The Mortgagor represents and warrants that it has good right and lawful authority to execute this Mortgage and that it owns or holds all of the Mortgaged Properties, in each case subject to no lien, security interest or other encumbrance except for (i) the Encumbrances, (ii) liens for real property taxes and assessments not yet due and payable, and (iii) liens and security interests created by this Mortgage and the remainder of the Loan Documents.