Leasehold Mortgages Permitted. 11.2.1. Landlord acknowledges and agrees that Tenant shall have the right to finance its interest in this Lease including, without limitation, the cost of constructing the Improvements. Landlord agrees that notwithstanding any other provision of this Lease, either express or implied, to the contrary, such financing may be in the form of a mortgage, including, in connection therewith, a collateral assignment of this Lease, or other forms of financing utilized by Tenant from time to time (collectively, “Leasehold Mortgage”). Any such leasehold financing shall be subordinate to this Lease and shall not allow the holder of the Leasehold Mortgage (“Leasehold Mortgagee”) to eliminate or damage Landlord’s reversionary interest in the Improvements.
11.2.2. After the recording of any Leasehold Mortgage made by Tenant, notwithstanding anything to the contrary contained in this Lease, so long as such Leasehold Mortgage is a lien on the leasehold estate of Tenant hereunder and Landlord has actually received from such Leasehold Mortgagee or from the Tenant written notice of the Leasehold Mortgage together with the identity of and the address of the Leasehold Mortgagee, Landlord and Tenant agree as follows:
a. If Tenant or any mortgagee under a Leasehold Mortgage (“Leasehold Mortgagee”) has delivered to Landlord prior written notice of the address of such Leasehold Mortgagee, Landlord shall deliver to such Leasehold Mortgagee a copy of any notice given under this Lease in the same manner and at the same time such notice is delivered by Landlord to Tenant. Landlord agrees that no notice of default, termination of this Lease or termination of Tenant’s right to possession of the Premises, and no reletting of the Premises by Landlord predicated on the giving of any such notice, shall be effective unless Landlord gives the Leasehold Mortgagee written notice (or a copy of the notice given to Tenant) of the default termination or re-entry, as the case may be, and the Leasehold Mortgagee shall have the rights set forth in this subparagraph, with regard thereto.
b. In the event of a default by Tenant under this Lease, the Leasehold Mortgagee shall have the same periods to cure a default following Leasehold Mortgagee’s receipt of written notice as are provided to Tenant in paragraph 14.1 of this Lease (the “Cure Period”). If Tenant defaults under any provision of this Lease, the Leasehold Mortgagee, without prejudice to its rights against Tenant, shall have the right to cure such...
Leasehold Mortgages Permitted. Except as specifically provided otherwise in this Lease, Lessee shall be permitted to mortgage Lessee's leasehold interest in the Leased Land without Lessor's consent or approval.
Leasehold Mortgages Permitted. Notwithstanding anything herein to the contrary, Lessee shall have the right at any time and from time to time, without Lessor’s consent, to mortgage, pledge, grant deed(s) of trust or otherwise encumber the leasehold estate created hereby and all or any portion of the right, title and interest of Lessee hereunder (including Lessee’s interest in any improvements), and to assign, hypothecate or pledge the same, as security for the payment of any debt to a Leasehold Mortgagee (as hereinafter defined); provided, that no mortgagee, trustee or other person claiming by, through or under any mortgage, deed of trust or other instrument of encumbrance instrument creating any such encumbrance (herein, a “Leasehold Mortgage”) shall by virtue thereof acquire any greater right in the Premises than Lessee then had under this Lease, except for the rights expressly granted to such mortgagee, trustee or other person under the terms of this Lease and any separate
Leasehold Mortgages Permitted. The PFD acknowledges the Permitted Leasehold Mortgage and the terms and conditions in the Estoppel. The Club shall from time to time and at any time have the right to grant a Leasehold Mortgage of its Leasehold Estate under this Agreement without the PFD’s prior consent, on the conditions that (a) the Club shall give fifteen (15) days’ prior written notice to the PFD of its intent to grant a Leasehold Mortgage; and
