Common use of Priority of Lien Clause in Contracts

Priority of Lien. a) The parties hereto expressly agree that the interest of the Unit Owner is subject and subordinate to the interest of BPCA, its successors, assigns and mortgagees, under the Ground Lease, and that the interest and rights of Residential Mortgagee in respect of the Unit Mortgage, including the right of Residential Mortgagee to be paid any amount due on account of the Unit Mortgage, are subject and subordinate to BPCA’s right to be paid Proportionate Rent, together with interest and collection and other costs set forth in the Ground Lease. To the extent that Section 339(z) of the Real Property Law has any application to Proportionate Rent to be paid by the Unit Owner, Residential Mortgagee and the Unit Owner hereby expressly and irrevocably waive for the benefit of BPCA and the Board any rights they may have under or pursuant to said Section 339(z). Residential Mortgagee further agrees and acknowledges that to the extent that the Unit Mortgage is not a first mortgage lien on the Unit, the lien of the Unit Mortgage is subject and subordinate to the Board’s right to be paid Common Charges and to BPCA’s right to receive all Residential Rent payable under the Ground Lease allocable to the Unit.

Priority of Lien. (a) The parties hereto expressly agree that the interest of the Unit Owner is subject and subordinate to the interest of BPCA, its successors, assigns and mortgagees, under the Ground Lease, and that the interest and rights of Residential Mortgagee in respect of the Unit Mortgage, including the right of Residential Mortgagee to be paid any amount due on account of the Unit Mortgage, are subject and subordinate to BPCA’s right to be paid Proportionate Rent, together with interest and collection and other costs set forth in the Ground Lease. To the extent that Section 339(z) of the Real Property Law has any application to Proportionate Rent to be paid by the Unit Owner, Residential Mortgagee and the Unit Owner hereby expressly and irrevocably waive for the benefit of BPCA and the Board any rights they may have under or pursuant to said Section 339(z). Residential Mortgagee further agrees and acknowledges that to the extent that the Unit Mortgage is not a first mortgage lien on the Unit, the lien of the Unit Mortgage is subject and subordinate to the Board’s right to be paid Common Charges and to BPCA’s right to receive all Residential Rent payable under the Ground Lease allocable to the Unit.

Priority of Lien. a) The (a)The parties hereto expressly agree that the interest of the Unit Owner is subject and subordinate to the interest of BPCA, its successors, assigns and mortgagees, under the Ground Lease, and that the interest and rights of Residential Mortgagee in respect of the Residential Unit Mortgage, including the right of Residential Mortgagee to be paid any amount due on account of the Residential Unit Mortgage, are subject and subordinate to BPCA’s right to be paid Residential Proportionate Rent, together with interest and collection and other costs set forth in the Ground Lease. To the extent that Section 339(z) of the Real Property Law has any application to Residential Proportionate Rent to be paid by the Unit Owner, Residential Mortgagee and the Unit Owner hereby expressly and irrevocably waive for the benefit of BPCA and the Board any rights they may have under or pursuant to said Section 339(z). Residential Mortgagee further agrees and acknowledges that to the extent that the Residential Unit Mortgage is not a first mortgage lien on the Unit, the lien of the Residential Unit Mortgage is subject and subordinate to the Board’s right to be paid Common Charges and to BPCA’s right to receive all Residential Rent payable under the Ground Lease allocable to the Unit.