Common use of Foreclosure of Leasehold Mortgage Clause in Contracts

Foreclosure of Leasehold Mortgage. The mortgagee under a Leasehold Mortgage may become the legal owner and holder of the interest of Tenant under this Lease, including, without limitation, the interest of Tenant in all improvements erected by Tenant on the Leased Premises, by foreclosure or by an assignment of this Lease in lieu of foreclosure, without Landlord’s consent. In such event, such mortgagee shall have the right thereafter to assign this Lease without the consent of Landlord, but otherwise subject to the terms and provisions of this Lease.

Foreclosure of Leasehold Mortgage. The mortgagee under a Leasehold Mortgage may become the legal owner and holder of the interest of Tenant under this Lease, including, without limitation, the interest of Tenant in all improvements erected by Tenant on the Leased Premises, by foreclosure or by an assignment of this Lease in lieu of foreclosure, without LandlordXxxxxxxx’s consent. In such event, such mortgagee shall have the right thereafter to assign this Lease without the consent of Landlord, but otherwise subject to the terms and provisions of this Lease.