Validity of Lien Sample Clauses
The Validity of Lien clause establishes the legal enforceability of a party's right to retain possession of property or assets until certain obligations, such as payment, are fulfilled. In practice, this clause clarifies under what circumstances a lien is considered valid, such as compliance with statutory requirements or proper notification to the relevant parties. Its core function is to ensure that the party asserting the lien has a legitimate and recognized claim, thereby protecting their interests and reducing disputes over the right to hold or dispose of the property.
Validity of Lien. The Mortgage is a valid, subsisting, enforceable and perfected, and with respect to each Mortgage Loan other than a Second Lien Mortgage Loan, first priority lien and first priority security interest or, with respect to a Second Lien Mortgage Loan, a second lien or a second priority security interest, in each case, on the real property included in 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 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:
(i) the lien of current real property taxes, water charges, sewer runts, homeowners’ association dues and fees and other assessments not yet due and payable;
(ii) 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 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) which do not adversely affect the Appraised Value of the Mortgaged Property set forth in such appraisal;
(iii) the exceptions (general and specific) and exclusions, if any, set forth in the title policy;
(iv) 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; and
(v) with respect to Second Lien Mortgage Loans, a first lien. 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 (a) with respect to Mortgage Loans other than Second Lien Mortgage Loans, first lien and first priority security interest and (b) with respect to Second Lien Mortgage Loans, second lien and second priority interest, in each case, on the property described therein and the related Seller Party has full right to pledge and assign the same to Administrative Agent. The Mortgaged Property was not, as of the date of origination of the Mortgage Loan, subject to a mortgage, deed of trust, deed to secure debt...
Validity of Lien. This Security Agreement is effective to create, as security for the Lessee Obligations, a legal, valid and enforceable Lien on and security interest in all of the Collateral in favor of the Security Agent, for the benefit of the Owner Trustee and GE Capital, superior to and prior to the rights of all third Persons and subject to no other Liens (other than Permitted Liens).
Validity of Lien. The lien granted under the Indenture on the Trust Estate is a valid and enforceable lien securing the payment of the Series 2014D Bonds and Series 2018 Bonds, and there is no Lien on the Trust Estate securing any other indebtedness of the County on a parity or senior basis to the Series 2014D Bonds and Series 2018 Bonds.
Validity of Lien. The December Security Agreement is effective to create in favor of the Purchaser, a legal, valid and enforceable security interest in the Collateral (as defined in the December Security Agreement) and proceeds thereof. When financing statements in appropriate form are filed in the Office of the Secretary of State for the State of Delaware, the security interests granted pursuant to the December Security Agreement will constitute legal, valid, perfected and enforceable security interests in all of the Collateral in favor of the Purchaser.
Validity of Lien. This IP Security Agreement creates, and in the case of after acquired Intellectual Property Collateral, this IP Security Agreement will create at the time Debtor first has rights in such after acquired Intellectual Property Collateral, in favor of Lender a valid and perfected first priority security interest in the Intellectual Property Collateral in the United States securing the payment and performance of the Obligations which is senior to all other interests except for IP Priority Liens.
Validity of Lien. Upon recording the Deeds of Trust in the proper recording offices, the execution and delivery of the Security Documents and the filing of related financing statements in the proper filing offices, the Liens granted to Lender by Borrower and any Subsidiary pursuant to the Loan Documents shall constitute valid perfected first priority Liens under the laws of each State in which any part of the Collateral is located and all other applicable laws, ordinances, rules and regulations, entitled to all the rights, benefits and priorities provided by such law and any and all other such laws, ordinances, rules and regulations, and the Collateral is subject to no other Liens except for Permitted Liens. All action that is necessary or advisable to establish such Liens of Lender, and their priority as described in the preceding sentence, including filing of registrations, financing statements or similar notices in the appropriate offices and the recording of all appropriate documents with appropriate public officials, will be taken on or prior to the Closing Date or provisions satisfactory to the Lender for the taking of such actions have been or will be made, and there will be, upon execution, delivery and filing or recordation of such registrations, financing statements and documents, no necessity for any further action in order to protect, preserve and continue such Liens and such priority other than the filing of continuation statements with respect to such financing statements, which Borrower hereby agrees to undertake or cause to be undertaken as reasonably necessary to protect, preserve and continue such Liens and such priority. Borrower has the full power and lawful authority to assign, transfer, deliver and pledge, or cause to be assigned, transferred, delivered and pledged, the Collateral.
Validity of Lien. The lien granted under the 1998 Ordinance, in the Bond Authorization and under this Reimbursement Agreement on the Gas Works Revenues is a valid and enforceable lien securing the payment of the Bonds (including the Bank Bonds) and the Obligations under this Reimbursement Agreement as contemplated and permitted by the 1998 Ordinance, the Supplement and this Reimbursement Agreement. Any debt service payments on the Bank Bonds will rank at least equally in right of payment by the City with the Bonds.
Validity of Lien. The lien granted hereunder on the PILOT Payments is a valid and enforceable lien securing the payment of the Series 2014 Note and the Payment Obligations.
Validity of Lien. “Owner” shall mean the fee title owners of the Transit Center Property and Parcel F. Notwithstanding the foregoing, in no event shall Owner include any individual Condominium Owners, and Developer shall ensure that (i) any condominium map and the covenants, conditions & restrictions (“CC&Rs”) created within Parcel F recognize and are subject to this Agreement, (ii) the Pedestrian Bridge Easement and TJPA Easement shall be part of the common area of any condominiums and controlled by the property management association of the Condominium Owners, and (iii) individual Condominium Owners shall have no rights or obligations under this Agreement and no interest in the Pedestrian Bridge Easement or the TJPA Easement. No breach or violation or threatened breach or violation of any covenant, obligation, condition, or restriction contained in this Agreement shall defeat or render invalid or unenforceable the lien of any Mortgagee made in good faith and for value affecting any portion of Parcel F, but such covenants, obligations, conditions, and restrictions shall be binding upon and be effective against any Owner of all or any portion of Parcel F whose title thereto is acquired by foreclosure, trustee’s sale, deed-in-lieu of foreclosure or termination of a ground or master lease or otherwise during the period of ownership of such Parcel by such Owner.
Validity of Lien. The lien granted hereunder and in the Indenture to the Trust Estate and the Pledged Amounts is a valid and enforceable lien securing the payment of the Series 2018 Bond and the Payment Obligations. The Series 2018 Bond constitutes an “Additional Bond” under the Indenture and will rank at least equally in right of payment by the District with the Bonds and all other Parity Debt.