Common use of Priority of Lien Clause in Contracts

Priority of Lien. Each Mortgage Loan has been duly acknowledged and recorded and is a valid and subsisting first lien and the mortgaged property is free and clear of all encumbrances and liens having priority over the lien of the Mortgage Loan, except for (i) liens for real estate taxes and special assessments not yet due and payable, (ii) covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording, acceptable to mortgage lending institutions generally and (iii) other matters to which like properties are commonly subject which do not materially interfere with the benefits of the security intended to be provided by the Mortgage Loan or the use, enjoyment, value or marketability of the related mortgaged property. There are no mechanics or similar liens or claims which have been filed for work, labor or material (and no rights are outstanding that under law could give rise to such lien) affecting the mortgaged property which are or may be liens prior to, or equal or coordinate with, the lien of the Mortgage Loan. A valid mortgagee’s title policy or attorney’s opinion letter which meets Investor Guidelines has been issued and is and shall remain in full force and effect for each such Mortgage Loan in an amount not less than the original principal amount of such Mortgage Loan, which title policy insures that the related Mortgage Loan is a valid first lien on the mortgaged property therein described and that the mortgaged property is free and clear of all encumbrances and liens having priority over the lien of the Mortgage Loan, subject to the exceptions set forth in this subparagraph, and otherwise in compliance with the requirements of the Investors and the applicable insurer. All tax identifications and property descriptions are legally sufficient; tax segregation, where required, has been completed. The failure of Seller or any servicer to have recorded intervening assignments of the Mortgage Loan will not cause a delay in the subsequent release of any Mortgage Loan or otherwise subject Purchaser to any liabilities or costs.

Priority of Lien. Each Mortgage Loan is evidenced by a Mortgage Note and is duly secured by a valid subsisting and enforceable first or second Mortgage lien with the priority described in the data tape or tapes delivered to Purchaser pursuant to Section 2.08 on the related Mortgaged Property (including all buildings and improvements on the Mortgaged 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 with respect to the foregoing), in each case, on such forms and with such terms as comply with all Applicable Servicing Requirements. Each Mortgage Note and lost note affidavit, as applicable, and the related Mortgage is genuine and each is the legal, valid and binding obligation of the maker thereof, enforceable in all material respects in accordance with its terms, subject to bankruptcy, insolvency and similar Applicable Laws affecting generally the enforcement of creditors’ rights and the discretion of a court to grant specific performance. All parties to the Mortgage Note and the Mortgage had legal capacity to execute the Mortgage Note and the Mortgage and each Mortgage Note and Mortgage has been duly acknowledged and recorded and properly executed by such parties The lien of the Mortgage is subject only to: (i) with respect to a valid and subsisting first second lien and the mortgaged property is free and clear of all encumbrances and liens having priority over Mortgage Loan only, the lien of the Mortgage Loan, except for first mortgage on the Mortgaged Property; (iii) liens for the lien of current real estate property taxes and special assessments not yet due and payable, ; (iiiii) covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording, recording acceptable to prudent mortgage lending institutions generally and specifically referred to in the lender’s title insurance policy delivered to the originator of the Mortgage Loan and which do not adversely affect the appraised value of the Mortgaged Property set forth in such appraisal; and (iiiiv) other matters to which like properties are commonly subject which do not materially interfere with the benefits of the security intended to be provided by the Mortgage Loan or the use, enjoyment, value or marketability of the related mortgaged propertyMortgaged Property. There are no mechanics defenses, setoffs or similar liens or claims which have been filed for work, labor or material (and no rights are outstanding that under law could give rise to such lien) affecting the mortgaged property which are or may be liens prior to, or equal or coordinate with, the lien of the Mortgage Loan. A valid mortgagee’s title policy or attorney’s opinion letter which meets Investor Guidelines has been issued and is and shall remain in full force and effect for each such Mortgage Loan in an amount not less than the original principal amount of such counterclaims against any Mortgage Loan, which title policy insures that the related Mortgage Loan nor is a valid first lien on the mortgaged property therein described and that the mortgaged property is free and clear of all encumbrances and liens having priority over the lien of the Mortgage Loan, subject to the exceptions set forth in this subparagraph, and otherwise in compliance with the requirements of the Investors and the applicable insurer. All tax identifications and property descriptions are legally sufficient; tax segregation, where required, has been completed. The failure of Seller or any servicer to have recorded intervening assignments of the Mortgage Loan will not cause a delay in the subsequent release of any Mortgage Loan or otherwise subject Purchaser to any liabilities or costsright of rescission.;

Priority of Lien. Each Mortgage Loan Instrument has been duly acknowledged and recorded and is a valid valid, enforceable and subsisting first or second lien as noted on Exhibit "B," on the Mortgaged Property therein described, and the mortgaged property Mortgaged Property is free and clear of all encumbrances and liens Liens having priority over the lien of the Mortgage Loan, Instrument except for for: (ia) liens for real estate taxes and special assessments not yet due and payable, ; (iib) covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording, acceptable to mortgage lending institutions generally and generally, (iiic) other matters to which like properties are commonly subject which do not materially interfere with the benefits of the security intended to be provided by the Mortgage Loan Instrument or the use, enjoyment, value or marketability of the related mortgaged propertyMortgaged Property, and (d) with respect to second liens, the lien of the first Mortgage Instrument. There All tax identifications and property descriptions are legally sufficient. At the time loans were closed, there were no mechanics mechanics' or similar liens or claims which have been filed for work, labor or material (and no rights are outstanding that under law could give rise to such lien) affecting the mortgaged property any Mortgaged Property which are or may be liens prior to, or equal or coordinate with, the lien of the Mortgage LoanInstrument encumbering such property. A valid mortgagee’s title policy or attorney’s opinion letter which meets Investor Guidelines has been issued Each Security Instrument is a valid, enforceable, and is subsisting first security interest in the Stock in the residential housing corporation and shall remain in full force the Co-op Lease that were pledged to secure the Cooperative Loan related thereto, and effect for each such Mortgage Loan in an amount not less than the original principal amount of such Mortgage Loan, which title policy insures that the related Mortgage Cooperative Loan is a valid first lien on the mortgaged property therein described and that the mortgaged property Property is free and clear of all encumbrances and liens Liens having priority over the lien of the Security Instrument except for the lien of the residential housing corporation for amounts, if any, due under the Co-op Lease. The cooperative housing corporation which is the owner of the Co-op Premises owns a good, marketable and insurable title to such premises free and clear of all liens. The unpaid principal balance of the first and second, if applicable, Mortgage Loan, subject to the exceptions Instrument set forth in this subparagraph, on Exhibit "B" is true and otherwise in compliance with the requirements of the Investors and the applicable insurer. All tax identifications and property descriptions are legally sufficient; tax segregation, where required, has been completed. The failure of Seller or any servicer to have recorded intervening assignments of the Mortgage Loan will not cause a delay in the subsequent release of any Mortgage Loan or otherwise subject Purchaser to any liabilities or costscorrect.

Priority of Lien. Each Mortgage Loan has been duly acknowledged and recorded and is a valid and subsisting first lien lien, excepted as disclosed on Appendix VII attached hereto, and the mortgaged property is free and clear of all encumbrances and liens having priority over the lien of the Mortgage Loan, except for (i) liens for real estate taxes and special assessments not yet due and payable, (ii) covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording, acceptable to mortgage lending institutions generally and (iii) other matters to which like properties are commonly subject which do not materially interfere with the benefits of the security intended to be provided by the Mortgage Loan or the use, enjoyment, value or marketability of the related mortgaged property. There are no mechanics or similar liens or claims which have been filed for work, labor or material (and no rights are outstanding that under law could give rise to such lien) affecting the mortgaged property which are or may be liens prior to, or equal or coordinate with, the lien of the Mortgage Loan. A valid mortgagee’s title policy or attorney’s opinion letter letter, if applicable, which meets Investor Guidelines has been issued and is and shall remain in full force and effect for each such Mortgage Loan in an amount not less than the original principal amount of such Mortgage Loan, which title policy insures that the related Mortgage Loan is a valid first lien on the mortgaged property therein described and that the mortgaged property is free and clear of all encumbrances and liens having priority over the lien of the Mortgage Loan, subject to the exceptions set forth in this subparagraph, and otherwise in compliance with the requirements of the Investors and the applicable insurer. All tax identifications and property descriptions are legally sufficient; tax segregation, where required, has been completed. The failure of Seller or any servicer to have recorded intervening assignments of the Mortgage Loan will not cause a delay in the subsequent release of any Mortgage Loan or otherwise subject Purchaser to any liabilities or costs.