Effective Mortgage. The provisions of the Mortgage Agreement will be effective to create in favor of the Lender a valid, binding and enforceable security interest in all of Mortgagor’s right, title and interest of the Real Property, and constitute a fully perfected second priority Mortgage in all right, title and interest of such Mortgagor in such Real Property, superior in right to any liens which any third Person may have against such Real Property or interests therein other than the first priority Mortgage.

The Lender shall have received the Mortgage Agreement, duly executed and delivered by the Mortgagor, granting to the Lender, for its benefit, a security interest in the Real Property described therein together with such financing and assignment documents as may be provided in the Mortgage Agreement and evidence reasonably satisfactory to the Lender with respect to the Lender’s second priority security interest in the Real Property.