MORTGAGE ON LEASEHOLD Sample Clauses

MORTGAGE ON LEASEHOLD. No leasehold mortgage shall be binding upon Lessor without the Port Department's prior written consent. Lessor will accept performance by the holder of any leasehold mortgage to which the Port Department has consented of any term of this Lease required to be performed by Lessee, with the same force and effect as though performed by Lessee, if at the time of such performance. The holder of such mortgage shall have ten (10) calendar days after the date on which Lessor may otherwise terminate this Lease as to the defaulting Lessee to cure any default in the payment of rent or additional rent required to be paid under this Lease and a reasonable period of time not to exceed thirty (30) calendar days, within which to cure any other nonmonetary default hereunder. In no event shall an approved leasehold mortgagee sell, assign, transfer, convey, or otherwise dispose of its interest in this Lease to a third party without the prior written consent of Lessor's Port Everglades Chief Executive/Port Director. The Port Department shall, from time to time, upon reasonable written request, provide a leasehold mortgagee or Lessee with an estoppel certificate stating whether Lessee is in default hereunder, whether this Lease is in full force and effect, and whether this Lease has been modified. Notwithstanding a consent granted by the Port Department, no Assignment shall give Lessee or its assignee, sublessee, transferee, or leasehold mortgagee any lien or encumbrance upon the fee simple ownership interest in the Premises which is vested in Lessor. When giving notice to Lessee with respect to any default under the provisions of this Lease, the Port Department shall also serve as copy of such notice upon the approved leasehold mortgagee which copy, if sent, shall be sent by certified mail, return receipt requested, or any other method of delivery that can be confirmed and verified, to the leasehold mortgagee at the address set forth in the leasehold mortgage. It is Lessee's responsibility and the approved leasehold mortgagee's responsibility to ensure that the Port Department has both Lessee's and the approved leasehold mortgagee's correct current mailing addresses. Upon the happening of any default and receipt of notice of default from the Port Department, Lessee will promptly notify the approved leasehold mortgagee in writing of such occurrence and shall state in the written notice what action has been or will be taken by Lessee to cure the default. Lessee shall promptly pr...
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