Common use of Priority Agreement Clause in Contracts

Priority Agreement. The Chargeholder, being the holder of the Bank Charges, by signing the Form C General Instrument attached hereto as Part I, in consideration of the payment of Ten Dollars ($10.00) and other good and valuable consideration (the receipt and sufficiency of which is hereby acknowledged and agreed to by the Chargeholder) hereby consents to the granting of this Agreement including the Housing Agreement and Section 219 Covenant, and subject to section 9.20 above, hereby covenants that this Agreement shall bind the Chargeholder with respect to the Lands and shall rank in priority upon the Lands over the Bank Charges as if the Agreement had been registered prior to the Bank Charges and prior to the advance of any monies pursuant to the Bank Charges. The grant of priority is irrevocable, unqualified and without reservation or limitation.