Common use of First Lien Clause in Contracts

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: 7.2.1. Covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording acceptable to mortgage lending institutions generally in the area in which the Secured Property is located; 7.2.2. Such other matters to which like properties are commonly subject that do not individually or in aggregate materially interfere with the benefits of the security agreement which together with a promissory note comprises the Loan(s); 7.2.3. Any generally applicable foreclosure moratoriums or delays; and 7.2.4. Any unrecorded mechanics liens to the extent having priority over the Loan under applicable law.