Common use of Leasehold Deeds of Trust Clause in Contracts

Leasehold Deeds of Trust. Tenant shall be responsible for funding the entire cost of, and securing all financing required, in order to complete construction of the Improvements in accordance with the Approved Plans, and Landlord hereby consents to the encumbrance of Tenant’s leasehold estate created under this Lease; provided, however, that the fee simple ownership interest of Landlord to the Premises shall be prior, superior and paramount to the lien of any mortgage or deed of trust which may now or hereafter affect the leasehold interest of Tenant in and to the Premises, or any part thereof. Tenant acknowledges and understands that under no circumstances will any party providing financing for the Improvements be permitted to encumber in any manner by lien of a deed of trust, mortgage, security agreement or other encumbrance, Landlord’s fee simple title to the Premises. All rights acquired under any encumbrance of Tenant’s leasehold estate shall be subject and subordinate to the terms of this Lease and to all rights and interests of Landlord hereunder, and shall incorporate all relevant terms and requirements contained herein, including, without limitation, a statement that Lender disclaims any interest or lien against Landlord’s fee simple interest in the Premises and Improvements thereon, a statement that insurance proceeds from casualty or proceeds from condemnation or payments in lieu thereof shall be used for the repair or rebuilding of the Improvements if so required by this Lease and not to the repayment of Lender (except as expressly set forth in this Lease), and a statement that Landlord shall have no liability whatsoever in connection with the financing under the agreement, notes, and security instruments executed, delivered and/or recorded in connection with such financing. If Tenant, or Tenant’s permitted successors or assigns, shall mortgage said leasehold interest, and Tenant provides Landlord with written notice that it has so encumbered the leasehold estate, such notice to include a copy of the underlying deed of trust or other security instrument recorded in the office of the Orange County Register of Deeds and the name and address of the holder of such instrument, then so long as such leasehold deed of trust shall remain unsatisfied of record, the following provisions shall apply, notwithstanding anything to the contrary set forth in this Lease, and any pertinent provisions of this Lease shall be deemed to be amended and modified to the extent necessary so as to provide as follows:

Leasehold Deeds of Trust. Tenant shall be responsible for funding the entire cost of, and securing all financing required, in order to complete construction of the Improvements in accordance with the Approved Plans, and Landlord hereby consents to the encumbrance of Tenant’s leasehold estate created under this Lease; provided, however, that the fee simple ownership interest of Landlord to the Premises shall be prior, superior and paramount to the lien of any mortgage or deed of trust which may now or hereafter affect the leasehold interest of Tenant in and to the Premises, or any part thereof. Tenant Xxxxxx acknowledges and understands that under no circumstances will any party providing financing for the Improvements be permitted to encumber in any manner by lien of a deed of trust, mortgage, security agreement or other encumbrance, LandlordXxxxxxxx’s fee simple title to the Premises. All rights acquired under any encumbrance of Tenant’s leasehold estate shall be subject and subordinate to the terms of this Lease and to all rights and interests of Landlord hereunder, and shall incorporate all relevant terms and requirements contained herein, including, without limitation, a statement that Lender disclaims any interest or lien against Landlord’s fee simple interest in the Premises and Improvements thereon, a statement that insurance proceeds from casualty or proceeds from condemnation or payments in lieu thereof shall be used for the repair or rebuilding of the Improvements if so required by this Lease and not to the repayment of Lender (except as expressly set forth in this Lease), and a statement that Landlord shall have no liability whatsoever in connection with the financing under the agreement, notes, and security instruments executed, delivered and/or recorded in connection with such financing. If Tenant, or TenantXxxxxx’s permitted successors or assigns, shall mortgage said leasehold interest, and Tenant provides Landlord with written notice that it has so encumbered the leasehold estate, such notice to include a copy of the underlying deed of trust or other security instrument recorded in the office of the Orange County Register of Deeds and the name and address of the holder of such instrument, then so long as such leasehold deed of trust shall remain unsatisfied of record, the following provisions shall apply, notwithstanding anything to the contrary set forth in this Lease, and any pertinent provisions of this Lease shall be deemed to be amended and modified to the extent necessary so as to provide as follows:

Leasehold Deeds of Trust. Tenant shall be responsible for funding the entire cost of, and securing all financing required, in order to complete construction of the Improvements in accordance with the Approved Plans, and Landlord hereby consents to the encumbrance of Tenant’s leasehold estate created under this Lease; provided, however, that the fee simple ownership interest of Landlord to the Premises shall be prior, superior and paramount to the lien of any mortgage or deed of trust which may now or hereafter affect the leasehold interest of Tenant in and to the Premises, or any part thereof. Tenant acknowledges and understands that under no circumstances will any party providing financing for the Improvements be permitted to encumber in any manner by lien of a deed of trust, mortgage, security agreement or other encumbrance, Landlord’s fee simple title to the Premises. All rights acquired under any encumbrance of Tenant’s leasehold estate shall be subject and subordinate to the terms of this Lease and to all rights and interests of Landlord hereunder, and shall incorporate all relevant terms and requirements contained herein, including, without limitation, a statement that Lender Lenderlender disclaims any interest or lien against Landlord’s fee simple interest in the Premises and Improvements thereon, a statement that insurance proceeds from casualty or proceeds from condemnation or payments in lieu thereof shall be used for the repair or rebuilding of the Improvements if so required by this Lease and not to the repayment of Lender Lenderlender (except as expressly set forth in this Lease), and a statement that Landlord shall have no liability whatsoever in connection with the financing under the agreement, notes, and security instruments executed, delivered and/or recorded in connection with such financing. If Tenant, or Tenant’s permitted successors or assigns, shall mortgage said leasehold interest, and Tenant provides Landlord with written notice that it has so encumbered the leasehold estate, such notice to include a copy of the underlying deed of trust or other security instrument recorded in the office of the Orange County Register of Deeds and the name and address of the holder of such instrument, then so long as such leasehold deed of trust shall remain unsatisfied of record, the following provisions shall apply, notwithstanding anything to the contrary set forth in this Lease, and any pertinent provisions of this Lease shall be deemed to be amended and modified to the extent necessary so as to provide as follows:

Leasehold Deeds of Trust. Tenant shall be responsible for funding the entire cost of, and securing all financing required, in order to complete construction of the Improvements in accordance with the Approved Plans, and Landlord hereby consents to the encumbrance of Tenant’s leasehold estate created under this Lease; provided, however, that the fee simple ownership interest of Landlord to the Premises shall be prior, superior and paramount to the lien of any mortgage or deed of trust which may now or hereafter affect the leasehold interest of Tenant in and to the Premises, or any part thereof. Tenant acknowledges and understands that under no circumstances will any party providing financing for the Improvements be permitted to encumber in any manner by lien of a deed of trust, mortgage, security agreement or other encumbrance, Landlord’s fee simple title to the Premises. All rights acquired under any encumbrance of Tenant’s leasehold estate shall be subject and subordinate to the terms of this Lease and to all rights and interests of Landlord hereunder, and shall incorporate all relevant terms and requirements contained herein, including, without limitation, a statement that Lender lender disclaims any interest or lien against Landlord’s fee simple interest in the Premises and Improvements thereon, a statement that insurance proceeds from casualty or proceeds from condemnation or payments in lieu thereof shall be used for the repair or rebuilding of the Improvements if so required by this Lease and not to the repayment of Lender lender (except as expressly set forth in this Lease), and a statement that Landlord shall have no liability whatsoever in connection with the financing under the agreement, notes, and security instruments executed, delivered and/or recorded in connection with such financing. If Tenant, or Tenant’s permitted successors or assigns, shall mortgage said leasehold interest, and Tenant provides Landlord with written notice that it has so encumbered the leasehold estate, such notice to include a copy of the underlying deed of trust or other security instrument recorded in the office of the Orange County Register of Deeds and the name and address of the holder of such instrument, then so long as such leasehold deed of trust shall remain unsatisfied of record, the following provisions shall apply, notwithstanding anything to the contrary set forth in this Lease, and any pertinent provisions of this Lease shall be deemed to be amended and modified to the extent necessary so as to provide as follows: