Common use of Valid Lien Clause in Contracts

Valid Lien. With respect to a Loan that Seller purports to be a first-lien Loan, the Mortgage isa valid, subsisting, enforceable and perfected first lien 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 that are deemed fixtures to the same. The lien of the Mortgage is subject only to: (a) the lien of current real property taxes and assessments not yet due and payable; (b) covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording that are generally acceptable to mortgage lending institutions and specifically referred to in the lender’s title insurance policy, and: (i) referred to or otherwise considered in the appraisal relating to the Loan; or

Valid Lien. With respect to a Loan that Seller purports to be a first-lien Loan, the Mortgage isa is a valid, subsisting, enforceable and perfected first lien 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 that are deemed fixtures to the same. The lien of the Mortgage is subject only to: (a) the lien of current real property taxes and assessments not yet due and payable; (b) covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording that are generally acceptable to mortgage lending institutions and specifically referred to in the lender’s title insurance policy, and: (i) referred to or otherwise considered in the appraisal theappraisal relating to the Loan; or