Common use of Valid Lien Clause in Contracts

Valid Lien. The Mortgage is a valid, subsisting, enforceable and perfected first or second lien on the real property included in the Mortgaged Property, including all buildings on the Mortgaged Property 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. in the case of any Mortgage Loan with a second lien position, a first lien on such Mortgaged Property and subject, in all cases, to the exceptions to title set forth in the title insurance policy with respect to the related Mortgage Loan, which exceptions are generally acceptable to second mortgage lending companies, and such other exceptions to which similar properties are commonly subject and which do not individually, or in the aggregate, materially and adversely affect the benefits of the security intended to be provided by such mortgage; 3. 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 Mortgaged Property set forth in such appraisal; and 4. 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 or second lien and first or second priority security interest on the property described therein and the Borrowers have full right to pledge and assign the same to the Agent.

Valid Lien. The Each Mortgage is a validvalid and subsisting First Lien (or with respect to a Second Lien Loan, subsisting, enforceable and perfected first a Second Lien) on a single parcel or second lien on the multiple contiguous parcels of real property estate included in the Mortgaged Property, including all buildings and improvements on the Mortgaged Property and all installations and mechanical, electrical, plumbing, heating and air conditioning systems 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. in the case of any Mortgage Loan with a second lien position, a first lien on such Mortgaged Property and subject, in all cases, cases to the exceptions to title set forth in the title insurance policy with respect to the related Mortgage Loan, which exceptions are generally acceptable to second prudent mortgage lending companies, the exceptions set forth below and such other exceptions to which similar properties are commonly subject and which do not individually, or in the aggregate, materially and adversely affect the benefits of the security intended to be provided by such mortgage;Mortgage. The lien of the Mortgage is subject to: 3. (i) the lien of current real property taxes and assessments not yet delinquent. (ii) 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 Mortgaged Property set forth in such appraisal; and; 4. (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 or the use, enjoyment, value or marketability of the related Mortgaged Property, and which will not prevent realization of the full benefits of any Rural Housing Service Guaranty; and (iv) with respect to Second Lien Loans, the related first lien Mortgage. Any security agreement, chattel mortgage or equivalent document related to and delivered in connection with the Mortgage Loan establishes and creates a valid, subsisting subsisting, enforceable and enforceable first or second lien First Lien and first or second priority security interest (or with respect to a Second Lien Loan, Second Lien) on the property described therein and the Borrowers have Seller has full right to pledge and assign the same to the AgentBuyer.

Valid Lien. The Mortgage is a valid, subsisting, enforceable ---------- and perfected first or second lien on the real property included in the Mortgaged Property, including all buildings on the Mortgaged Property 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. in the case of any Mortgage Loan with a second lien position, a first lien on such Mortgaged Property and subject, in all cases, to the exceptions to title set forth in the title insurance policy with respect to the related Mortgage Loan, which exceptions are generally acceptable to second mortgage lending companies, and such other exceptions to which similar properties are commonly subject and which do not individually, or in the aggregate, materially and adversely affect the benefits of the security intended to be provided by such mortgage; 3. 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 Mortgaged Property set forth in such appraisal; and 4. 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 or second lien and first or second priority security interest on the property described therein and the Borrowers have Borrower has full right to pledge and assign the same to the AgentLender.

Valid Lien. The Mortgage is for any First Mortgage Loan creates a valid, subsisting, enforceable and perfected first or lien on the Mortgaged Property, and the Mortgage for any Second Mortgage Loan creates a valid, subsisting, enforceable and perfected second lien on the real property included in the Mortgaged Property, including and in each case 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 consist of the following: (1. ) the lien of current real property taxes and assessments not yet due and payable; (2. in the case of any Mortgage Loan with a second lien position, a first lien on such Mortgaged Property and subject, in all cases, to the exceptions to title set forth in the title insurance policy with respect to the related Mortgage Loan, which exceptions are generally acceptable to second mortgage lending companies, and such other exceptions to which similar properties are commonly subject and which do not individually, or in the aggregate, materially and adversely affect the benefits of the security intended to be provided by such mortgage; 3. ) 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 Loan; (b3) which do not adversely affect the Appraised Value of the Mortgaged Property set forth in such appraisal; and 4. 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 (4) a valid first lien in the case of Loans in a Second Mortgage Loan. Any security agreement, chattel mortgage or equivalent document related to and delivered in connection with the a First Mortgage Loan establishes and creates a valid, subsisting subsisting, enforceable and enforceable perfected first or second lien and first or second priority security interest on the property described therein therein, and the Borrowers have with respect to a Second Mortgage Loan, a second priority security interest, and Seller has full right to pledge sell and assign the same to the AgentBuyer. Except as noted on the Loan Schedule, for any First Mortgage Loan the Mortgaged Property was not, as of the respective date of origination of said First Mortgage 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 (including any Negative Amortization which may arise thereunder) is a valid, subsisting, enforceable and perfected first or second 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 foregoingforegoing and with respect to Cooperative Loans, including the Proprietary Lease and the Cooperative Shares. 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. in the case of any Mortgage Loan with a second lien position, a first lien on such Mortgaged Property and subject, in all cases, to the exceptions to title set forth in the title insurance policy with respect to the related Mortgage Loan, which exceptions are generally acceptable to second mortgage lending companies, and such other exceptions to which similar properties are commonly subject and which do not individually, or in the aggregate, materially and adversely affect the benefits of the security intended to be provided by such mortgage; 3. ) 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 4. (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 Mortgage Loan establishes and creates a valid, subsisting and enforceable first or second lien and first or second priority security interest on the property described therein and the Borrowers have Seller has full right to pledge and assign the same to the AgentBuyer. 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.