Leasehold Mortgagee Protections Sample Clauses

Leasehold Mortgagee Protections. The following shall apply in connection with Leasehold Mortgages: (a) There shall be no consensual cancellation, surrender or modification of this Lease by joint action of Landlord and Tenant, without the prior express consent in writing of the Leasehold Mortgagee, if Landlord shall have previously been apprised in writing of the name and address of such Leasehold Mortgagee; (b) Landlord shall, at or about the time of serving Tenant with any notice of default by Tenant under this Lease, also serve a copy of such notice upon the Leasehold Mortgagee, if Landlord shall have previously been apprised in writing of the name and address of such Leasehold Mortgagee. The Leasehold Mortgagee shall thereupon have the right to remedy or cause to be remedied the default complained of, including, without limitation, reimbursement to Landlord of any costs or expenses incurred if payable by Tenant under such circumstances, so long as such remedy is performed within the cure periods afforded to Tenant under the provisions of this Lease, plus an additional thirty (30) days which, for the avoidance of doubt shall not constitute an extended cure period available to Tenant. Landlord shall accept such performance by the Leasehold Mortgagee if completed within the period provided to the Leasehold Mortgagee hereunder as if the same had been done by Tenant. However, in no event shall any Leasehold Mortgagee be obligated so to remedy any such default. (c) Prior to the expiration of the cure period afforded to Tenant under the Lease for the applicable default, plus the additional applicable extended time period for the benefit of the Leasehold Mortgagee, as provided above, Landlord shall not exercise its remedies by reason of such default. If a default cannot be cured unless and until the Leasehold Mortgagee has obtained possession of the Premises, then Landlord shall not exercise its remedies without first giving to the Leasehold Mortgagee an additional reasonable time within which either (i) to obtain possession of the Premises (including, without limitation, possession by a receiver) or (ii) to institute foreclosure proceedings to obtain possession, in each of the circumstances described in items (i) and (ii) above, as expeditiously as is reasonably possible, subject to such delays as are beyond the Leasehold Mortgagee’s reasonable control, but in no event more than thirty (30) days following Leasehold Mortgagee’s receipt of notice of the applicable Event of Default by Tenant. So...
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Leasehold Mortgagee Protections. This Article is included to give additional rights to the Leasehold Mortgagee, as defined herein. Unless specifically so stated, the additional rights herein shall not amend the remaining provisions of the Lease with regard to the LESSEE, and may not be exercised, claimed or used in any manner by the LESSEE. (a) LESSOR does hereby consent to a Leasehold Construction and Permanent Deed of Trust, Security Agreement and Fixture Filing with Assignment of Rents, executed by the LESSEE as Trustor in favor of First Trust National Association, as Beneficiary, dated as of November 10, 1993, and a Leasehold Construction and (b) When a notice of default or termination is to be given to the LESSEE under the terms of this Lease, such notice shall also be given to the Leasehold Mortgagee at the following address: First Trust National Association, First Trust Center, 000 Xxxx Xxxxx Xxxxxx, Xx. Xxxx, Minnesota, 55101; and the Trustee thereunder at the following address: Xxxxxxx X. Xxxxx, Xx., c/o Phelps Xxxxxx, Security Center North, 000 X. Xxxxx Street, Suite 500, Jackson, Mississippi, 39225. Should there be more than one (1) Leasehold Mortgagee, only one address shall be designated. (c) For purposes of this Lease, "Leasehold Mortgage" means the deed of trust, mortgage or lien consented to in paragraph (a) above, on this Lease Agreement and/or the LESSEE's leasehold interest under this Lease Agreement, which shall include facilities constructed or placed on SAID PROPERTY including any vessels, and "Leasehold Mortgagee" shall mean the beneficiary or beneficiaries under the Leasehold Mortgage. Any Leasehold Mortgagee may exercise any of its right hereunder through a designee, nominee, or wholly owned subsidiary.
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Leasehold Mortgagee Protections. Simultaneously herewith and subject to the terms of the Credit Agreement, (i) Mortgagor and the lessor under the Subject Lease are amending the Subject Lease to incorporate leasehold mortgagee provisions substantially in the form of the provisions set forth on Exhibit C attached hereto, (ii) Mortgagor is causing the lessor under the Subject Lease to deliver evidence that any fee mortgage now encumbering lessor’s real property which is covered by the Subject Lease has subordinated its fee mortgage to the Subject Lease and to this Mortgage and (iii) Mortgagor is providing Mortgagee with an American Land Title Association Lender’s Extended Coverage title insurance policy and a favorable opinion of local counsel, in both cases with respect to this Mortgage and in compliance with Section 3.1 of the Credit Agreement. [If there is a ground lease senior to the Subject Lease, all of the provisions in this Mortgage applicable to the Subject Lease shall apply, with appropriate tailoring, to such ground lease. For example, the ground lease and any leasehold mortgage encumbering the ground lease will have to be subordinated to the Subject Lease and to this Mortgage.]
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Leasehold Mortgagee Protections. Notwithstanding anything to the contrary contained in this Agreement, the Mortgage or any other document to which Senior Estate Holder and/or Tenant is a party, until such time as the Berkshire Loan (including all principal, interest and other amounts due thereunder) has been indefeasibly paid in full, the following provision shall apply:
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Leasehold Mortgagee Protections. The Leasehold Mortgagee shall be entitled to the following rights and protections: (a) A Leasehold Mortgagee shall have the right to do one, some or all of the following things: (i) assign its Mortgage; (ii) to exercise and enforce all of its rights and remedies under its Mortgage and applicable Law (including the Uniform Commercial Code); (iii) acquire GT USA’s Enstructure’s rights to this Agreement; (iv) take possession of and operate the Leasehold Improvements or the operations of GT USA Enstructure under this Agreement; (v) assign, sublet or transfer some or all of this Agreement and the rights relating to the Premises to a third party, provided DSPC reasonably agrees to such third party; (vi) exercise any rights of GT USA Enstructure hereunder or with respect to this Agreement; or (vii) cause a receiver, reasonably acceptable to DSPC, to be appointed to do any of the foregoing things. Upon acquisition of GT USA’s Enstructure’s rights under this Agreement by a Leasehold Mortgagee or any other third party who acquires the same from or on behalf of the Leasehold Mortgagee, DSPC shall recognize the Leasehold Mortgagee or such other party (as the case may be) as GT USA’s Enstructure’s proper successor, and absent a default by such Leasehold Mortgagee or third party, this Agreement shall remain in full force and effect. A Leasehold Mortgagee, its designee or assignee, or other purchaser in foreclosure proceedings or any other proceedings, disposition or transaction permitted under other applicable Law (including the Uniform Commercial Code), may become the legal owner and holder of Enstructure’s interest in and under this Agreement and a Change of Control (requiring DSPC’s consent) may occur through the exercise of all of its rights and remedies under any Mortgage, including pursuant to a xxxxx facias sur mortgage action under Delaware law, by assignment of this Agreement in lieu of foreclosure, a public or private sale or strict foreclosure under the Uniform Commercial Code.
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Leasehold Mortgagee Protections 
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Related to Leasehold Mortgagee Protections

  • Mortgagee Protection Tenant agrees to give any Mortgagee or ground lessor, by registered or certified mail, a copy of any notice of default served upon the Landlord by Tenant, provided that prior to such notice Tenant has received notice (by way of service on Tenant of a copy of an assignment of rents and leases, or otherwise) of the address of such Mortgagee or ground lessor. Tenant further agrees that if Landlord shall have failed to cure such default within the time provided for in this Lease, then the Mortgagee or ground lessor shall have an additional thirty (30) days after receipt of notice thereof within which to cure such default or if such default cannot be cured within that time, then such additional notice time as may be necessary, if, within such thirty (30) days, any Mortgagee or ground lessor has commenced and is diligently pursuing the remedies necessary to cure such default (including commencement of foreclosure proceedings or other proceedings to acquire possession of the Real Property, if necessary to effect such cure). Such period of time shall be extended by any period within which such Mortgagee or ground lessor is prevented from commencing or pursuing such foreclosure proceedings or other proceedings to acquire possession of the Real Property by reason of Landlord’s bankruptcy. Until the time allowed as aforesaid for Mortgagee or ground lessor to cure such defaults has expired without cure, Tenant shall have no right to, and shall not, terminate this Lease on account of default. This Lease may not be modified or amended so as to reduce the Rent or shorten the Term, or so as to adversely affect in any other respect to any material extent the rights of the Landlord, nor shall this Lease be canceled or surrendered, without the prior written consent, in each instance, of the ground lessor or the Mortgagee.

  • Leasehold Mortgages Lessee shall have the right during the term of this Lease to mortgage the Lessee's interest in this Lease, without the prior consent of the Port, and to assign the Lessee's interest in this Lease as collateral security for such leasehold mortgage. All rights acquired by the holder of the leasehold mortgage shall be subject to each and every term, covenant and condition of this Lease and to all rights and interests of the Port. None of the terms, covenants or conditions of the Lease shall be waived by the Port by reason of the right given to the Lessee to assign its interest in this Lease for security purposes. 15.1 The Leasehold Mortgage shall contain provisions providing that no purchaser or transferee of the Lease at any foreclosure sale or other transfer authorized by law or by reason of a default under the mortgage where no foreclosure sale is required shall further assign or transfer any right, title or interest in or to this Lease or the leasehold estate covered by the Leasehold Mortgage unless the Port has approved the assignee or transferee in writing. 15.2 In the event the Lessee assigns this Lease for security purposes as provided in this Section 15, after receipt of a written notice from the Lessee giving the name and address of the leasehold mortgagee, the Port agrees that whenever the Port sends a notice to the Lessee under the terms of this Lease, the Port will contemporaneously send a copy of the notice to the leasehold mortgagee. 15.3 The Port further agrees that it will not accept a voluntary cancellation or surrender of the Lease by the Lessee without prior written consent of the leasehold mortgagee and the Port will not enter into any amendments of the lease which modifies any material provision of the lease without prior written approval of the leasehold mortgagee. No merger shall result from the acquisition by or the devolution upon any one entity of the fee and leasehold estates in the property. 15.4 In the event of a notice of default from the Port to the Lessee, the leasehold mortgagee may cure any default within the time provided for in the lease after the leasehold mortgagee's receipt of the notice of default. The Port agrees to accept a tender of cure of default from the leasehold mortgagee as if the cure were tendered by the Lessee. Provided, however, that if it takes the leasehold mortgagee more than thirty (30) days to cure a default (other than the payment of any money due under the lease) because the leasehold mortgagee is not in possession of the property, the lease shall not be in default if the leasehold mortgagee promptly undertakes to obtain possession of the property and diligently pursues its right to possession. No tender of cure of a default by the leasehold mortgagee shall require the leasehold mortgagee to cure any future defaults by the Lessee or require the leasehold mortgagee to perform any other term or condition of this Lease. 15.5 In the event of a default by the Lessee which has not been cured by the Lessee or by the leasehold mortgagee and which would permit the Port to forfeit or otherwise terminate this Lease or in the event the leasehold mortgagee forecloses upon its leasehold mortgage and becomes the holder of the Lessee's interest in this Lease, the Port agrees to accept the leasehold mortgagee as the Lessee under this Lease, provided the leasehold mortgagee performs all of the obligations and covenants of the Lessee contained in this Lease which are capable of being performed by the leasehold mortgagee. 15.6 In the event of a default which is personal to the Lessee (such as a bankruptcy) and which cannot be cured by the leasehold mortgagee and the Lessee's interest under this Lease has been terminated or canceled, then at the written request of the leasehold mortgagee, the Port agrees to enter into a new lease with the leasehold mortgagee under the same terms and conditions as this Lease and for any unexpired term of the lease. The Port's execution and delivery of the lease shall be without any representation or warranty of any kind, including any representations or warranties regarding title to the Property, the improvements or the priority of such new lease. 15.6.1 The Port shall be obligated to enter into a new lease with the leasehold mortgagee only if the leasehold mortgagee has remedied and cured all monetary defaults of the Lessee under this Lease and has remedied and cured or has commenced and is diligently completing the cure of all non-monetary defaults susceptible to cure by any party other than the original Lessee. The leasehold mortgagee shall pay all costs and expenses of the Port, including, but not limited to, attorney fees, real property transfer taxes, escrow fees and recording fees incurred in connection with the preparation and execution of a new lease and any related conveyances. 15.6.2 If more than one leasehold mortgagee requests a new lease or in the event of a dispute between the Lessee and a leasehold mortgagee, the Port shall have no duty to determine the relative priority of the leasehold mortgages and the Port shall have no obligation to enter into a new lease with any leasehold mortgagees unless the dispute is resolved to the Port's satisfaction within ninety (90) days of the termination of this Lease. 15.6.3 Upon the execution of the new lease by the leasehold mortgagee and the Port, the Port will convey to the leasehold mortgagee by quit claim deed, title to any improvements on the Property by the Lessee in which the leasehold mortgagee has a recorded mortgage or other security interest. The conveyance of the improvements shall be in "as is" condition without any warranty or representation by the Port concerning the condition of the improvements. The Port will not warrant the title to the improvements and the leasehold mortgagee shall accept the title to the improvements subject to any existing encumbrances. 15.6.4 Upon the execution of a new lease and the conveyance of title to improvements, if any, it shall be the responsibility of the leasehold mortgagee to cancel and discharge this Lease and remove any persons occupying the premises. The leasehold mortgagee shall indemnify the Port and hold it harmless from any obligations, claims, actions, damages, costs or expense, including attorney fees, which may arise from such action or from the Port's compliance with any of the provisions of this Section 15.6.

  • Leasehold Mortgage Tenant shall not be permitted to encumber the fee simple title in the Land, Building or Premises or any of the structures, improvements, fixtures or any other portion of the Premises, including without limitation any Addition. Tenant shall only be permitted to mortgage Tenant's interest under this Lease, which such mortgage shall in no manner alter the terms and conditions of this Lease, nor impact Landlord's rights as the owner of the Premises. In no event shall the Landlord's fee simple title in the Land, Building or the Premises or any of the structures, improvements, fixtures or any other portion of the Premises, including without limitation any Addition, be encumbered by any such leasehold mortgage. In the event Tenant desires to obtain a leasehold mortgage, Tenant shall present and Landlord shall have the right to review and approve of any leasehold mortgage and any other documents to be recorded in relation to such leasehold mortgage prior to their record to confirm that such documents do not encumber Landlord's fee simple title in the Land, Building or the Premises. Landlord agrees, upon the request of a leasehold mortgagee, to provide to such leasehold mortgagee a copy of all notices of default made by Landlord upon Tenant under this Lease, to permit such leasehold mortgagee an opportunity to cure any such defaults, which in no event shall exceed sixty (60) business days and to recognize such mortgagee or any purchaser of Tenant's leasehold interest in the Premises in foreclosure as the tenant under this Lease, provided that such mortgagee or purchaser in foreclosure complies with each and every term and provision of this Lease and that all outstanding obligations of the Tenant have been paid in full. Tenant shall reimburse Landlord's reasonable out-of-pocket costs, including attorneys fees, to review such documents.

  • Mortgagee Upon WTC giving any notice in accordance with Section 11.1, Mortgagee shall (if and so long as such citizenship is necessary under the Act as in effect at such time or, if it is not necessary, if and so long as Mortgagee's citizenship could have any adverse effect on Owner, or any Note Holder), subject to Section 9.02 of the Trust Indenture, resign as Mortgagee promptly upon its ceasing to be such a citizen.

  • Notice to Mortgagee Notwithstanding anything to the contrary in the Lease or this Agreement, before exercising any Termination Right or Offset Right, Tenant shall provide Mortgagee with notice of the breach or default by Landlord giving rise to same (the “Default Notice”) and, thereafter, the opportunity to cure such breach or default as provided for below.

  • Occupancy of the Mortgaged Property As of the related Closing Date the Mortgaged Property is lawfully occupied under applicable law. All inspections, licenses and certificates required to be made or issued with respect to all occupied portions of the Mortgaged Property and, with respect to the use and occupancy of the same, including but not limited to certificates of occupancy and fire underwriting certificates, have been made or obtained from the appropriate authorities. The Mortgagor represented at the time of origination of the Mortgage Loan that the Mortgagor would occupy the Mortgaged Property as the Mortgagor's primary residence;

  • Property Mortgaged Borrower does hereby irrevocably mortgage, grant, bargain, sell, pledge, assign, warrant, transfer and convey to Lender, and grant a security interest to Lender in, the following property, rights, interests and estates now owned, or hereafter acquired by Borrower (collectively, the "Property"):

  • Mortgage Protection Lessee agrees to give any mortgages and/or trust deed holders, as to all or a potion of the Premises, by registered mail, a copy of any notice of default served upon Lessor, provided that prior to such notice Lessee has been notified in writing (by way of notice or assignment of rents and leases, or otherwise) of the addresses of such mortgages and/or trust deed holders. Lessee agrees not to exercise any remedies available by virtue of a default unless Lessor shall have failed to cure such default within thirty (30) days after receipt of notice of default or such additional time as may be reasonably necessary to cure the default in the case of a default incapable of being cured within thirty (30) days. Lessee further agrees that the mortgages and/or trust deed holder shall have an additional thirty (30) days within which to cure such default, or if such default cannot be cured within that time, then such additional time as may be necessary if within such thirty (30) days any mortgagee and/or trust deed holder has commenced and is diligently pursuing the remedies necessary to cure such default (including but not limited to commencement of foreclosure proceedings if necessary to effect such cure), in which event such right, if any, as Lessee might otherwise have to terminate the Lease shall not be exercised while such remedies are being so diligently pursued.

  • Landlord Insurance Insurance shall be procured by Landlord in accordance with its sole discretion. All awards and payments thereunder shall be the property of the Landlord, and Tenant shall have no interest in the same. Notwithstanding the foregoing, Landlord agrees to obtain building liability and hazard insurance required to be carried for the Property and Premises and adequate hazard insurance, which covers replacement cost of the Property and Premises.

  • Landlord’s Right To Mortgage Tenant agrees to accept the premises subject to and subordinate to any existing or future mortgage or other lien, and Landlord reserves the right to subject premises to same. Tenant agrees to and hereby irrevocably grants Landlord power of attorney for Tenant for the sole purpose of executing and delivering in the name of the Tenant any document(s) related to the Landlord’s right to subject the premises to a mortgage or other lien.

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