Common use of Liability of Leasehold Mortgagee Clause in Contracts

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

Liability of Leasehold Mortgagee. If a New ODRAFT perator Operator shall acquire OVG’s ArenaCo's Leasehold Estate through a Foreclosure Event or a New Agreement shall be granted to a New Operator pursuant to Section 1.816.8, such New Operator shall be liable for the performance of all of OVG’s ArenaCo's covenants under the Lease this 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 this Agreement or the New Agreement to a third party assignee, and (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 this Agreement or such New Agreement, in form reasonably acceptable to the City, andthe Leasehold Mortgagee, or its assignee, designee, or nominee, as applicable, shall be automatically and entirely released and discharged from the performance, covenants, and obligations of the New Operator under this Agreement or the New Agreement, thereafter accruing.