Common use of Priority of Mortgage Clause in Contracts

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. 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. The Mortgage constitutes a valid first second lien against the real and personal property described therein, prior to all other liens or encumbrances, including those which may hereafter accrue, excepting only the First Mortgage and Permitted EncumbrancesEncumbrances which do not and will not materially and adversely affect the security (and its value) intended to be provided by the Mortgage or the current use of the Land and the Improvements.