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 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.

Examples of Second Deed of Trust in a sentence

• The Insured shall notify the Company that there has been a default under any lien or other encumbrance on the Property with priority over any applicable Second Deed of Trust within fifteen (15) days from the date the Insured has actual knowledge of such default.

• No later than thirty (30) days from the date the Insured obtains actual knowledge of a default under any lien or other encumbrance on the Property with priority over any applicable Second Deed of Trust, the Insured shall assure there will be no further disbursement of proceeds under the Loan to the Borrower.

• These monthly reports shall continue until the Borrower is no longer in Default, the related Loss is paid, or any proceeding which affects the Loan, any Second Deed of Trust or any other instrument creating a security interest in the Property, or the Property or the Insured's or Borrower's interest has been terminated.

• Second Deed of Trust--Any Claim, if the mortgage, deed of trust or other similar instrument executed by the Borrower and Insured did not provide the Insured (to the Insured's best knowledge as provided in Section 1.39 (Second Deed of Trust)) at origination with a Second Deed of Trust.

• Court Expenses--Court Expenses mean the out-of-pocket costs, including reasonable attorneys' fees, if any, incurred by the Insured in connection with any judicial proceeding for the purpose of collecting monies due under the Loan, initiating and pursuing a foreclosure action or, if applicable, for the protection of the Insured's position as a secured party under the Second Deed of Trust.

More Definitions of Second Deed of Trust

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.

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, Security Agreement, Financing Statement and Assignment of Rents given on even date herewith by Customer in favor of MLBFS subjecting the Real Property to a second lien in favor of MLBFS.

Second Deed of Trust means that certain Construction -------------------- Deed of Trust, Security Agreement, Assignment of Leases and Rents and Fixture Filing dated November ___, 1997 and recorded on November ___, 1997 in the Official Records of San Bernardino County, California as Instrument No. _____________, given by Xxxxxxxx, as trustor, for the benefit of the Second Lender, that encumbers the Mortgaged Property.

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 deed of trust constituting a second-priority lien against the Property, by Borrower to All-Cal Title Company, a California corporation, as trustee, for the benefit of The Board of Trustees of Xxxxxx Xxxxxxxx Xx. University, as beneficiary, to be recorded in or about August 1998, in the Official Records of the County of Santa Xxxxx, State of California securing a loan in a principal amount not in excess of ONE HUNDRED NINETY SEVEN THOUSAND FIVE HUNDRED DOLLARS ($197,500), and "Third Deed of Trust" shall mean the deed of trust constituting a third-priority lien against the Property, by Borrower to All-Cal Title Company, a California corporation, as trustee, for the benefit of The Board of Trustees of Xxxxxx Xxxxxxxx Xx. University, as beneficiary, to be recorded in or about August 1998, in the Official Records of the County of Santa Xxxxx, State of California securing a loan in a principal amount not in excess of FORTY ONE THOUSAND FOUR HUNDRED SEVENTY FIVE DOLLARS ($41,475).