Common use of Prior Lien Clause in Contracts

Prior Lien. The Mortgage securing the Note, and any modifications, renewals or extensions thereof, shall unconditionally be and at all times remain a lien on the Property prior and superior to the Lease;

Appears in 2 contracts

Sources: Loan Agreement (KBS Real Estate Investment Trust III, Inc.), Loan Agreement (KBS Real Estate Investment Trust III, Inc.)

Prior Lien. The Mortgage securing the Note, and any modifications, renewals or extensions thereof, and additional advances, shall unconditionally be and at all times remain a lien on the Property prior and superior to the Lease;

Appears in 2 contracts

Sources: Loan Agreement (KBS Real Estate Investment Trust II, Inc.), Loan Agreement (KBS Real Estate Investment Trust II, Inc.)

Prior Lien. The Mortgage securing the NoteNote in favor of Lender, and any modifications, renewals or extensions thereofthereof (including, without limitation, any modifications, renewals or extensions with respect to any additional advances made subject to the Mortgage), shall unconditionally be and at all times remain a lien on the Property prior and superior to the Lease;

Appears in 1 contract

Sources: Lease Agreement (Ikanos Communications)