Common use of Subrogation to Existing Liens Clause in Contracts

Subrogation to Existing Liens. It is agreed that the lien hereby created shall take precedence over and be a prior lien to any other lien of any character whether vendor's, materialman's or mechanic's lien hereafter created on the Mortgaged Premises, and in the event the proceeds of the Notes are used to acquire or to pay off and satisfy any indebtedness and liens heretofore existing on the Mortgaged Premises, then the Mortgagee is, and shall be for the benefit of the Banks, subrogated to all of the rights, liens and remedies of the holders of the indebtedness and liens so acquired or paid off, regardless of whether said indebtedness and liens are acquired by the Mortgagee by assignment or are released by the holders thereof upon payment.

Subrogation to Existing Liens. It is agreed that the lien Liens and security interests hereby created shall take precedence over and be a prior lien Lien to any other lien Lien of any character whether kind or character, including vendor's=s, materialman's =s or mechanic's lien =s Liens, hereafter created on the Mortgaged PremisesCollateral, and in the event the proceeds of the Notes are used to acquire or to pay off and satisfy any indebtedness and liens Liens heretofore existing on the Mortgaged PremisesCollateral, then the Mortgagee is, and shall be for the benefit of the Banksbe, subrogated to all of the rights, liens Liens, and remedies of the holders of the indebtedness and liens Liens so acquired or paid off, regardless of whether said indebtedness and liens Liens are acquired by the Mortgagee by assignment or are released by the holders thereof upon payment.

Subrogation to Existing Liens. It is agreed that the lien Liens and security interests hereby created shall take precedence over and be a prior lien Lien to any other lien Lien of any character whether kind or character, including vendor's, materialman's or mechanic's lien Liens, hereafter created on the Mortgaged PremisesCollateral, and in the event the proceeds of the Notes are used to acquire or to pay off and satisfy any indebtedness and liens Liens heretofore existing on the Mortgaged PremisesCollateral, then the Mortgagee is, and shall be for the benefit of the Banksbe, subrogated to all of the rights, liens Liens, and remedies of the holders of the indebtedness and liens Liens so acquired or paid off, regardless of whether said indebtedness and liens Liens are acquired by the Mortgagee by assignment or are released by the holders thereof upon payment.

Subrogation to Existing Liens. It is agreed that the lien hereby created shall take precedence over and be a prior lien to any other lien of any character whether vendor's, 's materialman's or mechanic's lien hereafter created on the Mortgaged Premises, and in the event the proceeds of the Notes are used to acquire or to pay off and satisfy any indebtedness and liens heretofore existing on the Mortgaged Premises, then the Mortgagee Administrative Agent is, and shall be for the benefit of the Banks, subrogated to all of the rights, liens and remedies of the holders of the indebtedness and liens so acquired or paid off, regardless of whether said indebtedness and liens are acquired by the Mortgagee Administrative Agent by assignment or are released by the holders thereof upon payment.