Second Lien Mortgage definition

Second Lien Mortgage means each mortgage, deed of trust and any other document or instrument under which any Lien on real property owned or leased by any Grantor is granted to secure any Second Lien Obligations or under which rights or remedies with respect to any such Liens are governed.

Second Lien Mortgage is a Mortgage that is secured by a second priority lien on the real property that secures it.

Second Lien Mortgage means any Second Lien Security Document granting a lien on any real property Collateral.

Examples of Second Lien Mortgage in a sentence

• With respect to each Second Lien Mortgage Loan, either (a) no consent for the Second Lien Mortgage Loan is required by the holder of the related first lien or (b) such consent has been obtained and is contained in the Mortgage File.

• With respect to each Second Lien Mortgage Loan, where required or customary in the jurisdiction in which the related Mortgaged Property is located, the original lender has filed for record a request for notice of any action by the senior lienholder under the related First Lien, and the original lender has notified any senior lienholder in writing of the existence of the Second Lien Mortgage Loan and requested notification of any action to be taken against the Mortgagor by the senior lienholder.

• No Mortgage Loan that is a Second Lien Mortgage Loan has a CLTV in excess of 100%.

• With respect to escrow deposits and Escrow Payments (other than with respect to each Mortgage Loan which is indicated by the Seller to be a Second Lien Mortgage Loan and for which the mortgagee under the First Lien is collecting Escrow Payments (as reflected on the Mortgage Loan Schedule)), if any, all such payments are in the possession of, or under the control of, the Seller and there exist no deficiencies in connection therewith for which customary arrangements for repayment thereof have not been made.

• With respect to any Second Lien Mortgage Loan, such Mortgage is a valid, subsisting and enforceable Second Lien on the Mortgaged Property, including all buildings on the Mortgaged Property and all installations and mechanical, electrical, plumbing, heating and air conditioning systems located in or annexed to such buildings, and all additions, alterations and replacements made at any time with respect to the foregoing.

More Definitions of Second Lien Mortgage

Second Lien Mortgage shall have the meaning ascribed to such term in the preliminary statement of this Agreement.

Second Lien Mortgage means the Second Lien Deed of Trust, Security Agreement, Assignment of Rents and Leases and Fixture Filing, dated as of the date hereof, from NW Spectrum Co., as Grantor, to the Second Lien Collateral Agent, as Beneficiary. After any refinancing, extension or replacement of any Indebtedness under the Second Lien Notes pursuant to the terms of the Intercreditor Agreement, the term “Second Lien Mortgage” shall mean any replacement deed of trust entered into in connection with such refinancing, extension or replacement.

Second Lien Mortgage means any replacement deed of trust entered into in connection with such refinancing, extension or replacement.

Second Lien Mortgage. A "SECOND LIEN MORTGAGE" is a Mortgage that is secured by a second priority lien on the real property that secures it.

Second Lien Mortgage. A mortgage lien on a Mortgaged Property which is first in priority to any other mortgage liens on that Mortgaged Property except the lien of a First Lien Mortgage.

Second Lien Mortgage means a Second Lien/Fourth Lien Mortgage solely to the extent it constitutes a Second Lien Collateral Document.

Second Lien Mortgage means an agreement, including, but not limited to, a mortgage, deed of trust or any other document, creating and evidencing a second priority Lien on a Mortgaged Property securing the Second Lien Notes, in each case, with such schedules and including such provisions as shall be necessary to conform such document to applicable local or foreign law or as shall be customary under applicable local or foreign law.