First Lien. Each related Mortgage is a valid and, subject to the limitations and exceptions in paragraph (v) above, enforceable first lien on the related Mortgaged Property including all improvements thereon (other than any tenant owned improvements) and appurtenances and rights related thereto, which Mortgaged Property is free and clear of all encumbrances and liens having priority over or on a parity with the first lien of such Mortgage, except for the following (collectively, the "Permitted Encumbrances"): (A) the lien for real estate taxes, water charges, sewer rents and assessments not yet due and payable; (B) covenants, conditions and restrictions, rights of way, easements and other matters that are of public record or that are omitted as exceptions in the related lender's title insurance policy (or, if not yet issued, omitted as exceptions in a fully binding pro forma title policy or title policy commitment); (C) the rights of tenants (as tenants only) under leases (including subleases) pertaining to the related Mortgaged Property; (D) condominium declarations of record and identified in the related lender's title insurance policy (or, if not yet issued, identified in a pro forma title policy or title policy commitment); and (E) if such Mortgage Loan constitutes a Cross-Collateralized Mortgage Loan, the lien of the Mortgage for another Mortgage Loan contained in the same Cross-Collateralized Group; provided that, in the case of a Trust Mortgage Loan that is part of a Loan Combination, such Mortgage also secures the other mortgage loan(s) in such Loan Combination. With respect to such Mortgage Loan, such Permitted Encumbrances do not, individually or in the aggregate, materially and adversely interfere with the benefits of the security intended to be provided by the related Mortgage, the current principal use or operation of the related Mortgaged Property or the ability of the related Mortgaged Property to generate sufficient cashflow to enable the related Mortgagor to timely pay in full the principal and interest on the related Mortgage Note (other than a Balloon Payment, which would require a refinancing). If the related Mortgaged Property is operated as a nursing facility or a hospitality property, the related Mortgage, together with any security agreement, chattel mortgage or similar agreement and UCC financing statement, if any, establishes and creates a first priority, perfected security interest (subject only to any prior purchase money security interest,...
First Lien. Upon the execution by the Borrower and the recording of the Deed of Trust, and upon the execution and filing of any required UCC-1 financing statements or amendments thereto, the Trustee will have a valid first lien on the Property and a valid security interest in the personal property constituting a part of the Project subject to no liens, charges or encumbrances other than the Permitted Encumbrances;
First Lien. Upon the execution by the Borrower and the recording of this Deed of Trust, and upon the filing of UCC-1 financing statements or amendments thereto, the Lender will have a valid first lien on the Trust Property and a valid security interest in the Equipment subject to no liens, charges or encumbrances other than the Permitted Exceptions and liens, charges or encumbrances otherwise expressly permitted by the Loan Documents.
First Lien. The mortgage or security agreement securing the Loan is a valid, subsisting, enforceable, and perfected first lien on the Secured Property, including all buildings on the Secured Property, subject only to:
First Lien. Subject to the other first lien rights of Heller and Sovereign as provided in the Intercreditor Agreement, upon xxxxxtion and delivery of the Additional Resort Collateral Assignments and execution and recording of the Additional Resort Collateral Mortgages, Lender will have a valid first lien in the Additional Resort Collateral.
First Lien. Upon the execution by the Mortgagor and the recording of this Mortgage, and upon the execution and filing of UCC-1 financing statements or amendments thereto, the Mortgagee will have a valid first lien on the Mortgaged Property and a valid security interest in the Equipment subject to no liens, charges or encumbrances other than the Permitted Exceptions.
First Lien. The pledge of the Pledged Shares pursuant to this Agreement and delivery thereof to the Pledgee in Wilmington, Delaware creates a valid and perfected first priority security interest therein, securing the payment of the Obligations.
First Lien. Upon the execution by Borrower and the recording ---------- of each Mortgage, and upon the execution and filing of UCC-1 financing statements, Lender will have a valid first lien on the Properties and a valid security interest in Borrower's interest in the Equipment (as defined in the Mortgages), if any, subject to no liens, charges or encumbrances other than the Permitted Encumbrances.
First Lien. Upon the execution by Trustor and the recording of this Deed of Trust, and upon the execution and filing of UCC–1 financing statements or amendments thereto, Beneficiary will have a valid first lien on the Secured Property and a valid security interest in the Equipment subject to no liens, charges or encumbrances other than the Permitted Encumbrances.
First Lien. The lien created by this Deed of Trust is a first and prior lien on the Mortgaged Premises and Grantor will keep the Mortgaged Premises and the rights, privileges and appurtenances thereto free from all lien claims of every kind whether superior, equal, or inferior to the lien of this Deed of Trust subject only to Permitted Encumbrances and if any such lien be filed, Grantor, within forty-five (45) days after such filing shall cause same to be discharged by payment, bonding or otherwise to the satisfaction of Beneficiary. Grantor further agrees to protect and defend the title and possession of the Mortgaged Premises so that this Deed of Trust shall be and remain a first lien thereon until said debt be fully paid, or if foreclosure shall be had hereunder so that the purchaser at said sale shall acquire good title in fee simple to the Mortgaged Premises free and clear of all liens and encumbrances.
