Common use of Priority Security Interest Clause in Contracts

Priority Security Interest. Unless the related Mortgaged Property is owner occupied, the Mortgage File for such Mortgage Loan contains an Assignment of Leases, either as a separate instrument or incorporated into the related Mortgage, which creates in favor of the holder thereof a valid, collateral or first priority assignment of, or a valid first priority security interest in, certain rights under the related leases, subject only to a license granted to the related Mortgagor to exercise certain rights and to perform certain obligations of the lessor under such leases, including the right to operate the related Mortgaged Property. Each related assignment of Mortgage from the Mortgage Loan Seller to the Trustee and any related reassignment of Assignment of Leases, if any, or assignment of any other agreement executed in connection with each Mortgage Loan, from the Mortgage Loan Seller to the Purchaser (or the Trustee as its assignee) has been duly authorized, executed and delivered by the Mortgage Loan Seller, is in recordable form, as appropriate, in order to validly and effectively convey the Mortgage Loan Seller's interest therein to the Purchaser (or the Trustee as its assignee) and constitutes the legal, valid, binding and enforceable assignment from the Mortgage Loan Seller to the Purchaser (or Trustee as its assignee) except as such enforcement may be limited by bankruptcy, insolvency, receivership, reorganization, moratorium, redemption or other laws affecting the enforcement of creditors' rights generally or by general principles of equity (regardless of whether such enforcement is considered in a proceeding in equity or at law).

Priority Security Interest. Unless the related Mortgaged Property is owner occupied, the Mortgage File for such Mortgage Loan contains an Assignment of Leases, either as a separate instrument or incorporated into the related Mortgage, which creates in favor of the holder thereof a valid, collateral or first priority assignment of, or a valid first priority security interest in, certain rights under the related leases, subject only to a license granted to the related Mortgagor to exercise certain rights and to perform certain obligations of the lessor under such leases, including the right to operate the related Mortgaged Property. Each related assignment of Mortgage from the Mortgage Loan Seller to the Trustee and any related reassignment of Assignment of Leases, if any, or assignment of any other agreement executed in connection with each Mortgage Loan, from the Mortgage Loan Seller to the Purchaser (or the Trustee as its assignee) has been duly authorized, executed and delivered by the Mortgage Loan Seller, is in recordable form, as appropriate, in order to validly and effectively convey the Mortgage Loan Seller's interest therein to the Purchaser (or the Trustee as its assignee) and constitutes the legal, valid, binding and enforceable assignment from the Mortgage Loan Seller to the Purchaser (or Trustee as its assignee) except as such enforcement may be limited by bankruptcy, insolvency, receivership, reorganization, moratorium, redemption or other laws affecting the enforcement of creditors' rights generally or by general principles of equity (regardless of whether such enforcement is considered in a proceeding in equity or at law).

Priority Security Interest. Unless the related Mortgaged Property is owner occupied, the Mortgage File for such Mortgage Loan contains an Assignment of Leases, either as a separate instrument or incorporated into the related Mortgage, which creates in favor of the holder thereof a valid, collateral or first priority assignment of, or a valid first priority security interest in, certain rights under the related leases, subject only to a license granted to the related Mortgagor to exercise certain rights and to perform certain obligations of the lessor under such leases, including the right to operate the related Mortgaged Property. Each related assignment of Mortgage from the Mortgage Loan Seller to the Trustee and any related reassignment of Assignment of Leases, if any, or assignment of any other agreement executed in connection with each Mortgage Loan, from the Mortgage Loan Seller to the Purchaser (or the Trustee as its assignee) has been duly authorized, executed and delivered by the Mortgage Loan Seller, is in recordable form, as appropriate, in order to validly and effectively convey the Mortgage Loan Seller's interest therein to the Purchaser (or the Trustee as its assignee) and constitutes the legal, valid, binding and enforceable assignment from the Mortgage Loan Seller to the Purchaser (or the Trustee as its assignee) except as such enforcement may be limited by bankruptcy, insolvency, receivership, reorganization, moratorium, redemption or other laws affecting the enforcement of creditors' rights generally or by general principles of equity (regardless of whether such enforcement is considered in a proceeding in equity or at law).