Lien; Valid Assignment Herald Center (Loan Clause Samples

Lien; Valid Assignment Herald Center (Loan. No. 1) The largest tenant at the Mortgaged Property, Yeshiva University (“Yeshiva”) has a right of first offer to acquire the fourth floor at the Mortgaged Property in the event that the fourth floor, which is currently occupied by the Joint Industry Board of the Electrical Industry, becomes available. Additionally, H&M Fashion USA, Inc. (“H&M”), has a right of first refusal to purchase the Mortgaged Property in the event the borrower receives an unsolicited offer to purchase the Mortgaged Property that the borrower is willing to accept. The subordination, non-disturbance and attornment agreement delivered in connection with the origination of the Herald Center Whole Loan provides that H&M’s right of first refusal does not apply in connection with a foreclosure or deed-in-lieu of foreclosure or the first sale thereafter. In addition, Yeshiva has the option to cause the Leasehold Borrower (as defined below) to transfer the leasehold interest to Yeshiva.