subject to mortgage


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subject to mortgage

A conveyance of property will be subject to an existing mortgage if the purchaser has actual or constructive notice of it, e.g., if a mortgage of real property has been recorded in the land records. If there is a default in mortgage payments, the mortgagee may fore-close. The new owner usually keeps up the mortgage payments in order to preserve his interest in the property. But if he decides not to do so (if, for example, the property’s value drops below that of the amount still unpaid on the mortgage), he is not personally liable to make the mortgage payments unless he has agreed to do so. See assumption of mortgage.
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The seven previously owned assisted living communities were subject to mortgage indebtedness which was repaid upon closing.
The community was previously owned subject to mortgage financing and is now leased by Emeritus Corp.
In addition, the company acquired seven skilled nursing facilities in Alabama and Washington with a total of 637 beds subject to mortgage loans totaling approximately $13.
With the continuation of a period of more stable mortgage market performance, the Company has made substantial progress on its plans to implement alternative investment activity not subject to mortgage prepayment risks and is continuing discussions and evaluations of several business combination proposals.
Moreover, the IRS's revenue rulings under section 4941 were inapposite because that section contains no definition of a sale or exchange; the only definition in the pertinent Code provisions is found in section 4975(f)(3) - and it only encompasses transfers subject to mortgages or liens.
As additional consideration, SRG will transfer to AMIN all of its five real estate properties owned by SRG, subject to mortgages and related liabilities of approximately $1,300,000.
The properties had a net book value of approximately Cdn$22 million and were subject to mortgages aggregating approximately Cdn$18 million.
The three nursing homes are all subject to mortgages which have been securitized.