Priority of Mortgage. The Mortgage constitutes a valid first lien against the real and personal property described therein, prior to all other liens or encumbrances, including those which may hereafter accrue, excepting only Permitted Encumbrances which do not and will not materially and adversely affect (a) the ability of Borrower to pay in full the principal of and interest on the Note when due, (b) the security (and its value) intended to be provided by the Mortgage or (c) the current use of the Land and the Improvements.
Priority of Mortgage. The Mortgage constitutes a valid first lien against the real and personal property described therein, prior to all other liens or encumbrances, including those which may hereafter accrue, excepting only Permitted Encumbrances.
Priority of Mortgage. As set forth in greater detail in Exhibit "C", any lien to secure the performance of any of Borrower's monetary or non-monetary obligations to Third Party Indemnitor shall be unconditionally subordinate to the Mortgage.
Priority of Mortgage. 88.1 The Mortgage takes priority over all Security Interests, except those to which the Lender has consented in writing.
Priority of Mortgage. The Mortgage constitutes a valid first lien against the real and personal property described therein, prior to all other liens or encumbrances, including those which may hereafter accrue, excepting only Permitted Encumbrances specifically set forth in the Mortgage, none of which Permitted Encumbrances materially and adversely affect (a) the ability of Borrower to pay in full the principal of and interest on the Note when due, (b) the security (and its value) intended to be provided by the Mortgage or (c) the current use of the Land and the Improvements.
Priority of Mortgage. [Intentionally Deleted]. --------------------
Priority of Mortgage. To the best of Borrower's knowledge, the Mortgage constitutes a first lien upon and security interest in the real and personal property described therein, prior to all other Liens, including those which may hereafter accrue, excepting only those Liens specifically permitted by this Agreement or those "Permitted Encumbrances" specifically set forth in the Mortgage. If any other Lien is hereafter determined to exist, Borrower shall within thirty (30) days following written notice from Lender remove any such Lien.
Priority of Mortgage. (a) As a condition to the obligation of the Purchaser to pay the Purchase Price at the Closing, title to the Property shall be subject only to the Loan Documents, any Prior Mortgage and any Prior Mortgage Loan Documents and the liens, encumbrances and other title matters described on Schedule 5(a) annexed hereto and other non-monetary encumbrances or defects which do not materially, adversely affect the use of the Property or the priority of any lien, claim or right being acquired by Purchaser hereunder ("Permitted Encumbrances" -- all other title matters shall be referred to herein as "Unpermitted Encumbrances").
(b) The policy of title insurance (the "Title Policies") with respect to the Loan, a copy of which is attached to Schedule 5(a) hereto, is and will be at Closing in full force and effect, is not subject to defenses of the insurer by reason of acts or knowledge of the insured, and the rights of Seller thereunder will be assigned to Purchaser at Closing. Except as may be specified on Schedule 5(a) hereto, no claims have been made by Seller under any such Title Policies.
Priority of Mortgage. If the holder of any Mortgage of the Land and/or -------------------- Building requires that this Lease have priority over such Mortgage, Tenant shall, upon request of such holder, execute, acknowledge and deliver to such holder an agreement acknowledging such priority.
Priority of Mortgage. The Security Instrument constitutes a legal, valid and enforceable first lien against the Borrower’s fee interest in the Mortgaged Property in the principal amount of the Loan, prior to all other liens or encumbrances, including those which may hereafter accrue, excepting only Permitted Encumbrances and other than such liens that will be released at the Closing. The Security Instrument and the other Loan Documents establish and create a valid and enforceable lien on the property described therein. There are no subordinate mortgages or junior liens encumbering the Mortgaged Property. There is no mezzanine debt related to the Mortgaged Property. The Assignment of Rents and Leases creates a valid first-priority collateral assignment of, or a valid first-priority lien or security interest in, rents and certain rights under the related lease or leases, subject only to a license granted to the Borrower to exercise certain rights and to perform certain obligations of the lessor under such lease or leases, including the right to operate the related leased property. The Pledge Agreement creates a valid first-priority collateral assignment of, or a valid first-priority lien or security interest in, the Xxxxxx Xx Equity. The enforceability of the Security Instrument, the Assignment of Lease and the Pledge Agreement may be limited by bankruptcy, insolvency, fraudulent transfer, reorganization or other similar laws affecting the enforcement of creditors’ rights generally and by general principles of equity. No person other than Borrower owns any interest in any payments due under such lease or leases that is superior to or of equal priority with Lender’s interest therein.
