Rights of Beneficiary
8.1 Protection of Encumbrancer. No violation, or breach of, or failure to comply with, any provision of this Declaration and no action to enforce any such provision shall affect, defeat, render invalid or impair, the lien of any first Mortgage, if such Mortgage is (i) taken for value and (ii) perfected by recording in the Register's Office of Shelby County, Tennessee, prior to the time of recording in said office of an instrument describing the Lot and listing the name or names of the Owner or Owners of fee simple title to the Lot and giving notice of such violation, breach or failure to comply.
Such violation, breach, failure to comply or action to enforce shall not affect, defeat, render invalid or impair the title or interest of the holder of any such first Mortgage, or of the title or interest acquired by any purchaser upon foreclosure of any such first Mortgage or result in any liability, personal or otherwise, of any such holder or purchaser. Any such purchaser on foreclosure shall, however, take title subject to this Declaration.