Common use of Valid First and Second Lien Clause in Contracts

Valid First and Second Lien. Each Mortgage is a valid, subsisting, enforceable and perfected first lien, with respect to First Lien Loans, or second lien, with respect to Second Lien Loans, of record on a single parcel of real estate constituting the Mortgaged Property, including all buildings and improvements on the Mortgaged Property and all installations and mechanical, electrical, plumbing, heating and air conditioning systems located in or annexed to such buildings, and all additions, alterations and replacements made at any time, with respect to the foregoing. The lien of the Mortgage is subject only to:

Valid First and Second Lien. Each Mortgage is a valid, subsisting, subsisting enforceable and perfected first lien, with respect to First Lien Loans, lien or second lien, with respect to Second Lien Loans, lien of record on a single parcel of real estate constituting the Mortgaged Property, including all buildings and improvements on the Mortgaged Property and all installations and mechanical, electrical, plumbing, heating and air conditioning systems located in or annexed to such buildings, and all additions, alterations and replacements made at any time, with respect to the foregoing. In no event shall any Mortgage Loan be in a lien position more junior than a second lien. The lien of the Mortgage is subject only to: s (1) with respect to Second Lien Mortgage Loans, the lien of the first mortgage on the Mortgaged Property;