ENCUMBERING TITLE. Developer shall not do any act which shall in any way encumber the title of City in and to the City Lot, nor shall the interest or estate of City in the City Lot be in any way subject to any claim by way of lien or encumbrance, whether by operation of law or by virtue of any express or implied contract by Developer, provided however, that Developer is permitted to convey its interest in the City Lot to any lender, on a collateral basis for the purpose of securing the repayment of monies secured by a mortgage of the Condominium Building. Any claim to, or lien upon, the City Lot arising from any act or omission of Developer (including a conveyance referenced in the preceding sentence) shall accrue only against the easement rights of Developer and shall be subject and subordinate to the paramount title and rights of City in and to the City Lot.
Appears in 2 contracts
Sources: Parking Agreement, Parking Agreement