Common use of Valid Lien Clause in Contracts

Valid Lien. The Mortgage is a valid, subsisting, enforceable and perfected First Lien and first priority security interest with respect to each Loan on the real property included in the Mortgaged Property, including all buildings 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. The lien of the Mortgage is subject only to: (1) the lien of current real property taxes and assessments not yet due and payable; (2) covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of 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 Loan and (a) referred to or otherwise considered in the appraisal made for the originator of the Loan or (b) which do not adversely affect the Appraised Value of the related Mortgaged Property set forth in such appraisal; and (3) 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 or the use, enjoyment, value or marketability of the related Mortgaged Property. Any security agreement, chattel mortgage or equivalent document related to and delivered in connection with the Loan establishes and creates a valid, subsisting and enforceable First Lien and first priority security interest with respect to each Loan on the property described therein and Seller has full right to pledge and assign the same to Buyer. The Mortgaged Property was not, as of the date of origination of the Loan, subject to a mortgage, deed of trust, deed to secure debt or other security instrument creating a lien subordinate to the lien of the Mortgage.

Valid Lien. The Mortgage is a valid, subsisting, enforceable and perfected First Lien first lien and first priority security interest with respect to each Loan Loan, on the real property included in the Mortgaged Property, including all buildings 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. The lien of the Mortgage is subject only to: (1) the lien of current real property taxes and assessments not yet due and payable; (2) covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of 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 Loan and (a) referred to or otherwise considered in the appraisal made for the originator of the Loan or (b) which do not adversely affect the Appraised Value of the related Mortgaged Property set forth in such appraisal; and (3) 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 or the use, enjoyment, value or marketability of the related Mortgaged Property. Any security agreement, chattel mortgage or equivalent document related to and delivered in connection with the Loan establishes and creates a valid, subsisting and enforceable First Lien first lien and first priority security interest with respect to each Loan Loan, on the property described therein and Seller has full right to pledge and assign the same to Buyer. The Mortgaged Property was not, as of the date of origination of the Loan, subject to a mortgage, deed of trust, deed to secure debt or other security instrument creating a lien subordinate to the lien of the Mortgage.

Valid Lien. The Mortgage is a valid, subsisting, enforceable and perfected First Lien and first priority security interest with respect to each Loan lien on the real property included in the Mortgaged Property, including all buildings buildings, improvements and fixtures 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 foregoingforegoing as set forth in each Mortgage. The lien of the Mortgage is subject only to: (1) the lien of current real property taxes and assessments not yet due and payable; (2) covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording acceptable to prudent mortgage lending institutions generally and specifically referred to in the lender’s 's title insurance policy delivered to the originator of the Loan Asset and (a) specifically referred to or otherwise considered in the appraisal made for the originator of the Loan Asset or (b) which do not adversely affect the Appraised Value of the related Mortgaged Property set forth in such appraisal; and (3) 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 or the use, enjoyment, value or marketability of the related Mortgaged Property. Any security agreement, chattel mortgage or equivalent document related to and delivered in connection with the Loan Asset establishes and creates a valid, subsisting subsisting, enforceable and enforceable First Lien perfected lien and first priority security interest with respect to each Loan on the property described therein and Seller has full right to pledge and assign the same to Buyertherein. The Mortgaged Property was not, as of the date of origination of the LoanAsset, subject to a mortgage, deed of trust, deed to secure debt or other security instrument creating a lien subordinate to the lien of the MortgageMortgage (except any such subordinate loan which was created in connection with the origination of the related Asset details of which are contained in the related Loan File).

Valid Lien. The Mortgage is a valid, subsisting, enforceable and perfected First Lien and first priority security interest with respect to each Loan lien, on the real property included in the Mortgaged Property, including all buildings 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. The lien of the Mortgage is subject only to: (1i) the lien of current real property taxes and assessments not yet due and payable; (2ii) covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording acceptable to prudent mortgage lending institutions generally and specifically referred to in the lender’s 's title insurance policy delivered to the originator of the Mortgage Loan and (a) referred to or otherwise considered in the appraisal made for the originator of the Mortgage Loan or (b) which do not adversely affect the Appraised Value of the related Mortgaged Property set forth in such appraisal; and (3iii) 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 or the use, enjoyment, value or marketability of the related Mortgaged Property. Any security agreement, chattel mortgage or equivalent document related to and delivered in connection with the Mortgage Loan establishes and creates a valid, subsisting and enforceable First Lien first lien and first priority security interest with respect to each Loan on the property described therein and Seller has the Borrowers have full right to pledge and assign the same to Buyerthe Agent. The Mortgaged Property was not, as of the date of origination of the Mortgage Loan, subject to a mortgage, deed encumbered by any deeds of trust, deed to secure debt or other security instrument creating a lien subordinate to the lien of the Mortgage.

Valid Lien. The Mortgage is a valid, subsisting, enforceable and perfected First Lien and first priority security interest with respect to each Loan lien, on the real property included in the Mortgaged Property, including all buildings 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. The lien of the Mortgage is subject only to: (1) the lien of current real property taxes and assessments not yet due and payable; (2) covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording acceptable to prudent mortgage lending institutions generally and specifically referred to in the lender’s 's title insurance policy delivered to the originator of the Mortgage Loan and (a) referred to or otherwise considered in the appraisal made for the originator of the Mortgage Loan or (b) which do not adversely affect the Appraised Value of the related Mortgaged Property set forth in such appraisal; and; (3) 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 or the use, enjoyment, value or marketability of the related Mortgaged Property. ; and Any security agreement, chattel mortgage or equivalent document related to and delivered in connection with the Mortgage Loan establishes and creates a valid, subsisting and enforceable First Lien first lien and first priority security interest with respect to each Loan on the property described therein and Seller the Borrower has full right to pledge and assign the same to Buyerthe Lender. The Mortgaged Property was not, as of the date of origination of the Mortgage Loan, subject to a mortgage, deed deeds of trust, deed to secure debt or other security instrument creating a lien subordinate to the lien of the Mortgage.

Valid Lien. The Mortgage is a valid, subsisting, enforceable and perfected First Lien and first priority security interest with respect to each Loan lien, on the real property included in the Mortgaged Property, including all buildings 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. The lien of the Mortgage is subject only to: (1i) the lien of current real property taxes and assessments not yet due and payable; (2ii) covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of 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 (a) referred to or otherwise considered in the appraisal made for the originator of the Mortgage Loan or (b) which do not adversely affect the Appraised Value of the related Mortgaged Property set forth in such appraisal; and; (3iii) 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 or the use, enjoyment, value or marketability of the related Mortgaged Property. ; and Any security agreement, chattel mortgage or equivalent document related to and delivered in connection with the Mortgage Loan establishes and creates a valid, subsisting and enforceable First Lien first lien and first priority security interest with respect to each Loan on the property described therein and Seller the Borrower has full right to pledge and assign the same to Buyerthe Agent. The Mortgaged Property was not, as of the date of origination of the Mortgage Loan, subject to a mortgage, deed deeds of trust, deed to secure debt or other security instrument creating a lien subordinate to the lien of the Mortgage.

Valid Lien. The Except as set forth on Exhibit L, the Mortgage is for any Mortgage Loan creates a valid, subsisting, enforceable and perfected First Lien and first priority security interest with respect to each Loan lien on the real property included in the Mortgaged Property, including and includes all buildings 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. The lien of the Mortgage is subject only toto "Permitted Exceptions," which consists of the following: (1) the lien of current real property taxes and assessments not yet due and payable; (2) covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording acceptable to prudent mortgage lending institutions generally and specifically referred to in the lender’s 's title insurance policy delivered to the originator of the Mortgage Loan and (a) referred to or otherwise considered in the appraisal made for the originator of the Loan or (b) which do not adversely affect the Appraised Value of the related Mortgaged Property set forth in such appraisalMortgage Loan; and (3) 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 or the use, enjoyment, value or marketability of the related Mortgaged Property. Any Except as set forth on Exhibit L, any security agreement, chattel mortgage or equivalent document related to and delivered in connection with the Mortgage Loan establishes established and creates created a valid, subsisting subsisting, enforceable and enforceable First Lien perfected first lien and first priority security interest with respect to each Loan on the property described therein therein, and Seller Company has full right to pledge sell and assign the same to BuyerPurchaser. The Mortgaged Property was not, as of the date of origination of the LoanMortgage Loans, subject to a mortgage, deed of trust, deed to secure debt or other security instrument creating a lien lien, subordinate to the lien of the Mortgage.

Valid Lien. The Mortgage is a valid, subsisting, enforceable and perfected First Lien (A) first lien and first priority security interest with respect to each Loan (including any Negative Amortization which may arise thereunder) which is indicated by the Seller to be a first lien (as reflected on the Asset Schedule), or (B) second lien and second priority security interest with respect to each Loan which is indicated by the Seller to be a second lien (as reflected on the Asset Schedule), in either case, on the real property included in the Mortgaged Property, including all buildings 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. The lien of the Mortgage is subject only to: (1) the lien of current real property taxes and assessments not yet due and payable; (2) covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of 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 Loan and (a) referred to or otherwise considered in the appraisal made for the originator of the Loan or (b) which do not adversely affect the Appraised Value of the related Mortgaged Property set forth in such appraisal; and; (3) other matters to which like properties are commonly subject which do not individually or in the aggregate materially interfere with the benefits of the security intended to be provided by the Mortgage or the use, enjoyment, value or marketability of the related Mortgaged Property; (4) in the case of a Mortgaged Property that is a condominium or an individual unit in a planned unit development, liens for common charges permitted by statute; and (5) with respect to each Loan which is indicated by the Seller to be a Closed-End Second Mortgage Loan (as reflected on the Asset Schedule) a first lien on the Mortgaged Property. Any security agreement, chattel mortgage agreement or equivalent document related to and delivered in connection with the Loan establishes and creates a valid, subsisting and enforceable First Lien (A) first lien and first priority security interest with respect to each First Mortgage Loan (as reflected on the Asset Schedule), or (B) second lien and second priority security interest with respect to each Closed-End Second Mortgage Loan (as reflected on the Asset Schedule), in either case, on the property described therein and the Seller has full right to pledge and assign the same to the Buyer. The Mortgaged Property was not, as of the date of origination of the Loan, subject to a mortgage, deed of trust, deed to secure debt or other security instrument creating a lien subordinate to the lien of the Mortgage.

Valid Lien. The Mortgage is a valid, subsisting, enforceable and perfected First Lien first lien and first priority security interest with respect to each Loan on the real property included in the Mortgaged Property, including all buildings 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 foregoingthe. The lien of the Mortgage is subject only to: (1) the lien of current real property taxes and assessments not yet due and payable; (2) covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of 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 Loan and (a) referred to or otherwise considered in the appraisal made for the originator of the Loan or (b) which do not adversely affect the Appraised Value of the related Mortgaged Property set forth in such appraisal; and (3) 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 or the use, enjoyment, value or marketability of the related Mortgaged Property. Any security agreement, chattel mortgage or equivalent document related to and delivered in connection with the Loan establishes and creates a valid, subsisting and enforceable First Lien first lien and first priority security interest with respect to each Loan on the property described therein and Seller has full right to pledge and assign the same to Buyer. The Mortgaged Property was not, as of the date of origination of the Loan, subject to a mortgage, deed of trust, deed to secure debt or other security instrument creating a lien subordinate to the lien of the Mortgage.

Valid Lien. The Mortgage is a valid, subsisting, enforceable and perfected First Lien first lien and first priority security interest with respect to each Loan on the real property included in the Mortgaged Property, including all buildings 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. The lien of the Mortgage is subject only to: (1i) the lien of current real property taxes and assessments not yet due and payable; (2ii) covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording acceptable to prudent mortgage lending institutions generally and specifically referred to in the lender’s 's title insurance policy delivered to the originator of the Loan and (a) referred to or otherwise considered in the appraisal made for the originator of the Loan or (b) which do not adversely affect the Appraised Value of the related Mortgaged Property set forth in such appraisal; and; (3iii) other matters to which like properties are commonly subject which do not individually or in the aggregate materially interfere with the benefits of the security intended to be provided by the Mortgage or the use, enjoyment, value or marketability of the related Mortgaged Property; and (iv) in the case of a Mortgaged Property that is a condominium or an individual unit in a planned unit development, Liens for common charges permitted by statute. Any security agreement, chattel mortgage agreement or equivalent document related to and delivered in connection with the Loan establishes and creates a valid, subsisting and enforceable First Lien first lien and first priority security interest with respect to each Loan (as reflected on the Seller Loan Schedule), on the property described therein and the Seller has full right to pledge and assign the same to the Buyer. The Mortgaged Property was not, as of the date of origination Origination Date of the Loan, subject to a mortgage, deed of trust, deed to secure debt or other security instrument creating a lien Lien subordinate to the lien of the Mortgage.

Valid Lien. The Mortgage is a valid, subsisting, enforceable and perfected First Lien and first priority security interest with respect to each Loan or second lien on the real property included in the Mortgaged Property, including all buildings buildings, improvements and fixtures 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 foregoingforegoing as set forth in each Mortgage. The lien of the Mortgage is subject only to: (1) the lien of current real property taxes and assessments not yet due and payable; (2) covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording acceptable to prudent mortgage lending institutions generally and specifically referred to in the lender’s 's title insurance policy delivered to the originator of the Loan Asset and (a) specifically referred to or otherwise considered in the appraisal made for the originator of the Loan Asset or (b) which do not adversely affect the Appraised Value of the related Mortgaged Property set forth in such appraisal; and (3) 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 or the use, enjoyment, value or marketability of the related Mortgaged Property. Any security agreement, chattel mortgage or equivalent document related to and delivered in connection with the Loan Asset establishes and creates a valid, subsisting subsisting, enforceable and enforceable First Lien perfected first lien and first priority security interest with respect to each Loan on the property described therein and Seller has full right to pledge and assign the same to Buyertherein. The Mortgaged Property was not, as of the date of origination of the LoanAsset, subject to a mortgage, deed of trust, deed to secure debt or other security instrument creating a lien subordinate to the lien of the MortgageMortgage (except any such subordinate loan which was created in connection with the origination of the related Asset details of which are contained in the related Mortgage Loan File).