Common use of Mortgage and Other Liens Clause in Contracts

Mortgage and Other Liens. Each Mortgage creates a valid and enforceable first priority Lien on the Individual Property (and other property) described therein, as security for the repayment of the Obligations, subject only to the Permitted Encumbrances applicable to such Individual Property. Each Loan Document purporting to grant, transfer, assign or otherwise create a Lien as security for the Loan establishes and creates a valid, subsisting and enforceable Lien on and a security interest in, or claim to, the rights and property described therein. All property covered by any Loan Document purporting to grant, transfer, assign or otherwise create a Lien as security for the Loan is subject to a UCC financing statement filed and/or recorded, as appropriate (or irrevocably delivered to an agent for such recordation or filing) in all places necessary to perfect a valid first priority Lien with respect to the rights and property that are the subject of such Loan Document to the extent governed by the UCC.

Mortgage and Other Liens. Each Mortgage creates a valid and enforceable first priority Lien on the Individual Property (and other property) described therein, as security for the repayment of the Obligations, subject only to the Permitted Encumbrances applicable to such Individual Property. Each Loan Document purporting to grant, transfer, assign or otherwise create a Lien as security for the Loan establishes and creates a valid, subsisting and enforceable Lien on and a security interest in, or claim to, the rights and property described therein. All property covered by any Loan Document purporting to grant, transfer, assign or otherwise create a Lien as security for the Loan is subject to a UCC financing statement filed and/or recorded, as appropriate (or irrevocably delivered to an agent for such recordation or filing) in all places necessary to perfect a valid first priority Lien with respect to the rights and property that are the subject of such Loan Document to the extent governed by the UCC.

Mortgage and Other Liens. Each Mortgage creates a valid and enforceable first priority Lien on the Individual Property (and other property) described therein, as security for the repayment of the Obligations, subject only to the Permitted Encumbrances applicable to such the Individual Property. Each Loan Document purporting to grant, transfer, assign or otherwise create a Lien as security for the Loan establishes and creates a valid, subsisting and enforceable Lien on and a security interest in, or claim to, the rights and property described therein. All property covered by any Loan Document purporting to grant, transfer, assign or otherwise create a Lien as security for the Loan is subject to a UCC financing statement filed and/or recorded, as appropriate (or irrevocably delivered to an agent for such recordation or filing) in all places necessary to perfect a valid first priority Lien with respect to the rights and property that are the subject of such Loan Document to the extent governed by the UCC.