LESSEE MAY NOT CANCEL LEASE WITH OUTSTANDING MORTGAGE. Lessee shall have no right to cancel the lease so long as Lessee's Permitted Mortgage remains outstanding, even in the event that the Leasehold is damaged or destroyed. The lease may not be cancellable because of pending foreclosure proceedings so long as such proceedings are prosecuted diligently, subject only to the right of the Lessor to purchase the defaulting Lessee’s interest. During the period a Permitted Mortgage is in place, the Lessor shall not accept a voluntary surrender of the lease without the prior written consent of the Permitted Mortgagee.
Appears in 9 contracts
Samples: Residential Lease Agreement, Residential Lease Agreement, Residential Lease Agreement
