Common use of Valid Lien Clause in Contracts

Valid Lien. With respect to Mortgage Loans, each Mortgage is a valid, ---------- subsisting enforceable and perfected first lien on the Mortgaged Property. The lien of such Mortgage is subject only to (a) the lien of real property taxes and assessments; (b) the lien of condominium association fees previously due and payable; (c) covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording acceptable to mortgage lending institutions generally and specifically referred to in the lender's title insurance policy or an opinion of counsel delivered to the originator of the Mortgage Loan and either (A) referred to or otherwise considered in the appraisal made for the originator of the Mortgage Loan, or (B) that do not materially adversely affect the appraised value of the Mortgaged Property set forth in such appraisal; and (d) other matters to which like properties are commonly subject which do not materially interfere with the benefits of the security intended to be provided by the Mortgage or the use, enjoyment, value or marketability of the related Mortgaged Property; Any security agreement, chattel mortgage or equivalent document related to and delivered in connection with the Mortgage Loan establishes and creates a valid, subsisting and enforceable first lien and first priority security interest on the property described therein and the Seller has full right to sell and assign the same to the Purchaser;

Valid Lien. With respect to Mortgage Loans, each Mortgage is a valid, ---------- subsisting enforceable and perfected first lien on the Mortgaged Property. The lien of such Mortgage is subject only to (a) the lien of real property taxes and assessments; (b) the lien of condominium association fees previously due and payable; (c) covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording acceptable to mortgage lending institutions generally and specifically referred to in the lender's ’s title insurance policy or an opinion of counsel delivered to the originator of the Mortgage Loan and either (A) referred to or otherwise considered in the appraisal made for the originator of the Mortgage Loan, or (B) that do not materially adversely affect the appraised value of the Mortgaged Property set forth in such appraisal; and (d) other matters to which like properties are commonly subject which do not materially interfere with the benefits of the security intended to be provided by the Mortgage or the use, enjoyment, value or marketability of the related Mortgaged Property; Any security agreement, chattel mortgage or equivalent document related to to, and delivered to the Trustee in connection with the with, a Mortgage Loan establishes and creates a valid, subsisting and enforceable first lien and first priority security interest on the property described therein and the Seller EFC has full right to sell and assign the same to the PurchaserTrustee;