Common use of Priority of Lien Clause in Contracts

Priority of Lien. a. Except for real estate taxes and assessments until any delinquency therein (delinquency, with reference to such taxes and assessments being hereby defined, for the purposes of this Mortgage, as meaning the time when, on the non-payment thereof, interest or penalties commence to accrue), the Mortgagor shall not create or to permit any encumbrance on the Property even if such encumbrance is inferior to this Mortgage. The foregoing prohibition shall include Leases. b. Without limiting the generality of the provisions of Subparagraph above, the Mortgagor shall keep the Property free from any attachments, lis pendens or mechanics', materialmen's or other liens or encumbrances of any kind other than those approved by the Mortgagee, whether such liens or encumbrances be prior or subordinate to this Mortgage. Without limitation, the filing of a notice of federal or state tax lien with the Mortgagee or at the office at which, by law, such notice is to be filed to be effective against the Real Estate, whether or not such lien applies, in terms, to the Real Estate shall be a breach of this Paragraph. Without limitation, the Mortgagor shall pay and discharge all claims for labor done and material and services furnished to or performed upon the Property, and shall take all other steps necessary to prevent the assertion of claims of liens against the Property or any part thereof or any right or interest therein. Nothing herein contained shall require the Mortgagor to pay any claims for labor, materials, or services that the Mortgagor in good faith disputes and that the Mortgagor, at its own expense, is currently and diligently contesting; provided, however, that the Mortgagor shall, not later than fifteen (15) days after Mortgagor's receipt of notice, or Mortgagor's acquiring actual knowledge, whichever occurs earlier, of the filing of any claim of lien that is disputed or contested by Mortgagor with respect to the Property, post a bond sufficient to dissolve or release such claim of lien, or take such other action as may be requested or approved by the Mortgagee to dissolve or release such claim of lien.

Priority of Lien. a. Except for real estate taxes Payment of Taxes. Until the Obligations have been paid in full, this Mortgage always shall be kept a first lien upon the Mortgaged Property as from time to time constituted, and assessments until any delinquency therein (delinquencysenior to all liens, with reference to such taxes and assessments being hereby defined, for the purposes of this Mortgage, as meaning the time when, on the non-payment thereof, interest or penalties commence to accrue), the Mortgagor shall Borrower will not create or suffer to permit be created any encumbrance on the Property even if such encumbrance is inferior to this Mortgage. The foregoing prohibition shall include Leases. b. Without limiting the generality of the provisions of Subparagraph above, the Mortgagor shall keep the Property free from any attachments, lis pendens lien or mechanics', materialmen's or other liens or encumbrances charge of any kind other than those approved by the Mortgagee, whether such liens or encumbrances be prior or subordinate to this Mortgage. Without limitation, the filing of a notice of federal or state tax lien with the Mortgagee or at the office at which, by law, such notice is to be filed to be effective against the Real Estate, whether or not such lien applies, in terms, to the Real Estate shall be a breach of this Paragraph. Without limitation, the Mortgagor shall pay and discharge all claims for labor done and material and services furnished to or performed nature whatsoever upon the Property, and shall take all other steps necessary to prevent the assertion of claims of liens against the Mortgaged Property or any part thereof or upon the income or proceeds therefrom. The Borrower shall from time to time pay or cause to be paid as they become due and payable all taxes, fees, assessments and governmental charges lawfully levied, assessed or imposed upon the Mortgaged Property or any right part thereof or upon any income or proceeds therefrom and all taxes, fees, assessments and governmental charges lawfully levied or assessed or imposed upon the security interest therein. Nothing herein contained shall require of the Mortgagor to pay any claims for laborMortgagee in the Mortgaged Property, materials, or services so that the Mortgagor lien of and security interest created by this Mortgage shall, until the Obligations have been paid in good faith disputes full, be wholly preserved at the cost of the Borrower and that without expense to the Mortgagor, at its own expense, is currently and diligently contestingMortgagee. The Borrower shall not suffer any other matter or thing whatsoever whereby the lien of or security interest created by this Mortgage might be impaired; provided, however, that nothing in this Section shall require the Mortgagor shallBorrower to discharge any lien for taxes, assessments or governmental charges that are not later than fifteen (15) days after Mortgagor's receipt of noticedelinquent or that in good faith are being contested or litigated by appropriate proceedings, or Mortgagor's acquiring actual knowledgeand pending such contest, whichever occurs earlierthe Borrower may defer the payment thereof, so long as such deferment in payment shall not, in the reasonable opinion of the filing of Mortgagee, subject the property or any claim of lien that is disputed part thereof to forfeiture or contested by Mortgagor with respect to loss and the Property, post a bond sufficient to dissolve or release such claim of lien, or take such other action as may be requested or approved Borrower shall have on its books reserves deemed by the Mortgagee to dissolve adequate with respect thereto or release such claim of lienthe Borrower shall otherwise post adequate security.

Priority of Lien. a. 1. Except for real estate taxes and assessments until any delinquency therein (delinquency, with reference to such taxes and assessments being hereby defined, for the purposes of this Mortgage, as meaning the time when, on the non-payment thereof, interest or penalties commence to accrue), the Mortgagor shall not create or to permit any encumbrance on the Property even if such encumbrance is inferior to this Mortgage. The foregoing prohibition shall include Leases. b. 2. Without limiting the generality of the provisions of Subparagraph above, the Mortgagor shall keep the Property free from any attachments, lis pendens or mechanics', materialmen's or other liens or encumbrances of any kind other than those approved by the Mortgagee, whether such liens or encumbrances be prior or subordinate to this Mortgage. Without limitation, the filing of a notice of federal or state tax lien with the Mortgagee or at the office at which, by law, such notice is to be filed to be effective against the Real Estate, whether or not such lien applies, in terms, to the Real Estate shall be a breach of this Paragraph. Without limitation, the Mortgagor shall pay and discharge all claims for labor done and material and services furnished to or performed upon the Property, and shall take all other steps necessary to prevent the assertion of claims of liens against the Property or any part thereof or any right or interest therein. Nothing herein contained shall require the Mortgagor to pay any claims for labor, materials, or services that the Mortgagor in good faith disputes and that the Mortgagor, at its own expense, is currently and diligently contesting; provided, however, that the Mortgagor shall, not later than fifteen (15) days after Mortgagor's receipt of notice, or Mortgagor's acquiring actual knowledge, whichever occurs earlier, of the filing of any claim of lien that is disputed or contested by Mortgagor with respect to the Property, post a bond sufficient to dissolve or release such claim of lien, or take such other action as may be requested or approved by the Mortgagee to dissolve or release such claim of lien.

Priority of Lien. a. Except All sums assessed against any Owner pursuant to this Declaration, together with court costs, reasonable attorneys’ fees, late charges, and interest as provided herein, shall be secured by an equitable charge and continuing lien on such Owner’s Parcel in favor of the party to whom the Parking Assessment is owed. Such lien shall be superior to all other liens and encumbrances on such Parcel except only for: (i) liens of ad valorem taxes; and (ii) a lien for real estate taxes all sums unpaid on a first priority Mortgage, on any secondary purchase money Mortgage, or on any Mortgage to Declarant, and assessments until all amounts advanced pursuant to any delinquency therein (delinquency, such Mortgage and secured thereby in accordance with reference the terms of such instrument. The subordination of the lien for Parking Assessments to the foregoing Mortgages shall apply only to Parking Assessments that have become due and payable prior to a sale or transfer of the mortgaged interest in and to such taxes Parcel pursuant to a Foreclosure. From and assessments being hereby defined, for after the purposes date the holder of this a Mortgage, as meaning or its successor, assignee or designee, or the time whenacquirer upon Foreclosure, on the non-payment thereof, interest or penalties commence to accrue), the Mortgagor shall not create or to permit any encumbrance on the Property even if such encumbrance is inferior to this Mortgage. The foregoing prohibition shall include Leases. b. Without limiting the generality takes possession of the provisions Parcel or succeeds to the Owner’s interest in the Parcel, whether by Foreclosure or otherwise, such holder or its successor, assignee or designee, or the acquirer upon Foreclosure, shall be deemed an Owner of Subparagraph abovethe Parcel and liable for all Parking Assessments on that Parcel assessed after, the Mortgagor shall keep the Property free from any attachmentsaccruing after, lis pendens or mechanics'allocable to periods of time after that date. All Persons acquiring Mortgages, materialmen's or other liens or encumbrances on any Parcel after the effective date of any kind other than those approved by the Mortgageethis Declaration shall be deemed to have subordinated such Mortgages, whether such liens or encumbrances be prior or subordinate to this Mortgage. Without limitation, liens for post-Foreclosure Parking Assessments as provided in the filing of a notice of federal or state tax lien with the Mortgagee or at the office at which, by law, such notice is to be filed to be effective against the Real Estateimmediately preceding sentence, whether or not such lien applies, in terms, to the Real Estate subordination shall be a breach of this Paragraph. Without limitation, the Mortgagor shall pay and discharge all claims for labor done and material and services furnished to specifically set forth in such Mortgages or performed upon the Property, and shall take all other steps necessary to prevent the assertion of claims of instruments creating such liens against the Property or any part thereof or any right or interest therein. Nothing herein contained shall require the Mortgagor to pay any claims for labor, materials, or services that the Mortgagor in good faith disputes and that the Mortgagor, at its own expense, is currently and diligently contesting; provided, however, that the Mortgagor shall, not later than fifteen (15) days after Mortgagor's receipt of notice, or Mortgagor's acquiring actual knowledge, whichever occurs earlier, of the filing of any claim of lien that is disputed or contested by Mortgagor with respect to the Property, post a bond sufficient to dissolve or release such claim of lien, or take such other action as may be requested or approved by the Mortgagee to dissolve or release such claim of lienencumbrances.

Priority of Lien. a. Except for real estate taxes and assessments until any delinquency therein (delinquency, with reference to such taxes and assessments being hereby defined, for the purposes of this Mortgage, as meaning the time when, on the non-payment thereof, interest or penalties commence to accrue), the The Mortgagor shall not create or to permit any encumbrance on the Property even if such encumbrance is inferior to this Mortgage. The foregoing prohibition shall include Leases. b. Without limiting the generality of the provisions of Subparagraph above, the Mortgagor shall keep the Property free from cause any attachments, lis pendens or mechanics', materialmen's or other liens or encumbrances of any kind other than those approved by to attach to the MortgageeProperty after the date hereof, whether such liens or encumbrances be prior or subordinate to this Mortgage. Without limitation, the filing of a notice of federal or state tax lien with the Mortgagee or at the office at which, by law, such notice is to be filed to be effective against the Real Estate, whether or not such lien applies, in terms, to the Real Estate shall be a breach of this Paragraph. Without limitation, the Mortgagor shall pay and discharge all claims for labor done and material and services furnished to or performed upon the PropertyProperty alleged to have been furnished to or for Mortgagor, and shall take all other steps necessary to prevent the assertion of claims of liens against the Property or any part thereof or any right or interest therein. Nothing herein contained shall require the Mortgagor to pay any claims for labor, materials, or services that the Mortgagor in good faith disputes and that the Mortgagor, at its own expense, is currently and diligently contesting; provided, however, that the Mortgagor shall, not later than fifteen thirty (1530) days after Mortgagor's receipt of notice, or Mortgagor's acquiring actual knowledge, whichever occurs earlier, of the filing of any claim of lien that is disputed or contested by Mortgagor with respect to the Property, post a bond sufficient to dissolve or release such claim of lien, or take such other action as may be requested or approved by the Mortgagee to dissolve or release such claim of lien. Mortgagor agrees to indemnify Mortgagee with respect to any loss cost or damages sustained by Mortgagee (including, without limitation, reasonable attorneys' fees to be paid as incurred) as a result of Mortgagee's failure to comply with the provisions of this Section.

Priority of Lien. a. Except for real estate taxes and assessments until any delinquency therein (delinquency, with reference to such taxes and assessments being hereby defined, for the purposes of this Mortgage, as meaning the time when, on the non-payment thereof, interest or penalties commence to accrue), the Mortgagor The Trustor shall not create or to permit any encumbrance on the Property even if such encumbrance is inferior to this Mortgage. The foregoing prohibition shall include Leases. b. Without limiting the generality of the provisions of Subparagraph above, the Mortgagor shall keep the Property free from cause any attachments, lis pendens or mechanics', materialmen's or other liens or encumbrances of any kind other than those approved by to attach to the MortgageeProperty after the date hereof, whether such liens or encumbrances be prior or subordinate to this MortgageDeed of Trust. Without limitation, the filing of a notice of federal or state tax lien with the Mortgagee or at the office at which, by law, such notice is to be filed to be effective against the Real Estate, whether or not such lien applies, in terms, to the Real Estate shall be a breach of this Paragraph. Without limitation, the Mortgagor Trustor shall pay and discharge all claims for labor done and material and services furnished to or performed upon the PropertyProperty alleged to have been furnished to or for Trustor, and shall take all other steps necessary to prevent the assertion of claims of liens against the Property or any part thereof or any right or interest therein. Nothing herein contained shall require the Mortgagor Trustor to pay any claims for labor, materials, or services that the Mortgagor Trustor in good faith disputes and that the MortgagorTrustor, at its own expense, is currently and diligently contesting; provided, however, that the Mortgagor Trustor shall, not later than fifteen ninety (1590) days after MortgagorTrustor's receipt of notice, or MortgagorTrustor's acquiring actual knowledge, whichever occurs earlier, of the filing of any claim of lien that is disputed or contested by Mortgagor Trustor with respect to the Property, post a bond sufficient to dissolve or release such claim of lien, or take such other action as may be requested or approved by the Mortgagee Beneficiary to dissolve or release such claim of lien. Trustor agrees to indemnify Beneficiary with respect to any loss cost or damages sustained by Beneficiary (including, without limitation, reasonable attorneys' fees to be paid as incurred) as a result of Beneficiary's failure to comply with the provisions of this Section. Pursuant to the Transaction Documents (as defined below), Trustor has a put right to sell one or more Site(s) back to the original owner under certain conditions. Each time, if ever, Trustor exercises any of its put rights, Beneficiary agrees to release all liens and claims on the Site(s) (together with all other assets and lease(s) related to such Site(s)) being sold pursuant to such exercise of put rights, provided however, that 100% of the net proceeds (after any closing expenses) are applied to the principal balance of the A Note.