Validity of Liens. The Security Documents shall be effective to create in favor of the Lender a legal, valid and enforceable first lien and security interest in the Collateral and first mortgage on the Project. All filings, recordings, deliveries of instruments and other actions necessary or desirable in the opinion of the Lender to protect and preserve such lien and security interest shall have been duly effected. The Lender shall have received evidence thereof in form and substance satisfactory to the Lender.
Appears in 3 contracts
Sources: Construction Loan and Security Agreement (Griffin Land & Nurseries Inc), Construction Loan and Security Agreement (Griffin Land & Nurseries Inc), Construction Loan and Security Agreement (Griffin Land & Nurseries Inc)
Validity of Liens. The Security Documents shall be effective to create in favor of the Lender a legal, valid and enforceable first lien and security interest in and lien upon the Collateral and first mortgage on the ProjectCollateral, subject only to Permitted Liens. All filings, recordings, deliveries of instruments and other actions necessary or desirable in the opinion of the Lender to protect and preserve such lien and security interest interests shall have been duly effected. The Lender shall have received evidence thereof in form and substance satisfactory to the Lender.
Appears in 2 contracts
Sources: Revolving Credit Agreement (Geowaste Inc), Revolving Credit Agreement (Geowaste Inc)
Validity of Liens. The Security Documents shall be effective to create in favor of the Lender a legal, valid and enforceable first lien and security interest in the Collateral and first mortgage on the Project(subject only to Permitted Liens entitled to priority under applicable law). All filings, recordings, deliveries of instruments and other actions necessary or desirable in the opinion of the Lender to protect and preserve such lien and security interest interests shall have been duly effected. The Lender shall have received evidence thereof in form and substance satisfactory to the Lender.
Appears in 2 contracts
Sources: Loan Agreement (Applied Opsec Corp), Loan Agreement (Optical Security Group Inc)
Validity of Liens. The Security Documents shall be effective to create in favor of the Lender a legal, valid and enforceable first lien and security interest in the Collateral and first mortgage on the ProjectMortgaged Premises. All filings, recordings, deliveries of instruments and other actions necessary or desirable in the opinion of the Lender to protect and preserve such lien and security interest shall have been duly effected. The Lender shall have received evidence thereof in form and substance satisfactory to the Lender.
Appears in 1 contract
Sources: Loan and Security Agreement (Griffin Industrial Realty, Inc.)