Common use of Extension of Prior Liens Clause in Contracts

Extension of Prior Liens. If any or all of the proceeds of the Notes have been used to pay any indebtedness heretofore existing against the Mortgaged Property, then, to the extent of such funds so used, Mortgagee shall be subrogated to all of the rights, claims, liens, titles and interests heretofore existing against the Mortgaged Property to secure the indebtedness so paid and the former rights, claims, liens, titles and interests, if any, are not waived but rather shall continue in full force and effect in favor of Mortgagee as cumulative security for the repayment and the satisfactions of the Mortgage Obligations regardless of whether said liens or debts are acquired by Mortgagee by Assignment or are released by the holder thereof upon payment.

Extension of Prior Liens. If any or all of the proceeds of the Notes Note have been used to pay any indebtedness heretofore existing against the Mortgaged Property, then, to the extent of such funds so used, Mortgagee shall be subrogated to all of the rights, claims, liens, titles and interests heretofore existing against the Mortgaged Property to secure the indebtedness so paid and the former rights, claims, liens, titles and interests, if any, are not waived but rather shall continue in full force and effect in favor of Mortgagee as cumulative security for the repayment of the Indebtedness and the satisfactions of the Mortgage Obligations regardless of whether said liens or debts are acquired by Mortgagee by Assignment assignment or are released by the holder thereof upon payment.