Common use of Valid First Lien Clause in Contracts

Valid First Lien. The Mortgage (other than with respect to a Cooperative Loan) is a valid, subsisting, enforceable and perfected first priority lien and first priority security interest on the Mortgaged Property, including all buildings on the Mortgaged Property and all installations and mechanical, electrical, plumbing, heating and air conditioning systems located in or annexed to such buildings, and all additions, alterations and replacements made at any time with respect to the foregoing. The lien of the Mortgage (other than with respect to a Cooperative Loan) is subject only to: (1) the lien of current real property taxes and assessments not yet due and payable; (2) covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording acceptable to mortgage lending institutions generally and specifically referred to in the lender’s title insurance policy delivered to the originator of the Mortgage Loan and (i) referred to or to otherwise considered in the appraisal made for the originator of the Mortgage Loan or (ii) which do not adversely affect the Appraised Value of the Mortgaged Property set forth in such appraisal; and (3) other matters to which like properties are commonly subject which do not materially interfere with the benefits of the security intended to be provided by the mortgage or the use, enjoyment, value or marketability of the related Mortgaged Property. Any security agreement, chattel mortgage or equivalent document related to and delivered in connection with the Mortgage Loan establishes and creates a valid, subsisting and enforceable first lien and first priority security interest on the property described therein and the Company has full right to sell and assign the same to the Purchaser. The Mortgaged Property was not, as of the date of origination of the Mortgage Loan, subject to a mortgage, deed of trust, deed to secured debt or other security instrument creating a lien subordinate to the lien of the Mortgage;

Valid First Lien. The Each Mortgage (other than with respect to a Cooperative Loan) is a valid, subsisting, enforceable valid and perfected subsisting first priority lien and first priority security interest of record on a single parcel of real estate constituting the Mortgaged Property, including all buildings and improvements on the Mortgaged Property and all installations and mechanical, electrical, plumbing, heating and air conditioning systems located in or annexed to such buildings, and all additions, alterations and replacements made at any time time, subject in all cases to the exceptions to title set forth in the title insurance policy with respect to the foregoingrelated Mortgage Loan, which exceptions are generally acceptable to prudent mortgage lending companies, and such other exceptions to which similar properties are commonly subject and which do not individually, or in the aggregate, materially and adversely affect the benefits of the security intended to be provided by such Mortgage. The lien of the Mortgage (other than with respect to a Cooperative Loan) is subject only to: (1i) the lien of current real property taxes and assessments not yet due and payable;. (2ii) covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording acceptable to prudent mortgage lending institutions generally and specifically referred to in the lender’s title insurance policy delivered to the originator of the Mortgage Loan and (ia) specifically referred to or to otherwise considered in the appraisal made for the originator of the Mortgage Loan or (iib) which do not adversely affect the Appraised Value of the Mortgaged Property set forth in such appraisal; and (3iii) other matters to which like properties are commonly subject which do not materially interfere with the benefits of the security intended to be provided by the mortgage Mortgage or the use, enjoyment, value or marketability of the related Mortgaged Property. Any security agreement, chattel mortgage or equivalent document related to and delivered in connection with the Mortgage Loan establishes and creates a valid, subsisting subsisting, enforceable and enforceable perfected first lien and first priority security interest on the property described therein and the Company Seller has full right to sell and assign the same to the PurchaserBuyer. The Mortgaged Property was not, as of the date of origination of the Mortgage Loan, subject to a mortgage, deed of trust, deed to secured secure debt or other security instrument creating a lien subordinate to the lien of the Mortgage;.

Valid First Lien. The Mortgage (other than with respect to a Cooperative Loan) is a valid, subsisting, enforceable and perfected with respect to each first lien Mortgage Loan, first priority lien and first priority security interest on the real property included in the Mortgaged Property, including all buildings on the Mortgaged Property and all installations and mechanical, electrical, plumbing, heating and air conditioning systems located in or annexed to such buildings, and all additions, alterations and replacements made at any time with respect to the foregoing. The lien of the Mortgage (other than with respect to a Cooperative Loan) is subject only to: (1) a. the lien of current real property taxes and assessments not yet due and payable; (2) b. covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording acceptable to prudent mortgage lending institutions generally and specifically referred to in the lenderBuyer’s title insurance policy delivered to the originator of the Mortgage Loan and (ia) referred to or to otherwise considered in the appraisal made for the originator of the Mortgage Loan or (iib) which do not adversely affect the Appraised Value of the Mortgaged Property set forth in such appraisal; and; (3) c. other matters to which like properties are commonly subject which do not materially interfere with the benefits of the security intended to be provided by the mortgage Mortgage or the use, enjoyment, value or marketability of the related Mortgaged Property. Any security agreement, chattel mortgage or equivalent document related to and delivered in connection with the Mortgage Loan establishes and creates a valid, subsisting and enforceable first lien and first priority security interest on the property described therein and the Company Seller has full right to sell pledge and assign the same to the PurchaserBuyer. The Mortgaged Property was not, as of the date of origination of the Mortgage Loan, subject to a mortgage, deed of trust, deed to secured secure debt or other security instrument creating a lien subordinate to the lien of the Mortgage;.

Valid First Lien. The Mortgage (other than with respect to a Cooperative Loan) is a valid, subsisting, enforceable and perfected first priority lien and first priority security interest (with respect to each First Lien Mortgage Loan) or second lien (with respect to each Second Lien Mortgage Loan) on the Mortgaged Property, including all buildings and improvements on the Mortgaged Property and all installations and mechanical, electrical, plumbing, heating and air conditioning systems located in or annexed to such buildings, and all additions, alterations and replacements made at any time with respect to the foregoing. The lien of the Mortgage (other than with respect to a Cooperative Loan) is subject only to: (1i) with respect to a Second Lien Mortgage Loan only, the lien of the first mortgage on the Mortgaged Property; (ii) the lien of current real property taxes and assessments not yet due and payable; (2iii) covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording acceptable to prudent mortgage lending institutions generally and specifically referred to in the lender’s 's title insurance policy delivered to the originator of the Mortgage Loan and (ia) specifically referred to or to otherwise considered in the appraisal made for the originator of the Mortgage Loan or (iib) which do not adversely affect the Appraised Value of the Mortgaged Property set forth in such appraisal; and (3iv) other matters to which like properties are commonly subject which do not materially interfere with the benefits of the security intended to be provided by the mortgage Mortgage or the use, enjoyment, value or marketability of the related Mortgaged Property. ; Any security agreement, chattel mortgage or equivalent document related to and delivered in connection with the Mortgage Loan establishes and creates a valid, subsisting subsisting, enforceable and enforceable perfected first lien and first priority (with respect to each First Lien Mortgage Loan) security interest on the property described therein and the Company NC Capital Corporation has full right to sell and assign the same to the Purchaser. The Mortgaged Property was not, as of the date of origination of the Mortgage Loan, subject to a mortgage, deed of trust, deed to secured debt or other security instrument creating a lien subordinate to the lien of the Mortgage;Sponsor

Valid First Lien. The Mortgage (other than with respect to a Cooperative Loan) is a valid, subsisting, enforceable and perfected with respect to each first lien Transaction Mortgage Loan, first priority lien and first priority security interest on the real property included in the Mortgaged Property, including all buildings on the Mortgaged Property and all installations and mechanical, electrical, plumbing, heating and air conditioning systems located in or annexed to such buildings, and all additions, alterations and replacements made at any time with respect to the foregoing. The lien of the Mortgage (other than with respect to a Cooperative Loan) is subject only to: (1) a. the lien of current real property taxes and assessments not yet due and payable; (2) b. covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording acceptable to prudent mortgage lending institutions generally and specifically referred to in the lender’s title insurance policy delivered to the originator of the Transaction Mortgage Loan and (ia) referred to or to otherwise considered in the appraisal made for the originator of the Transaction Mortgage Loan or (iib) which do not adversely affect the Appraised Value of the Mortgaged Property set forth in such appraisal; and; (3) c. other matters to which like properties are commonly subject which do not materially interfere with the benefits of the security intended to be provided by the mortgage Mortgage or the use, enjoyment, value or marketability of the related Mortgaged Property. Any security agreement, chattel mortgage or equivalent document related to and delivered in connection with the Transaction Mortgage Loan establishes and creates a valid, subsisting and enforceable first lien and first priority security interest on the property described therein and the Company applicable Seller Party has full right to sell pledge and assign the same to the PurchaserAdministrative Agent. The Mortgaged Property was not, as of the date of origination of the Transaction Mortgage Loan, subject to a mortgage, deed of trust, deed to secured secure debt or other security instrument creating a lien subordinate to the lien of the Mortgage;.

Valid First Lien. The Each Mortgage (other than with respect to a Cooperative Loan) is a valid, subsisting, enforceable valid and perfected subsisting first priority lien and first priority security interest of record on a single or contiguous parcel of real estate constituting the Mortgaged Property, including all buildings and improvements on the Mortgaged Property and all installations and mechanical, electrical, plumbing, heating and air conditioning systems located in or annexed to such buildings, and all additions, alterations and replacements made at any time time, subject in all cases to the exceptions to title set forth in the title insurance policy with respect to the foregoingrelated Mortgage Loan, which exceptions are generally acceptable to prudent mortgage lending companies, and such other exceptions to which similar properties are commonly subject and which do not individually, or in the aggregate, materially and adversely affect the benefits of the security intended to be provided by such Mortgage. The lien of the Mortgage (other than with respect to a Cooperative Loan) is subject only to: (1i) the lien of current real property taxes and assessments not yet due and payable;. (2ii) covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording acceptable to prudent mortgage lending institutions generally and specifically referred to in the lender’s title insurance policy delivered to the originator of the Mortgage Loan and (ia) specifically referred to or to otherwise considered in the appraisal made for the originator of the Mortgage Loan or (iib) which do not adversely affect the Appraised Value of the Mortgaged Property set forth in such appraisal; and (3iii) other matters to which like properties are commonly subject which do not materially interfere with the benefits of the security intended to be provided by the mortgage Mortgage or the use, enjoyment, value or marketability of the related Mortgaged Property. Any security agreement, chattel mortgage or equivalent document related to and delivered in connection with the Mortgage Loan establishes and creates a valid, subsisting subsisting, enforceable and enforceable perfected first lien and first priority security interest on the property described therein and the Company Seller has full right to sell and assign the same to the PurchaserBuyer. The Mortgaged Property was not, as of the date of origination of the Mortgage Loan, subject to a mortgage, deed of trust, deed to secured secure debt or other security instrument creating a lien subordinate to the lien of the Mortgage;.

Valid First Lien. The Each Mortgage (other than with respect to a Cooperative Loan) is a valid, subsisting, enforceable valid and perfected subsisting first priority lien and first priority security interest on a single parcel of real estate included in the Mortgaged Property, including all buildings and improvements on the Mortgaged Property and all installations and mechanical, electrical, plumbing, heating and air conditioning systems located in or annexed to such buildings, and all additions, alterations and replacements made at any time with respect to the foregoing, subject in all cases to the exceptions to title set forth in the title insurance policy with respect to the related Loan, which exceptions are generally acceptable to prudent mortgage lending companies, the exceptions set forth below and such other exceptions to which similar properties are commonly subject and which do not individually, or in the aggregate, materially and adversely affect the benefits of the security intended to be provided by such Mortgage. The lien of the Mortgage (other than with respect to a Cooperative Loan) is subject only to: (1i) the lien of current real property taxes and assessments not yet due and payable;delinquent. (2ii) covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording acceptable to prudent mortgage lending institutions generally and specifically referred to in the lender’s title insurance policy delivered to the originator of the Mortgage Loan and (ia) referred to or to otherwise considered in the appraisal made for the originator of the Mortgage Loan or (iib) which do not adversely affect the Appraised Value of the Mortgaged Property set forth in such appraisal; and (3iii) other matters to which like properties are commonly subject which do not materially interfere with the benefits of the security intended to be provided by the mortgage Mortgage or the use, enjoyment, value or marketability of the related Mortgaged Property. Any security agreement, chattel mortgage or equivalent document related to and delivered in connection with the Mortgage Loan establishes and creates a valid, subsisting subsisting, enforceable and enforceable first lien and first priority security interest on the property described therein and the Company Seller has full right to sell pledge and assign the same to the Purchaser. The Mortgaged Property was not, as of the date of origination of the Mortgage Loan, subject to a mortgage, deed of trust, deed to secured debt or other security instrument creating a lien subordinate to the lien of the Mortgage;Buyer.

Valid First Lien. The Mortgage (other than with respect to a Cooperative Loan) is a valid, subsisting, enforceable and perfected with respect to each first lien Mortgage Loan, first priority lien and first priority security interest interest, on the real property included in the Mortgaged Property, including all buildings on the Mortgaged Property and all installations and mechanical, electrical, plumbing, heating and air conditioning systems located in or annexed to such buildings, and all additions, alterations and replacements made at any time with respect to the foregoing. The lien of the Mortgage (other than with respect to a Cooperative Loan) is subject only to: (1i) the lien of current real property taxes and assessments not yet due and payable; (2ii) covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording acceptable to prudent mortgage lending institutions generally and specifically referred to in the lenderBuyer’s title insurance policy delivered to the originator of the Mortgage Loan and (ia) referred to or to otherwise considered in the appraisal made for the originator of the Mortgage Loan or (iib) which do not adversely affect the Appraised Value of the Mortgaged Property set forth in such appraisal; and (3iii) other matters to which like properties are commonly subject which do not materially interfere with the benefits of the security intended to be provided by the mortgage Mortgage or the use, enjoyment, value or marketability of the related Mortgaged Property. Any security agreement, chattel mortgage or equivalent document related to and delivered in connection with the Mortgage Loan establishes and creates a valid, subsisting and enforceable first lien and first priority security interest on the property described therein and the Company has Sellers have full right to sell pledge and assign the same to the PurchaserBuyer. The Mortgaged Property was not, as of the date of origination of the Mortgage Loan, subject to a mortgage, deed of trust, deed to secured secure debt or other security instrument creating a lien subordinate to the lien of the Mortgage;.

Valid First Lien. The Each Mortgage (other than with respect to a Cooperative Loan) is a valid, subsisting, enforceable valid and perfected subsisting first priority lien and first priority security interest on a single parcel or multiple contiguous parcels of real estate included in the Mortgaged Property, including all buildings and improvements on the Mortgaged Property and all installations and mechanical, electrical, plumbing, heating and air conditioning systems located in or annexed to such buildings, and all additions, alterations and replacements made at any time with respect to the foregoing, subject in all cases to the exceptions to title set forth in the title insurance policy with respect to the related Loan, which exceptions are generally acceptable to prudent mortgage lending companies, the exceptions set forth below and such other exceptions to which similar properties are commonly subject and which do not individually, or in the aggregate, materially and adversely affect the benefits of the security intended to be provided by such Mortgage. The lien of the Mortgage (other than with respect to a Cooperative Loan) is subject only to: (1) the lien of current real property taxes and assessments not yet due and payable;delinquent. (2) covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording acceptable to prudent mortgage lending institutions generally and specifically referred to in the lender’s title insurance policy delivered to the originator of the Mortgage Loan and (ia) referred to or to otherwise considered in the appraisal made for the originator of the Mortgage Loan or (iib) which do not adversely affect the Appraised Value of the Mortgaged Property set forth in such appraisal; andand LEGAL02/41245355v3 (3) other matters to which like properties are commonly subject which do not materially interfere with the benefits of the security intended to be provided by the mortgage Mortgage or the use, enjoyment, value or marketability of the related Mortgaged Property, and which will not prevent realization of the full benefits of any RHS Guaranty. Any security agreement, chattel mortgage or equivalent document related to and delivered in connection with the Mortgage Loan establishes and creates a valid, subsisting subsisting, enforceable and enforceable first lien and first priority security interest on the property described therein and the Company Seller has full right to sell pledge and assign the same to the Purchaser. The Mortgaged Property was not, as of the date of origination of the Mortgage Loan, subject to a mortgage, deed of trust, deed to secured debt or other security instrument creating a lien subordinate to the lien of the Mortgage;Buyer.

Valid First Lien. The Mortgage (other than with respect to a Cooperative Loan) is a valid, subsisting, enforceable and perfected with respect to each first lien Mortgage Loan, first priority lien and first priority security interest interest, on the real property included in the Mortgaged Property, including all buildings on the Mortgaged Property and all installations and mechanical, electrical, plumbing, heating and air conditioning systems located in or annexed to such buildings, and all additions, alterations and replacements made at any time with respect to the foregoing. The lien of the Mortgage (other than with respect to a Cooperative Loan) is subject only to: (1i) the lien of current real property taxes and assessments not yet due and payable; (2ii) covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording acceptable to prudent mortgage lending institutions generally and specifically referred to in the lenderBuyer’s title insurance policy delivered to the originator of the Mortgage Loan and (ia) referred to or to otherwise considered in the appraisal made for the originator of the Mortgage Loan or (iib) which do not adversely affect the Appraised Value of the Mortgaged Property set forth in such appraisal; and (3iii) other matters to which like properties are commonly subject which do not materially interfere with the benefits of the security intended to be provided by the mortgage Mortgage or the use, enjoyment, value or marketability of the related Mortgaged Property. Any security agreement, chattel mortgage or equivalent document related to and delivered in connection with the Mortgage Loan establishes and creates a valid, subsisting and enforceable first lien and first priority security interest on the property described therein and the Company has Sellers have full right to sell pledge and assign the same to the PurchaserBuyer. The Mortgaged Property was not, as of the date of origination of the Mortgage Loan, subject to a mortgage, deed of trust, deed to secured secure debt or other security instrument creating a lien subordinate to the lien of the Mortgage;.

Valid First Lien. The Each Mortgage (other than with respect to a Cooperative Loan) is a valid, subsisting, enforceable valid and perfected subsisting first priority lien and first priority security interest of record on a single parcel of real estate constituting the Mortgaged Property, including all buildings and improvements on the Mortgaged Property and all installations and mechanical, electrical, plumbing, heating and air conditioning systems located in or annexed to such buildings, and all additions, alterations and replacements made at any time time, subject in all cases to the exceptions to title set forth in the title insurance policy with respect to the foregoingrelated Mortgage Loan, which exceptions are generally acceptable to prudent mortgage lending companies, and such other exceptions to which similar properties are commonly subject and which do not individually, or in the aggregate, materially and adversely affect the benefits of the security intended to be provided by such Mortgage. The lien of the Mortgage (other than with respect to a Cooperative Loan) is subject only to: (1i) the lien of current real property taxes and assessments not yet due and payable;. (2ii) covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording acceptable to prudent mortgage lending institutions generally and specifically referred to in the lender’s title insurance policy delivered to the originator of the Mortgage Loan and (ia) specifically referred to or to otherwise considered in the appraisal made for the originator of the Mortgage Loan or (iib) which do not adversely affect the Appraised Value of the Mortgaged Property set forth in such appraisal; and (3iii) other matters to which like properties are commonly subject which do not materially interfere with the benefits of the security intended to be provided by the mortgage Mortgage or the use, enjoyment, value or marketability of the related Mortgaged Property. Exh. F-4 Any security agreement, chattel mortgage or equivalent document related to and delivered in connection with the Mortgage Loan establishes and creates a valid, subsisting subsisting, enforceable and enforceable perfected first lien and first priority security interest on the property described therein and the Company Seller has full right to sell and assign the same to the PurchaserBuyer. The Mortgaged Property was not, as of the date of origination of the Mortgage Loan, subject to a mortgage, deed of trust, deed to secured secure debt or other security instrument creating a lien subordinate to the lien of the Mortgage;.

Valid First Lien. The Mortgage (other than with respect to a Cooperative Loan) is a valid, subsisting, enforceable and perfected with respect to each first lien Transaction Mortgage Loan, first priority lien and first priority security interest on the real property included in the Mortgaged Property, including all buildings on the Mortgaged Property and all installations and mechanical, electrical, plumbing, heating and air conditioning systems located in or annexed to such buildings, and all additions, alterations and replacements made at any time with respect to the foregoing. The lien of the Mortgage (other than with respect to a Cooperative Loan) is subject only to: (1) a. the lien of current real property taxes and assessments not yet due and payable; (2) b. covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording acceptable to prudent mortgage lending institutions generally and specifically referred to in the lenderBuyer’s title insurance policy delivered to the originator of the Transaction Mortgage Loan and (ia) referred to or to otherwise considered in the appraisal made for the originator of the Transaction Mortgage Loan or (iib) which do not adversely affect the Appraised Value of the Mortgaged Property set forth in such appraisal; and; (3) c. other matters to which like properties are commonly subject which do not materially interfere with the benefits of the security intended to be provided by the mortgage Mortgage or the use, enjoyment, value or marketability of the related Mortgaged Property. Any security agreement, chattel mortgage or equivalent document related to and delivered in connection with the Transaction Mortgage Loan establishes and creates a valid, subsisting and enforceable first lien and first priority security interest on the property described therein and the Company applicable Seller Party has full right to sell pledge and assign the same to the PurchaserBuyer. The Mortgaged Property was not, as of the date of origination of the Transaction Mortgage Loan, subject to a mortgage, deed of trust, deed to secured secure debt or other security instrument creating a lien subordinate to the lien of the Mortgage;.

Valid First Lien. The Mortgage (other than with respect to a Cooperative Loan) is a valid, subsisting, enforceable and perfected first priority lien and first priority security interest (with respect to each First Lien Mortgage Loan) or second lien (with respect to each Second Lien Mortgage Loan) on the Mortgaged Property, including all buildings and improvements on the Mortgaged Property and all installations and mechanical, electrical, plumbing, heating and air conditioning systems located in or annexed to such buildings, and all additions, alterations and replacements made at any time with respect to the foregoing. The lien of the Mortgage (other than with respect to a Cooperative Loan) is subject only to: (1i) with respect to a Second Lien Mortgage Loan only, the lien of the first mortgage on the Mortgaged Property; (ii) the lien of current real property taxes and assessments not yet due and payable; (2iii) covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording acceptable to prudent mortgage lending institutions generally and specifically referred to in the lender’s 's title insurance policy delivered to the originator of the Mortgage Loan and (ia) specifically referred to or to otherwise considered in the appraisal made for the originator of the Mortgage Loan or (iib) which do not adversely affect the Appraised Value of the Mortgaged Property set forth in such appraisal; and (3iv) other matters to which like properties are commonly subject which do not materially interfere with the benefits of the security intended to be provided by the mortgage Mortgage or the use, enjoyment, value or marketability of the related Mortgaged Property. ; Any security agreement, chattel mortgage or equivalent document related to and delivered in connection with the Mortgage Loan establishes and creates a valid, subsisting subsisting, enforceable and enforceable perfected first lien and first priority (with respect to each First Lien Mortgage Loan) security interest on the property described therein and the Company [___________] has full right to sell and assign the same to the Purchaser. The Mortgaged Property was not, as of the date of origination of the Mortgage Loan, subject to a mortgage, deed of trust, deed to secured debt or other security instrument creating a lien subordinate to the lien of the Mortgage;Sponsor

Valid First Lien. The Mortgage (other than with respect to a Cooperative Loan) is a valid, subsisting, enforceable and and, with respect to Mortgage Loans other than Second Lien Mortgage Loans, perfected first priority lien and first priority security interest or, with respect to Second Lien Mortgage Loans, a second lien or a second priority security interest, in each case, on the real property included in the Mortgaged Property, including all buildings on the Mortgaged Property. The appraisal of the Mortgaged Property and all installations and mechanical, electrical, plumbing, heating and air conditioning systems located in does not list any material repair or annexed to such buildings, and all additions, alterations and replacements made at any time with respect to the foregoingmaintenance items. The lien of the Mortgage (other than with respect to a Cooperative Loan) is subject only to: (1) a. the lien of current real property taxes and assessments not yet due and payable;; ​ ​ (2) b. covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording acceptable to prudent mortgage lending institutions generally and specifically referred to in the lender’s title insurance policy delivered to the originator of the Mortgage Loan and (ia) referred to or to otherwise considered in the appraisal made for the originator of the Mortgage Loan or (iib) which do not adversely affect the Appraised Value of the Mortgaged Property set forth in such appraisal; and; (3) c. other matters to which like properties are commonly subject which do not materially interfere with the benefits of the security intended to be provided by the mortgage Mortgage or the use, enjoyment, value or marketability of the related Mortgaged Property; and d. with respect to Second Lien Mortgage Loans, a first lien. Any security agreement, chattel mortgage or equivalent document related to and delivered in connection with the Mortgage Loan establishes and creates a valid, subsisting and enforceable (a) with respect to Mortgage Loans other than Second Lien Mortgage Loans, first lien and first priority security interest and (b) with respect to Second Lien Mortgage Loans, second lien and second priority interest, in each case, on the property described therein and the Company Seller has full right to sell pledge and assign the same to the PurchaserAdministrative Agent. The Mortgaged Property was not, as of the date of origination of the Mortgage Loan, subject to a mortgage, deed of trust, deed to secured secure debt or other security instrument creating a lien subordinate to the lien of the Mortgage;.

Valid First Lien. The Mortgage (other than with respect to a Cooperative Loan) is a valid, subsisting, enforceable and perfected first priority lien and first priority security interest (with respect to each First Lien Mortgage Loan) or second lien (with respect to each Second Lien Mortgage Loan) on the Mortgaged Property, including all buildings and improvements on the Mortgaged Property and all installations and mechanical, electrical, plumbing, heating and air conditioning systems located in or annexed to such buildings, and all additions, alterations and replacements made at any time with respect to the foregoing. The lien of the Mortgage (other than with respect to a Cooperative Loan) is subject only to: (1i) with respect to a Second Lien Mortgage Loan only, the lien of the first mortgage on the Mortgaged Property; (ii) the lien of current real property taxes and assessments not yet due and payable; (2iii) covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording acceptable to prudent mortgage lending institutions generally and specifically referred to in the lender’s 's title insurance policy delivered to the originator of the Mortgage Loan and (ia) specifically referred to or to otherwise considered in the appraisal made for the originator of the Mortgage Loan or (iib) which do not adversely affect the Appraised Value of the Mortgaged Property set forth in such appraisal; and (3iv) other matters to which like properties are commonly subject which do not materially interfere with the benefits of the security intended to be provided by the mortgage Mortgage or the use, enjoyment, value or marketability of the related Mortgaged Property. ; Any security agreement, chattel mortgage or equivalent document related to and delivered in connection with the Mortgage Loan establishes and creates a valid, subsisting subsisting, enforceable and enforceable perfected first lien and first priority (with respect to each First Lien Mortgage Loan) security interest on the property described therein and the Company NC Capital Corporation has full right to sell and assign the same to the Purchaser. The Mortgaged Property was not, as of the date of origination of the Mortgage Loan, subject to a mortgage, deed of trust, deed to secured debt or other security instrument creating a lien subordinate to the lien of the Mortgage;

Valid First Lien. The Mortgage (other than with respect to a Cooperative Loan) is a valid, subsisting, enforceable and perfected with respect to each first lien Mortgage Loan, first priority lien and first priority security interest interest, on the real property included in the Mortgaged Property, including all buildings on the Mortgaged Property and all installations and mechanical, electrical, plumbing, heating and air conditioning systems located in or annexed to such buildings, and all additions, alterations and replacements made at any time with respect to the foregoing. The lien of the Mortgage (other than with respect to a Cooperative Loan) is subject only to: (1i) the lien of current real property taxes and assessments not yet due and payable; (2ii) covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording acceptable to prudent mortgage lending institutions generally and specifically referred to in the lenderBuyer’s title insurance policy delivered to the originator of the Mortgage Loan and (ia) referred to or to otherwise considered in the appraisal made for the originator of the Mortgage Loan or (iib) which do not adversely affect the Appraised Value of the Mortgaged Property set forth in such appraisal; and (3iii) other matters to which like properties are commonly subject which do not materially interfere with the benefits of the security intended to be provided by the mortgage Mortgage or the use, enjoyment, value or marketability of the related Mortgaged Property. Any security agreement, chattel mortgage or equivalent document related to and delivered in connection with the Mortgage Loan establishes and creates a valid, subsisting and enforceable first lien and first priority security interest on the property described therein and the Company Seller has full right to sell pledge and assign the same to the PurchaserBuyer. The Mortgaged Property was not, as of the date of origination of the Mortgage Loan, subject to a mortgage, deed of trust, deed to secured secure debt or other security instrument creating a lien subordinate to the lien of the Mortgage;.

Valid First Lien. The Mortgage (other than with respect to a Cooperative Loan) is a valid, subsisting, enforceable and perfected first priority lien and first priority security interest (with respect to each First Lien Mortgage Loan) or second lien (with respect to each Second Lien Mortgage Loan) on the Mortgaged Property, including all buildings and improvements on the Mortgaged Property and all installations and mechanical, electrical, plumbing, heating and air conditioning systems located in or annexed to such buildings, and all additions, alterations and replacements made at any time with respect to the foregoing. The lien of the Mortgage (other than with respect to a Cooperative Loan) is subject only to: (1i) with respect to a Second Lien Mortgage Loan only, the lien of the first mortgage on the Mortgaged Property; (ii) the lien of current real property taxes and assessments not yet due and payable; (2iii) covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording acceptable to prudent mortgage lending institutions generally and specifically referred to in the lender’s title insurance policy delivered to the originator of the Mortgage Loan and (ia) specifically referred to or to otherwise considered in the appraisal made for the originator of the Mortgage Loan or (iib) which do not adversely affect the Appraised Value of the Mortgaged Property set forth in such appraisal; and (3iv) other matters to which like properties are commonly subject which do not materially interfere with the benefits of the security intended to be provided by the mortgage Mortgage or the use, enjoyment, value or marketability of the related Mortgaged Property. ; Any security agreement, chattel mortgage or equivalent document related to and delivered in connection with the Mortgage Loan establishes and creates a valid, subsisting subsisting, enforceable and enforceable perfected first lien and first priority (with respect to each First Lien Mortgage Loan) security interest on the property described therein and the Company NC Capital Corporation has full right to sell and assign the same to the Purchaser. The Mortgaged Property was not, as of the date of origination of the Mortgage Loan, subject to a mortgage, deed of trust, deed to secured debt or other security instrument creating a lien subordinate to the lien of the Mortgage;Sponsor