Subordinate Mortgage Default means any act, failure to act, event, conditions, or occurrence which allows (but for any contrary provision of this Agreement), or which with the giving of notice or the passage of time, or both, would allow (but for any contrary provision of this Agreement), Subordinate Lender to take a Subordinate Loan Enforcement Action.
Subordinate Mortgage Default means any act, failure to act, event, condition, or occurrence which allows (but for any contrary provision of this Agreement), or which with the giving of Notice or the passage of time, or both, would allow (butfor any contrary provision of this Agreement), Subordinate Mortgagee to take an Enforcement Action.
Subordinate Mortgage Default means any act, failure to act, event, condition, or occurrence which allows (but for any contrary provision of this Agreement), or which with the giving of Notice or the passage of time, or both, would allow (butfor any contrary provision of this Agreement), Subordinate Mortgagee to take an Enforcement Action.
Examples of Subordinate Mortgage Default 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.