Permitted Mortgage Lender definition

Permitted Mortgage Lender means the lender approved by Landlord pursuant to Sections 10.1.1 and 10.1.2 and that is a party to a Financing Transaction for a Permitted Lease Encumbrance made in accordance with this Lease. Xxxxxxxx’s consent shall not be required for an assignment or transfer of indebtedness secured by a Permitted Encumbrance, where the terms and conditions of the Permitted Encumbrance are not changed or modified in a manner for which Tenant must obtain Landlord’s consent under Section 10.6.3. The term “Permitted Lender” means each Permitted Mortgage Lender and each Permitted Mezzanine Lender, or any one thereof. For the avoidance of doubt, a holder of indebtedness that is secured by any Financing Transaction, but that is not a Permitted Mortgage Lender because it is not a party to a Financing Transaction (i.e., the holder of some or all of the indebtedness that is secured by a Permitted Lease Encumbrance in favor of an agent that holds collateral as security for such indebtedness) need not be approved by Landlord, and may assign or transfer such indebtedness without Landlord’s consent or approval, but shall not be a Prohibited Person.
Sample 1Sample 2
Permitted Mortgage Lender and “Permitted Lender”.
Sample 1Sample 2
Permitted Mortgage Lender means any lender that is deemed approved by City pursuant to Section 9.1 and that is a party to a Financing Transaction for a Permitted Sublease Financing Encumbrance made in accordance with this Sublease. City’s consent or deemed consent shall not be required for an assignment or transfer of indebtedness secured by a Permitted Financing Encumbrance, where the terms and conditions of the Permitted Financing Encumbrance are not changed or modified in a manner for which RIDA must obtain City’s consent under Section 9.6(c). The term “Permitted Lender” means each Permitted Mortgage Lender and each Permitted Mezzanine Lender, or any one thereof. For the avoidance of doubt, a holder of indebtedness that is secured by any Financing Transaction, but that is not a Permitted Mortgage Lender because it is not a party to a Financing Transaction (i.e., the holder of some or all of the indebtedness that is secured by a Permitted Sublease Financing Encumbrance in favor of an agent that holds collateral as security for such indebtedness) need not be approved or deemed approved by City, and may assign or transfer such indebtedness without City’s consent or approval or deemed consent or deemed approval, but shall not be a Prohibited Person. The term “Equity Collateral Enforcement Action” means any action or proceeding or other exercise of a Permitted Mezzanine Lender's rights and remedies in connection with its security interests in (or from) a Pledgor in order to realize upon its equity collateral, including, without limitation, the acceptance of an assignment in lieu of foreclosure for the equity collateral. With respect to any Permitted Equity Financing Encumbrance, (a) the granting of such Permitted Equity Financing Encumbrance shall not be deemed a Change of Control of RIDA, or (b) any enforcement action and/or the completion of any Equity Collateral Enforcement Action (including, without limitation, the acquisition of all (or substantially all) of the direct or indirect ownership of RIDA) or the exercise of voting control over RIDA by a Permitted Mezzanine Lender with respect to such equity collateral security interest shall not be deemed a Change of Control of RIDA and shall not be prohibited by this Sublease.
Sample 1

Examples of Permitted Mortgage Lender in a sentence

  • Prior to or on the Commencement Date, (a) Landlord and each Permitted Mortgage Lender shall enter into a subordination, non-disturbance and attornment agreement substantially in the form of Exhibit “P-1” attached hereto and (b) Landlord and each Permitted Mezzanine Lender shall enter into a subordination, non-disturbance and attornment agreement substantially in the form of Exhibit “P-2” attached hereto.

  • If there is no Trustee or if there is but the Trustee declines to act as a trustee for the disbursement of funds as provided above, then any Casualty Proceeds shall be payable in trust to the Permitted Mortgage Lender with an outstanding Permitted Lease Financing Encumbrance that is still outstanding, and shall be disbursed by such Permitted Mortgage Lender as provided above.

  • If the Permitted Mortgage Lender is the trustee for disbursement, then the Permitted Mortgage Lender may disburse the payments in accordance with its normal disbursement procedures (e.g. upon receipt of appropriate mechanics lien releases, invoices, etc.) so long as such disbursement procedures are reasonably satisfactory to City and ensure that the Casualty Proceeds are applied to the costs of repairing, restoring or replacing the Site and the Improvements that were damaged or destroyed.

  • The Permitted Mortgage Lender may disburse the progress payments in accordance with its normal disbursement procedures (e.g. upon receipt of appropriate mechanics lien releases, invoices, etc.) so long as such disbursement procedures are reasonably satisfactory to Landlord and ensure that the proceeds of insurance are applied to the costs of repairing, restoring or replacing the Improvements that were damaged or destroyed.

  • If there is no Permitted Mortgage Lender or if there is but the Permitted Mortgage Lender declines to act as a trustee for the disbursement of funds as provided above, then such Leasehold Award shall be payable in trust to a bank or trust company doing business in the County of San Diego California agreed upon by the Parties, or if the Parties fail to agree, to Bank of America, N.A., or its successor, and shall be disbursed by such trustee as provided above.

  • Subject to the terms of this Section 11.5 and except for any Assignment to a Foreclosure Purchaser that is a Permitted Mortgage Lender, an SPE Lender Affiliate, MICC (if applicable), or MICC Affiliate (if applicable), no Assignment or Change of Control of Tenant (collectively, "Transfer") shall be made or permitted without, in each instance, the prior written consent of Landlord (which consent shall not be unreasonably withheld, conditioned or delayed).

  • Notwithstanding anything in this Lease to the contrary, in addition to all of Tenant's obligations with respect to taxes and insurance, as set forth in Sections 3 and 4 of this Lease, Tenant agrees to comply with any tax and/or insurance escrows required by any Permitted Mortgage Lender under any Permitted Mortgage Loan.

  • The Public Entities shall accept any such notice from the Senior Permitted Lender without the necessity of further inquiry, and without liability to the Public Entities, Developer or any Permitted Lender, that such Permitted Lender has the right to exercise any cure rights under the Project Implementation Agreement and this Agreement and, in the case of the Senior Permitted Mortgage Lender, enter into a New Agreement as set forth in Section 3.2(b)(iv) of this Annex I.

  • Each mortgage, deed of trust or similar security instrument securing Developer’s payment and performance in connection with the Financing Transaction by a Permitted Mortgage Lender that is deemed consented to by the City under the Convention Center Sublease is a “Permitted PIA Financing Encumbrance”.

  • If the Permitted Mortgage Lender is the trustee, then the Permitted Mortgage Lender may disburse the progress payments in accordance with its normal loan disbursement procedures (e.g., upon receipt of appropriate mechanics’ lien releases, and invoices) so long as such disbursement procedures are reasonably acceptable to Landlord and ensure that the Leasehold Award is applied to the costs of repairing and restoring the remaining portion of the Premises and Improvements.


More Definitions of Permitted Mortgage Lender

Permitted Mortgage Lender means Heller and any other commercial lending instixxxxxx that generally engages in the business of making real estate loans, but shall not include any competitor of ARC.
Sample 1
Permitted Mortgage Lender means any lender that is approved by Landlord pursuant to Sections 10.1.1 and 10.1.2 and that is a party to a Financing Transaction for a Permitted Lease Financing Encumbrance made in accordance with this Lease. Xxxxxxxx’s consent shall not be required for an assignment or transfer of indebtedness secured by a Permitted Financing Encumbrance, where the terms and conditions
Sample 1
Permitted Mortgage Lender means any commercial lending institution that generally engages in the business of making real estate loans, but shall not include any competitor of ARC. The Berkshire Lender (as hereinafter defined) shall be considered to be a Permitted Mortgage Lender. As used herein, "BERKSHIRE LOAN" refers to that certain $19,500,000 loan from Berkshire Mortgage Finance Limited Partnership, a
Sample 1

Related to Permitted Mortgage Lender

  • Permitted Mortgage means (a) any purchase money mortgage on such Principal Property prior to, simultaneously with or within 180 days after the later of (1) the acquisition or completion of construction or completion of substantial reconstruction, renovation, remodeling, expansion or improvement (each, a “substantial improvement”) of such Principal Property or (2) the placing in operation of such property after the acquisition or completion of any such construction or substantial improvement; (b) Mortgages on a Principal Property existing at the time of acquisition, including acquisition through merger or consolidation; (c) Mortgages existing on the date of the initial issuance of the Notes, Mortgages on assets of a corporation or other business entity existing on the date it becomes a Restricted Subsidiary or is merged or consolidated with the Company or a Restricted Subsidiary or at the time the corporation or other business entity sells, leases or otherwise disposes of its property as an entirety or substantially as an entirety to the Company or a Restricted Subsidiary or Mortgages on the assets of a Subsidiary that is newly designated as a Restricted Subsidiary if the Mortgage would have been permitted under the provisions of this paragraph if such Mortgage was created while the Subsidiary was a Restricted Subsidiary; (d) Mortgages in favor of the Company or a Restricted Subsidiary; (e) Mortgages for taxes, assessments or governmental charges or levies that are not delinquent or that are being contested in good faith; (f) carriers’, warehousemen’s, materialmen’s, repairmen’s, mechanic’s, landlords’ and other similar Mortgages arising in ordinary course of business that are not delinquent or remain payable without penalty or that are being contested in good faith; (g) Mortgages (other than any Mortgage imposed by the Employee Retirement Income Security Act of 1974) consisting of pledges or deposits required in the ordinary course of business in connection with workers’ compensation, unemployment insurance and other social security legislation; (h) easements, rights-of-way, restrictions, encroachments, imperfections and other similar encumbrances affecting real property that, in the aggregate, are not substantial in amount and do not in any case materially detract from the value of the Principal Property subject thereto or materially interfere with the ordinary conduct of the Company and its Subsidiaries’ business, taken as a whole; (i) Mortgages arising by reason of deposits with, or the giving of any form of security to, any governmental agency or any body created or approved by law or governmental regulation, including any zoning or similar law or right reserved to or vested in any governmental office or agency to control or regulate the use of any real property; (j) Mortgages arising from filing Uniform Commercial Code financing statements relating solely to leases; and (k) Mortgages to secure Indebtedness incurred to extend, renew, refinance or replace Indebtedness secured by any Mortgages referred to above, provided that the principal amount of the extended, renewed, refinanced or replaced Indebtedness does not exceed the principal amount of Indebtedness so extended, renewed, refinanced or replaced, plus transaction costs and fees, and that any such Mortgage applies only to the same property or assets subject to the prior permitted Mortgage (and, in the case of real property, improvements).

  • Mortgage lender means a “lender” as defined in the Act and which has been approved by the Authority pursuant to the Rules and Regulations.

  • Refinanced Mortgage Loan A Mortgage Loan the proceeds of which were not used to purchase the related Mortgaged Property.

  • Deleted Mortgage Loan A Mortgage Loan replaced or to be replaced by a Qualified Substitute Mortgage Loan.

  • Special Serviced Mortgage Loan The Mortgage Loans for which the Special Servicer acts as servicer pursuant to Section 3.19.

  • FHA Approved Mortgagee means a corporation or institution approved as a mortgagee by the FHA under the National Housing Act, as amended from time to time, and applicable FHA Regulations, and eligible to own and service mortgage loans such as the FHA Loans.

  • Streamlined Mortgage Loan A Mortgage Loan originated in connection with the refinance of a mortgage loan pursuant to the related Seller’s streamlined documentation program then in effect.

  • Cross-Collateralized Mortgage Loan Any Mortgage Loan, that is, by its terms, cross-defaulted and cross-collateralized with any other Mortgage Loan; provided that the Mortgage Loans that are part of any Loan Combination shall not constitute Cross-Collateralized Mortgage Loans.

  • Serviced Mortgage Loan A Mortgage Loan that is not an Outside Serviced Mortgage Loan.

  • Lender PMI Mortgage Loan Certain Mortgage Loans as to which the lender (rather than the borrower) acquires the Primary Insurance Policy and charges the related borrower an interest premium.

  • Modified Mortgage Loan Any Mortgage Loan that has been the subject of a Servicing Modification.

  • Corrected Mortgage Loan Any Mortgage Loan that had been a Specially Serviced Mortgage Loan but has ceased to be such in accordance with the definition of "Specially Serviced Mortgage Loan" (other than by reason of a Liquidation Event occurring in respect of such Mortgage Loan or a related Mortgaged Property becoming an REO Property).

  • Covered Mortgage Loan Any Mortgage Loan that is covered by a PMI Policy.

  • Converted Mortgage Loan An ARM Loan with respect to which the Borrower has complied with the applicable requirements of the related Mortgage Note to convert the related Mortgage Interest Rate to a fixed rate of interest, and the Servicer has processed such conversion. Co-op Shares: Shares issued by private non-profit housing corporations.

  • Released Mortgaged Property Proceeds As to any Mortgage Loan, proceeds received by the Servicer in connection with (a) a taking of an entire Mortgaged Property by exercise of the power of eminent domain or condemnation or (b) any release of part of the Mortgaged Property from the lien of the related Mortgage, whether by partial condemnation, sale or otherwise, which are not released to the Mortgagor in accordance with applicable law and mortgage servicing standards the Servicer would use in servicing mortgage loans for its own account and this Agreement.

  • Special Hazard Mortgage Loan A Liquidated Mortgage Loan as to which a Special Hazard Loss has occurred.

  • Qualified Mortgage Insurer Any mortgage insurer that is Xxxxxx Xxx and Xxxxxxx Mac approved.

  • Specially Serviced Mortgage Loan means the Mortgage Loan during the period it is serviced by the Special Servicer following a Servicing Transfer Event.

  • Specially Designated Mortgage Loan Documents With respect to any Mortgage Loan, subject to Section 1.04, the following documents on a collective basis:

  • Distressed Mortgage Loan Any Mortgage Loan that at the date of determination is Delinquent in payment for a period of 90 days or more without giving effect to any grace period permitted by the related Mortgage Note or for which the applicable Servicer or the Trustee has accepted a deed in lieu of foreclosure.

  • Lender-Paid Mortgage Insurance Loan Each of the Mortgage Loans identified on the Mortgage Loan Schedule as having a Lender-Paid Mortgage Insurance Rate.

  • Subserviced Mortgage Loan Any Mortgage Loan that, at the time of reference thereto, is subject to a Subservicing Agreement.

  • Park Sienna Mortgage Loans The Mortgage Loans identified as such on the Mortgage Loan Schedule for which Park Sienna is the applicable Seller.

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

  • First Lien Mortgage Loan A Mortgage Loan secured by a first lien Mortgage on the related Mortgaged Property.

  • Refinancing Mortgage Loan Any Mortgage Loan originated in connection with the refinancing of an existing mortgage loan.