Financing Party Protections. Xxxxxxxx agrees not to accept a voluntary surrender of this Lease at any time while a Financing Party has a lien on the leasehold estate; and Landlord and Tenant further agree that, so long as any such Financing Party shall have a lien on the leasehold estate, without the prior written consent of such Financing Party, Landlord and Tenant will not subordinate this Lease to any mortgage which may hereafter be placed on the fee of the Land or amend or alter any terms or provisions of this Lease. This provision is for the express benefit of and shall be enforceable by such Financing Party.
Financing Party Protections. If Tenant mortgages, pledges, or encumbers any of its rights and interests pursuant to this Section 10 above, then notwithstanding any other provision of this Agreement to the contrary:
10.4.1 Except as provided in this Section 10, Landlord will not terminate, suspend, amend or modify this Agreement (or take any action causing, consenting to, acquiescing in, or accepting the termination, suspension, amendment or modification of this Agreement), if such termination, suspension, amendment or modification would reduce the rights or remedies of a Financing Party hereunder or impair or reduce the security for any lien held by such Financing Party, without such Financing Party’s consent.
10.4.2 A Financing Party shall have the right, at its discretion, to take, or cause to be taken, any action required to be performed under this Agreement by Tenant that is party to such Financing Party’s mortgage, pledge or encumbrance, and any such action performed by such Financing Party shall be as effective to prevent or cure a default under this Agreement and/or a forfeiture of any of such Tenant’s rights under this Agreement as if done by such Tenant itself.
10.4.3 The right of a Financing Party to receive notices and to cure Tenant’s defaults shall be available only to those Financing Parties which shall have notified Landlord in writing of their name and address, and whose lien is recorded in the Official Records. If Landlord shall become entitled to terminate this Agreement due to an uncured default by Tenant, Landlord will not terminate this Agreement unless it has first given written notice of such uncured default and of its intent to terminate this Agreement to each Financing Party and has given such Financing Parties at least thirty (30) days after the expiration of the applicable cure period which this Agreement provides to Tenant for curing such default, to cure the default to prevent such termination of this Agreement. Furthermore, if within such thirty (30) day period a Financing Party notifies Landlord that it must foreclose on Tenant’s interest or otherwise take possession of Tenant’s interest under this Agreement in order to cure the default, Landlord shall not terminate this Agreement and shall permit such Financing Party a sufficient period of time as may be necessary for such Financing Party, with the exercise of due diligence, to foreclose or acquire Tenant’s interest under this Agreement and to perform or cause to be performed all of the covenants and ag...
Financing Party Protections
