NOUN
- a mortgage that has priority over all mortgages and liens except those imposed by law
How To Use first mortgage In A Sentence
- The winning bidder was a partnership between Normandy Real Estate Partners and Five Mile Capital Partners, which holds the senior portion of $700 million in so-called mezzanine debt, or the part that fills the gap between the first mortgage and a borrower's equity. Half-Price Sale: Boston's Hancock Tower
- Usually, therefore, the second mortgagee persuades the first mortgagee to obtain repayment on the same occasion.
- He remembered the way the old boss, Bill Simon, had treated the first mortgage securities.
- It is believed that, in addition, the rule would be inapplicable if a clause respecting further advances to be made by the first mortgagee was brought to the second mortgagee's attention.
- Mr. Binder had attorned rents to the first mortgagee.
- Fortress used a strategy that is becoming increasingly popular among vulture investors: The private-equity firm first bought at a discount the $70 million controlling senior slice of the so-called mezzanine debt, which fills the gap between equity and the first mortgage. Fortress Swoops Up New York Condo
- At the top of the list is the simple proposition that by adding a reference to the first mortgage as a prior encumbrance the lease was encumbered.
- Usually, therefore, the second mortgagee persuades the first mortgagee to obtain repayment on the same occasion.
