Common use of Priority Lien Clause in Contracts

Priority Lien. Upon Closing, Remainderman II shall have a remainder interest in the land comprising the Dapper II Substitute Properties, all free and clear of all liens, encumbrances, charges and security interests of any nature whatsoever, except the Permitted Exceptions. Upon Closing, FFC shall have a first priority lien upon and security interest in each of the Dapper II Substitute Properties pursuant to the Dapper II Substitute Mortgages and the Dapper II Substitute UCC-1

Priority Lien. Upon Closing, Remainderman II I shall have a remainder interest in the land comprising the Dapper II I Substitute Properties, all free and clear of all liens, encumbrances, charges and security interests of any nature whatsoever, except the Permitted Exceptions. Upon Closing, FFC shall have a first priority lien upon and security interest in each of the Dapper II I Substitute Properties pursuant to the Dapper II I Substitute Mortgages and the Dapper II I Substitute UCC-1

Priority Lien. Upon Closing, Remainderman II III shall have a remainder interest in the land comprising the Dapper II III Substitute Properties, all free and clear of all liens, encumbrances, charges and security interests of any nature whatsoever, except the Permitted Exceptions. Upon Closing, FFC Wamu shall have a first priority lien upon and security interest in each of the Dapper II III Substitute Properties pursuant to the Dapper II III Substitute Mortgages and the Dapper II III Substitute UCC-1