Subordinate Mortgages definition

Subordinate Mortgages means each Subordinate Mortgage, Deed of Trust, Assignment, Security Agreement, Financing Statement and Fixture Filing delivered by a Guarantor in favor of the Borrower to secure any Indebtedness of such Guarantor owing to the Borrower outstanding from time to time including, without limitation, each Subordinate Mortgage, Deed of Trust, Assignment, Security Agreement, Financing Statement and Fixture Filing dated as May 11, 2005 described in the Security Schedule.
Sample 1
Subordinate Mortgages means the 15 separate security instruments in --------------------- favor of Subordinate Creditor executed by the Borrower and granting a second lien to Subordinate Creditor with respect to the Sites.
Sample 1
Subordinate Mortgages means each Subordinate Mortgage, Deed of Trust, Assignment, Security Agreement, Financing Statement and Fixture Filing delivered by a Guarantor in favor of the Borrower to secure any Indebtedness of such Guarantor owing to the Borrower outstanding from time to time including, without limitation, (i) each Subordinate Mortgage, Deed of Trust, Assignment, Security Agreement, Financing Statement and Fixture Filing dated as December 17, 2001, described in the Security Schedule as (or as intended to be) assigned and amended pursuant to the Assignment of Secured Indebtedness and the Subordinate Mortgage Assignment and Amendment, and (ii) each Subordinate Mortgage, Deed of Trust, Assignment, Security Agreement, Financing Statement and Fixture Filing dated as February 25, 2004 described in the Security Schedule.
Sample 1

Examples of Subordinate Mortgages in a sentence

  • Pursuant and subject to the other terms of this Agreement, McDonald's consents to the Subordinate Mortgages.

  • The Other Notes, the Loan Agreement (as it relates to the Other Indebtedness), the Subordinate Mortgage, the Other Subordinate Mortgages, the Subordinate Assignment, the Other Subordinate Assignments, and all other documents evidencing, securing or relating to the payment of the Other Indebtedness or performance of the Other Obligations.

  • Ineligible Subordinate Mortgages: • Investment properties with subordinate financing.• Subordinate mortgages subject to an interest rate buydown plan.• Subordinate mortgages that allow negative amortization.• Subordinate mortgages that involved graduated or variable payments.• Subordinate mortgages that have wraparound terms.• Subordinate mortgages through a Community Second Mortgage/Down Payment Assistance Program.• Subordinate mortgages held by the property seller.• Any type of tax or judgment lien.

  • The Payment Guarantees and the Liens of the Subordinate Mortgages shall be released in accordance with the terms and provisions set forth in the Payment Guarantees.

  • All amounts paid by the Subordinate Lender to the County to cure a Senior 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 Mortgages.

  • Ineligible Subordinate Mortgages: • Interest rate buydown plan.• Negative amortization.• Closed-end with Balloon payments.• HELOCs cannot have a balloon or call option within five years of the date of the Note.• Graduated or variable payments.• Equity sharing or wraparound terms.• Community Second Mortgage/Down Payment Assistance Program.• Seconds held by the property seller.• Any type of tax or judgment lien.

  • Upon the payment of the Loan in full, Lender will release all Other Subordinate Mortgages on Other Properties with respect to this Loan and the Subordinate Mortgage.

  • Ineligible Subordinate Mortgages:  Interest rate buydown plan. Negative amortization. Closed-end with Balloon payments. HELOCs cannot have a balloon or call option within five years of the date of the Note. Graduated or variable payments. Equity sharing or wraparound terms. Community Second Mortgage/Down Payment Assistance Program. Seconds held by the property seller. Any type of tax or judgment lien.

  • The Subordinate Lender, the County 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 (i) evidence that the Subordinate Mortgages are subordinate to the lien, covenants and conditions of the Senior Mortgage or (ii) further evidence the intent of this Agreement.

  • Any assignment of rents or leases given in conjunction with the Subordinate Mortgages are and shall in all respects be subject and subordinate to the Senior Mortgages and to any assignment of rents or leases given in conjunction with the Senior Mortgages.


More Definitions of Subordinate Mortgages

Subordinate Mortgages means those subordinate mortgages encumbering the Mortgaged Properties as more specifically described on Schedule IX.
Sample 1
Subordinate Mortgages means the mortgages or deeds of trust encumbering the Property as security for the Subordinate Loans, which were previously recorded in the applicable land records.
Sample 1
Subordinate Mortgages means the Open-End Mortgage, Security Agreement and Assignment of Leases and Rents given by the Borrower to Seller on each of the Project Properties, to secure the Borrower's and Balanced Care's respective obligations under the Deferred Purchase Price Note and the BCC Note, respectively. The Subordinate Mortgages are subordinate to the Mortgages and shall constitute second priority liens on the Project Properties.
Sample 1
Subordinate Mortgages means each Subordinate Mortgage, Deed of Trust, Assignment, Security Agreement, Financing Statement and Fixture Filing heretofore delivered by a Guarantor in favor of the Borrower to secure any Indebtedness of such Guarantor owing to the Borrower outstanding including, without limitation, (i) each Subordinate Mortgage, Deed of Trust, Assignment, Security Agreement, Financing Statement and Fixture Filing dated as December 17, 2001, as assigned and amended, and (ii) each Subordinate Mortgage, Deed of Trust, Assignment, Security Agreement, Financing Statement and Fixture Filing dated as February 25, 2004.
Sample 1

Related to Subordinate Mortgages

  • Subordinate Debt means indebtedness secured hereby or by any Supplemental Indenture which is by its terms expressly subordinate and inferior hereto both in lien and right of payment.

  • Existing Mortgages means any mortgage, deed of trust or deed delivered pursuant to the Existing Credit Agreement including any amendments, modifications, restatements or assignments thereof.

  • Mortgages means, individually and collectively, one or more mortgages, deeds of trust, or deeds to secure debt, executed and delivered by Borrower or its Subsidiaries in favor of Agent, in form and substance reasonably satisfactory to Agent, that encumber the Real Property Collateral.

  • Subordinate Note means each B Note.

  • Reverse mortgage means a nonrecourse loan under which both of the following apply:

  • Subordinate Notes means the B Notes and the C Notes, individually or collectively, as the context may require.

  • Mortgage Debt means (i) debt secured only by real property at the time of the MSPLF Loan’s origination;2 and (ii) limited recourse equipment financings (including equipment capital or finance leasing and purchase money equipment loans) secured only by the acquired equipment.

  • Existing Mortgage has the meaning specified in Section 5.02(a)(vi).

  • Second Lien Mortgage Loan A Mortgage Loan secured by a second lien Mortgage on the related Mortgaged Property.

  • First Mortgage means a Mortgage that constitutes a first Lien on the real property and improvements described in or covered by that Mortgage.

  • Subordinate Obligations means, collectively, the Subordinate Notes and any Other Subordinate Obligations.

  • Facility Mortgage As defined in Section 13.1.

  • Subordinate Companion Loan A Companion Loan that, to the extent provided in the related Loan Documents and/or the related Co-Lender Agreement, is generally subordinate in right of payment to the related Split Mortgage Loan. The only Subordinate Companion Loans related to the Trust as of the Closing Date are evidenced by the Notes identified in the Loan Combination Table under the column heading “Subordinate Companion Loan(s),” each of which Notes evidences a separate Subordinate Companion Loan.

  • Ship Mortgage means a Ship Mortgage or Additional Ship Mortgage substantially in the form of Exhibit E-2 to the 2008 Credit Agreement (with such changes as are reasonably consented to by the Collateral Agent to account for local law matters) made by the applicable Loan Party in favor of Collateral Agent for the benefit of the Secured Parties, as the same may be amended, supplemented or otherwise modified from time to time, together with an Earnings Assignment and an Insurance Assignment made by the applicable Loan Party for each Mortgaged Vessel, and such other agreements reasonably acceptable to Collateral Agent as shall be necessary to comply with applicable requirements of law and effective to grant in favor of Collateral Agent for the benefit of the Secured Parties a first preferred mortgage within the meaning of the Ship Mortgage Act on the Mortgaged Vessel covered thereby, subject only to Permitted Liens.

  • Mortgage shall have the meaning assigned to such term in the recitals.

  • Subordinate Bonds means all Bonds but Senior Bonds.

  • Fee Mortgage Any mortgage, pledge agreement, security agreement, assignment of leases and rents, fixture filing or similar document creating or evidencing a lien on Landlord’s interest in the Leased Property or any portion thereof (or an indirect interest therein, including without limitation, a lien on direct or indirect interests in Landlord) in accordance with the provisions of Article XXXI hereof.

  • First Lien Mortgage Loan A Mortgage Loan secured by a first lien Mortgage on the related Mortgaged Property.

  • Purchase Money Mortgage means a mortgage secured by a first lien or junior lien taken or retained by the seller of real property to secure all or part of the purchase price of the property.

  • Mortgage Instruments means such title reports, title insurance, opinions of counsel, surveys, appraisals and environmental reports as are requested by, and in form and substance reasonably acceptable to, the Administrative Agent from time to time.

  • Subordinate Loan Documents means the Subordinate Note, the Subordinate Mortgage, and all other documents at any time evidencing, securing, guaranteeing, or otherwise delivered in connection with the Subordinate Indebtedness.

  • Group 3 Mortgage Loans Those Mortgage Loans identified on the Mortgage Loan Schedule as Group 3 Mortgage Loans.

  • Subordinate means, with respect to an obligation (the “Subordinated Obligation”) and another obligation of the obligor thereon to which such obligation is being compared (the “Senior Obligation”), a contractual, trust or similar arrangement (without regard to the existence of preferred creditors arising by operation of law or to collateral, credit support, lien or other credit enhancement arrangements or provisions regarding the application of proceeds of any of the foregoing) providing that (i) upon the liquidation, dissolution, reorganization or winding up of the obligor, claims of the holders of the Senior Obligation will be satisfied prior to the claims of the holders of the Subordinated Obligation or (ii) the holders of the Subordinated Obligation will not be entitled to receive or retain payments in respect of their claims against the obligor at any time that the obligor is in payment arrears or is otherwise in default under the Senior Obligation.

  • Pool 1 Mortgage Loans Any Mortgage Loan in Pool 1.

  • Blanket Mortgage The mortgage or mortgages encumbering a Cooperative Property.

  • Group 3 Mortgage Loan Each Mortgage Loan listed on Exhibit D-3 hereto.