Liability of Leasehold Mortgagee Sample Clauses

Liability of Leasehold Mortgagee. No Leasehold Mortgagee shall be or become liable to Landlord as an assignee of this Lease or otherwise until it expressly assumes by written instrument such liability, and no assumption shall be inferred or result from foreclosure or other appropriate proceedings in the nature thereof or as the result of any other action or remedy provided for by any mortgage or deed of trust or other instrument executed in connection with such Leasehold Mortgage or from a conveyance from Tenant pursuant to which the purchaser at foreclosure or grantee shall acquire the rights and interests of Tenant under the terms of this Lease.
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Liability of Leasehold Mortgagee. If any Leasehold Mortgagee becomes the Tenant hereunder, by foreclosure of the Leasehold Mortgage, deed in lieu of foreclosure or under a new Lease under Section 25 below, the parties agree and acknowledge such Leasehold Mortgagee shall not be liable or responsible for and shall not be deemed to have assumed liability for any other prior actions, omissions, defaults, breaches or other events caused by or relating to the original Tenant. Rather, such Leasehold Mortgagee shall only be liable and responsible for acts, omissions, defaults, breaches or events occurring while it is the Tenant hereunder. Nothing in this Section (i) releases the Tenant from liability arising from events during Tenant’s operation of the Property, nor (ii) limits or otherwise modifies Landlord’s remedy under Section 17.2 to terminate this Lease for certain Events of Default, subject to Leasehold Mortgagee’s right to cure an Event of Default in accordance with the provisions of Section 20, and right to enter into a new lease in accordance with the provisions of Section 25. In the event that Leasehold Mortgagee acquires Tenant’s position under the Lease, Leasehold Mortgagee assumes all terms of the Lease during the period of its interest as Tenant hereunder.
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Liability of Leasehold Mortgagee. If a New ODRAFT perator shall acquire OVG’s Leasehold Estate through a Foreclosure Event or a New Agreement shall be granted to a New Operator pursuant to Section 1.8, such New Operator shall be liable for the performance of all of OVG’s covenants under the Lease Agreement or such New Agreement, as the case may be, from and after the effective date of such Foreclosure Event or New Agreement. If (A) the New Operator is a Leasehold Mortgagee or its assignee, nominee or designee, (B) such Leasehold Mortgagee, or its assignee, designee or nominee, as applicable, then assigns the Lease Agreement or the New Agreement to a third party assignee, (C) such third party assignee delivers to the City an agreement under which such assignee assumes and agrees to perform all the terms, covenants, and conditions of the Lease Agreement or such New Agreement, in form reasonably acceptable to the City, and
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Liability of Leasehold Mortgagee. In no event shall Leasehold Mortgagee have or be deemed to assume any personal liability under this Lease or any personal liability for performance of any of Tenant’s obligations under this Lease prior to becoming the Tenant under the Lease and taking possession of the Premises. Prior to becoming the Tenant under the Lease and taking possession of the Premises, nothing in this Lease shall operate to give rise to or create any responsibility or liability for the control, care, management or repair of the Premises upon such Leasehold Mortgagee, or impose responsibility for the carrying out by the Leasehold Mortgagee of any of the covenants, terms and conditions of the Tenant under this Lease, or constitute such Leasehold Mortgagee a “mortgagee in possession,” nor shall said instrument operate to make such Leasehold Mortgagee responsible or liable for any waste committed on the Premises by any person whatsoever, or for any dangerous or defective condition of the Premises, or for any negligence in the management, upkeep, repair or control of the Premises resulting in loss, injury or death to any tenant, licensee, invitee, guest, employee, agent or stranger; it being agreed that (i) Leasehold Mortgagee’s commencement of any Foreclosure or any efforts to cure any default under this Lease shall be for its own protection and shall not by itself constitute and assumption of the Lease nor obligate Leasehold Mortgagee to complete any such proceedings or cure, and (iii) in the event Leasehold Mortgagee or any affiliate or nominee thereof shall have acquired the Leasehold Interest, upon any subsequent assignment of this Lease which assignment has complied with the terms and conditions of Paragraph F above, Leasehold Mortgagee or such any affiliate or nominee shall be released from any further liability under this Lease accruing after the date of such assignment, other than any unsatisfied indemnification obligations of Tenant under the Lease or any responsibility or liability to any third party for any liabilities or obligations of the Tenant under this Lease, accruing during the assignor's tenancy period.
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Liability of Leasehold Mortgagee. Notwithstanding anything to the contrary contained herein, this Leasehold Mortgage shall not constitute an assignment of the Property Lease within the meaning of any provisions thereof prohibiting its assignment and Leasehold Mortgagee shall have no liability or obligation thereunder by reason of its acceptance of the Leasehold Mortgage. Leasehold Mortgagee shall be liable for the obligations of the tenant arising under the Property Lease for only that period of time which Leasehold Mortgagee is in possession of the Property or has acquired, by foreclosure or otherwise, and is holding all of Leasehold Mortgagor’s right, title and interest therein.
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Liability of Leasehold Mortgagee. Except as otherwise provided for in this Lease, no Leasehold Mortgagee, trustee or purchaser under a Leasehold Mortgage shall be or become liable to Lessor as an assignee of this Lease or otherwise until it expressly assumes by written instrument such liability. Notwithstanding anything to the contrary continued herein, it is expressly provided, that any such Leasehold Mortgagee, trustee or purchaser shall only be liable to Lessor for the payment and performance of Lessee’s obligations hereunder accruing during the period that any such Leasehold Mortgagee, trustee or purchaser owns the Lessee’s leasehold estate hereunder and that any such liability or obligation assumed by Leasehold Mortgagee shall be limited to Leasehold Mortgagee’s interest in the Premises.
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Liability of Leasehold Mortgagee. No Leasehold Mortgagee or any successor or assignee nor any owner of Tenant’s leasehold estate whose interest shall have been acquired at a judicial foreclosure or a trustee’s sale, by deed or assignment in lieu of foreclosure, or by a conveyance, assignment or transfer of such leasehold interest by a Leasehold Mortgagee or its successor or assignee having acquired such leasehold interest as a result of its rights under a Leasehold Mortgage, shall become personally liable under the agreements, terms, covenants or conditions of this Lease unless and until such time as the Leasehold Mortgagee or such owner becomes the owner of such interest and then only for obligations and liabilities accruing during or relating to the period during which it is the owner of such interest, subject to the provisions of Paragraph 14(b), with respect to release from liability on assignment. Nothing herein shall limit Landlord’s ability to pursue its remedies, including without limitation termination of the Lease, for pre-existing defaults, subject to the provisions of Paragraph 20 (a) (ii).
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Liability of Leasehold Mortgagee. If any Leasehold Mortgagee becomes the Tenant hereunder, by foreclosure of the Leasehold Mortgage, or under a new Lease under Section 17 below, the parties agree and acknowledge that such Leasehold Mortgagee shall not be liable or responsible for and shall not be deemed to have assumed liability for any prior actions, omissions, defaults, breaches or other events caused by or relating to any prior Tenant and such Leasehold Mortgagee shall only be liable and responsible for acts, omissions, defaults, breaches or events occurring while it is Tenant, but the prior Tenant(s) shall not be released from liability for prior occurrences.
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Related to Liability of Leasehold Mortgagee

  • Leasehold Mortgage Provide whether the tenant can mortgage its leasehold interest as security for a loan. 20.

  • Leasehold Mortgages Tenant, and its successors, subtenants and assigns permitted hereunder, shall have the right to mortgage and pledge its interesttheir respective interests in this Lease (“Leasehold Mortgage”) to any bank, trust company or national banking association, acting for its own account or in a fiduciary capacitya lender who is not affiliated with Tenant (“Leasehold Mortgagee”) and in and to the improvements constituting the Facility, in accordance with and subject to the terms, conditions, requirements and limitations of this sectionSection 20. Landlord and Tenant expressly intend and agree that the provisions of this Section 2020 and such other provisions of this Lease which, by their terms, are for the benefit of Leasehold Mortgagees, are intended for the benefit of and enforceable by such Leasehold Mortgagees and their respective nominees, designees, successors and assigns. Notwithstanding anything in this Lease to the contrary, all Leasehold Mortgages shall be expressly subordinate and subject to the terms, covenants and conditions of this Lease, and at all times shall be inferior and subject to the prior right, title and interest of Landlord herein. Notwithstanding anything to the contrary set forth in this Lease, in no event shall the fee interest in the Property or Facility Premises be subordinate to any Leasehold Mortgage. A notice of each Leasehold Mortgage shall be delivered to the Landlord specifying the name and address of such Leasehold Mortgagee to which notices shall be sent. Landlord shall be furnished a copy of each such recorded Leasehold Mortgage within thirty (30) days of such mortgage being recorded. So long as anyIf Tenant, or Tenant’s successors or assigns, shall mortgage this Lease, then so long as any such Leasehold Mortgage shall remain unsatisfied of record and Tenant shall have properly delivered notice to Landlord in compliance with Section 20(b) hereof with respect to such Leasehold Mortgagee, the following provisions shall apply with respect to such Leasehold Mortgagee: Landlord, upon serving upon Tenant any notice of aan Event of Default or any other notice under the provisions of this Lease, shall also serve a copy of such notice upon Leasehold Mortgagee, and no notice shall be deemed to have been duly given as to the Leasehold Mortgagee unless and until a copy thereof has been so served upon the Leasehold Mortgagee. Landlord’s furnishing a copy of such notice to Leasehold Mortgagee shall not in any way affect or become a condition precedent to the effectiveness of any notice given or served upon Tenant, provided, that Landlord may not terminate this Lease or exercise any remedies against Tenant without first giving such Leasehold Mortgagee notice and opportunity to cure as provided in this Lease. Any Leasehold Mortgagee, in case there shall be a Tenant Default under this Lease, shall have the right to remedy such Tenant Default (or cause the same to be remedied) within thirty (30) days after notice to Leasehold Mortgagee of such Tenant Default (which will be after expiration of all Tenant notice and cure periods), provided, however, that if such failure is of such nature that it cannot be corrected within such thirty (30) day period, such failure shall not constitute a Tenant Default so long as (x) curative action reasonably satisfactory to Landlord is instituted within such period and diligently and continuously pursued to completion thereafter and (y) periodic progress reports thereon are delivered to Landlord, and Landlord shall accept such performance by or at the instance of Leasehold Mortgagee as if the same had been made by Tenant. Any provision of this Lease to the contrary notwithstanding, no performance by or on behalf of a Leasehold Mortgagee shall cause it to become a "“mortgagee in possession"” or otherwise cause it to be deemed to be in possession of the Premises or bound by or liable under this Lease. The Landlord agrees that, in the event of a non-monetary Tenant Default which cannot be cured by the Leasehold Mortgagee pursuant to paragraph (ii), above, without obtaining possession of the Premises, the Landlord will not terminate this Lease without first giving to the Leasehold Mortgagee reasonable time within which to obtain possession of the Premises, including possession by a receiver, or to institute and complete foreclosure proceedings or otherwise acquire Tenant’s interest under this Lease with diligence and without unreasonable delay. The Landlord agrees that upon acquisition of Tenant’s interest under this Lease by a Leasehold Mortgagee and performance by the Leasehold Mortgagee of all covenants and agreements of Tenant, except those which by their nature cannot be performed or cured by any person other than the then Tenant which has defaulted (“Incurable Lease Defaults”), the Landlord’s right to terminate this Lease shall be waived with respect to the matters which have been cured by the Leasehold Mortgagee and with respect to the Incurable Lease Defaults. Notwithstanding anything to the contrary set forth in this Section 20(b),20(c), Leasehold Mortgagee shall have the right, but shall not be obligated, to remedy any Tenant Default under this Lease. It shall be a condition precedent to any assignment or transfer of this Lease by foreclosure of any Leasehold Mortgagee, deed-in-lieu thereof or otherwise to any third-party (unrelated to Leasehold Mortgagee or any entity or institution comprising Leasehold Mortgagee) purchaser in any such foreclosure proceedings (any such transferee of the Lease), that upon becoming the legal owner and holder of this Lease shall execute an agreement pursuant to which such lease transferee agrees to assume all obligations of Tenant under this Lease first arising from and after such foreclosure or deed-in-lieu thereof. , judicial sale or other transfer and shall be responsible to timely cure any then uncured continuing Tenant Default. In the event of the termination of this Lease prior to the expiration of the Term, whether by summary proceedings to dispossess, service of notice to terminate, or otherwise, due to a Tenant Default, Landlord shall serve upon Leasehold Mortgagee written notice that the Lease has been terminated together with a statement of any and all sums which would at that time be due under this Lease but for such termination, and of all other defaults, if any, under this Lease then known to Landlord. Leasehold Mortgagee shall thereupon have the option to obtain a new lease in accordance with and upon the following terms and conditions: Upon the written request of Leasehold Mortgagee, delivered to Landlord within thirty (30) days after service of such notice that the Lease has been terminated to Leasehold Mortgagee, Landlord shall enter into a new lease of the Premises with Leasehold Mortgagee or its designee as follows: Such new lease shall be entered into within thirty (30) days of such Leasehold Mortgagee’s written request at the sole cost of Leasehold Mortgagee or such designee, shall be effective as of the date of termination of this Lease, and shall be for the remainder of the term of this Lease and at the rent and upon all the terms, covenants and conditions hereof, including any applicable rights of extension. Such new lease shall require the tenant to perform any unfulfilled obligation of Tenant under this Lease which is reasonably susceptible of being performed by such tenant. Upon the execution of such new lease, the new tenant named therein shall pay any and all rent and other sums which would at the time of the execution thereof be due under this Lease but for such termination and shall pay all expenses, including counsel fees, court costs and disbursements incurred by Landlord in connection with such defaults and termination, the recovery of possession of the Premises, and the preparation, execution and delivery of such new lease. Nothing herein contained shall be deemed to impose any obligation on the part of Landlord to deliver physical possession of the Premises to such Leasehold Mortgagee unless Landlord at the time of the execution and delivery of such new lease shall have obtained physical possession thereof. If this Lease is (a) rejected by a trustee or debtor-in-possession in any bankruptcy or insolvency proceeding involving Tenant (such proceeding, a “Bankruptcy Proceeding”) or (b) terminated as a result of any Bankruptcy Proceeding and, if within ninety (90) days after such rejection or termination, the Leasehold Mortgagee or its nominee(s) shall request and certify in writing to Landlord that it intends to perform the obligations of Tenant as and to the extent required hereunder, Landlord shall execute and deliver to the Leasehold Mortgagee or such nominee(s) such new lease which shall be for the balance of the remaining term under the original Lease before giving effect to such rejection or termination and shall contain the same conditions, agreements, terms, provisions and limitations as the original Lease (except for any requirements which have been fulfilled by Tenant prior to such rejection or termination). The new lease shall be executed by Landlord and the Leasehold Mortgagee or its nominee(s) within ninety (90) days after the receipt by Landlord of such written notice. The Leasehold Mortgagee or its nominee(s) shall, at the time of the execution and delivery of such new ground lease, pay to Landlord all sums which would have become payable hereunder by Tenant to Landlord between the date that this Lease shall have been effectively terminated to the date of the execution and delivery of such new lease had this Lease not terminated. References herein as to this "“Lease"” shall be deemed also to refer to such new lease. Any notice or other communication which Landlord shall desire or is required to give to or serve upon Leasehold Mortgagee shall be in writing and shall be served by either (A) certified mail, or (B) overnight delivery service, including without limitation, FedEx or UPS, in each case addressed to Leasehold Mortgagee at its address provided to Landlord.

  • Notice to Mortgagee Notwithstanding anything to the contrary in the Lease or this Agreement, before exercising any Termination Right or Offset Right, Tenant shall provide Mortgagee with notice of the breach or default by Landlord giving rise to same (the “Default Notice”) and, thereafter, the opportunity to cure such breach or default as provided for below.

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