Prior Lien Sample Clauses
A Prior Lien clause establishes that a specific lien or security interest takes precedence over other liens or claims on the same property or asset. In practice, this means that if the property is sold or foreclosed upon, the holder of the prior lien is paid first from the proceeds before any subordinate lienholders receive payment. This clause is commonly used in real estate and secured lending to clarify the order of repayment among multiple creditors. Its core function is to allocate risk and ensure clarity regarding the priority of claims, thereby protecting the interests of the primary lender or creditor.
Prior Lien. The Security Instrument securing the Note in favor of Lender, and any modifications, renewals or extensions thereof (including, without limitation, any modifications, renewals or extensions with respect to any additional advances made subject to the Security Instrument), shall unconditionally be and at all times remain a lien on the Property prior and superior to the Lease;
Prior Lien. The Deed of Trust securing the Note in favor of Lender, and any modifications, renewals or extensions thereof, shall unconditionally be and at all times remain a lien on the Property prior and superior to the Lease;
Prior Lien. The Mortgage, and any modifications, renewals or extensions thereof, shall unconditionally be and at all times remain a lien or charge on the Property prior and superior to the Lease.
Prior Lien. The Mortgage securing the Note, and any modifications, renewals or extensions thereof, shall unconditionally be and at all times remain a lien on the Property prior and superior to the Lease;
Prior Lien. The Deed of Trust securing the Amended Notes in favor of Administrative Agent, for the benefit of Lenders, and any modifications, renewals or extensions thereof (including, without limitation, any modifications, renewals or extensions with respect to any additional advances made subject to the Deed of Trust), shall unconditionally be and at all times remain a lien on the Property prior and superior to the Lease;
Prior Lien. The Mortgage securing the Note in favor of Administrative Agent, and any modifications, renewals or extensions thereof, shall unconditionally be and at all times remain a lien on the Property prior and superior to the Lease;
Prior Lien. In the event that the Mortgagee or beneficiary of any such mortgage or deed of trust elects to have this Lease a prior lien to its mortgage or deed of trust, then and in such event, upon such Mortgagee's or beneficiary's giving written notice to Tenant to that effect, this Lease shall be deemed prior in lien to such mortgage or deed of trust, whether this Lease is dated prior to or subsequent to the date of recordation of such mortgage or deed of trust.
Prior Lien. The occurrence of any default under the terms and conditions of the Prior Lien.
Prior Lien. Lessee hereby agrees (and Lessor hereby consents to such agreement) that the Deed of Trust securing the Note in favor of Administrative Agent, and any modifications, renewals or extensions thereof (including, without limitation, any modifications, renewals or extensions with respect to any additional advances made subject to the Deed of Trust), shall unconditionally be and at all times remain a lien on the Property prior and superior to the Lease;
Prior Lien. The Lease and all Transaction Documents are and at all times shall remain a lien and/or encumbrance on the applicable portion of the Resort Property prior and superior to the Deed of Trust, and the Deed of Trust shall be subject to and subordinate to the Lease and all Transaction Documents in all respects.