Common use of Valid Second Lien Clause in Contracts

Valid Second Lien. That this deed of trust and security agreement is a valid second lien against all the land, interests and improvements offered and/or appraised as security for this loan and that the property and interests described herein is now free and clear of any and all other liens and encumbrances except as otherwise set forth herein. If the validity of this deed of trust or if Grantor's title to any of said land, interests or improvements is questioned in any manner of if any part of such land, interests or improvements is not properly described herein, Beneficiary may, in its discretion, investigate and take such action as it considers necessary or desirable for the protection of its interests and for this purpose may employ legal counsel or expert assistance and the Grantor will promptly pay all expenses so incurred by Beneficiary. The lien of this deed of trust is subordinate and of inferior dignity to the lien of that certain prior deed of trust dated July 18, 1989, from ▇▇▇▇▇▇ ▇▇▇▇▇▇ Corporation to ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇, et al, Trustees, securing the United States of America in the original amount of $4,675,000.00, recorded in Deed Book 298, at Page 80, in the Clerk's Office of the Circuit Court of Northumberland County, Virginia, as amended by that certain Amendment dated March 31, 1993, recorded in Deed Book 348, at Page 130, in the Clerk's Office aforesaid.