Common use of Master Lease Agreement Clause in Contracts

Master Lease Agreement. Each related Security Instrument is a legal, valid and enforceable first lien on each master lease agreement in the principal amount of such Purchased Loan or allocated loan amount in the aggregate together with all other Underlying Colalteral (subject only to Permitted Encumbrances (as defined below) and the exceptions to Section 33 hereof (“Permitted Liens; Title Insurance”) set forth in the related Exception Report (each such exception, a “Title Exception”)), except as the enforcement thereof may be limited by the Standard Qualifications. Except as otherwise set forth in the Title Policy relating to such Purchased Loan, such master lease agreements (subject to and excepting Permitted Encumbrances and Title Exceptions) as of the origination were, to the Seller’s Knowledge, free and clear of any recorded mechanics’ liens, recorded materialmen’s liens and other recorded encumbrances which are prior to or equal with the lien of the related Security Instrument, except those which are bonded over, escrowed for or insured against by a lender’s title insurance policy and, to the Seller’s Knowledge and subject to the rights of tenants (as tenants only) (subject to and excepting Permitted Encumbrances), no rights exist which under law could give rise to any such lien or encumbrance that would be prior to or equal with the lien of the related Security Instrument, except those which are bonded over, escrowed for or insured against by a lender’s title policy.