Common use of Lien Priority and Perfection Clause in Contracts

Lien Priority and Perfection. This Security Instrument is a valid and enforceable (and, upon recordation in the Official Records, will be a perfected) first lien on the Property, free and clear of all encumbrances, security interests, and liens having priority over the lien and security interest of this Security Instrument, except for the items set forth as exceptions to or subordinate matters in the title insurance policy insuring the lien of this Security Instrument, none of which, individually or in the aggregate, materially interfere with the benefits of the security intended to be provided by this Security Instrument, materially affect the value or insurability of the Property, impair the use or operation of the Property for the use currently being made thereof or impair Mortgagor’s ability to pay its obligations in a timely manner (such items being the “Permitted Encumbrances”).

Lien Priority and Perfection. This Security Instrument is a valid and enforceable (and, upon recordation in the Official Records, will be a perfected) first lien on the Property, free and clear of all encumbrances, security interests, and liens having priority over the lien and security interest of this Security Instrument, except for the items set forth as exceptions to or subordinate matters in the title insurance policy insuring the lien of this Security Instrument, none of which, individually or in the aggregate, materially interfere with the benefits of the security intended to be provided by this Security Instrument, materially affect the value or insurability of the Property, impair the use or operation of the Property for the use currently being made thereof or impair MortgagorBorrower’s ability to pay its obligations in a timely manner (such items being the “Permitted Encumbrances”).