Lessor’s Representation Regarding Title to Leased Premises. Lessor makes no representation or warranty as to Lessor’s title to the Leased Premises other than that Lessor warrants and represents that Lessor is not aware of any unrecorded encumbrances, or encroachments or conditions affecting title to the Leased Premises other than those that would be observed on a location survey. It shall be Xxxxxx’s burden and obligation to assure itself of the quality of title to the Leased Premises. Upon this Lease taking effect (thus upon Xxxxxx’s receipt of the bonus payment), Xxxxxx’s obligations under this Lease shall not be diminished or affected by any title encumbrance on the Leased Premises, including but not limited to any mortgage or mineral lease of record that existed as of the date this Lease became effective. This lease removes the standard Lessor warranties of title contained in form leases. Lessors rarely really know the quality of the title to their properties, and thus blindly make these warranties. The Lessee is in a better position to know the quality of title, and usually has already searched title before even approaching the Lessor, and entering a lease. This language would not require an existing mortgage to be subrogated, and would not require an existing lease to be extinguished. The Lessee assumes knowledge as to existing mortgages and leases. Any mortgages or leases or other encumbrances entered after the lease would have to be subject to the lease, to protect the rights of the Lessee.
Lessor’s Representation Regarding Title to Leased Premises. Lessor makes no representation or warranty as to Lessor’s title to the Leased Premises other than that Lessor warrants and represents that Lessor is not aware of any unrecorded encumbrances, or encroachments or conditions affecting title to the Leased Premises other than those that would be observed on a location survey. It shall be Lessee’s burden and obligation to assure itself of the quality of title to the Leased Premises. Upon this Lease taking effect (thus upon Lessor’s receipt of the bonus payment), to the extent Lessee’s obligations under this Lease are diminished or affected by any title encumbrance on the Leased Premises, including but not limited to any mineral lease or mortgage of record that existed as of the date this Lease became effective, provided however, in the event that by operation of law Lessee is no longer afforded protection under Ohio Revised Code Section 1509.31(D), then Lessee shall have a right to demand Lessor obtain a subordination from the mortgage holder and/or Lessee shall: (i) be afforded the right to pay proceeds payable to Lessor under this Lease to the mortgagee; and/or (ii) make payment in full for amounts due mortgagee in the event Lessor defaults in its payments to mortgagee, and deduct such amounts from future payments payable to Lessor pursuant to this Lease.
Lessor’s Representation Regarding Title to Leased Premises. Lessor makes no representation or warranty as to Lessor’s title to the Leased Premises other than that Lessor warrants and represents that Lessor is not aware of any unrecorded encumbrances, or encroachments or conditions affecting title to the Leased Premises other than those that would be observed on a location survey. It shall be Lessee’s burden and obligation to assure itself of the quality of title to the Leased Premises. Upon this Lease taking effect (thus upon Lessor’s receipt of the bonus payment), Lessee’s obligations under this Lease shall not be diminished or affected by any title encumbrance on the Leased Premises, including but not limited to any mortgage or mineral lease of record that existed as of the date this Lease became effective.
Lessor’s Representation Regarding Title to Leased Premises. Lessor makes no representation or warranty as to Lessor’s title to the Leased Premises other than that Lessor warrants and represents that Lessor is not aware of any unrecorded encumbrances, or encroachments or conditions affecting title to the Leased Premises other than those that would be observed on a location survey. It shall be Lessee’s burden and obligation to assure itself of the quality of title to the Leased Premises.
