Second Deed of Trust definition

Second Deed of Trust means a mortgage, deed of trust, or other similar instrument which constitutes or is equivalent to a lien or encumbrance on the related Property and which secures a Loan, subject only to the related First Deed of Trust and the Permitted Encumbrances, and allows the Person secured thereby, directly or by a trustee or other Person, to foreclose on the Property (by power-of-sale, judicially or otherwise) upon Default thereunder or under the Loan secured by such instrument and thereby acquire title to the Property, subject only to the First Deed of Trust and the Permitted Encumbrances.

Second Deed of Trust means a second deed of trust, mortgage deed, mortgage or other instrument creating a junior lien on a fee interest in real property located within the state.

Second Deed of Trust. As used herein, "Second Deed of Trust" shall mean the deed of trust constituting a second-priority lien against the Property, executed by Borrowers, as trustors, to First American Title Insurance Company, ax xxxxxxx, for the benefit of Lender, as beneficiary, to be recorded in the Official Records of the County of Alameda, State of California. The Second Deed of Trust provides, among other things, as follows: If the trustor shall sell, convey or alienate said property, or any part thereof, or any interest therein, or shall be divested of his title or any interest therein in any manner or way, whether voluntarily or involuntarily, without the written consent of the beneficiary being first had and obtained, beneficiary shall have the right, at its option, except as prohibited by law, to declare any indebtedness or obligations secured hereby, irrespective of the maturity date specified in any note evidencing the same, immediately due and payable. Notwithstanding the foregoing, nothing herein or in the Second Deed of Trust or in the Loan Agreement shall give Lender the right to accelerate the debt secured by the Second Deed of Trust upon Borrower's further encumbrance of the Property nor shall such fxxxxxx xncumbrance constitute a default hereunder or thereunder.

Examples of Second Deed of Trust in a sentence

• All amounts paid by Beneficiary under this Paragraph 27 will be added to the Obligations and may be collected from Trustor upon demand at any time after the advances are made, and the holder of the Second Deed of Trust will be subrogated to the rights of any lienholder so paid.

• Unless otherwise requested by Beneficiary in writing, Trustor will appear in and prosecute or defend any action or proceeding that may affect the priority of this Second Deed of Trust or the security of the Beneficiary or the Trust Property, and Trustor will pay all reasonable costs, expenses (including, without limitation, the cost of searching title), and attorney fees incurred in the action or proceeding.

• No offset or claim that Trustor now has or may in the future have against Beneficiary will relieve Trustor from paying installments or performing any other obligation in or secured by this Second Deed of Trust.

• The indebtedness secured by this Second Deed of Trust is a conditional payment obligation and is payable pursuant to the terms set forth in the Second Note.

• Trustor will pay to Trustee and Beneficiary, respectively, promptly and upon demand, but in no event later than five (5) business days following written notice from Beneficiary, all sums of money that Beneficiary or Trustee may have advanced or paid pursuant to, or resulting from, any of the provisions of this Second Deed of Trust.

More Definitions of Second Deed of Trust

Second Deed of Trust means the Second Deed of Trust and Assignment of Rents (Construction Trust Deed) with respect to the Project, of even date herewith, executed by the Company, as trustor, to the Title Company, as trustee, for the benefit of the Bank, as beneficiary.

Second Deed of Trust means that certain deed of trust of even date herewith in favor of Tenant which is executed by Landlord.

Second Deed of Trust means that certain Deed of Trust, Fixture Filing and Security Agreement With Assignment of Rents duly executed by Borrower in favor of Agent Bank, securing the obligations of Borrower under the Interest Rate Swap Agreement and the Reimbursement Agreement, to be recorded as of the Closing Date in the Official Records of Washoe County, Nevada and creating a priority lien junior only to the Deed of Trust, as amended by the First Amendment to the Deed of Trust.

Second Deed of Trust means the "Second Deed of Trust" as that term is defined in the Loan Agreement.

Second Deed of Trust means the Second Deed of Trust and Security Agreement securing repayment of the Series B Bonds, dated as of March 15, 1998 from the Borrower to the trustees named therein, as it may be amended or supplemented from time to time.

Second Deed of Trust means that certain second deed of trust on the Property executed as collateral security for the secured promissory note in the amount of $1,760,000 in favor of Home Loan Eagle, Inc., a California corporation.

Second Deed of Trust means the Deed of Trust, Assignment of Rents and Security Agreement dated July 29, 1994, recorded in Volume 853, Page 75 Xxxxx County, Texas Records, executed by Borrower conveying a second Lien security interest in the Mortgaged Property to secure repayment of the Standby/Term Loans and performance of certain of the Obligations, and all amendments thereto, recorded or to be recorded in the Xxxxx County, Texas Deed Records.