Common use of Mortgage of Leasehold Clause in Contracts

Mortgage of Leasehold. Lessee shall have the right at any time and from time to time, to grant one or more mortgages, deeds of trust, assignments or other security instruments with respect to its interest in the Lease to lenders and, in connection therewith, collaterally assign this Lease and all of Lessee’s rights hereunder to such lenders (with any mortgage so granted by the Lessee with the consent of the City referred to herein as a “Mortgage”, and with the holder of any debt secured by a Mortgage and its successors and assigns referred to as a “Mortgagee”). A Mortgagee may be (A) any savings bank, a savings and loan association, a commercial bank or trust company (whether acting individually or in a fiduciary capacity) or an affiliate of any of the foregoing, (B) an insurance company organized and existing under the laws of the United States or any state thereof, (C) a real estate investment trust, a trustee or issuer of collateralized mortgage obligations, a loan conduit or other similar investment entity which is an institutional trustee, (D) a religious, educational or eleemosynary institution, a federal, state or municipal employee’s welfare, benefit, pension or retirement fund, any governmental agency or entity insured by a governmental agency, a credit union, investment bank or company, trust or endowment fund, (E) any brokerage organization, investment banking organization or investment fund regularly engaged in the business of providing debt or mezzanine financing, (F) any institutional trustee, servicer or fiduciary for the holders of bonds, notes, commercial paper or other evidence of indebtedness as part of a securitization of rates single or multi- class securities secured by, or evidencing ownership interests in, such debt, (G) any governmental entity or agency, quasi-governmental entity or agency or any government sponsored entity (e.g., Xxxxxxx Mac), or (I) any combination of the foregoing entities. If any Mortgage shall be foreclosed or the leasehold estate sold under any power contained therein or a deed or other transfer in lieu of foreclosure shall have occurred, the Mortgagee or transferee or other purchaser at such sale shall immediately succeed to all rights of Lessee hereunder and shall have the right to further lien, encumber, assign or mortgage all or part of Lessee’s leasehold interest hereunder without the prior written approval of City. The Mortgagee may at its option at any time before the rights of Lessee shall have been forfeited to City, or within the time permitted for curing or commencing to cure defaults as herein provided, pay any of the rents due, pay any other governmental charges, or insurance premiums, make any deposits, or do any other act or thing required of Lessee by the terms of this Lease to prevent the forfeiture hereof. A Mortgagee shall not become personally liable for any of Lessee’s obligations under this Lease unless and until such Mortgagee becomes the owner of the leasehold estate by foreclosure, assignment in lieu of foreclosure or otherwise, and thereafter such Mortgagee shall remain liable for such obligations only so long as it remains the owner of the leasehold estate. Lessee shall identify the name and notice address of each Mortgagee, and City hereby agrees for the benefit of Lessee and such Mortgagee from time to time that:

Mortgage of Leasehold. Lessee shall have the right at any time and from time to time, to grant one or more mortgages, deeds of trust, assignments or other security instruments with respect to its interest in the Lease to lenders and, in connection therewith, collaterally assign this Lease and all of Lessee’s rights hereunder to such lenders (with any mortgage so granted by the Lessee with the consent of the City referred to herein as a “Mortgage”, and with the holder of any debt secured by a Mortgage and its successors and assigns referred to as a “Mortgagee”). A Mortgagee may be (A) any savings bank, a savings and loan association, a commercial bank or trust company (whether acting individually or in a fiduciary capacity) or an affiliate of any of the foregoing, (B) an insurance company organized and existing under the laws of the United States or any state thereof, (C) a real estate investment trust, a trustee or issuer of collateralized mortgage obligations, a loan conduit or other similar investment entity which is an institutional trustee, (D) a religious, educational or eleemosynary institution, a federal, state or municipal employee’s welfare, benefit, pension or retirement fund, any governmental agency or entity insured by a governmental agency, a credit union, investment bank or company, trust or endowment fund, (E) any brokerage organization, investment banking organization or investment fund regularly engaged in the business of providing debt or mezzanine financing, (F) any institutional trustee, servicer or fiduciary for the holders of bonds, notes, commercial paper or other evidence of indebtedness as part of a securitization of rates single or multi- multi-class securities secured by, or evidencing ownership interests in, such debt, (G) any governmental entity or agency, quasi-governmental entity or agency or any government sponsored entity (e.g., Xxxxxxx Mac), or (I) any combination of the foregoing entities. If any Mortgage shall be foreclosed or the leasehold estate sold under any power contained therein or a deed or other transfer in lieu of foreclosure shall have occurred, the Mortgagee or transferee or other purchaser at such sale shall immediately succeed to all rights of Lessee hereunder and shall have the right to further lien, encumber, assign or mortgage all or part of Lessee’s leasehold interest hereunder without the prior written approval of City. The Mortgagee may at its option at any time before the rights of Lessee shall have been forfeited to City, or within the time permitted for curing or commencing to cure defaults as herein provided, pay any of the rents due, pay any other governmental charges, or insurance premiums, make any deposits, or do any other act or thing required of Lessee by the terms of this Lease to prevent the forfeiture hereof. A Mortgagee shall not become personally liable for any of Lessee’s obligations under this Lease unless and until such Mortgagee becomes the owner of the leasehold estate by foreclosure, assignment in lieu of foreclosure or otherwise, and thereafter such Mortgagee shall remain liable for such obligations only so long as it remains the owner of the leasehold estate. Lessee shall identify the name and notice address of each Mortgagee, and City hereby agrees for the benefit of Lessee and such Mortgagee from time to time that: