Common use of Mortgagee Protections Clause in Contracts

Mortgagee Protections. No breach of any of the covenants, conditions or restrictions contained in this Agreement, nor the enforcement of any lien or other monetary provisions herein, shall render invalid the lien of any Mortgagee holding a first Mortgage of record (meaning a Mortgage with first priority over any other Mortgage) on any of the Land made in good faith and for value, but all of such covenants, conditions or restrictions shall be binding upon and effective against any Owner whose title is derived through foreclosure or trustee’s sale.

Mortgagee Protections. No breach of any of the covenants, conditions or restrictions contained in this Agreement, nor the enforcement of any lien or other monetary provisions herein, shall render invalid the lien of any Mortgagee holding a first Mortgage of record (meaning a Mortgage with first priority over any other Mortgage) on any of the Land made in good faith and for value, but all of such covenants, conditions or restrictions shall be binding upon and effective against any Owner whose title is derived through foreclosure or trustee’s 's sale.