Initial Mortgages definition

Initial Mortgages has the meaning assigned to such term in Section 4.01(a)(v).

Initial Mortgages means the mortgage with respect to the Janesville, WI Parcel and the mortgage with respect to the Glencoe, MN Parcel.

Initial Mortgages means the four individual Mortgage Loans incurred by the Initial Property Owners to acquire the Initial Properties;

Examples of Initial Mortgages in a sentence

• The Acquisition of the MortgagesPurchasePursuant to the terms of the Mortgage Sale Agreement, First Active will agree to sell to the Issuer on the Closing Date its beneficial interest in the Initial Mortgages and any security for their repayment but excluding the right to receive any early repayment fees, Pre-Closing Interest and insurance premiums.

• The following is a summary of the principal terms of the Initial Mortgages: Borrower Guarantor Loan Amount Lenders for the Additional Mortgage Loans are expected to be U.S.-based banks, life insurance companies and pension funds unrelated to the Manager.

• The consideration attributable to the outstanding principal balances of the Initial Mortgages will be paid by the Issuer on the Closing Date.

• The Fund’s mortgage debt is limited to recourse to the specific property.The mortgage financing for the Initial Properties consists of the Initial Mortgages, each of which was assumed by Fannie Mae, as Lender, immediately following the acquisition of the Initial Properties.

• Prior to the Closing Date, First Active shall exclude from the Mortgage Pool all Mortgages in the Provisional Mortgage Pool which (a) are fully redeemed or (b) do not comply with the Lending Criteria or with the Warranties to be given pursuant to the Mortgage Sale Agreement in order to determine the Initial Mortgages to be sold on the Closing Date.

More Definitions of Initial Mortgages

Initial Mortgages shall have the meaning assigned to such term in Section 6.01.

Initial Mortgages means the mortgages and deeds of trust in favor of the Administrative Agent encumbering the Initial Mortgaged Real Estate.

Initial Mortgages has the meaning specified in Section 3.1(j)(i).

Initial Mortgages means those certain Mortgages to be executed and delivered pursuant to the Post Closing Requirements, by Borrower to Administrative Agent, for its benefit and the benefit of Lenders, each in form and substance reasonably satisfactory to Administrative Agent and its counsel (including local counsel).

Initial Mortgages has the meaning specified in Section 5.1(i).

Initial Mortgages means deeds of trust and/or mortgages on the 25 Properties. To the extent that one or more properties that are included in the 25 Properties are subject to a First Union Mortgage, such First Union Mortgage shall be amended and restated on the Closing Date.

Initial Mortgages collectively, the first and second Mortgages executed by each of the Initial Borrowers, each Initial Borrower having executed a first and second Mortgage encumbering the Initial Property owned by such Initial Borrower.