Lien; Valid Assignment Burlingame Point Clause Samples

Lien; Valid Assignment Burlingame Point. (Loan No. 1) The California State Lands Commission leases to the Mortgagor rights of way over three parcels that are adjacent to the Mortgaged Property. The Mortgage Loan documents contain a springing lien on the leasehold interest in such parcels effective at such time as the California State Lands Commission consents to the lien of the mortgage thereon, which consent the Mortgagor is obligated to use commercially reasonable efforts to obtain post origination. There is a mechanics lien in the amount of $366,933.61 by European Paving dated as of March 26, 2021. The title company at origination held back such amount at the origination of the loan and the Borrower represented that the general contractor is responsible for clearing or bonding over such lien.