Common use of Subrogation to Existing Liens; Vendor’s Lien Clause in Contracts

Subrogation to Existing Liens; Vendor’s Lien. To the extent that proceeds of the Loan are used to pay indebtedness secured by any outstanding lien, security interest, charge or prior encumbrance against the Property, such proceeds have been advanced by Holder and Lenders at Borrowers’ request, and Xxxxxx and Lenders shall be subrogated to any and all rights, security interests and liens owned by any owner or holder of such outstanding liens, security interests, charges or encumbrances, however remote, regardless of whether said liens, security interests, charges or encumbrances are released, and all of the same are recognized as valid and subsisting and are renewed and continued and merged herein to secure the Secured Indebtedness, but the terms and provisions of this Deed of Trust shall govern and control the manner and terms of enforcement of the liens, security interests, charges and encumbrances to which Xxxxxx and Lenders are subrogated hereunder. It is expressly understood that, in consideration of the payment of such indebtedness by Xxxxxx and Xxxxxxx, Grantor hereby waives and releases all demands and causes of action for offsets and payments in connection with said indebtedness. If all or any portion of the proceeds of the Loan or of any other Secured Indebtedness has been advanced for the purpose of paying the purchase price for all or a part of the Property, no vendor’s lien is waived; and Holder shall have, and is hereby granted, for the ratable benefit of itself and Lenders, a vendor’s lien on the Property as cumulative additional security for the Secured Indebtedness. Holder, on behalf of itself and Lenders, may foreclose under this Deed of Trust or under the vendor’s lien without waiving the other or may foreclose under both.

Subrogation to Existing Liens; Vendor’s Lien. To the extent that proceeds of the Loan Note are used to pay indebtedness Debt secured by any outstanding lien, security interest, charge or prior encumbrance against the Property, such proceeds have been advanced by Holder and Lenders Lender at Borrowers’ Trustee’s request, and Xxxxxx and Lenders Lender shall be subrogated to any and all rights, security interests and liens owned by any owner or holder of such outstanding liens, security interests, charges or encumbrances, however remote, regardless irrespective of whether said liens, security interests, charges or encumbrances are released, and all of the same are recognized as valid and subsisting and are renewed and continued and merged herein to secure the Secured IndebtednessDebt, but the terms and provisions of this Deed of Trust Security Instrument shall govern and control the manner and terms of enforcement of the liens, security interests, charges and encumbrances to which Xxxxxx and Lenders are Lender is subrogated hereunder. It is expressly understood that, in consideration of the payment of such indebtedness by Xxxxxx and XxxxxxxLender, Grantor Borrower hereby waives and releases all demands and causes of action for offsets and payments in connection with the said indebtedness. If all or any portion of the proceeds of the Loan loan evidenced by the Note or of any other Secured Indebtedness secured indebtedness has been advanced for the purpose of paying the purchase price for all or a part of the Property, no vendor’s lien is waived; and Holder Lender shall have, and is hereby granted, for the ratable benefit of itself and Lenders, a vendor’s lien on the Property as cumulative additional security for the Secured Indebtednesssecured indebtedness. Holder, on behalf of itself and Lenders, Lender may foreclose under this Deed of Trust Security Instrument or under the vendor’s lien without waiving the other or may foreclose under both.

Subrogation to Existing Liens; Vendor’s Lien. To the extent that proceeds of the Loan Note are used to pay indebtedness secured by any outstanding lien, security interest, charge or prior encumbrance against the Property, such proceeds have been advanced by Holder and Lenders at Borrowers’ Grantor’s request, and Xxxxxx and Lenders Holder shall be subrogated to any and all rights, security interests and liens owned by any owner or holder of such outstanding liens, security interests, charges or encumbrances, however remote, regardless irrespective of whether said liens, security interests, charges or encumbrances are released, and all of the same are recognized as valid and subsisting and are renewed and continued and merged herein to secure the Secured Indebtedness, but the terms and provisions of this Deed of Trust shall govern and control the manner and terms of enforcement of the liens, security interests, charges and encumbrances to which Xxxxxx and Lenders are Holder is subrogated hereunder. It is expressly understood that, in consideration of the payment of such indebtedness by Xxxxxx and XxxxxxxHolder, Grantor hereby waives and releases all demands and causes of action for offsets and payments in connection with the said indebtedness. If all or any portion of the proceeds of the Loan loan evidenced by the Note or of any other Secured Indebtedness secured indebtedness has been advanced for the purpose of paying the purchase price for all or a part of the Property, no vendor’s lien is waived; and Holder shall have, and is hereby granted, for the ratable benefit of itself and Lenders, a vendor’s lien on the Property as cumulative additional security for the Secured Indebtednesssecured indebtedness. Holder, on behalf of itself and Lenders, Holder may foreclose under this Deed of Trust or under the vendor’s lien without waiving the other or may foreclose under both.

Subrogation to Existing Liens; Vendor’s Lien. To the extent that proceeds of the Loan Notes are used to pay indebtedness secured by any outstanding outstanding, lien, security interest, charge or prior encumbrance against the Mortgaged Property, such proceeds have been advanced by Holder and Lenders Holders at Borrowers’ Grantor's request, and Xxxxxx and Lenders Holders shall be subrogated to any and all rights, security interests and liens owned by any owner or holder of such outstanding liens, security interests, charges or encumbrances, however remote, regardless irrespective of whether said liens, security interests, charges or encumbrances are released, and all of the same are recognized recorded as valid and subsisting and are renewed and continued and merged herein to secure the Secured Indebtednesssecured indebtedness, but the terms and provisions of this Deed of Trust Mortgage shall govern and control the manner and terms of enforcement of the liens, security interests, charges and encumbrances to which Xxxxxx and Lenders Holders are subrogated hereunder. It is expressly understood that, that in consideration of the payment of such indebtedness by Xxxxxx and XxxxxxxHolders, Grantor hereby waives and releases all demands and causes of action for offsets and payments in connection with the said indebtedness. If all or any portion of the proceeds of the Loan loan evidenced by the Notes or of any other Secured Indebtedness secured indebtedness has been advanced for the purpose of paying the purchase price for all or a part of the Mortgaged Property, no vendor’s 's lien is waived; and Agent and each other Holder shall have, and is hereby granted, for the ratable benefit of itself and Lenders, a vendor’s 's lien on the Mortgaged Property as cumulative additional security for the Secured Indebtednesssecured indebtedness. Holder, on behalf of itself and Lenders, Agent may foreclose under this Deed of Trust Mortgage or under the vendor’s 's lien without waiving the other or may foreclose under both.