First Mortgage Lien Sample Clauses
A First Mortgage Lien is a legal claim that gives a lender priority over other creditors in the event of a default on a property loan. This lien attaches to the property as collateral, ensuring that the lender is the first to be repaid from the proceeds if the property is sold or foreclosed. For example, if a homeowner has both a first and a second mortgage, the first mortgage lender is paid before the second in case of foreclosure. The core function of this clause is to secure the lender’s interest and reduce their risk by establishing repayment priority.
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First Mortgage Lien. This Mortgage constitutes a valid mortgage and, upon proper recording hereof, will constitute a valid and perfected first priority mortgage lien, and security interest in the Mortgaged Property (subject only to the Permitted Liens and any mortgage filed pursuant to the provisions of the Intercreditor Agreement (as defined in the Loan Agreement)), and there are no defenses or offsets to the Company’s obligations pursuant to this Mortgage or the other Transaction Documents, including without limitation, the Company’s applicable obligations to pay and perform the Secured Obligations.
First Mortgage Lien. This Shore Mortgage constitutes a valid mortgage and, upon proper recording hereof, will constitute a valid and perfected first priority mortgage lien, and security interest in the Mortgaged Property (subject only to the Permitted Liens and any mortgage filed pursuant to the provisions of the Intercreditor Agreement (as defined in the Loan Agreement)), and there are no defenses or offsets to the Company’s obligations pursuant to this Shore Mortgage or the other Transaction Documents, including without limitation, the Company's applicable obligations to pay and perform the Secured Obligations. ATL /1012919. 2