INTEREST CONVEYED TO LESSEE. Lessor and Lessee intend that this Lease be treated, for accounting purposes, as an operating lease. For all other purposes, Lessee and Lessor intend that the transaction represented by this Lease be treated as a financing transaction; for such purposes, it is the intention of the parties hereto (i) that this Lease be treated as a mortgage or deed of trust (whichever is applicable in the jurisdictions in which the Leased Properties are located) and security agreement, encumbering the Leased Property, and that Lessee, as grantor, hereby grants to Lessor, as mortgagee or beneficiary and secured party, or any successor thereto, a first and paramount Lien on each Leased Property, (ii) that Lessor shall have, as a result of such determination, all of the rights, powers and remedies of a mortgagee, deed of trust beneficiary or secured party available under Applicable Law to take possession of and sell (whether by foreclosure or otherwise) any Leased Property, (iii) that the effective date of such mortgage, security deed or deed of trust shall be the effective date of this Lease, (iv) that the recording of this Lease or a Lease Supplement shall be deemed to be the recording of such mortgage, security deed or deed of trust, and (v) that the obligations secured by such mortgage, security deed or deed of trust shall include the Funded Amounts and all Basic Rent and Supplemental Rent hereunder and all other obligations of and amounts due from Lessee hereunder and under the Operative Documents.
INTEREST CONVEYED TO LESSEE. If a bankruptcy court or other court of competent jurisdiction determines that the transaction represented by this Lease will not be enforced as a true lease, or will be treated as a financing or other transaction, then in such event it is the intention of the parties hereto (i) that this Lease be treated as a mortgage and security agreement encumbering the Leased Property, (ii) that Lessor shall have, as a result of such determination, all of the rights, powers and remedies of a mortgagee available under Applicable Law to take possession of and sell upon the occurrence of an Event of Default (whether by foreclosure or otherwise) the Leased Property, (iii) that the effective date of such mortgage and security agreement shall be the effective date of this Lease, (iv) that the recording of this Lease, the Memorandum of Lease, or any other instrument referencing this provision shall be deemed to be the recording of such mortgage and security agreement and (v) that the obligations secured by such mortgage and security agreement shall include the Loan and all Basic Rent and Supplemental Rent hereunder and all other obligations of and amounts due from Lessee hereunder and under the Operative Documents but without duplication.
INTEREST CONVEYED TO LESSEE. This Lease Agreement is an agreement of lease and does not convey to the Lessee any right, title or interest in or to the Facility except as an Lessee.
INTEREST CONVEYED TO LESSEE. Lessor and Lessee intend that this Lease be treated, for accounting purposes, as an operating lease. For all other purposes, Lessee and Lessor intend that the transaction represented by this Lease be treated as a financing transaction; for such purposes, it is the intention of the parties hereto that this Lease is hereby agreed to be a mortgage and security agreement. Said Mortgage and Security Agreement is made and entered into as of the date set forth first above by and between Lessee, as mortgagor (hereinafter sometimes designated as "MORTGAGOR"), and Lessor, as mortgagee (hereinafter sometimes designated as "MORTGAGEE").
INTEREST CONVEYED TO LESSEE. 16 ---------------------------
INTEREST CONVEYED TO LESSEE. 17 --------------------------- ARTICLE XII EVENTS OF DEFAULT ....................................... 17 ----------------- ARTICLE XIII ENFORCEMENT ............................................ 23 ----------- Section 13.1 Remedies................................................ 23
INTEREST CONVEYED TO LESSEE. 21 SECTION 14.1
INTEREST CONVEYED TO LESSEE. If a bankruptcy court or other court of competent jurisdiction determines that the transaction represented by this Lease will not be enforced as a true lease, or will be treated as a financing or other transaction, then in such event it is the intention of the parties hereto (i) that this Lease be treated as a mortgage and security agreement, deed of trust and security agreement, or other similar instrument encumbering the Leased Property, (ii) that Lessor shall have, as a result of such determination, all of the rights, powers and remedies of a mortgagee or trustee under a deed of trust available under Applicable Law to take possession of and sell upon the occurrence of an Event of Default (whether by foreclosure or otherwise) the Leased Property, (iii) that the effective date of such mortgage and security agreement, deed of trust and security agreement, or other similar instrument shall be the effective date of this Lease, (iv) that the recording of this Lease, each Memorandum of Lease, or any other instrument referencing this provision shall be deemed to be the recording of such mortgage and security agreement, deed of trust and security agreement, or other similar instrument and (v) that the obligations secured by such mortgage and security agreement, deed of trust and security agreement, or other similar instrument shall include the payment of all Basic Rent and Supplemental Rent, the Lease Balance and all other obligations of and amounts due from Lessee hereunder and under the Operative Documents but without duplication.
INTEREST CONVEYED TO LESSEE. It is the intent of Lessee and Lessor that for federal, state and local tax purposes Lessee owns the Leased Property and will be entitled to all tax benefits ordinarily available to an owner of property similar to such Leased Property, and that Lessor will be treated as a lender making loans to Lessee. Lessor and Lessee intend that this Lease be treated, for accounting purposes, as an operating lease. For all other purposes, Lessee and Lessor intend that the transaction represented by this Lease be treated as a financing transaction; for such purposes, it is the intention of the parties hereto that this Lease be treated as a mortgage and deed of trust (and is referred to in this Article XI ---------- as "this deed of trust")under applicable Texas law and a security agreement, encumbering the Leased Property, granted by Lessee, for the benefit of Lessor, as security for the obligations of Lessee hereunder. To effect such intentions, and to cause this Lease to create the desired deed of trust lien in the Leased Property, the parties agree as follows:
A. Lessee (Lessee in such capacity being herein referred to as "Grantor"), ------- whose address is 000 Xxxxxxxx Xxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000-0000 in consideration of the sum of $10.00 and other valuable consideration paid to Grantor, the receipt and sufficiency of which are hereby acknowledged by Grantor, has GRANTED, ASSIGNED, TRANSFERRED and CONVEYED, and does hereby GRANT, ASSIGN, TRANSFER and CONVEY the Leased Property (referred to in this Deed of Trust as the "Mortgaged Property"), whether now owned by Grantor or hereafter ------------------ acquired unto Xxx X. Xxxxxx ("Trustee"), whose address is 000 Xxxxx XxXxxxx ------- Xxxxxx, Xxxxxxx, Xxxxxxxx 00000, for the benefit of Lessor (Lessor in its capacity as secured creditor of Lessee and as the beneficiary of this deed of trust being herein referred to as the "Beneficiary"). -----------
B. TO HAVE AND TO HOLD the Mortgaged Property unto the Trustee, and also unto the Substitute Trustee, and the assigns of the Trustee or Substitute Trustee, and Grantor does hereby bind itself, its successors and assigns, to warrant and forever defend all and singular the Mortgaged Property unto the Trustee, and also unto the Substitute Trustee, and the assigns of the Trustee or Substitute Trustee, against every person or party whomsoever claiming or to claim the same, or any part thereof, subject, however, to the Permitted Liens by, through or under Grantor, but ...
INTEREST CONVEYED TO LESSEE. If a bankruptcy court or other court of competent jurisdiction determines that the transaction represented by this Lease will not be enforced as a true lease, or will be treated as a financing or other transaction, then in such event it is the intention of the parties hereto (i) that this Lease be treated as a mortgage and security agreement, deed of trust and security agreement, or other similar instrument encumbering the Leased Property, (ii) that Lessor shall have, as a result of such determination, all of the rights, powers and remedies of a mortgagee or trustee under a deed of trust available under Applicable Law to take possession of and sell upon the occurrence of an Event of Default (whether by foreclosure or otherwise) the Leased Property, (iii) that the effective date of such mortgage and security agreement, deed of trust and security agreement, or other similar instrument shall be the effective date of this Lease, (iv) that the recording of this Lease, each
