Financing by Xxxxxx. Upon the Request of Xxxxxx, Lessor shall consent to a mortgage, deed of trust, collateral assignment of Lease, landlord estoppel certificate, or any similar loan or security document encumbering Lessee's interest in the Property or in this Lease (each, a “Lender Security Document”)in favor of a lending institution to secure a loan (a “Lender””), the proceeds of which will be used entirely to pay (or refinance) the construction costs of the Lessee Improvements or other improvements on the Property and related costs. Lessor acknowledges that such Lender Security Document will contain such terms as are usual and customary for similar commercial loans, including Xxxxxx’s right to receive notices under this Lease, cure any defaults by Lessee, restrict any amendments to this Lease, and (to the extent permitted hereunder) succeed to Xxxxxx’s interest under this Xxxxx and the Sublease. Notwithstanding the foregoing, any such Lender Security Document that requires the execution, approval, or consent of Lessor and of all related documents that require the execution, approval, or consent of Lessor shall be subject to the prior review and approval of legal counsel for Lessor, which consent and approval shall not be unreasonably withheld, conditioned or delayed. In no event shall the land comprising the Property be subject to mortgage or otherwise encumbered as security for any obligation of Lessee. During the Term of this Lease, the Lessee shall be the owner of all such improvements on the Premises, including but not limited to vertical construction, slabs, parking lots, mechanical and electrical systems, utilities, and landscaping. Xxxxxx agrees to use reasonable efforts to execute any Lender Security Document within fourteen (14) days of Xxxxxx’s request. Additionally, the execution and delivery of any Lender Security Document shall not be deemed to constitute an assignment or transfer of this Lease, nor shall Xxxxxx’s lender be deemed an assignee of this Lease so as to require such Lender to assume the performance of any of the terms, covenants, or conditions on the part of Lessee to be performed hereunder. Any Lender Security Document that Lessee request Lessor execute shall not create or impose any financial obligation on Lessor in conjunction with the Lessee’s financing.
Financing by Xxxxxx. Xxxxxxxx acknowledges and agrees that Tenant may grant a security interest in the personally, furniture, trade fixtures and inventory owned by Tenant in the Premises to an institutional lender. Upon the grant of such security interest, Landlord shall, upon the request of Xxxxxx, execute and deliver to Tenant a subordination agreement in the form of Exhibit D attached hereto.
Financing by Xxxxxx
