Common use of MORTGAGE OR LEASEHOLD INTEREST Clause in Contracts

MORTGAGE OR LEASEHOLD INTEREST. Lessee shall have the right to place a First Mortgage Lien upon its hangar only, but not to include the leasehold interest in the ground beneath the hangar. The terms and conditions of such mortgage loan shall be subject to the approval of Lessor. Lender’s duties and rights are as follows: 1. The Lender shall have the right, in case of default, to assume the rights and obligations of Lessee herein, with the further right to assign the Lessee’s interest to a third party, subject to approval of Lessor. Lender’s obligations under this Agreement, as substituted Lessee, shall cease upon assignment to a third party and approval by Lessor. 2. As a condition precedent to the exercise of the right granted to Lender by this paragraph, Lender shall notify Lessor of all actions taken by it in the event payment on such loans shall become delinquent. Lender shall also notify Lessor in writing of any change in the identity or address of the Lender.

MORTGAGE OR LEASEHOLD INTEREST. Lessee shall have the right to place a First Mortgage Lien upon its hangar only, but not to include the leasehold interest in the ground beneath the hangar. The terms and conditions of such mortgage loan shall be subject to the approval of LessorXxxxxx. LenderXxxxxx’s duties and rights are as follows: 1. The Lender shall have the right, in case of default, to assume the rights and obligations of Lessee herein, with the further right to assign the Lessee’s interest to a third party, subject to approval of LessorXxxxxx. LenderXxxxxx’s obligations under this Agreement, as substituted LesseeXxxxxx, shall cease upon assignment to a third party and approval by LessorXxxxxx. 2. As a condition precedent to the exercise of the right granted to Lender by this paragraph, Lender Xxxxxx shall notify Lessor of all actions taken by it in the event payment on such loans shall become delinquent. Lender Xxxxxx shall also notify Lessor in writing of any change in the identity or address of the Lender.