Common use of Ownership of Real Estate Clause in Contracts

Ownership of Real Estate. As of the date hereof, and at all times thereafter until the Loan has been paid in full, the Borrower will be the fee simple owner of the applicable portion of the Real Estate described in the Mortgage executed by the Borrower, free and clear of all liens, encumbrances, leases, management agreements, service agreements, rental agreements, occupancy agreements, claims and charges except as may be approved, in writing by Lender, except for the Permitted Liens and Encumbrances. Notwithstanding the above, Borrower shall be entitled to secure loans, leases, Capital Leases, and other similar financing instruments secured by a lien upon the Real Estate or the Secured Assets, so long as such lien is junior to the security interest held by Lender and such liens, in the aggregate, do not exceed $250,000.