704.03

Collateral

Guidance

You may secure the subordinate loan with a LienLienLien, mortgage, bond interest, pledge, security interest, charge, or encumbrance of any kind. on the PropertyPropertyMultifamily residential property securing the Mortgage Loan and including the land (or Leasehold interest in land), Improvements, and personal property (as defined in the Uniform Commercial Code). if:

  • the LienLienLien, mortgage, bond interest, pledge, security interest, charge, or encumbrance of any kind. is subordinated to the LienLienLien, mortgage, bond interest, pledge, security interest, charge, or encumbrance of any kind. of the Security InstrumentSecurity InstrumentInstrument creating a lien or encumbrance on 1 or more Properties and securing the obligations under the Loan Documents. per Sections 704.08 - 704.11 of this Chapter; and
  • the granting clause of the security instrument creating the subordinate LienLienLien, mortgage, bond interest, pledge, security interest, charge, or encumbrance of any kind. is the same as that of the Security InstrumentSecurity InstrumentInstrument creating a lien or encumbrance on 1 or more Properties and securing the obligations under the Loan Documents. .