First Lien

First Lien

A First Lien is any lien that meets both of the following requirements: The lien is acceptable to private institutional first-mortgage investors in the area where the Mortgaged Premises are located. The lien grants to the lienholder a claim against the property that, under the law of the jurisdiction where the Mortgaged Premises are located, is prior to the rights of all others, subject only to prior liens and encumbrances expressly waived by Freddie Mac pursuant to Section 4702.4.