Common use of Landlord’s Consent to Leasehold Mortgages Clause in Contracts

Landlord’s Consent to Leasehold Mortgages. Leasehold Mortgagee shall not record any Leasehold Mortgages against any Demised Properties except as provided in this Section. Landlord hereby consents to Tenant’s granting, and Leasehold Mortgagee’s recording, the Leasehold Mortgages. Leasehold Mortgagee shall be obligated to pay all Rent under any Lease from and after it takes title to any Leasehold Estate applicable to the Demised Property under such Lease (and to perform any and all other covenants under such Lease regarding any Demised Property as to which Leasehold Mortgagee does take title to the Leasehold Estate applicable thereto). Leasehold Mortgagee agrees that if Leasehold Mortgagee takes title to any Leasehold Estate, Leasehold Mortgagee will do so subject to the terms and conditions of the applicable Lease and this Agreement. If Leasehold Mortgagee breaches its covenants contained in this Section, then in addition to any other remedies of Landlord at law or in equity regarding such breach, Landlord shall not be required to fulfill any of its obligations under this Agreement, all such obligations being null and void, but Leasehold Mortgagee shall remain obligated in all respects hereunder.

Landlord’s Consent to Leasehold Mortgages. Leasehold Mortgagee shall not record any Leasehold Mortgages against any Demised Properties except as provided in this Section. Landlord hereby consents to Tenant’s granting, and Leasehold Mortgagee’s recording, the Leasehold Mortgages, provided that such Leasehold Mortgages encumbering Demised Properties under the Lease with Hold Landlord are and shall be recorded subsequent to the recording of any Fee Mortgage given by Hold Landlord to Fee Mortgagee (provided that Tenant may grant to Leasehold Mortgagee, and Leasehold Mortgagee may record, Leasehold Mortgages at any time following the twenty fifth (25th) day after the date of this Agreement (even if Fee Mortgages have not yet been recorded against the applicable Demised Properties), so long as all the Leasehold Mortgages contain language of subordination to the Fee Mortgages reasonably acceptable to Hold Landlord and Fee Mortgagee). Leasehold Mortgagee hereby agrees that it shall only have the right to maintain Leasehold Mortgages on all, but not less than all, of the Leasehold Estates covered by a Lease, and to pursue foreclosure or deed in lieu thereof regarding all, but not less than all, of the Leasehold Estates covered by a Lease; provided that Leasehold Mortgagee shall not be deemed in breach of the foregoing if Leasehold Mortgagee is diligently pursuing foreclosure regarding all Leasehold Estates covered by a Lease simultaneously, but is prevented from actually taking title to all such Leasehold Estates simultaneously because of variations in applicable state laws and foreclosure processes; provided further that Leasehold Mortgagee shall be obligated to pay all Rent under any the applicable Lease from and after it takes title to any Leasehold Estate applicable to the any Demised Property under such that Lease (and to perform any and all other covenants under such Lease regarding any Demised Property as to which Leasehold Mortgagee does take title to the Leasehold Estate applicable thereto). Leasehold Mortgagee agrees that if Leasehold Mortgagee takes title to any Leasehold Estate, Leasehold Mortgagee will do so subject to the terms and conditions of the applicable Lease and this Agreement. If Leasehold Mortgagee breaches its covenants contained in this Section, then in addition to any other remedies of Landlord at law or in equity regarding such breach, Landlord shall not be required to fulfill any of its obligations under this Agreement, all such obligations being null and void, but Leasehold Mortgagee shall remain obligated in all respects hereunder.