Encumbrance of Leasehold Estate. Tenant may not, at any time and from time-to-time, encumber the leasehold interest, by deed of trust mortgage, or other security instrument without obtaining the Landlord's consent, but no such encumbrance constitutes a lien on Landlord's fee title. The indebtedness secured by the encumbrance will at all times be and remain inferior and subordinate to all conditions, covenants, and obligations of this Lease and all of Landlord's rights under this Lease.
Encumbrance of Leasehold Estate. TENANT'S RIGHT TO ENCUMBER
Section 8.01. Tenant may, at any time and from time to time, encumber the leasehold interest, by deed of trust, mortgage, or other security instrument, without obtaining Landlord's consent, but no such encumbrance constitutes a lien on Landlord's fee title. The indebtedness secured by the encumbrance will at all times be and remain inferior and subordinate to all the conditions, covenants, and obligations of this lease and to all Landlord's rights under this lease. References in this lease to "Lender" refer to any person or entity to whom Tenant has encumbered its leasehold interest.
Encumbrance of Leasehold Estate. (a) Nothing contained in this Lease shall be construed to prevent Lessee from executing a mortgage on the leasehold estate created hereby to secure a loan to construct, make additions to, refurbish, or repair the Chapter House situated on the Premises. Before any encumbrance of the Chapter House or leasehold estate can take place, however, Lessee must obtain consent from Lessor in writing to encumber Lessee’s leasehold estate. However, Lessor acknowledges that Lessee may require construction and term financing for the Chapter House and Lessor will not unreasonably withhold, condition or delay its approval for the mortgaging of Lessee’s Chapter House or leasehold estate for such purposes. Such approval shall also include Lessor’s consent to a collateral assignment of Lessee’s rights under this Lease to Lessee’s mortgagee. In the event of a default hereunder, Lessor shall not pursue any remedies against Lessee or against the Leased Premises until Lessee’s mortgagee has been given notice of such default and the right to cure such default within thirty (30) days of such notice (or a longer period of time when a cure is not practical within such period and Lessee’s mortgagee has commenced curative efforts and is diligently pursuing the same).
(b) Should a default under Lessee’s note or other security instrument occur and the holder(s) thereof elect to foreclose same, Lessee agrees that, upon termination of the Lease, any such holder(s) shall be subject to Lessor’s rights as set forth in Article 5.05
Encumbrance of Leasehold Estate. 12. Xxxxxx's Right to Encumber. Lessee may, at any time and from time to time, encumber the leasehold estate, by deed of trust, mortgage or other security instrument, without obtaining the consent of the Lessor, but no such encumbrance shall constitute a lien on the fee title of Lessor, and the indebtedness secured thereby shall at all times be and remain inferior and subordinate to all the conditions, covenants and obligations of this Lease Agreement and to all of the rights of the Lessor hereunder unless otherwise provided in a written subordination agreement. For this purpose, Lessee may subject the leasehold estate to a mortgage and may require Xxxxxx to execute a non-disturbance agreement in favor of such lender, subject, however, to the following:
a. Lessor will not be liable for the payment of the sum secured by such mortgage, nor for any expenses in connection with the same, and neither such mortgage nor any instrument collateral thereto will contain any covenant or other obligation on Xxxxxx's part to pay such debt, or any part thereof, or to take any affirmative action of any kind whatsoever. Furthermore, such mortgage will expressly provide that the mortgagor will seek no money judgment against Xxxxxx.
b. The loan secured by such mortgage will be made by a commercial or savings bank, trust company, savings and loan institution or an insurance company authorized to do business in the State of Texas (the "Leasehold Mortgagee") and will be nonparticipating, except with another institution of the character herein set forth. The loan will not be repayable over a period in excess of Lease Term.
c. The mortgage or some instrument collateral thereto will require that the mortgagee give Lessor notice of any default thereunder, the failure to cure which might result in the acceleration of the maturity of the debt secured by the mortgage, and that Lessor will have ten (10) days after receipt of the notice within which it may, but shall not be obligated, to cure the default if it so chooses.
Encumbrance of Leasehold Estate. 4 8. WARANTIES AND LIMITATIONS AND DISCLAIMERS .........................................4 9.
Encumbrance of Leasehold Estate. 5.1 Zond's Right to Encumber Zond may, at any time and from time to time during the term of this Agreement, encumber, mortgage or hypothecate to any person or entity (herein, the "Mortgagee") by deed of trust or mortgage or other security instrument all or any part of its interests under this Agreement, including without limitation any or all improvements located on the Property and owned by Zond or any of its affiliates, for any purpose, without the consent of Lessor.
Encumbrance of Leasehold Estate. Lessee shall at no time encumber or attempt to encumber its leasehold interest in the Leased Premises by deed of trust, mortgage, security agreement or other security interest.
Encumbrance of Leasehold Estate. Section 6.01. District shall not encumber the leasehold estate under this lease without the express written permission of City, which permission shall not be unreasonably withheld.
Encumbrance of Leasehold Estate. Subject to the limitations contained in this Article 6, Lessee may encumber to any person or entity, herein called “Lender,” by deed of trust or mortgage or other security instrument all of Lessee’s interest under this lease and the leasehold estate hereby created in Lessee for the purposes of interim or permanent financing of the construction, installation or alteration of buildings or other improvements upon the Premises. Provided, however, that contemporaneous with such encumbrance the Lender shall, in a writing duly acknowledged and delivered to Lessor, subordinate any such encumbrance to the rights and interests of the Lessor in the premises as created by this Lease, all in a form acceptable to Lessor. The term of any such loan shall not exceed the remaining term of this lease, including any renewal option granted by Lessor.
Encumbrance of Leasehold Estate a. Leasehold Mortgages At any time and from time to time during the term of this Lease, and any extension thereof Lessee may encumber to any person, firm or entity which is not a direct or indirect affiliate of Lessee (“Lender”) by deed of trust or mortgage or other security instrument (“Leasehold Mortgage”) all or any part of Lessee’s interest under this Lease and the leasehold estate hereby created, and to assign its interest in this Lease and in any sublease as collateral security for such mortgage, deed of trust or security instrument for any purpose or purposes consistent with Lessee’s authorized use of the Property without the consent of Lessor; provided, however, that no Leasehold Mortgage incurred by Lessee pursuant to this Paragraph shall, and Lessee shall not have power to incur any encumbrance that will, constitute a lien or encumbrance on the fee of the Property. Lessor and Lessee shall amend this Lease to include any provision that a proposed Lender may reasonably request; provided, however, that such provision implements Lender protection provisions in this Lease or preserves the lien of the Leasehold Mortgage on the occurrence of any event of default under this Lease; and further provided that such provisions do not amend, modify or remove Paragraphs 5, 8 or 30 hereof. Such amendment shall neither affect the rent or term provided for in this Lease nor materially adversely affect any other rights of Lessor under this Lease. Any improvements constructed on the Property during the term of this Lease, and any extensions thereof, shall be and remain the property of the Lessee until the expiration or sooner termination of this Lease, at which time they shall become the property of Lessor.
