Examples of Permanent Mortgage Loan in a sentence
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Motion to Approve Trial Mortgage Loan Modification, but must be filed no later than with the Motion to Approve Permanent Mortgage Loan Modification.
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.
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.
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 Purchase Price of the Property was $127,000,000 and was financed by the Acquisition Mortgage Loan, which was repaid from proceeds of the offering and the Permanent Mortgage Loan.
If the Borrower has incurred or will incur additional debt to cover such difference, such debt cannot be secured by a lien on the Project unless the Project is a Multifamily Affordable Housing Property; in which case the additional debt must be subordinated to the Permanent Mortgage Loan, and the terms, conditions and documentation of the additional debt must meet the requirements for subordinate financing as set forth in the DUS Guide.
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