Effect of Foreclosure upon Base Rent Sample Clauses

Effect of Foreclosure upon Base Rent. Notwithstanding anything to the contrary contained elsewhere in this Lease, (i) in no event shall any Leasehold Mortgagee (or its designee) be required to pay or cure, in order to prevent the termination of this Lease, to exercise its cure rights hereunder or to obtain a New Lease or otherwise, any Base Rent, and (ii) in no event shall any Leasehold Mortgagee (or its designee) or its (or their) successors and assigns be required to pay or cure any Base Rent which otherwise became due and payable prior to completion of any foreclosure under any Leasehold Mortgage (or acceptance of any assignment or deed in lieu thereof).
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Effect of Foreclosure upon Base Rent. Notwithstanding anything to the contrary contained elsewhere in this Lease, (i) in no event shall any Leasehold Mortgagee (or its designee) be required to pay or cure, in order to prevent the termination of this Lease, to exercise its cure rights hereunder or to obtain a New Lease or otherwise, any Base Rent or any obligations under the County Loan Documents (collectively, “Excluded Defaults”), and (ii) in no event shall any Leasehold Mortgagee (or its designee) or its (or their) successors and assigns be required to pay or cure any Base Rent which otherwise became due and payable prior to completion of any foreclosure under any Leasehold Mortgage (or acceptance of any assignment or deed in lieu thereof) or any obligations under the County Loan Documents. Notwithstanding anything to the contrary set forth in this Lease, in no event shall “Annual Project Revenue” for purposes of calculating Base Rent under this Lease, include (i) the proceeds of a foreclosure sale by any Leasehold Mortgagee (or its nominee), or (ii) the proceeds of the first transfer by any such Leasehold Mortgagee (or its nominee) following any foreclosure or deed in lieu of foreclosure of a Leasehold Mortgage.
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Effect of Foreclosure upon Base Rent. Notwithstanding anything to the contrary contained elsewhere in this Lease, (i) in no event shall any Leasehold Mortgagee (or its designee) be required to pay or cure, in order to prevent the termination of this Lease, to exercise its cure rights hereunder or to obtain a New Lease or otherwise, any Base Rent or any obligations under the County Loan Documents (collectively, “Excluded Defaults”), and (ii) in no event shall any Leasehold Mortgagee (or its designee) or its (or their) successors and assigns be required to pay or cure any Base Rent which otherwise became due and payable prior to completion of any foreclosure under any Leasehold Mortgage (or acceptance of any assignment or deed in lieu thereof) or any obligations under the County Loan Documents. Notwithstanding anything to the contrary set forth in this Lease, in no event shall “Annual Project Revenue” for purposes of calculating Base Rent under this Lease, include
Sample 1

Related to Effect of Foreclosure upon Base Rent

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