Common use of Lien on Real Property Clause in Contracts

Lien on Real Property. The Deed of Trust securing prompt payment and performance of all of the Obligations shall be executed by Borrower in favor of Lender and shall be duly recorded, at Borrower’s expense, in each office where such recording is required to constitute a fully perfected lien on the Real Property covered thereby. Borrower shall deliver to Lender, at Borrower’s expense, mortgagee title insurance policies issued by a title insurance company satisfactory to Lender, which policies shall be in form and substance satisfactory to Lender and shall insure a valid first lien in favor of Lender on the Real Property covered thereby, subject only to those exceptions acceptable to Lender and its counsel. Borrower shall also deliver to Lender such other documents and assurances, including, without limitation, existing survey prints and flood plain certificates of the Real Property, as Lender and its counsel may request relating to the Real Property subject to the Deed of Trust.

Appears in 1 contract

Sources: Loan and Security Agreement (Optical Cable Corp)

Lien on Real Property. The Deed Deeds of Trust securing prompt payment and performance of all of the Obligations shall be executed by Borrower in favor of Lender and shall be duly recorded, at Borrower’s 's expense, in each office where such recording is required to constitute a fully perfected lien on the Real Property covered thereby. Borrower shall deliver to Lender, at Borrower’s 's expense, mortgagee title insurance policies issued by a title insurance company satisfactory to Lender, which policies shall be in form and substance satisfactory to Lender and shall insure a valid first lien in favor of Lender on the Real Property covered thereby, subject only to those exceptions acceptable to Lender and its counsel. Borrower shall also deliver to Lender such other documents and assurances, including, without limitation, existing survey prints and flood plain certificates of the Real Property, as Lender and its counsel may request relating to the Real Property subject to the Deed Deeds of Trust.

Appears in 1 contract

Sources: Loan and Security Agreement (Bontex Inc)