Subject to Section 11.1.4 below, the Collateral shall not be subject to any liens or encumbrances, whether inferior or superior to the Loan Documents or the Security Documents, except in respect of: (a) real estate taxes and personal property taxes not yet due and payable; and (b) Permitted Title Exceptions. All real estate taxes, personal property taxes and other municipal charges relating to any of the Collateral shall be current.