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. 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, 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. 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:
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. It is contemplated that Lessee may borrow funds for construction of improvements on the Leased Premises from time to time during the Term of this Lease Agreement, and it may be desirable or convenient for Lessee to borrow additional funds for additional improvements, alterations, repairs or for other purposes to benefit the Leased Premises. Accordingly, 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”), together with all of Lessee’s rights, titles, and interest in the Lessee Facilities on the Leased Premises; 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 and to Authority’s rights hereunder to require Lessee’s payment of all Lease Payments due hereunder and Lessee’s full and faithful performance of all covenants and conditions of this Lease Agreement due Authority.
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 may, at any time and from time to time, encumber the leasehold interest, by deed of trust, mortgage, or other security instrument, without obtaining Lessor's consent, but no such encumbrance shall constitute a lien on Lessor's fee title to the Property. The indebtedness secured by the encumbrance will at all times be and remain inferior and subordinate to all the conditions, covenants, and obligations of this Lease and to all of Lessor's rights under this Lease. References in this Lease to "Lender" refer to any person or entity to whom Lessee has encumbered its leasehold interest.
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. 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.
