Recognized Mortgage definition

Recognized Mortgage is a mortgage or other similar security agreements given to any Recognized Mortgagee of the interest of Rail Company hereunder, and shall be deemed to include any mortgage or trust indenture under which this Agreement shall have been encumbered, and including any and all renewals, modifications, advances, additions, and extensions of or to a Recognized Mortgage. A “Recognized Mortgagee” is a public or private lending source or institution, federal, state, county or municipal governmental agency or bureau, bank, savings and loan, pension fund, insurance company, real estate investment trust, tax credit syndication entity, or other real estate investment or lending entity, savings bank, whether local, national or international, and/or the holder of any purchase money mortgage given back to a transferor, that is or becomes the holder, mortgagee or beneficiary under any Recognized Mortgage and the successors or assigns of such holder, mortgagee or beneficiary, and shall be deemed to include, without limitation, the trustee under any such trust indenture and the successors or assigns of such trust. A parent, subsidiary, affiliate, division, or entity controlling, controlled by, or under common control with Rail Company shall not be a “Recognized Mortgagee” for the purposes of this Agreement.

Recognized Mortgage has the meaning provided in Section 11.2(c).

Recognized Mortgage has the meaning provided in Section 10.1(c) of this Agreement. "Recognized Mortgagee" has the meaning provided in Section 10.1(c) of this Agreement. "Reimbursement" has the meaning provided in Section 2.3 of this Agreement.

Examples of Recognized Mortgage in a sentence

• Neither this Agreement nor any provisions hereof may be changed, modified, amended, supplemented, altered, waived, discharged or terminated orally, but only by an instrument in writing signed by the party against who enforcement of the change, modification, amendment, supplement, alteration, waiver, discharge or termination is sought, and, if required by any Recognized Mortgage, the Recognized Mortgagee has consented thereto.

• A Recognized Mortgagee shall have the right to assign any Recognized Mortgage held by it to a nominee controlled by, or under common control with, it, prior to and in anticipation of the foreclosure of such Recognized Mortgage, and shall not thereby lose its status as a Recognized Mortgagee unless and until such time as such nominee becomes the owner of the leasehold estate created hereby.

• The Recognized Mortgage may be assigned by Recognized Mortgagee in accordance with its terms.

• Any references in this Agreement to the “Recognized Mortgagee” shall be references to the Recognized Mortgagee or representative of more than one Recognized Mortgagee, acting on behalf of such Recognized Mortgagees, the notice of whose Recognized Mortgage was earliest received by the Authority unless the context otherwise requires.

• In order to facilitate a Recognized Mortgage as well as other financing by Rail Company for trade fixtures and equipment, the Authority hereby subordinates any statutory, constitutional, and/or contractual liens against the assets or property of Rail Company.

More Definitions of Recognized Mortgage

Recognized Mortgage means a Mortgage that: (i) secures financing the sole purposes of which are the financing of the Project, including the costs the acquisition of the Company Parcels and any other preliminary costs of the Project prior to the Construction Commencement Date, and (ii) is in favor of an Institutional Lender and executed by YIDA as lessee under the Development Leases and sublessor under the Financing Leases. It is expressly understood that a Mortgage from an Institutional Lender in connection with the construction and financing of the Project is a Recognized Mortgage and a Mortgage held by YIDA and/or the bond trustee in connection with a FTA is a Recognized Mortgage.

Recognized Mortgage means a Mortgage (A) that is held by a Lending Institution, (B) that complies with the provisions of this Lease, and (C) a copy of which has been delivered to Landlord, together with a certification of a Qualified Certifying Party of Tenant confirming that the copy is a true and complete copy of such Mortgage and giving the name and address of the mortgagee thereunder.

Recognized Mortgage means the single Mortgage (i) that secures Debt exclusively for and directly related to the Premises (ii) that is held by a Person (other than an Affiliate except as contemplated in the definition of Recognized Mortgagee) which is an Institutional Lender, (iii) that expressly provides that it is subject and subordinate to the terms of this Lease and to Owner’s Interest, and (iv) a copy of which is, following the execution and delivery thereof, delivered to Owner, together with a certification by Tenant confirming that the copy is a true and correct copy of the Recognized Mortgage and a certification by the Recognized Mortgagee thereunder confirming the address of such Recognized Mortgagee for notices. The loan and other debt instruments secured by the Recognized Mortgage must be exclusively for Debt directly related to the Premises.

Recognized Mortgage shall have the meaning as set forth in the Hotel Lease.

Recognized Mortgage means a Mortgage (i) that is held by an Institutional Lender (or a corporation or other entity wholly owned by an Institutional Lender) that is not an Unqualified Person; (ii) which shall comply with the provisions of this Article 11; (iii) a photostatic copy of which has been delivered to Landlord, together with a certification by Tenant and the Mortgagee confirming that the photostatic copy is a true copy of the Mortgage and giving the name and post office address of the holder thereof; and (iv) which is recorded in the Office of the City Register, New York County.

Recognized Mortgage means the single Mortgage (i) that, except as expressly permitted pursuant to and in accordance with Section 11.1(b), secures Debt exclusively for and directly related to the Premises, (ii) that is held by a Person (other than an Affiliate except as contemplated in the definition of Recognized Mortgagee) which is an Institutional Lender, (iii) that expressly provides that it is subject to the terms of this Lease and subordinate to Owner’s Interest in the Premises (including Owner’s interest in this Lease) and (iv) a copy of which is provided in accordance with Section 11.4(a).

Recognized Mortgage has the meaning provided in Section 11.2(b) hereof. “Recognized Mortgagee” means the holder of a Recognized Mortgage.