Common use of First Lien Clause in Contracts

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 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.