Senior Lien Definition: 679 Samples

Senior Lien definition

Senior Lien.МэWith respect to any Second Mortgage Loan, the mortgage loan relating to the corresponding Property having a first priority lien; and with respect to any Third Mortgage Loan, the mortgage loans relating to the corresponding Property having first and second priority liens.

Mortgage Lien Info Numeric вЂ� Integer 2 99 If Lien Position > 1 See Coding 1 = Fixed Rate 2 = ARM 3 = Hybrid 4 = Neg Am 99 = Unknown 21 Hybrid Period of Most Senior Lien (in months) For non-first mortgages where the associated first mortgage is a hybrid ARM, the number of months remaining in the initial fixed interest rate period for the hybrid first mortgage.
This loan shall constitute a lien and charge upon the Net Revenue junior and subordinate to the lien and charge upon such Net Revenue of any Senior Lien Obligations.
In the event of a default, ECOLOGY may, in its sole discretion, declare the principal of and interest on the loan immediately due and payable, subject to the prior lien and charge of any outstanding Senior Lien Obligation upon the Net Revenue.
That is, the loan is not subject to acceleration so long as any Senior Lien Obligations are outstanding.
The proceeds of any transfer under this paragraph must be used (1) to redeem promptly, or irrevocably set aside for the redemption of, Senior Lien Obligations and to redeem promptly the loan, and (2) to provide for part of the cost of additions to and betterments and extensions of the Utility.

Senior Lien.МэWith respect to any Junior Mortgage Loan, any liens on the related Mortgaged Property of higher priority.

Senior LienМэmeans a prior lien which has precedence as to the property under the lien over another lien or encumbrance.

Senior LienМэmeans the first security interest placed upon a property to secure payment of a debt or performance of an obligation before one or more junior liens;