Lien; Valid Assignment. The Mortgage related to and delivered in connection with each Purchased Loan constitutes a valid and, subject to the exceptions set forth in paragraph 13 below, enforceable first priority lien upon the related Mortgaged Property, prior to all other liens and encumbrances, except for:
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Samples: Master Repurchase Agreement (CBRE Realty Finance Inc), Master Repurchase Agreement (Northstar Realty), Master Repurchase Agreement (Northstar Realty)
Lien; Valid Assignment. The Mortgage related to and delivered in ---------------------- connection with each Purchased Loan constitutes a valid and, subject to the exceptions set forth in paragraph 13 below, enforceable first or second priority lien upon the related Mortgaged Property, prior to all other liens and encumbrances, except for:
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Lien; Valid Assignment. The Mortgage related to and delivered in connection with each Purchased Loan constitutes a valid and, subject to the exceptions set forth in paragraph 13 below, enforceable first priority lien (or with respect to loans secured by second liens as set forth in clauses (iii)(a) or (iv)(a) of the definition of Eligible Loan, enforceable second priority lien) upon the related Mortgaged Property, prior to all other liens and encumbrances, except for:
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Samples: Master Repurchase Agreement (Anthracite Capital Inc)
Lien; Valid Assignment. The Each Mortgage related to and delivered in connection with each Purchased Mortgage Loan constitutes a valid and, subject to the limitations and exceptions set forth in paragraph representation 13 below, enforceable first priority lien upon the related Mortgaged Property, prior to all other liens and encumbrances, except for:and there are no liens and/or encumbrances that are pari passu with the lien of such Mortgage, in any event subject, however, to the following (collectively, the "Permitted
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