Leasehold Estate. Each Mortgaged Property consists of a fee simple estate in real estate or, if the related Mortgage Loan is secured in whole or in part by the interest of a Mortgagor as a lessee under a ground lease of a Mortgaged Property (a "Ground Lease"), by the related Mortgagor's interest in the Ground Lease but not by the related fee interest in such Mortgaged Property (the "Fee Interest"), and as to such Ground Leases:
(a) Such Ground Lease or a memorandum thereof has been or will be duly recorded; such Ground Lease (or the related estoppel letter or lender protection agreement between the Seller and related lessor) does not prohibit the current use of the Mortgaged Property and does not prohibit the interest of the lessee thereunder to be encumbered by the related Mortgage; and there has been no material change in the payment terms of such Ground Lease since the origination of the related Mortgage Loan, with the exception of material changes reflected in written instruments that are a part of the related Mortgage File;
(b) The lessee's interest in such Ground Lease is not subject to any liens or encumbrances superior to, or of equal priority with, the related Mortgage, other than Permitted Encumbrances;
(c) The Mortgagor's interest in such Ground Lease is assignable to the Purchaser and the Trustee as its assignee upon notice to, but without the consent of, the lessor thereunder (or, if such consent is required, it has been obtained prior to the Closing Date) and, in the event that it is so assigned, is further assignable by the Purchaser and its successors and assigns upon notice to, but without the need to obtain the consent of, such lessor or if such lessor's consent is required it cannot be unreasonably withheld;
(d) Such Ground Lease is in full force and effect, and the Ground Lease provides that no material amendment to such Ground Lease is binding on a mortgagee unless the mortgagee has consented thereto, and the Seller has received no notice that an event of default has occurred thereunder, and, to the Seller's knowledge, there exists no condition that, but for the passage of time or the giving of notice, or both, would result in an event of default under the terms of such Ground Lease;
(e) Such Ground Lease, or an estoppel letter or other agreement, (A) requires the lessor under such Ground Lease to give notice of any default by the lessee to the holder of the Mortgage; and (B) provides that no notice of termination given under such Ground Lease is effect...
Leasehold Estate. Each Mortgaged Property consists of a fee simple estate in real estate or, if the related Mortgage Loan is secured in whole or in part by the interest of a Mortgagor as a lessee under a ground lease of a Mortgaged Property (a "Ground Lease"), by the related Mortgagor's interest in the Ground Lease but not by the related fee interest in such Mortgaged Property (the "Fee Interest"), and as to such Ground Leases:
Leasehold Estate. The Authority will be, on the date of the delivery of the Bonds, the owner and lawfully possessed of the leasehold estate described in the Site Lease, and the Facilities Lease will be, on the date of delivery of the Bonds, a valid subsisting demise for the term therein set forth of the property which it purports to demise. At the time of the delivery of the Bonds, the County will be the owner in fee simple of the premises described in the Site Lease, the Site Lease will be lawfully made by the County and the covenants contained in the Site Lease on the part of the County will be valid and binding. At the time of the delivery of the Bonds, the Authority will have good right, full power and lawful authority to lease said leasehold estate, in the manner and form provided in the Facilities Lease, and the Facilities Lease will be duly and regularly executed. Without allowance for any days of grace which may or might exist or be allowed by law or granted pursuant to any terms or conditions of the Facilities Lease, the Authority will in all respects promptly and faithfully keep, perform and comply with all the terms, provisions, covenants, conditions and agreements of the Facilities Lease to be kept, performed and complied with by it. The Authority will not do or permit anything to be done, or omit or refrain from doing anything, in any case where any such act done or permitted to be done, or any such omission of or refraining from action, would or might be a ground for declaring a forfeiture of the Facilities Lease, or would or might be a ground for cancellation or termination of the Facilities Lease by the lessee thereunder. The Authority will promptly deposit with the Trustee (to be held by the Trustee until the title and rights of the Trustee under this Trust Agreement shall be released or reconvened) any and all documentary evidence received by it showing compliance with the provisions of the Facilities Lease to be performed by the Authority. The Authority, immediately upon its receiving or giving any notice, communication or other document in any way relating to or affecting the Facilities Lease, or the leasehold estate thereby created, which may or can in any manner affect the estate of the lessor or of the Authority in or under the Facilities Lease, will deliver the same, or a copy thereof, to the Trustee.
Leasehold Estate. With respect to each Mortgage Loan secured in whole or in part by the interest of the Mortgagor as a lessee under a ground lease of the related Mortgaged Property (a “Ground Lease”) and not by a fee interest in such Mortgaged Property:
(i) The Mortgagor is the owner of a valid and subsisting interest as tenant under the Ground Lease;
(ii) The Ground Lease is in full force and effect;
(iii) The Mortgagor is not in default under any provision of the lease;
(iv) The lessor under the Ground Lease is not in default under any of the terms or provisions thereof on the part of the lessor to be observed or performed;
(v) The term of the Ground Lease exceeds the maturity date of the related Mortgage Loan by at least five (5) years;
(vi) The Mortgagee under the Mortgage Loan is given at least sixty (60) days’ notice of any default and an opportunity to cure any defaults under the Ground Lease or to take over the Mortgagor’s rights under the Ground Lease;
(vii) The Ground Lease does not contain any default provisions that could result in forfeiture or termination of the Ground Lease except for non-payment of the Ground Lease or a court order;
(viii) The Ground Lease provides that the leasehold can be transferred, mortgaged and sublet an unlimited number of times either without restriction or on payment of a reasonable fee and delivery of reasonable documentation to the lessor;
(ix) The Ground Lease or a memorandum thereof has been recorded and by its terms permits the leasehold estate to be mortgaged; and
(x) The execution, delivery and performance of the Mortgage do not require consent (other than those consents which have been obtained and are in full force and effect) under, and will not contravene any provision of or cause a default under, the Ground Lease.
Leasehold Estate. (9.1) As set forth above, pursuant to the terms of the Sublease, Borrower holds a sub-leasehold estate in the Premises (defined above as the "Sub-leasehold Estate").
(9.2) Borrower hereby represents, and warrants that at the delivery hereof it is the lawful owner of the Sub-leasehold Estate, and it is seized of a good and indefeasible estate therein, free and clear of all liens and encumbrances whatsoever.
(9.3) Borrower covenants and agrees to pay or cause to be paid all rents, additional rents and other charges mentioned in and made payable under the Sublease when and as often as the same shall become due and payable.
(9.4) Borrower hereby represents, covenants, and warrants:
(a) the Sublease is in full force and effect and unmodified except as reflected in copies of the Sublease and related documentation which have been delivered to Lender;
(b) all rents, including additional rents and other charges, reserved in the Sublease have been paid to the extent they were payable prior to the date hereof;
(c) the Borrower will warrant and defend the Sub-leasehold Estate against each and every person or persons who may claim the same or any part thereof;
(d) there is no existing default by Borrower under the provisions of the Sublease or in the performance of any of the terms, covenants, conditions or warranties thereof on the part of the Borrower to be observed and performed, and Borrower's execution and delivery of this Leasehold Mortgage and the other Loan Documents will not violate or cause a default with respect to any of the provisions of the Sublease; and
(e) to the best of Borrower's knowledge, the Landlord under the Sublease (Westwood Foundation) is not in default of any landlord obligations imposed under the Sublease.
(9.5) The Borrower will at all times promptly and faithfully keep and perform, or cause to be kept and performed, all of the covenants and conditions in the Sublease and in all respects conform to and comply with the terms and conditions of the Sublease, and the Borrower further covenants that it will not allow or permit any action or inaction which would impair or tend to impair the security of this Leasehold Mortgage, or otherwise would be grounds for declaring a forfeiture of the Sublease. Borrower shall not transfer, sell, assign or the Sublease any or all of its Sub-leasehold Estate or other interest in the Premises without the express, written consent of Lender. Borrower hereby covenants that it will not materially modify or amend an...
Leasehold Estate. The following Mortgage loan(s) are secured in whole or in part by the interest of the borrower as a lessee under a Ground Lease.
Leasehold Estate. If the estate conveyed in trust by this Deed of Trust is a leasehold, Xxxxxxxx agrees to fulfill all its obligations under the lease creating such leasehold. Xxxxxxxx further agrees that it shall not enter into or agree to any termination, modification or amendment to such lease without the prior written approval of Lender.
Leasehold Estate. Lessee hereby represents and covenants:
(a) that the Leases are in full force and effect and unmodified;
(b) that all rents (including additional rents and other charges) reserved in the Leases have been paid to the extent they were payable prior to the date hereof;
(c) that there is no uncured default under the Leases or in the performance of any of the terms, covenants, conditions or warranties thereof on the part of the Lessee to be observed and performed. Further, no state of facts exist under the Leases which, with the lapse of time or giving of notice or both, would constitute a default thereunder. This Assignment is a collateral assignment, made to secure the Obligations and is effective immediately. Notwithstanding anything contained herein to the contrary, the Agent shall not be responsible or obligated to the Lessor for any obligation, agreement or liability of the Lessee under the Leases, unless and until Lessor elects to assume the Leases pursuant to Section 6 hereof and delivers to Lessor written notice of such assumption. Notwithstanding this Assignment, the Lessee shall be and remain obligated to the Lessor to perform all of the Lessee's obligations and agreements under the Leases, and the Lessor shall be and remain obligated to the Lessee to perform all of the Lessor's obligations and agreements under the Leases.
Leasehold Estate. The rights granted to Tenant under this Lease.
Leasehold Estate. The term "Leasehold Estate" means Tenant's leasehold estate in any Property owned by Landlord in fee and demised under this Restated Lease and, in the case of a Property owned by a Third Party Lessor, the Leemilt's Lessor, the Power Test Lessor or the Gettymart Lessor, Tenant's subleasehold estate demised under this Restated Lease, in all cases upon and subject to all the terms and conditions of this Restated Lease.
