Exercise of Options or Rights to Renew or Extend Mortgaged Lease Term Sample Clauses

Exercise of Options or Rights to Renew or Extend Mortgaged Lease Term. Except as may be expressly permitted under the Loan Agreement, Mortgagor shall exercise any option or right to renew or extend the term of the Mortgaged Lease not less than thirty (30) days before the expiration of the exercise right. Mortgagor shall give Mortgagee simultaneous written notice of any such exercise together with a copy of the notice or other document given to the lessor and shall promptly deliver to Mortgagee a copy of any acknowledgment by such lessor of the exercise of such option or right. In the event that Xxxxxxxxx fails to exercise any such option or right by the date thirty (30) days prior to the date of expiration of the exercise right or upon the occurrence and during the continuance of any Event of Default hereunder, Mortgagee may act in its stead and Mortgagor hereby irrevocably authorizes and appoints Mortgagee as its true and lawful attorney- in-fact, which appointment is coupled with an interest, in its name, place and stead, to execute and deliver, for and in the name of Xxxxxxxxx, all of the instruments and agreements necessary under the Mortgaged Lease or otherwise to cause any extension of the term thereof. Nothing contained herein shall affect or limit any rights of Mortgagor or Mortgagee granted under the Mortgaged Lease.