First Lien Status definition

First Lien Status. Grantor will protect the first lien status of this Deed of Trust. Except for Permitted Liens, Grantor will not place, or permit to be placed, or otherwise mortgage, hypothecate or encumber the Property, Fixtures, or Collateral Security with, any other lien, regardless of whether same is allegedly or expressly inferior to the lien created by this Deed of Trust (“Lien”), and, if any such lien is asserted against the Property, Fixtures, or Collateral Security, Grantor will promptly, but in no event more than thirty (30) days after receiving notice of same, give Beneficiary notice of such lien, and at its own cost and expense pay the underlying claim in full, take such other action so as to cause same to be released, or bond around same.
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First Lien Status. Grantor will protect the first lien status of this Deed of Trust. Except for Permitted Liens, Grantor will not place, or permit to be placed, or otherwise mortgage, hypothecate or encumber the Mortgaged Property with, any other Lien, regardless of whether same is allegedly or expressly inferior to the Lien created by this Deed of Trust, and, if any such Lien is asserted against the Mortgaged Property, Grantor will promptly, and at its own cost and expense, (a) pay the underlying claim in full or take such other action so as to cause same to be released and (b) within five (5) days from the date Borrower obtains knowledge that such Lien is so asserted, give Beneficiary notice of such Lien. Such notice shall specify who is asserting such Lien and shall detail the origin and nature of the underlying claim giving rise to such asserted Lien. In the event of the placing of a mechanic’s or materialman’s lien against the Mortgaged Property, Borrower shall have the additional option of filing a bond for payment of the claim secured by such Lien in accordance with the provisions of Subchapter I of Chapter 53 of the Texas Property Code.
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First Lien Status. Grantor will protect the first lien status of this Deed of Trust. Except for Permitted Encumbrances, Grantor will not place, or permit to be placed, or otherwise mortgage, hypothecate or encumber the Mortgaged Property with, any other Lien, regardless of whether same is allegedly or expressly inferior to the Lien created by this Deed of Trust, and, if any such Lien is asserted against the Mortgaged Property, Grantor will promptly, and at its own cost and expense, (a) pay the underlying claim in full or take such other action so as to cause same to be released and (b) within five (5) days from the date Grantor obtains knowledge that such Lien is so asserted, give Beneficiary notice of such Lien. Such notice shall specify who is asserting such Lien and shall detail the origin and nature of the underlying claim giving rise to such asserted Lien.
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Examples of First Lien Status in a sentence

  • Without limiting the foregoing, all amounts disbursed by Mortgagee pursuant to Section 5.2 (First Lien Status; Protection of Mortgagee’s Security) or any other provision of this Mortgage or any other Loan Document, with interest thereon, shall be additional indebtedness of Mortgagor secured by this Mortgage.

  • WARRANTIES, REPRESENTATIONS AND COVENANTS 3 3.1 Title to Mortgaged Property and Lien of this Instrument 3 3.2 First Lien Status 3 3.3 Payment and Performance 3 3.4 Replacement of Fixtures and Personalty 3 3.5 Prohibited Liens; Prohibited Transfers 4 3.6 Other Covenants 4 3.7 Condemnation Awards and Insurance Proceeds 4 4.

  • Without limiting the foregoing, all amounts disbursed by Beneficiary pursuant to Section 5.2 (First Lien Status; Protection of Beneficiary’s Security) or any other provision of this Deed of Trust or any other Loan Document, with interest thereon, shall be additional indebtedness of Grantor secured by this Deed of Trust.

  • Without limiting the foregoing, all amounts disbursed by Lender pursuant to Section 5.2 (First Lien Status; Protection of Lender’s Security) or any other provision of this Deed of Trust or any other Loan Document, with interest thereon, shall be additional indebtedness of Trustor secured by this Deed of Trust.

  • WARRANTIES, REPRESENTATIONS AND COVENANTS 3 3.1 Title to Mortgaged Property and Lien of this Instrument 3 3.2 First Lien Status 3 3.3 Payment and Performance 3 3.4 Replacement of Fixtures and Personalty 3 3.5 Maintenance of Rights of Way, Easements and Licenses 3 3.6 Inspection 3 3.7 Other Covenants 3 3.8 Condemnation Awards and Insurance Proceeds 3 4.

Related to First Lien Status

  • First Lien/First Lien Intercreditor Agreement means an intercreditor agreement substantially in the form of Exhibit H hereto, or such other customary form reasonably acceptable to the Administrative Agent and the Borrower, as such document may be amended, restated, supplemented or otherwise modified from time to time.

  • First Lien/Second Lien Intercreditor Agreement means an intercreditor agreement in a customary form reasonably acceptable to the Administrative Agent and the Borrower, in each case, as such document may be amended, restated, supplemented or otherwise modified from time to time.

  • Second Lien With respect to each Mortgaged Property, the lien of the mortgage, deed of trust or other instrument securing a Mortgage Note which creates a second lien on the Mortgaged Property.

  • First Lien With respect to any second lien Mortgage Loan, the mortgage loan relating to the corresponding Mortgaged Property having a first priority lien.

  • First Lien Loan Documents means the “Loan Documents” as defined in the First Lien Credit Agreement.