Common use of Title to Project Clause in Contracts

Title to Project. Project Owner is, or will be upon acquisition of the Land and Construction Improvements as contemplated by this Loan Agreement Supplement, the sole legal and beneficial owner of the Land and Construction Improvements, free and clear of all claims, liens and encumbrances other than Permitted Exceptions. All of the personal property which forms a part of the Construction Improvements is or will be vested solely in Project Owner, free and clear of all claims, liens and encumbrances, other than Permitted Exceptions, and the security interest of Lender in such personal property is a first lien thereon, subject only to Permitted Exceptions.