Lessee’s Right to Encumber. Throughout the Term, Lessee may from time to time and without Lessor’s consent execute and deliver one or more Leasehold Mortgages securing any indebtedness or other obligation of Lessee. Without limiting the generality of the foregoing, Lessee may execute and deliver Leasehold Mortgages to secure promissory notes evidencing construction, interim or permanent financing for the Premises or to secure Lessee’s obligations under development, reimbursement or other agreements with governmental or quasi-governmental entities, utility companies or other third parties concerning matters such as sales or property tax abatement or rebate programs, public improvements or utilities.
Lessee’s Right to Encumber. Lessee, at any time and from time to time, may encumber its rights under this Lease and any ownership interest it may have in any Improvements or personal property located on the Land (collectively, the "Leasehold Estate") by deed of trust, mortgage or other security instrument (each a "Leasehold Encumbrance"); provided, however, no Leasehold Encumbrance may constitute a lien on the fee title of Lessor, and provided, further that Lessee obtains the prior written consent of Lessor, which consent shall not be unreasonably withheld, conditioned or delayed. Lessor approves and consents to construction finance to be provided Lessee under the Credit Agreement among CANNERY CASINO RESORTS, LLC, a Nevada limited liability company ("CCR"), THE CANNERY HOTEL AND CASINO, LLC, a Nevada limited liability company("CHC"), NEVADA PALACE, LLC, a Nevada limited liability company ("Nevada Palace, LLC") and RAMPART RESORT MANAGEMENT, LLC, a Nevada limited liability company ("Rampart'); Rampart, Nevada Palace, LLC, CHC, CCR, and any other entity that may from time to time be joined as a borrower thereunder are individually a "Borrower" and collectively, the "Borrowers," each lender from time to time party thereto (collectively, the "Lenders" and individually, a "Lender"), CIT LENDING SERVICES CORPORATION., as Syndication Agent, GENERAL ELECTRIC CAPITAL CORPORATION, as Documentation Agent, and BANK OF AMERICA, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer.
Lessee’s Right to Encumber. Nothing herein shall be construed to prohibit LESSEE from encumbering LESSEE's leasehold interest provided, however, that such leasehold interest shall not be encumbered beyond the expiration date of the primary term of this lease. Provided LESSOR shall not be liable in any manner to any mortgagee except as otherwise herein provided.
Lessee’s Right to Encumber. It is agreed that Lessee shall at all times during the Term of this Lease, without the consent of Authority (but provided written notice and a copy of the security instruments are delivered to Authority), have the right to mortgage or convey by deed of trust or any other security instrument the leasehold rights of Lessee created by this Lease Agreement (“Leasehold Mortgage”); provided, however, that the Leasehold Mortgage will at all times be subject to and shall recognize the superior right, title and interest of Authority to the fee interest underlying the Leased Premises, including the Cargo Dock, and to the Authority’s rights hereunder to require Xxxxxx’s payment of all Lease Payments due hereunder and Xxxxxx’s full and faithful performance of all covenants and conditions of this Lease Agreement due Authority.
Lessee’s Right to Encumber. Lessee may, at any time, encumber all or any portion of its interest in this Lease and the leasehold estate by deed of trust, mortgage or other security instrument upon obtaining the prior written consent of Lessor, which consent shall not be unreasonably withheld, and shall be further conditioned upon the agreement of the leasehold mortgagee to simultaneously deliver default notices to Lessor and Lessee. Each such mortgage, deed of trust or other security instrument acquired by the holder of any leasehold mortgage shall be subject and subordinate to all rights and interests of Lessor herein and shall be a lien only on Lessee's interests in and to this Lease and the leasehold estate and shall not be a lien on Lessor's fee interest in the Ground Leased Premises or any portion of the Land or reversionary interest in the MOB or other improvements. Each leasehold mortgage shall be subject to the terms and provisions of this Lease; and the holder of any leasehold mortgage, or anyone claiming by, through or under the same, shall not, by virtue thereof, acquire any greater rights hereunder than Lessee has under this Lease. Lessee shall deliver to Lessor copies of all documents recorded to evidence any and all leasehold mortgages and all notices of default received by Lessee from the holder of any leasehold mortgage; and as stated above, the holder of any such leasehold mortgage shall be required, as a condition to Lessor's consent to the leasehold mortgage, to deliver copies of default notices to Lessor, simultaneously upon mailing to Lessee. Any reference in this Lease to a mortgage shall be deemed to include a deed of trust, and any reference in this Lease to a mortgagee or holder of a mortgage shall be deemed to include the beneficiary of a deed of trust.
Lessee’s Right to Encumber. Provided Lessee is not in default under this Lease, Lessee may, at any time and from time to time during the Term hereof, encumber to any person or entity (“Lender” or “Leasehold Mortgagee”) by deed of trust or mortgage or other security instrument (“Leasehold Mortgage”), all of Lessee’s interest under this Lease and the leasehold estate hereby created in Lessee or any of the Improvements or personal property of Lessee on the Property (“Personal Property”) for any purpose or purposes without the consent of Lessor; provided the conditions stated in subparagraphs (1) through (8) of this Section 9.2(A) are satisfied. The Leasehold Mortgage and all rights acquired under it, shall be subject to each and all of the provisions, covenants, conditions and restrictions stated in this Lease and to all rights and interests of Lessor except as otherwise specifically provided in this Lease. Lessee’s right to enter into a Leasehold Mortgage transaction shall be at Lessee’s sole cost and expense, and shall be subject to each and all of the following conditions:
(1) Such Lender shall be a bank or other financial institution which is in good standing with all applicable regulatory agencies (including without limitation a commercial bank, savings bank, investment bank, trust company or insurance company), an educational institution, a private or state, municipal or similar public employees’ welfare, pension or retirement fund or system, governmental or quasi-governmental agencies, a nationally recognized issuer of commercial paper, a nationally recognized entity regularly engaged in the making of commercial real estate loans, or a public agency debt issuer, or entities controlled or managed by any of the foregoing, including, but not limited to a qualified community development entity (as defined in Section 45D(c)(1) of the Internal Revenue Code or an affiliate thereof) (each, a "Permitted Lender").
(2) A Permitted Lender shall encumber all or any portion of Xxxxxx’s or Lessor’s interest in:
(i) the Lease,
(ii) the Property,
(iii) the Improvements,
(iv) the rents, issues and profits belonging to Xxxxxx, and (or)
Lessee’s Right to Encumber. Lessee may at any time during the Lease Term encumber the leasehold estate by mortgage or deed or trust. Such right of Lessee to encumber the leasehold estate shall be a continuing right and shall not be deemed to be exhausted by the exercise thereof on one or more occasions. Any such encumbrance shall be expressly subject to the provisions of this Lease, shall not encumber Lessor’s fee simple interest in the Assets, and shall be subordinate to any loans to which Lessor has subordinated its fee simple interest.
Lessee’s Right to Encumber. Lessee, at any time and from time to time, may encumber its rights under this Lease and any ownership interest it may have in any personal property located on the Land (collectively, the “Leasehold Estate”) by deed of trust, mortgage or other security instrument (each a “Leasehold Encumbrance”); provided, however, no Leasehold Encumbrance may constitute a lien on the fee title of Lessor.
Lessee’s Right to Encumber. Lessee shall have the right, with the prior consent of Lessor, which shall not be unreasonably withheld, conditioned, or delayed (provided that it shall be deemed unreasonable for Lessor to withhold its consent if the proposed Encumbrance Holder and Encumbrance meet the “Approval Criteria” set forth in this Section 12.1 below), to encumber to one or more institutional or other lender, investor, mortgage broker, securities dealer or other person or entity then making or arranging loans (referred to in this Lease as "Encumbrance Holder"), by deed of trust or mortgage or other security instrument, all of Lessee's interest under this Lease and the leasehold estate hereby created in Lessee (referred to in this Lease as an " Encumbrance”). The term “Institutional Lender” shall consist of any one or combination of (a) any of the following entities having at least Five Hundred Million Dollars ($500,000,000.00) in gross assets: (i) a national or state bank, (ii) a federal or state savings and loan association, (ii) an insurance company, (iv) a credit union, (v) a trust company, (vi) a pension, retirement, profit- sharing or welfare fund, (vii) a foreign bank or agency of a foreign bank licensed in California,
Lessee’s Right to Encumber. Throughout the Term, Lessee may from time to time, upon written notice to Lessor, but without having to secure Lessor’s consent, execute and deliver one or more Leasehold Mortgages securing any indebtedness or other obligation of Lessee. Without limiting the generality of the foregoing, Lessee may execute and deliver Leasehold Mortgages to secure promissory notes evidencing construction, interim or permanent financing for the Land or Improvements, or to secure Lessee’s obligations under development, reimbursement or other agreements with governmental or
