Common use of Valid Second Lien Clause in Contracts

Valid Second Lien. With respect to any mortgage loan secured by a Second ----------------- Mortgage, such Second Mortgage is a valid, existing and enforceable second lien on the mortgaged property, including all buildings on the mortgaged property and all installations and mechanical, electrical, plumbing, heating and air conditioning systems located in or annexed to such building, and all additions, alterations and replacements made at any time with respect to the foregoing. The lien of the mortgage is subject only to: 1) the first lien on the mortgaged property; 2) the lien of the current real property taxes and assessments not yet due and payable; 3) 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 delivered to the originator of the Mortgage Loan and (A) referred to or otherwise considered in the - appraisal made for the originator of the Mortgage Loan or (B) that do not - materially and adversely affect the appraised value of the mortgaged property set forth in such appraisal; and 4) other matters to which like properties are commonly subject that 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 any mortgage loan secured by a Second Mortgage establishes and creates a valid, subsisting and enforceable second lien and second priority security interest on the property described therein and you have full right to pledge and assign the same to Nikko or its designee (including Custodian).

Valid Second Lien. With respect to any mortgage loan secured by a Second ----------------- Mortgage, such Second The Mortgage is a valid, existing subsisting, enforceable and enforceable perfected first or second lien (as applicable) on the mortgaged propertyMortgaged Property, including all buildings and improvements on the mortgaged property Mortgaged Property and all installations and mechanical, electrical, plumbing, heating and air conditioning systems located in or annexed to such buildingbuildings, and all additions, alterations and replacements made at any time with respect to the foregoing. The lien of the mortgage Mortgage is subject only to: 1) the first lien on the mortgaged property; 2(a) the lien of the current real property taxes and assessments not yet due and payable; 3(b) covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording acceptable to prudent mortgage lending institutions generally and specifically referred to in the lender's title insurance policy delivered to the originator of the Mortgage Loan and (Aa) specifically referred to or otherwise considered in the - appraisal made for the originator of the Mortgage Loan or (Bb) that which do not - materially and adversely affect the appraised value Appraised Value of the mortgaged property Mortgaged Property set forth in such appraisal; and 4(c) other matters to which like properties are commonly subject that which do not materially interfere with the benefits of the security intended to be provided by the mortgage Mortgage or the use, enjoyment, value or marketability of the related mortgaged propertyMortgaged Property; and (d) the lien of the first mortgage on the Mortgaged Property. Any security agreement, chattel mortgage or equivalent document related to and delivered in connection with any mortgage loan secured by a Second the Mortgage Loan establishes and creates a valid, subsisting subsisting, enforceable and enforceable perfected second lien and second priority security interest on the property described therein and you have the Responsible Party has full right to pledge sell and assign the same to Nikko or its designee (including Custodian).Purchaser;

Valid Second Lien. With respect to any mortgage loan secured by a Second ----------------- Mortgage, such Second The Mortgage is a valid, existing subsisting and enforceable second lien on the mortgaged propertyMortgaged Property, including all buildings on the mortgaged property Mortgaged Property and all installations and mechanical, electrical, plumbing, heating and air conditioning systems located in or annexed to such buildingbuildings, and all additions, alterations and replacements made at any time with respect to the foregoing. The lien of the mortgage Mortgage is subject only to: 1) the first lien on the mortgaged property; 2(i) the lien of the current real property taxes and assessments not yet due and payable; 3(ii) 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 delivered to the originator Originator of the Mortgage Loan and (Ai) referred to or otherwise considered in the - appraisal Appraisal made for the originator Originator of the Mortgage Loan or and (Bii) that which do not - materially and adversely affect the appraised value Appraised Value of the mortgaged property Mortgaged Property set forth in such appraisal; andAppraisal; 4(iii) other matters to which like properties are commonly subject that which do not individually or in the aggregate, 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 propertyMortgaged Property; and (iv) the First Lien on the related Mortgaged Property; Any security agreement, chattel mortgage or equivalent document related to and delivered in connection with any mortgage loan secured by a Second the Mortgage Loan establishes and creates a valid, subsisting and enforceable second lien and second priority security interest on the property described therein and you have the Company has full right to pledge sell and assign the same to Nikko or its designee (including Custodian).the Purchaser;