LANDLORD MORTGAGES. 58 25.1 Landlord May Grant Liens . . . . . . . . . . . . . . . . . . . . 58 25.2 Tenant's Non-Disturbance Rights. . . . . . . . . . . . . . . . . 59 25.3
LANDLORD MORTGAGES. 45- 24.1 Landlord May Grant Liens ................................. -45- ------------------------ 24.2 Tenant's Non-Disturbance Rights .......................... -45- ------------------------------- 24.3 Facility Mortgage Protection ............................. -45- ----------------------------
LANDLORD MORTGAGES. 59 25.1 LANDLORD MAY GRANT LIENS . . . . . . . . . . . . . . . . . . . . . . . 59 25.2 TENANT'S NON-DISTURBANCE RIGHTS. . . . . . . . . . . . . . . . . . . . 59 25.3
LANDLORD MORTGAGES. Subordination. Subject to Section 15.03, without the consent of Tenant, Landlord may, from time to time, directly or indirectly, create or otherwise cause to exist any liens, encumbrances, security interests or title retention agreements on any Leased Property, or any portion thereof or any interest therein, whether to secure any borrowing or other means of financing or refinancing. Tenant shall execute, acknowledge and deliver to Landlord, at any time and from time to time upon demand by Landlord or any mortgagee or any holder of any mortgage or other instrument described in this Section, without cost to Landlord, a Subordination and Non-Disturbance Agreement in the form attached hereto as Exhibit 15.02. which provides that (i) Tenant's rights hereunder are subordinate to any ground lease or underlying lease, first mortgage, first deed of trust, or other first lien against any Leased Property, together with any renewal, consolidation, extension, modification, or replacement thereof, which now or at any subsequent time affects any Leased Property or any interest of Landlord in any Leased Property, except to the extent that any such instrument expressly provides that this Lease is superior; and (ii) in the event such party succeeds to Landlord's interest under the Lease and provided that no Event of Default by Tenant exists, such party will not disturb Tenant's possession, use or occupancy of the subject Leased Property. If Tenant fails or refuses to execute, acknowledge and deliver such Subordination and Non-Disturbance Agreement within ten (10) days after such second written demand, then Landlord or such successor in interest may execute, acknowledge and deliver such Subordination and Non- Disturbance Agreement on behalf of Tenant as Tenant's attorney-in-fact. Tenant hereby constitutes and irrevocably appoints Landlord, its successors and assigns, as Tenant's attorney-in-fact to execute, acknowledge, and deliver on behalf of Tenant the Subordination and Non-Disturbance Agreement. This power of attorney is coupled with an interest and is irrevocable.
LANDLORD MORTGAGES. 24.1 Landlord May Grant Liens. Subject to Section 24.2, without the ------------------------ ------------ consent of Tenant, Landlord may, from time to time, directly or indirectly, create or otherwise cause to exist any lien, encumbrance or title retention agreement ("Landlord's Encumbrance") upon the Leased Property, or any portion ---------------------- thereof or interest therein, whether to secure any borrowing or other means of financing or refinancing. This Lease is and at all times shall be subject and subordinate to any ground or underlying leases, mortgages, trust deeds or like encumbrances, which may now or hereafter affect the Leased Property and to all renewals, modifications, consolidations, replacements and extensions of any such lease, mortgage, trust deed or like encumbrance. This clause shall be self- operative and no further instrument of subordination shall be required by any ground or underlying lessor or by any mortgagee or beneficiary, affecting any lease or the Leased Property. In confirmation of such subordination, Tenant shall execute promptly any certificate that Landlord may request for such purposes.
LANDLORD MORTGAGES. Landlord may not encumber its interest in the Premises or the Improvements without the prior written consent of Lessee, which consent may be withheld in Lessee’s sole discretion
LANDLORD MORTGAGES. Landlord shall not grant any mortgage, deed of trust or security interest in Landlord's interest in and to the Premises. Any action in violation of this paragraph shall be an automatic Default under the Lease.
LANDLORD MORTGAGES. There shall be no restriction upon the ability of Landlord to mortgage all, but not less than all, of the Landlord Estate to one or more Permitted Landlord Mortgagees from time to time during the Term provided that any mortgage placed on the Landlord Estate by Landlord shall be a Permitted Landlord Mortgage; provided, however, that nothing herein shall restrict Landlord from separately mortgaging one or more portions of any land owned by Landlord or Talisker Canyons PropCo LLC and not part of the Resort Property (including any Strategic Development Parcels hereafter released). Landlord shall not (i) enter into a mortgage that is not a Permitted Landlord Mortgage, or (ii) mortgage all or any portion of the Landlord Estate to a Person that is not a Permitted Landlord Mortgagee. The Tenant Estate shall be superior to any Permitted Landlord Mortgage, without the need for any action to be taken or documents executed by any Person. In the event that there is more than one Permitted Landlord Mortgage on the Landlord Estate at any one time, then the Permitted Landlord Mortgagee Protection Agreement, if any, for each mortgagee other than the mortgagee holding the first priority Permitted Landlord Mortgage shall require the mortgagee named therein to forbear from exercising any remedies and/or taking any action to foreclose its mortgage unless and until all of the Permitted Landlord Mortgagees having priority have been paid in full or have released the Landlord Estate from the lien of their respective mortgages. Within fifteen (15) days of Tenant’s receipt of a written request from either Landlord or any Permitted Landlord Mortgagee, together with a Permitted Landlord Mortgagee Protection Agreement signed by the Permitted Landlord Mortgagee (and that complies with the applicable provisions of this Lease set forth in the definition of “Permitted Landlord Mortgagee Protection Agreement” and is otherwise in form and substance reasonably acceptable to Tenant), Tenant, provided the Permitted Landlord Mortgagee is not Xxxx Xxxxxxxxx, his estate, child, grandchild or great-grandchild, or an Affiliate of Landlord or any of the foregoing, shall execute and deliver to and in favor of each holder of a Permitted Landlord Mortgage, a Permitted Landlord Mortgagee Protection Agreement. If the Permitted Landlord Mortgagee is Xxxx Xxxxxxxxx, his estate, child, grandchild or great-grandchild, or an Affiliate of Landlord or any of the foregoing, then, as a condition to the exercise of...
LANDLORD MORTGAGES. Tenant acknowledges that at any time and from time to time during the Lease Term, Landlord and/or District shall have the right to mortgage, pledge, deed in trust, assign rents, issues and profits, collaterally assign, and/or otherwise encumber the leasehold interest of Landlord in the Master Lease and the interest of Landlord in this Lease and to assign or pledge assignment of the same as security for any debt (the holder of any such mortgage, pledge or other encumbrance and the beneficiary of any such deed of trust or assignment being referred to in this Lease as a “Landlord Mortgagee” and the mortgage, pledge, deed of trust, assignment or other instrument referred to in this Lease as a “Landlord Mortgage”), upon and subject to each and all of the following terms and conditions:
LANDLORD MORTGAGES. Landlord shall have the right, without any consent or approval by Tenant, to mortgage the fee interest in the Demised Premises at any time and from time to time, provided, however, that in no event shall the outstanding amount of any indebtedness secured by such mortgage exceed $500,000. The covenant of Landlord set forth in the immediately preceding sentence shall survive the Termination Date and shall remain in full force and effect until Landlord has paid all amounts due and payable to Tenant under the promissory note provided for in Article VI(d). Any mortgage by Landlord affecting the fee interest in the Demised Premises shall always be subject and subordinate to this Lease.
