Common use of Priority of Mortgages Clause in Contracts

Priority of Mortgages. The Mortgages constitute a valid first lien against Borrower's and Lessee's respective interests in the real and personal property described therein, prior to all other liens or encumbrances, including those which may hereafter accrue, excepting only Permitted Liens and except as set forth on Schedule 3.9, none of which Permitted Liens or other Liens materially interfere with the security intended to be provided by the Mortgages or the current use of the Property and the Improvements.

Priority of Mortgages. The Mortgages constitute a valid first lien against Borrower's and Lessee's respective interests in the real and personal property described therein, prior to all other liens or encumbrances, including those which may hereafter accrue, excepting only Permitted Liens and except as set forth on Schedule 3.9SCHEDULE 5.9 hereto, none of which Permitted Liens or other Liens materially interfere with the security intended to be provided by the Mortgages or the current use of the Property and the Improvements.