Common use of Second Liens Clause in Contracts

Second Liens. (1) Either (a) no consent for the Second Lien Mortgage Loan is required by the holder of the related first lien or (b) such consent has been obtained and is contained in the Mortgage File; (2) With respect to any Second Lien Mortgage Loan, the Seller has not received notice of: (a) any proceeding for the total or partial condemnation of any Mortgaged Property, (b) any subsequent, intervening mortgage, lien, attachment, lis pendens or other encumbrance affecting any Mortgaged Property or (c) any default under any mortgage, lien or other encumbrance senior to each Mortgage; (3) With respect to any Second Lien Mortgage Loan, where required or customary in the jurisdiction in which the Mortgaged Property is located, the original lender has filed of record a request for notice of any action by the senior lienholder under the related First Lien, and the original lender has notified any senior lienholder in writing of the existence of the Second Lien Mortgage Loan and requested notification of any action to be taken against the Mortgagor by the senior lienholder; (4) No Second Lien Mortgage Loan is a “home equity line of credit”; and (5) As of the related Closing Date, the Seller has not received a notice of default of a First Lien which has not been cured;