Common use of First Lien Status Clause in Contracts

First Lien Status. Mortgagor shall preserve and protect ----------------- the first lien and security interest status of this Mortgage and the other Loan Documents. If any lien or security interest other than the Permitted Encumbrances is asserted against the Mortgaged Property, Mortgagor shall promptly, and at its expense, (a) give Mortgagee a detailed written notice of such lien or security interest (including origin, amount and other terms), and (b) pay the underlying claim in full or take such other action so as to cause it to be released or contest the same in compliance with the requirements of the Credit Agreement (including the requirement of providing a bond or other security satisfactory to Mortgagee).

Appears in 4 contracts

Samples: Sandhills Inc, Sandhills Inc, Sandhills Inc

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First Lien Status. Mortgagor shall preserve and protect ----------------- the first lien and security interest status of this Mortgage and the other Loan Documents. If any lien or security interest other than the Permitted Encumbrances is asserted against the Mortgaged Property, Mortgagor shall promptly, and at its expense, (a) give Mortgagee a detailed written notice of such lien or security interest (including origin, amount and other terms), and (b) pay the underlying claim in full or take such other action so as to cause it to be released or contest the same in compliance with the requirements of the Credit Loan Agreement (including the requirement of providing a bond or other security satisfactory to Mortgagee).

Appears in 3 contracts

Samples: Mortgage Modification Agreement (Acadia Realty Trust), And Consolidated Mortgage and Security Agreement (Metropolis Realty Trust Inc), Winston Hotels Inc

First Lien Status. Except as otherwise provided in the Credit Agreement, Mortgagor shall preserve and protect ----------------- the first lien and security interest status of this Mortgage and the other Loan DocumentsMortgage. If any lien or security interest other than the Permitted Encumbrances or this Mortgage is asserted against the Mortgaged Property, Mortgagor shall promptly, and at its expense, (a) give Mortgagee a detailed written notice of such lien or security interest (including origin, amount and other terms), and (b) pay the underlying claim in full or take such other action so as to cause it to be released or contest the same in compliance with the requirements of the Credit Agreement (including the requirement of providing a bond or other security satisfactory to Mortgagee).

Appears in 2 contracts

Samples: Credit and Guaranty Agreement (Simmons Bedding Co), Credit and Guaranty Agreement (Simmons Co /Ga/)

First Lien Status. Mortgagor shall preserve and protect ----------------- the first lien and security interest status of this Mortgage and the other Loan DocumentsMortgage. If any lien or security interest other than the Permitted Encumbrances Encumbrance and the other Liens permitted under the Credit Agreement is asserted against the Mortgaged Property, Mortgagor shall promptlypromptly upon obtaining notice thereof, and at its expense, (a) give Mortgagee a detailed written notice of such lien or security interest (including origin, amount and other terms), and (b) pay the underlying claim in full or take such other action so as to cause it to be released or contest the same in compliance with the requirements of the Credit Agreement (including the requirement of providing a bond or other security satisfactory to Mortgagee)Agreement.

Appears in 1 contract

Samples: Ironton Iron Inc

First Lien Status. Mortgagor shall preserve and protect ----------------- the first lien First Priority Lien and security interest status of this Mortgage and the other Loan Documents. If any lien Lien or security interest other than the Permitted Encumbrances is asserted against the Mortgaged Property, Mortgagor shall promptly, and at its expense, (a) give Mortgagee a detailed written notice of such lien Lien or security interest (including origin, amount and other terms), and (b) pay the underlying claim in full or take such other action so as to cause it to be released or contest the same in compliance with the requirements of the Credit Agreement (including the requirement of providing a bond or other security satisfactory to Mortgagee).

Appears in 1 contract

Samples: Security Agreement (Ackerley Group Inc)

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First Lien Status. Mortgagor shall preserve and protect ----------------- the first lien and security interest status First Priority Lien of this Mortgage and the other Loan Documents. If any lien or security interest other than the Permitted Encumbrances is asserted against the Mortgaged Property, Mortgagor shall promptly, and at its expense, (a) give Mortgagee a detailed written notice of such lien or security interest (including origin, amount and other terms), and (b) pay the underlying claim in full or take such other action so as to cause it to be released or contest the same in compliance with the requirements of the Credit Agreement (including the any requirement of providing to provide a bond or other security satisfactory to Mortgagee).

Appears in 1 contract

Samples: Credit Agreement (Sybron Dental Specialties Inc)

First Lien Status. Mortgagor shall preserve and protect ----------------- the first lien and security interest status of this Mortgage and the other Loan Documents. If any lien or security interest other than the a Permitted Encumbrances Real Estate Encumbrance is asserted against the Mortgaged Property, Mortgagor shall promptly, and at its expense, (a) give Mortgagee a detailed written notice of such lien or security interest (including origin, amount and other terms), and (b) pay the underlying claim in full or take such other action so as to cause it to be released or contest the same in compliance with the requirements of the Credit Agreement (including the requirement of providing a bond or other security satisfactory to Mortgagee).

Appears in 1 contract

Samples: Credit Agreement (School Specialty Inc)

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