Common use of Lien Status Clause in Contracts

Lien Status. With respect to a Mortgage Loan, the related Mortgage, and with respect to a Cooperative Loan, the related Proprietary Lease and the Cooperative Shares, constitute a valid, existing and enforceable (subject to bankruptcy laws and general principles of equity) first lien and first priority security interest with respect to each Mortgage Loan on the Mortgaged Property, including all improvements on the Mortgaged Property 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; (iii) zoning and other land use restrictions and ordinances, (iv) the related Mortgage and a prior mortgage to the extent specifically disclosed on the Mortgage Loan Schedule, (v) any state of facts an accurate survey might show, (vi) second mortgages and lines of credit on the Mortgage Properties to the extent specifically disclosed on the Mortgage Loan Schedule; and (vii) 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;