Common use of Fee Mortgage Clause in Contracts

Fee Mortgage. Landlord may mortgage its interest in the demised premises provided such mortgage expressly provides that the rights and interest of the mortgagee thereunder are subject and subordinate to the rights and interest of Tenant hereunder and any Leasehold Mortgagee under any Leasehold Mortgage then or thereafter existing. Notwithstanding the foregoing, upon written request by Landlord, Tenant shall execute and deliver an agreement in form satisfactory to Tenant subordinating this Lease to any first mortgage encumbering the fee interest in the demised premises; provided, however, such subordination shall be upon the express condition that the validity of this Lease shall be recognized by such mortgagee and that, notwithstanding any default by Landlord with respect to the mortgage, or any foreclosure or termination thereof, Tenant's possession of the demised premises and its rights under this Lease shall not be disturbed by such mortgagee unless and until the occurrence of an event of default and the expiration of the cure period, if any, with respect thereto, and this Lease and Tenant's right to possession hereunder shall have been terminated in accordance with the provisions of this Lease. Provided the holder of a properly recorded first mortgage shall have notified Tenant, in writing, that it is the holder of such lien on the demised premises and shall so request, Tenant shall provide such holder with a duplicate copy of any notice sent to Landlord covering a default of Landlord hereunder and such holder shall be granted sixty (60) days after receipt thereof to correct or remedy such default (provided however, that such holder shall provide written notice

Appears in 1 contract

Samples: Ground Lease (Bay Meadows Operating Co)

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Fee Mortgage. Landlord may mortgage its interest in the demised premises provided such mortgage expressly provides that the rights Each and interest of the mortgagee thereunder are every Fee Mortgage shall be and is hereby made, subject and subordinate in all respects (i) to this Lease, and all amendments and modifications thereto and to any Novation Ground Lease granted pursuant to the rights provisions of paragraph 16(c)(v) and interest to any amendments and modifications thereto, provided that all such amendments and modifications to this Lease or to any such Novation Ground Lease are made prior to the date of such Fee Mortgage, and (ii) to any and all claims of the Tenant arising under this Lease, any such Novation Ground Lease, and/or the Related Agreements, or under any modifications of the foregoing which are modifications made prior to the date of such Fee Mortgage. The holder of a Fee Mortgage is referred to herein as a "Fee Mortgagee", the Fee Mortgage that is prior in lien among those in effect is herein referred to as the "First Fee Mortgage", and the holder of the First Fee Mortgage is herein referred to as the "First Fee Mortgagee". Landlord shall use good faith efforts to provide written notice to Tenant of the existence of each Fee Mortgage as the same is executed and becomes effective, but Landlord shall not be liable for inadvertent failure to provide any such notice and Tenant's remedies for any failure to provide notice hereunder shall not include termination of this Lease and shall be limited to recovering any actual damages resulting from any failure by Landlord to provide notice hereunder. Notwithstanding that the subordination of each Fee Mortgage to this Lease and to all interests of Tenant hereunder and any Leasehold parties claiming by, through or under Tenant is automatic and absolute, this Section 46 shall constitute a covenant running with the title to the Land obligating each Fee Mortgagee under any Leasehold Mortgage then or thereafter existing. Notwithstanding the foregoing, to provide a formal written acknowledgment of such subordination and agreement not to disturb Tenant absent default by Tenant upon written request of Tenant, in a form reasonably acceptable to Tenant and such Fee Mortgagee, and Landlord hereby covenants to use its diligent best efforts to obtain such an acknowledgment from each Fee Mortgagee as so requested, providing only that as a condition thereof Tenant and each Permitted Leasehold Mortgagee of Tenant shall in turn provide an attornment agreement in favor of each such Fee Mortgagee agreeing to attorn to the Fee Mortgagee in the that such Fee Mortgagee shall succeed to the Landlord's interests hereunder. The foregoing notice requirements shall also apply to any assignment of this Lease by Landlord and the Landlord, 's assignee and Tenant shall execute an attornment and deliver an acceptance agreement in form satisfactory reasonably acceptable to Tenant subordinating this Lease to any first mortgage encumbering the fee interest in the demised premises; provided, however, such subordination shall be upon the express condition that the validity of this Lease shall be recognized by such mortgagee and that, notwithstanding any default by Landlord with respect to the mortgage, or any foreclosure or termination thereof, Tenant's possession of the demised premises and its rights under this Lease shall not be disturbed by such mortgagee unless and until the occurrence of an event of default and the expiration of the cure period, if any, with respect thereto, and this Lease and Tenant's right to possession hereunder shall have been terminated in accordance with the provisions of this Lease. Provided the holder of a properly recorded first mortgage shall have notified Tenant, in writing, that it is the holder of such lien on the demised premises and shall so request, each whereby Tenant shall provide such holder with a duplicate copy of any notice sent attorn to Landlord covering a default of Landlord hereunder Landlord's successor and such holder successor shall be granted sixty (60) days after receipt thereof to correct or remedy such default (provided however, that such holder shall provide written noticeaccept Tenant as the Tenant hereunder.

Appears in 1 contract

Samples: Ground Lease (Gaylord Entertainment Co /De)

Fee Mortgage. (a) Landlord may mortgage shall have the right at any time during the Term to encumber any or all of its fee estate in the Premises, including Landlord’s reversionary interest in the demised premises Premises and Improvements (collectively, the “Fee Estate”). Tenant shall cooperate with Landlord in amending the terms of this Lease to the extent required by a lender under a Fee Mortgage; provided that such mortgage expressly provides that requirement to cooperate shall not be deemed to require Tenant to (i) increase the rights and interest Base Rent or Supplemental Rent paid in this Lease, or (ii) change the terms of the mortgagee thereunder are subject and subordinate to the rights and interest of Tenant hereunder and any Leasehold Mortgagee under any Leasehold Mortgage then or thereafter existing. Notwithstanding the foregoing, upon written request by Landlord, Tenant shall Guaranty. (b) Landlord may execute and deliver an agreement a “Fee Mortgage” encumbering all or a portion of Landlord’s Fee Estate, provided that such Fee Mortgage complies with the definition of “Fee Mortgage” provided in form satisfactory Section 12.03(e) below. Any Fee Mortgage shall be subordinate to Txxxxx’s interest under this Lease and any New Lease. Tenant subordinating need not join in, or subordinate this Lease to any first mortgage encumbering Fee Mortgage, nor shall any voluntary joinder or subordination by Tenant be effective without the fee interest in consent of the demised premises; providedLender. (c) In the event of a foreclosure under a Fee Mortgage, however, such subordination shall be upon the express condition that the validity of this Lease shall be recognized by continue in full force and effect and Tenant shall attorn to the successor holder of the Fee Estate as successor to Landlord, provided that such mortgagee successor holder has assumed in writing all obligations of Landlord under this Lease, subject to Section 13.15 below. Such attornment shall in no way diminish or impair Txxxxx’s rights and that, notwithstanding remedies against Landlord (all of which Tenant may continue to assert against the successor Landlord) or require Tenant to waive any default by Landlord. (d) Provided a copy of the recorded Fee Mortgage has been delivered to Tenant with a written request for notice and a current address for the holder of the Fee Mortgage (which may be pursuant to a Tenant Estoppel), then Txxxxx agrees to simultaneously give a copy of any notice of an alleged breach or default by Landlord with respect to the mortgage, or any foreclosure or termination thereof, Tenant's possession holder of the demised premises and its rights Fee Mortgage. The holder of such Fee Mortgage shall have the right to cure Landlord’s alleged breach or default within the cure period allowed to Landlord under this Lease and with like effect as if Landlord had done so. Tenant’s failure to give notice to the holder of the Fee Mortgage required by this subsection shall not be disturbed a default or breach by Tenant but no notice by Tenant of a default or breach by Landlord shall be effective against such mortgagee holder unless and until the occurrence Tenant shall have given to such holder such notice and opportunity to cure. (e) The term “Fee Mortgage” means a deed of an event of default trust, mortgage or other voluntary real property security instrument or agreement intending to grant a real property security interest in and the expiration encumber all or any portion of the cure periodFee Estate, if any, with respect thereto, provided that the Fee Mortgage shall be and this Lease and Tenant's right shall expressly state that it shall attach only to possession hereunder the Fee Estate. The term “Fee Mortgagee” shall have been terminated in accordance with the provisions of this Lease. Provided mean the holder of a properly recorded first mortgage shall have notified Tenant, in writing, that it is the holder of such lien on the demised premises and shall so request, Tenant shall provide such holder with a duplicate copy of any notice sent to Landlord covering a default of Landlord hereunder and such holder shall be granted sixty (60) days after receipt thereof to correct or remedy such default (provided however, that such holder shall provide written noticeFee Mortgage.

Appears in 1 contract

Samples: Ground Lease (XCF Global Capital, Inc.)

Fee Mortgage. Landlord may This Lease and the Premises are not currently subject to any mortgage or deed of trust. Any Fee Mortgage hereafter covering Landlord's interest in the fee estate of the tract or parcel of land comprising the Premises shall be subject to Tenant's interest under this Lease and further subject to the rights of a Leasehold Mortgagee in the Lease pursuant to a Leasehold Mortgage. Further, Tenant shall not be permitted to subordinate its interest in the demised premises provided such mortgage expressly provides that the rights and interest of the mortgagee thereunder are subject and subordinate to the rights and interest of Tenant hereunder and any Leasehold Mortgagee under any Leasehold Mortgage then or thereafter existing. Notwithstanding the foregoing, upon written request by Landlord, Tenant shall execute and deliver an agreement in form satisfactory to Tenant subordinating this Lease to any first mortgage encumbering Fee Mortgagee. Fee Mortgagee shall prior to becoming the fee interest Fee Mortgagee or concurrently therewith, in the demised premises; providedwriting and in recordable form, however, such subordination shall be upon the express condition that the validity of this Lease shall be recognized by such mortgagee and that, notwithstanding any default by Landlord with respect to the mortgage, or any foreclosure or termination thereof, Tenant's possession of the demised premises and its rights under this Lease shall not be disturbed by such mortgagee unless and until the occurrence of an event of default and the expiration of the cure period, if any, with respect thereto, and this Lease and Tenant's right to possession hereunder shall have been terminated in accordance with acknowledge the provisions of this Lease. Provided the holder Lease and agree, following any foreclosure thereof or acceptance of a properly recorded first mortgage shall have notified Tenantconveyance in lieu of foreclosure, in writingto be liable for the performance of each and every covenant, agreement, term, and provision of this Lease from and after the date of its succession during its period of ownership as though such Fee Mortgagee was the original Landlord under this Lease and further provided that it is the holder any other assignee, transferee, successor, or purchaser of such lien on Fee Mortgagee's interest in any such Fee Mortgage or in the demised premises and shall so request, Tenant shall provide such holder with a duplicate copy of any notice sent to Landlord covering a default of Landlord hereunder and such holder Premises shall be granted sixty (60) days after receipt thereof to correct bound and liable likewise. Upon written request from Tenant or remedy such default (provided howeverLeasehold Mortgagee, that such holder Fee Mortgagee and Landlord shall provide written noticeenter into a non-disturbance and attornment agreement in reasonable form memorializing the provisions contained in this Lease.

Appears in 1 contract

Samples: Ground Lease (Bluerock Residential Growth REIT, Inc.)

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Fee Mortgage. (a) Landlord may mortgage shall have the right at any time during the Term to encumber any or all of its fee estate in the Premises, including Landlord’s reversionary interest in the demised premises Premises and Improvements (collectively, the “Fee Estate”). Tenant shall reasonably cooperate with Landlord in amending the terms of this Lease to the extent required by a lender under a Fee Mortgage; provided that such mortgage expressly provides that requirement to cooperate shall not be deemed to require Tenant to (i) increase the rights and interest Base Rent or Supplemental Rent paid in this Lease, or (ii) change the terms of the mortgagee thereunder are subject and subordinate Guaranty, or (iii) agree to a modification or revision of any other material term of the rights and interest of Tenant hereunder and any Leasehold Mortgagee under any Leasehold Mortgage then or thereafter existing. Notwithstanding the foregoing, upon written request by Landlord, Tenant shall Lease. (b) Landlord may execute and deliver an agreement a “Fee Mortgage” encumbering all or a portion of Landlord’s Fee Estate, provided that such Fee Mortgage complies with the definition of “Fee Mortgage” provided in form satisfactory Section 12.03(e) below. Any Fee Mortgage shall be subordinate to Xxxxxx’s interest under this Lease and any New Lease. Tenant subordinating need not join in, or subordinate this Lease to any first mortgage encumbering Fee Mortgage, nor shall any voluntary joinder or subordination by Tenant be effective without the fee interest in consent of the demised premises; providedLender. (c) In the event of a foreclosure under a Fee Mortgage, however, such subordination shall be upon the express condition that the validity of this Lease shall be recognized by such mortgagee continue in full force and thateffect and Tenant shall attorn to the successor holder of the Fee Estate as successor to Landlord without further action, notwithstanding subject to Section 13.15 below. Such attornment shall in no way diminish or impair Xxxxxx’s rights and remedies against Landlord (all of which Tenant may continue to assert against the successor Landlord) or require Tenant to waive any default by Landlord with respect to the mortgage, or any foreclosure or termination thereof, Tenant's possession Landlord. (d) Provided a copy of the demised premises recorded Fee Mortgage has been delivered to Tenant with a written request for notice and its rights under this Lease shall not be disturbed by such mortgagee unless and until the occurrence of an event of default and the expiration of the cure period, if any, with respect thereto, and this Lease and Tenant's right to possession hereunder shall have been terminated in accordance with the provisions of this Lease. Provided a current address for the holder of the Fee Mortgage (which may be pursuant to a properly recorded first mortgage shall have notified TenantTenant Estoppel), in writing, that it is the holder of such lien on the demised premises and shall so request, Tenant shall provide such holder with then Xxxxxx agrees to simultaneously give a duplicate copy of any notice sent of an alleged breach or default by Landlord to the holder of the Fee Mortgage. The holder of such Fee Mortgage shall have the right to cure Landlord’s alleged breach or default within the cure period allowed to Landlord covering under this Lease and with like effect as if Landlord had done so. Tenant’s failure to give notice to the holder of the Fee Mortgage required by this subsection shall not be a default or breach by Tenant but no notice by Tenant of a default or breach by Landlord hereunder and shall be effective against such holder unless and until Tenant shall be granted sixty (60) days after receipt thereof have given to correct or remedy such default (provided however, that such holder shall provide written noticesuch notice and opportunity to cure.

Appears in 1 contract

Samples: Ground Lease (Hall of Fame Resort & Entertainment Co)

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