Encumbrance of Leasehold Interest. The Authority may encumber by mortgage or deed of trust, and may convey, assign or sublease, its leasehold interest and estate in the Series 2024 Property, alone or together with its interests in the Series 2024 Project as a whole, for the benefit of the holders of the Series 2024 Bonds. The execution of any such mortgage, deed of trust, assignment or other instrument or the foreclosure thereof or any sale thereunder, either by judicial proceeding or by virtue of any power reserved in such mortgage, deed of trust, assignment or conveyance by the Authority for the benefit of the holders of the Series 2024 Bonds, or the exercising of any right, power or privilege set forth therein, shall not be held as a violation of any of the terms or conditions hereof. The assignee or grantee of any conveyance or assignment of the Authority may, at its option, at any time before the rights of the Authority have been terminated as provided herein, pay any of the Rentals due hereunder or pay any taxes and assessments, or do any other act or thing required of the Authority by the terms hereof, or do any act or thing which may be necessary or proper to be done in the observance of the covenants and conditions thereof, or to prevent the termination hereof; all payments so made, and all things so done and performed by such party or entity shall be effective to prevent a forfeiture of the rights of the Authority hereunder as the same would have been if done and performed by said Authority.
Encumbrance of Leasehold Interest. Subject to the terms and conditions of this Agreement, Lessor hereby consents to the encumbering of Lessee’s leasehold interest under the Lease pursuant to a mortgage or deed of trust as security for the Loan provided that the outstanding amount of the Loan secured thereby shall not exceed $ (the mortgage, deed of trust or other security instrument permitted hereunder being herein referred to as the “Leasehold Mortgage”). In no event shall any interest of Lessor in the Premises be subject or subordinate to any lien or encumbrance of the Leasehold Mortgage or any other mortgage, deed of trust, or other security instrument.
Encumbrance of Leasehold Interest. Lessee may not encumber or mortgage by deed of trust or other instrument its leasehold interest and estate in the Property.
Encumbrance of Leasehold Interest. A. Lessee may encumber by mortgage or deed of trust (collectively, “Encumbrance”) its leasehold interest in the Premises, together with all improvements thereon, as security for any indebtedness of Lessee. The execution of any Encumbrance, or the foreclosure of any Encumbrance or the sale, either by judicial proceedings or by virtue of any power reserved in an Encumbrance or by conveyance by Lessee to the holder of the indebtedness, or the exercise of any right, power, or privilege reserved in any Encumbrance shall not be held as a violation of any of the terms or conditions of this Agreement. No such encumbrance, foreclosure, conveyance, or exercise of right shall relieve Lessee from its liability under this Agreement. All requirements of this Agreement and the Technical Prospectus must be cured and brought current as a condition of continuing the lease for the remaining term after foreclosure.
B. If Lessee shall encumber its leasehold interest in the Premises and if Lessee or the holder of the indebtedness secured by the Encumbrance shall give notice to Lessor of the existence of an Encumbrance and the address of the holder, then Lessor will mail or deliver to the holder, at such address, a duplicate copy of all notices in writing which Lessor may, from time to time, give to or serve on Lessee under and pursuant to the terms of this Agreement. The copies shall be mailed or delivered to the holder at, or as near as possible to, the same time the notices are given to or served on Lessee. The holder may, at its option, at any time before the rights of Lessee shall be terminated as provided in this Agreement, pay any rent due under this Agreement, or pay any taxes and assessments, or perform any other obligation required of Lessee under this Agreement, or do any act or thing that may be necessary and proper to be done in the observance of the covenants and conditions of this Agreement or to prevent the termination of this Agreement. All payments so made and all things so performed by the holder shall be as effective to prevent a foreclosure of the rights of Xxxxxx as if performed by Xxxxxx.
Encumbrance of Leasehold Interest. Lessee is given and has the --------------------------------- absolute right, without Lessor's consent, to encumber its interest in this Lease so long as it is not in default hereunder and except that no such deed of trust, mortgage or assignment shall extend to or affect the fee simple interest of the Lessor. The holder of any deed of trust, mortgage or assignment of this Lease or of Lessee's interest hereunder, and any one claiming by, through, or under any such holder, shall not acquire any greater rights hereunder than Lessee has (except the right to cure or remedy Lessee's defaults), and shall not become entitled to a new Lease if this Lease is terminated or Lessee fails to exercise any outstanding option to extend this Lease. No mortgage, deed of trust or assignment of this Lease or of Lessee's interest hereunder by Lessee or its successors and assigns shall be valid unless this Lease is in full force and effect when such mortgage, deed of trust or assignment is created and the mortgage, deed of trust or assignment is subject to all the agreements, terms, covenants and conditions of this Lease.
