Common use of Valid First Lien Clause in Contracts

Valid First Lien. The Mortgage is properly recorded (or, as to newly-Originated Mortgage Loans, is in the process of being recorded) and is a valid, existing and enforceable first Lien with respect to each Mortgage Loan that is indicated by Seller to be a first Lien on the Mortgaged Property, including all improvements on the Mortgaged Property, free and clear of all adverse claims, and Liens having priority over the Lien of the Mortgage, subject only to (i) the Lien of current real property taxes and assessments not yet due and payable, (ii) covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording being acceptable to mortgage lending institutions generally and specifically referred to in the lender’s title insurance policy delivered to Seller and that do not adversely affect the purchase by, or the purchase price to be paid by, the Approved Takeout Investor, and (iii) other matters to which like properties are commonly subject that do not individually or in the aggregate 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, existing and enforceable first lien and first priority security interest securing the related Mortgage Loan on the property described therein and Seller has full right to sell and assign the related Mortgage Assets to Buyer.

Valid First Lien. The Mortgage is properly recorded (or, as to newly-Originated originated Mortgage Loans, is in the process of being recorded) and is a valid, existing and enforceable first Lien with respect to each Mortgage Loan that is indicated by the Seller to be a first Lien on the Mortgaged PropertyPremises, including all improvements on the Mortgaged PropertyPremises, free and clear of all adverse claims, and Liens having priority over the Lien of the Mortgage, subject only to (i) the Lien of current real property taxes and assessments not yet due and payabledelinquent, (ii) exceptions, covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording being acceptable to mortgage lending institutions generally and specifically referred to in the lender’s title insurance policy delivered to the Seller and that do not adversely affect the purchase by, or the purchase price to be paid by, the Approved Takeout Investor, and (iii) other matters to which like properties are commonly subject that do not individually or in the aggregate 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 PropertyPremises. Any security agreement, chattel mortgage or equivalent document related to and delivered in connection with the Mortgage Loan establishes and creates a valid, existing and enforceable first lien and first priority security interest securing the related Mortgage Loan on the property described therein and the Seller has full right to sell and assign the related Mortgage Assets Collateral to Buyerthe Agent for the benefit of the Buyers.

Valid First Lien. The Mortgage is properly recorded (or, as to newly-Originated Mortgage Loans, is in the process of being recorded) and is a valid, existing subsisting, enforceable and enforceable perfected first priority Lien with respect to each Mortgage Loan that is indicated by Seller to be a and first Lien priority security interest on the real property included in the Mortgaged Property, including all improvements buildings on the Mortgaged PropertyProperty and all installations and mechanical, free electrical, plumbing, heating and clear of all adverse claimsair conditioning systems located in or annexed to such buildings, and Liens having priority over all additions, alterations and replacements made at any time with respect to the foregoing. The Lien of the Mortgage, Mortgage is subject only to (i) to: • the Lien of current real property taxes and assessments not yet due and payable, (ii) ; • covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording being acceptable to prudent mortgage lending institutions generally institutions; and specifically referred to in the lender’s title insurance policy delivered to Seller and that do not adversely affect the purchase by, or the purchase price to be paid by, the Approved Takeout Investor, and (iii) • other matters to which like properties are commonly subject that which do not individually or in the aggregate 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 Underlying Mortgage Loan establishes and creates a valid, existing subsisting and enforceable first lien Lien and first priority security interest securing the related Mortgage Loan on the property described therein and the related Seller has full right to sell pledge and assign the related Mortgage Assets same to Buyer. No Mortgage Loan is subject to one or more prior liens on the related Mortgaged Property securing financing obtained by the related Mortgagor and to Permitted Liens.

Valid First Lien. The Mortgage is properly recorded (or, as to newly-newly Originated Mortgage Loans, is in the process of being recorded) and is a valid, existing and enforceable first Lien with respect to each Mortgage Loan that which is indicated by Seller to be a first Lien on the Mortgaged Property, including all improvements on the Mortgaged Property, free and clear of all adverse claims, and Liens having priority over the Lien of the Mortgage, subject only to (i) the Lien of current real property taxes and assessments not yet due and payable, (ii) covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording being acceptable to mortgage lending institutions generally and specifically referred to in the lender’s title insurance policy delivered to Seller and that which do not adversely affect the purchase by, or the purchase price to be paid by, the Approved Takeout Investor, and (iii) other matters to which like properties are commonly subject that which do not individually or in the aggregate 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, existing and enforceable first lien and first priority security interest securing the related Mortgage Loan on the property described therein and Seller has full right to sell and assign the related Mortgage Assets to Buyer.

Valid First Lien. The Mortgage is properly recorded (or, as to newly-Originated Mortgage Loans, is in the process of being recorded) and is a valid, existing and enforceable first Lien with respect to each Mortgage Loan that is indicated by Seller to be a first Lien on the Mortgaged Property, including all improvements on the Mortgaged Property, free and clear of all adverse claims, and Liens having priority over the Lien of the Mortgage, subject only to (i) the Lien of current real property taxes and assessments not yet due and payabledelinquent, (ii) exceptions, covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording being that are acceptable to mortgage lending institutions generally and specifically referred to in the lender’s title insurance policy delivered to Seller Seller, and that do not adversely affect the purchase by, or the purchase price to be paid by, the Approved Takeout Investor, and (iii) other matters to which like properties are commonly subject that do not individually or in the aggregate 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, existing and enforceable first lien and first priority security interest securing the related Mortgage Loan on the property described therein and Seller has full right to sell and assign the related Mortgage Assets to Buyer.

Valid First Lien. The Mortgage is properly recorded (or, as to newly-Originated Mortgage Loans, is in the process of being recorded) and is a valid, existing subsisting, enforceable and enforceable perfected first priority Lien with respect to each Mortgage Loan that is indicated by Seller to be a and first Lien priority security interest on the real property included in the Mortgaged Property, including all improvements buildings on the Mortgaged PropertyProperty and all installations and mechanical, free electrical, plumbing, heating and clear of all adverse claimsair conditioning systems located in or annexed to such buildings, and Liens having priority over all additions, alterations and replacements made at any time with respect to the foregoing. The Lien of the Mortgage, Mortgage is subject only to (i) to: • the Lien of current real property taxes and assessments not yet due and payable, (ii) ; • covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording being acceptable to prudent mortgage lending institutions generally institutions; and specifically referred to in the lender’s title insurance policy delivered to Seller and that do not adversely affect the purchase by, or the purchase price to be paid by, the Approved Takeout Investor, and (iii) • other matters to which like properties are commonly subject that which do not individually or in the aggregate 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, existing subsisting and enforceable first lien Lien and first priority security interest securing the related Mortgage Loan on the property described therein and Seller has full right to sell pledge and assign the related Mortgage Assets same to Buyer. No Mortgage Loan is subject to one or more prior liens on the related Mortgaged Property securing financing obtained by the related Mortgagor and to Permitted Liens.

Valid First Lien. The Mortgage is properly recorded (or, as to newly-Originated Mortgage Loans, is in the process of being recorded) and is a valid, existing subsisting, enforceable and enforceable perfected first Lien with respect to each Mortgage Loan that is indicated by Seller to be a priority lien and first Lien priority security interest on the real property included in the Mortgaged Property, including all improvements buildings on the Mortgaged PropertyProperty and all installations and mechanical, free electrical, plumbing, heating and clear of all adverse claimsair conditioning systems located in or annexed to such buildings, and Liens having priority over all additions, alterations and replacements made at any time with respect to the Lien foregoing. The lien of the Mortgage, Mortgage is subject only to to: (i) the Lien lien of current real property taxes and assessments not yet due and payable, ; (ii) covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording being acceptable to prudent mortgage lending institutions generally and specifically referred to in the lenderBuyer’s title insurance policy delivered to Seller the originator of the Mortgage Loan and that (a) referred to or otherwise considered in the appraisal made for the originator of the Mortgage Loan or (b) which do not adversely affect the purchase by, or Appraised Value of the purchase price to be paid by, the Approved Takeout Investor, and Mortgaged Property set forth in such appraisal; (iii) other matters to which like properties are commonly subject that which do not individually or in the aggregate 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, existing subsisting and enforceable first lien and first priority security interest securing the related Mortgage Loan on the property described therein and the applicable Seller has full right to sell pledge and assign the related Mortgage Assets same to Buyer. The Mortgaged Property was not, as of the date of origination of the Mortgage Loan, subject to a mortgage, deed of trust, deed to secure debt or other security instrument creating a lien subordinate to the lien of the Mortgage.

Valid First Lien. The Mortgage is properly recorded (or, as to newly-Originated Mortgage Loans, is in the process of being recorded) and is a valid, existing and enforceable first Lien with respect to each Mortgage Loan that is indicated by Seller to be a first Lien on the Mortgaged Property, including all improvements on the Mortgaged Property, free and clear of all adverse claims, and Liens having priority over the Lien of the Mortgage, subject only to (i) the Lien of current real property taxes and assessments not yet due and payabledelinquent, (ii) exceptions, covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording being that are acceptable to mortgage lending institutions generally and specifically referred to in the lender’s title insurance policy delivered to Seller Seller, and that do not adversely affect the purchase by, or the purchase price to be paid by, the Approved Takeout Investor, and (iii) other matters to which like properties are commonly subject that do not individually or in the aggregate 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, existing and enforceable first lien and first priority security interest securing the related Mortgage Loan on the property described therein and Seller has full right to sell and assign the related Mortgage Assets to BuyerAdministrative Agent.