Status of Work; Break in Priority. No work, equipment, materials or services of any kind that may give rise to any mechanics or similar statutory lien (whether for work performed prior to or after recordation of the related Mortgage) which will have priority over the lien of the related Mortgage, including, without limitation, the destruction or removal of existing related Improvements, site work, cleaning, curbing, draining or fencing of the Real Property which is the subject of the Subject Development Loan, has been or will be performed or commenced on the Real Property which is the subject of the Subject Development Loan prior to recordation of the related Mortgage. Lender may waive such condition in its discretion; and as a condition precedent to such waiver, such work, equipment, materials, services or work of any kind has been performed or provided with respect to the Real Property which is the subject of the Subject Development Loan that may give rise to any mechanics or similar statutory lien which will have priority to the lien of the related Mortgage (including, without limitation, the destruction or removal of existing Improvements, site work, clearing, grubbing, draining or fencing of the Real Property which is the subject of the Subject Development Loan), such work, equipment, materials and services must be fully disclosed in writing to Lender and the applicable Title Insurer prior to recordation of the related Mortgage, such work, equipment, materials and services must be satisfactory to Lender and Lender's Inspector, and the applicable Title Insurer must insure the priority of the related Mortgage over all such liens.
Status of Work; Break in Priority. To the extent work, equipment, materials, services or work of any kind has been performed or provided with respect to the Real Property that may give rise to any mechanics or similar statutory lien which will have priority to the lien of the Borrower's Mortgage (including, without limitation, the destruction or removal of existing Improvements, site work, clearing, grubbing, draining or fencing of the Real Property), such work, equipment, materials and services must be fully disclosed in writing to Lender and Title Insurer (Borrower's Mortgage) prior to recordation of the Borrower's Mortgage, such work, equipment, materials and services must be satisfactory to Lender and Lender's Inspector, and Title Insurer (Borrower's Mortgage) must insure the priority of the Borrower's Mortgage over all such liens.
Status of Work; Break in Priority. No work, equipment, materials or services of any kind that may give rise to any mechanics or similar statutory lien (whether for work performed prior to or after recordation of the Borrower's Mortgage) which will have priority over the lien of the Borrower's Mortgage, including, without limitation, the destruction or removal of existing related Improvements, site work, cleaning, curbing, draining or fencing of the Real Property, has been or will be performed or commenced on the Real Property prior to recordation of the Borrower's Mortgage unless Lender has waived such condition in its discretion. As a condition precedent to any such waiver, such work, equipment, materials, services or work of any kind has been performed or provided with respect to the Real Property that may give rise to any mechanics or similar statutory lien which will have priority to the lien of the Borrower's Mortgage (including, without limitation, the destruction or removal of existing Improvements, site work, clearing, grubbing, draining or fencing of the Real Property); such work, equipment, materials and services must be fully disclosed in writing to Lender and Title Insurer (Borrower's Mortgage) prior to recordation of the Borrower's Mortgage, such work, equipment, materials and services must be satisfactory to Lender and Lender's Inspector; and Title Insurer (Borrower's Mortgage) must insure the priority of the Borrower's Mortgage over all such liens.
