Common use of Election by Mortgagee Clause in Contracts

Election by Mortgagee. If the holder of any Security Deed or any --------------------- lessor under a ground or underlying lease elects to have this Lease superior to its Security Deed or lease and signifies its election in the instrument creating its lien or lease or by separate instrument recorded in connection with or prior to a foreclosure, or in the foreclosure deed itself, then this Lease shall be superior to such Security Deed or lease.