Common use of Priority Lien Clause in Contracts

Priority Lien. Upon Closing, Remainderman I shall have a remainder interest in the land comprising the Dapper I Substitute Properties, all free and clear of all liens, encumbrances, charges and security interests of any nature whatsoever, except the Permitted Exceptions. Upon Closing, FFC shall have a first priority lien upon and security interest in each of the Dapper I Substitute Properties pursuant to the Dapper I Substitute Mortgages and the Dapper I Substitute UCC-1

Priority Lien. Upon Closing, Remainderman I II shall have a remainder interest in the land comprising the Dapper I II Substitute Properties, all free and clear of all liens, encumbrances, charges and security interests of any nature whatsoever, except the Permitted Exceptions. Upon Closing, FFC shall have a first priority lien upon and security interest in each of the Dapper I II Substitute Properties pursuant to the Dapper I II Substitute Mortgages and the Dapper I II Substitute UCC-1

Priority Lien. Upon Closing, Remainderman I III shall have a remainder interest in the land comprising the Dapper I III Substitute Properties, all free and clear of all liens, encumbrances, charges and security interests of any nature whatsoever, except the Permitted Exceptions. Upon Closing, FFC Wamu shall have a first priority lien upon and security interest in each of the Dapper I III Substitute Properties pursuant to the Dapper I III Substitute Mortgages and the Dapper I III Substitute UCC-1