Subordinate Mortgage definition

Subordinate Mortgage. Any mortgage, deed of trust, pledge, lien (statutory, constitutional, or contractual), security interest, encumbrance or charge, or conditional sale or other title retention agreement, covering all or any portion of the Mortgaged Property executed and delivered by Borrower, the lien of which is subordinate and inferior to the lien of the Deed of Trust.

Subordinate Mortgage means a mortgage or deed of trust securing an original principal amount not

Subordinate Mortgage means the Subordinate Multifamily Deed of Trust, Security Agreement and Fixture Filing dated of even date with this Indenture, executed by the Borrower for the benefit of the Trustee and the Issuer as security for the Borrower’s obligations under the Financing Agreement other than repayment of principal and interest on the Mortgage Note.

Examples of Subordinate Mortgage in a sentence

• Subordinate Lender acknowledges that a Subordinate Mortgage Default constitutes a Senior Mortgage Default.

• Accordingly, upon the occurrence of a Subordinate Mortgage Default, Subordinate Lender will be deemed to have actual knowledge of a Senior Mortgage Default.

• The Subordinate Xxxxxx, the Senior Lender and the Borrower each agree, at the Borrower’s expense, to execute and deliver all additional instruments and/or documents reasonably required by any other party to this Agreement in order to evidence that the Subordinate Mortgage is subordinate to the lien, covenants and conditions of the First Mortgage, or to further evidence the intent of this Agreement.

• All amounts paid by the Subordinate Lender to the Senior Lender to cure a First Mortgage Loan Default shall be deemed to have been advanced by the Subordinate Lender pursuant to, and shall be secured by the lien of, the Subordinate Mortgage.

• The Borrower agrees that, after it receives notice (or otherwise acquires knowledge) of a First Mortgage Loan Default, it will not make any payments under or pursuant to the Subordinate Loan Documents (including but not limited to principal, interest, additional interest, late payment charges, default interest, attorney’s fees, or any other sums secured by the Subordinate Mortgage) without the Senior Lender’s prior written consent.

More Definitions of Subordinate Mortgage

Subordinate Mortgage means a Mortgage that constitutes a Lien that is not a first Lien on the real property and improvements described in or covered by that Mortgage.

Subordinate Mortgage means the mortgage, deed of trust or deed to secure debt encumbering the Mortgaged Property as security for the Subordinate Loan, which Subordinate Lender will cause to be recorded among the applicable land records immediately before this Agreement.

Subordinate Mortgage means the recorded mortgage securing the HOP Loan which is subordinante to the First Mortgage.

Subordinate Mortgage means any mortgage, deed of trust, pledge, lien (statutory, constitutional, or contractual), security interest, encumbrance or charge, or conditional sale or other title retention agreement, covering all or any portion of the Mortgaged Property executed and delivered by Borrower, the lien of which is subordinate and inferior to the lien of the Deed of Trust.

Subordinate Mortgage means a Second Mortgage or a Third Mortgage.

Subordinate Mortgage means a mortgage or deed of trust securing an original principal amount not exceeding $150,000, encumbering or conveying an interest in residential real estate containing not more than one dwelling unit that is subordinate in priority (i) under subdivision A 1 of § 55.1-407 or (ii) as a result of a previous refinancing.

Subordinate Mortgage means that certain [INSERT NAME OF SECURITY INSTRUMENT], dated [INSERT DATE], from Borrower to Subordinate Lender securing the Subordinate Note.