Mortgage of Leasehold Estate. A. With the prior consent of Landlord, and subject to the terms and conditions of this Lease, Tenant may grant to any Approved Leasehold Mortgagee providing financing or refinancing to Tenant with respect to the Premises a mortgage lien encumbering Tenant’s interest in the Premises (including the Improvements) and its interest in, to and under this Lease, together with an assignment of leases and rents and a security interest in any Personal Property owned by Txxxxx, in order to secure the repayment of such financing, including interest thereon, and the performance of all the terms, covenants and agreements on the Tenant’s part to be performed or observed under all agreements executed in connection with such financing or refinancing (“Approved Leasehold Mortgage”). Any such Approved Leasehold Mortgage, and all rights under or relating thereto, shall be subject to each of the covenants, conditions and restrictions set forth herein, and to all rights of Landlord hereunder and will always be subordinate to the rights of Landlord under this Lease and the Premises. Notwithstanding the foregoing, the Approved Leasehold Mortgagee shall in no event become personally liable to perform the obligations of Tenant under this Lease unless and until the Approved Leasehold Mortgagee becomes the owner of the leasehold estate pursuant to foreclosure, transfer in lieu of foreclosure, or otherwise, and thereafter said Approved Leasehold Mortgagee shall remain liable for such obligations only so long as such Approved Leasehold Mortgagee remains the owner of the leasehold estate. Tenant shall be responsible for payment of all of Landlord’s costs and expenses, including reasonable attorneys’ fees and expenses, incurred in reviewing any proposed Approved Leasehold Mortgage hereunder.
Mortgage of Leasehold Estate
