Common use of LIMITS OF LIABILITY OF PERMITTED MORTGAGEE Clause in Contracts

LIMITS OF LIABILITY OF PERMITTED MORTGAGEE. Permitted Mortgagee shall not, as a condition to the exercise of its rights hereunder, be required to assume personal liability for the payment and performance of the obligations of Lessee hereunder, and any such payment or performance or other act by Permitted Mortgagee hereunder shall not be construed as an agreement by Permitted Mortgagee to assume such personal liability except to the extent Permitted Mortgagee actually takes possession of the Leasehold and buildings/improvements after judicial or non-judicial foreclosure of the mortgage; provided, however, in the event the Permitted Mortgage transfers the Leasehold and buildings/improvements to a purchaser (other than Permitted Mortgagee at any judicial foreclosure sale or trustee's sale of Lessee's interests hereunder), any such transferee shall be required to enter into a written agreement assuming such personal liability and upon any such assumption the Permitted Mortgagee shall automatically be released from personal liability thereunder.

LIMITS OF LIABILITY OF PERMITTED MORTGAGEE. Permitted Mortgagee shall not, as a condition to the exercise of its rights hereunder, be required to assume personal liability for the payment and performance of the obligations of Lessee hereunder, and any such payment or performance or other act by Permitted Mortgagee hereunder shall not be construed as an agreement by Permitted Mortgagee to assume such personal liability except to the extent Permitted Mortgagee actually takes possession of the Leasehold and buildings/improvements after judicial or non-judicial foreclosure of the mortgage; provided, however, in the event the Permitted Mortgage transfers the Leasehold and buildings/improvements to a purchaser (other than Permitted Mortgagee at any judicial foreclosure sale or trustee's sale of LesseeXxxxxx's interests hereunder), any such transferee shall be required to enter into a written agreement assuming such personal liability and upon any such assumption the Permitted Mortgagee shall automatically be released from personal liability thereunder.