Adjustable Rate Mortgage Loan, have a next Adjustment Date not more than two months later than the next Adjustment Date on the Deleted Mortgage Loan, (xiii) comply with each representation and warranty set forth in Section 7 of the Mortgage Loan Purchase Agreement and (xiv) the Custodian has delivered a Final Certification noting no defects or exceptions.

  • 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.”

  • Group I Mortgage Loan A Mortgage Loan assigned to Loan Group I. All Group I Mortgage Loans have a principal balance at origination that conforms to Xxxxxxx Mac loan limits.

  • Group II Mortgage Loan A Mortgage Loan assigned to Loan Group II with a Stated Principal Balance at origination that may or may not conform to Xxxxxx Mae and Xxxxxxx Mac loan limits.

  • Buydown Mortgage Loan Any Mortgage Loan as to which a specified amount of interest is paid out of related Buydown Funds in accordance with a related buydown agreement.

  • Group 4 Mortgage Loan Each Mortgage Loan listed on Exhibit D-4 hereto.

  • 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).

  • ARM Mortgage Loan A Mortgage Loan pursuant to which the interest rate shall be adjusted from time to time in accordance with the related Mortgage Note.

  • Subsequent Mortgage Loans means, for purposes of this Agreement, the Subsequent Mortgage Loans listed in the Subsequent Mortgage Loan Schedule attached hereto as Schedule I.

  • Wet-Ink Mortgage Loan means a Mortgage Loan which Seller is selling to Buyer simultaneously with the origination thereof.

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

  • ARD Mortgage Loan Any Mortgage Loan that is identified as having an Anticipated Repayment Date and a Revised Rate on the Mortgage Loan Schedule.

  • Group 2 Mortgage Loan Each Mortgage Loan listed on Exhibit D-2 hereto.

  • Type 1 Mortgage Loan Any of the Mortgage Loans identified in Exhibit F-1 hereto, as such Exhibit may be amended from time to time in connection with a substitution pursuant to Sections 2.02 or 2.06, serviced under the WFHM Servicing Agreement and having a Mid-Month Receipt Period with respect to all types of Unscheduled Principal Receipts.

  • Pool 1 Mortgage Loans Any Mortgage Loan in Pool 1.

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

  • Balloon Mortgage Loan A Mortgage Loan that provides for the payment of the unamortized principal balance of such Mortgage Loan in a single payment at the maturity of such Mortgage Loan that is substantially greater than the preceding monthly payment.

  • EMC Mortgage Loans Those Mortgage Loans serviced by the Company pursuant to the terms of this Agreement.

  • MERS Mortgage Loan Any Mortgage Loan registered with MERS on the MERS System.

  • GreenPoint Mortgage Loans The Mortgage Loans for which GreenPoint is listed as "Servicer" on the Mortgage Loan Schedule.

  • Group 1 Mortgage Loan Each Mortgage Loan listed on Exhibit D-1 hereto.

  • Eligible Mortgage Loan means a Mortgage Loan (including a Wet Funded Loan) with respect to which each of the following statements shall be accurate and complete (and Borrower, by including such Mortgage Loan in any computation of the Borrowing Base, shall be deemed to so represent and warrant to the Lenders as of the date of such computation):

  • Group II Mortgage Loans The Mortgage Loans identified on the Mortgage Loan Schedule as Group II Mortgage Loans.

  • Premium Mortgage Loan Any Group 1 Premium Mortgage Loan or Group 2 Premium Mortgage Loan.

  • Delinquent Mortgage Loan means any Mortgage Loan as to which any Monthly Payment, or part thereof, remains unpaid for 30 days or more following the original Due Date for such Monthly Payment.