Common use of Lien Position Clause in Contracts

Lien Position. The related mortgage is a valid, subsisting and enforceable lien on the related Property (including all buildings and improvements on such Property and all installations and mechanical, electrical, plumbing, heating and air conditioning systems located in or annexed to such buildings, and all additions, alterations and replacements made at any time prior to the related Funding Date with respect to the foregoing, but excluding any related personal property), which Property is free and clear of all encumbrances and liens having priority over the lien of such Mortgage, except for (i) any liens of a prior lender described in the Title Policy and Underwriting Transmittal, (ii) liens for real estate taxes and special assessments not yet due and payable, (iii) covenants, conditions and restrictions, rights of way, easements and other matters of public record as of the date of recording of such mortgage which do not materially and adversely (1) affect the value of such Property, and (2) interfere with the related mortgagor's use of such Property for the intended purposes therefor, (iv) leases and subleases pertaining to such Property which the Borrower, in accordance with the Borrower's Guidelines, did not require to be subordinated to the lien of such mortgage, and (iv) other matters to which like properties are commonly subject which do not, individually or in the aggregate, materially interfere with the benefits of the security intended to be provided by such Mortgage ("Permitted Exceptions"). Any security agreement, chattel mortgage or equivalent document related to and delivered in connection with the related Pledged Eligible Asset establishes and creates a valid, subsisting and enforceable lien on and a security interest in the property described therein, and the Borrower has full right to sell and assign the same to the Lender.

Lien Position. The related mortgage is a valid, subsisting and enforceable lien on the related Property (including all buildings and improvements on such Property and all installations and mechanical, electrical, plumbing, heating and air conditioning systems located in or annexed to such buildings, and all additions, alterations and replacements made at any time prior to the related Funding Date with respect to the foregoing, but excluding any related personal property), which Property is free and clear of all encumbrances and liens having priority over the lien of such Mortgage, except for (i) any liens of a prior lender described in the Title Policy and Underwriting Transmittal, (ii) liens for real estate taxes and special assessments not yet due and payable, (iii) covenants, conditions and restrictions, rights of way, easements and other matters of public record as of the date of recording of such mortgage which do not materially and adversely (1) affect the value of such Property, and (2) interfere with the related mortgagor's use of such Property for the intended purposes therefor, (iv) leases and subleases pertaining to such Property which the Borrower, in accordance with the Borrower's Guidelines, did not require to be subordinated to the lien of such mortgage, and (iv) other matters to which like properties are commonly subject which do not, individually or in the aggregate, materially interfere with the benefits of the security intended to be provided by such Mortgage ("Permitted Exceptions"). Any security agreement, chattel mortgage or equivalent document related to and delivered in connection with the related Pledged Eligible Asset establishes and creates a valid, subsisting and enforceable lien on and a security interest in the property described therein, and the Borrower has full right to sell and assign the same to the Lender.