Subordinate Liens. Except as permitted by federal law, Borrower shall not allow any lien inferior to the Security Instrument to be perfected against the Property without Xxxxxx’s prior written permission.
Subordinate Liens. Lenders irrevocably authorize Administrative Agent, at its option and in its discretion, to subordinate any Lien or encumbrance on any property granted to or held by Administrative Agent under any Loan Document or Security Document to the holder of any Lien or encumbrance on such property that constitutes a purchase money lien or a capital lease.
Subordinate Liens. Other than that certain Second Mortgage and Security Agreement (the “Second Mortgage”) executed contemporaneously herewith by Mortgagor for the benefit of Mortgagee and subject to the terms of Section 3.4 of the Loan Agreement, without the prior written consent of Mortgagee, Mortgagor shall not create or cause or permit to exist any lien on or security interest in the Mortgaged Property or any part thereof, and Mortgagor shall not otherwise incur any indebtedness for money borrowed to improve the Mortgaged Property or any part thereof, other than the indebtedness secured hereby and the obligations secured by the Second Mortgage. Any violation of the foregoing limitation, at the option of Mortgagee, shall be deemed an Event of Default hereunder for which no notice or cure period shall apply.
Subordinate Liens. Other than the First Mortgage, executed contemporaneously herewith by Mortgagor for the benefit of Mortgagee and subject to the terms of Section 3.4 of the Loan Agreement, without the prior written consent of Mortgagee, Mortgagor shall not create or cause or permit to exist any lien on or security interest in the Mortgaged Property or any part thereof, and Mortgagor shall not otherwise incur any indebtedness for money borrowed to improve the Mortgaged Property or any part thereof, other than the indebtedness secured hereby and the obligations secured by the First Mortgage. Any violation of the foregoing limitation, at the option of Mortgagee, shall be deemed an Event of Default hereunder for which no notice or cure period shall apply.
Subordinate Liens. There are no Encumbrances on the Assets that are not subordinate to Seller's Encumbrances thereon except statutory liens that are not, to Seller's knowledge, material. Schedule 5.5 lists all Encumbrances on the Assets reflected in the public records other than the Encumbrances of Seller thereon (the "Subordinate Liens"). All of the Subordinate Liens, except statutory liens that are not, to Seller's knowledge, material, will be extinguished upon the sale of the Assets to Buyer pursuant to the PPSA Sale. The information contained in Schedule 5.5 shall not be deemed to limit in any way the representation and warranty contained in Section 5.4. The provisions of, and the protection afforded to Buyer in Section 5.4 hereof shall expressly apply to all Encumbrances, including without limitation, statutory liens and any Encumbrances not reflected in the public records.
Subordinate Liens. Other than the First Deed of Trust, executed contemporaneously herewith by Grantor for the benefit of Beneficiary and subject to the terms of Section 3.4 of the Loan Agreement, without the prior written consent of Beneficiary, Grantor shall not create or cause or permit to exist any lien on or security interest in the Mortgaged Property or any part thereof, and Grantor shall not otherwise incur any indebtedness for money borrowed to improve the Mortgaged Property or any part thereof, other than the indebtedness secured hereby and the obligations secured by the First Deed of Trust. Any violation of the foregoing limitation, at the option of Beneficiary, shall be deemed an Event of Default hereunder for which no notice or cure period shall apply.
Subordinate Liens. [Intentionally omitted] -----------------
Subordinate Liens. The property shall be subject only to the lien of the first Mortgage, such subordinate mortgages as are approved by the Agency and any applicable mortgage insurer or guarantor, and such Permitted Encumbrances that were of public record as of the date of the recording of the first Mortgage. The improvements on the property shall have been fully completed and the property subject to the Mortgage shall be free and clear of all mechanics’ and materialmen’s liens, or liens in the nature thereof, and there shall be no rights outstanding that could give rise to such liens, and the property subject to the Mortgage is free from all other liens, encumbrances, restrictions and covenants which would materially and adversely affect the value of the property. In the event that the Mortgage Loan was made to finance the purchase of a newly constructed or rehabilitated home, said home was, to the knowledge of Participant after reasonable inquiry, constructed or rehabilitated in accordance with all applicable building codes and standards, a certificate of occupancy has been issued in connection therewith, and the builder has warranted all materials, workmanship and mechanicals for a minimum period of one (1) year.
Subordinate Liens. Other than that certain Leasehold Deed to Secure Debt and Security Agreement (the “First Security Instrument”) executed contemporaneously herewith by Grantor for the benefit of Grantee, and subject to the terms of Section 3.4 of the Loan Agreement, without the prior written consent of Grantee, Grantor shall not create or cause or permit to exist any lien on or security interest in the Property or any part thereof, and Grantor shall not otherwise incur any indebtedness for money borrowed to improve the Property or any part thereof, other than the indebtedness secured hereby and the obligations secured by the First Security Instrument. Any violation of the foregoing limitation, at the option of Grantee, shall be deemed an Event of Default hereunder for which no notice or cure period shall apply.
Subordinate Liens. Section 1. Upon request of Lessor, Lessee will in writing subordinate its rights under this Lease to the lien of any first mortgage hereafter granted to any bank, insurance company or other lending institution, and to all advances made upon the security thereof, provided that, concurrently with such subordination, Lessor shall use commercially reasonable efforts to obtain from the holder of such lien a recognition and nondisturbance agreement, in form and substance reasonably satisfactory to Lessee which shall provide that notwithstanding any foreclosure of such mortgage or exercise of any of the mortgagee's rights and remedies, Lessee shall be permitted to occupy and use the demised premises in accordance with the terms of this Lease.
Section 2. In the event any proceedings are brought for foreclosure of such mortgage, or in the event of the exercise of the power of sale under such mortgage, and provided that Lessee has obtained the recognition and non-disturbance agreement referenced above, Lessee shall attorn to the purchaser upon any such foreclosure or sale and recognize such purchaser as Lessor under this Lease.
Section 3. The provisions of this Article to the contrary notwithstanding, so long as Lessee is not in default hereunder, this Lease shall remain in full force and effect for the full term hereof.
