Common use of Mortgage Protection Clause in Contracts

Mortgage Protection. No breach of this Declaration shall affect, impair, defeat or render invalid the lien of any Mortgage now or hereafter executed in good faith and for value upon any part of the Center. However, if any portion of the Center is sold under a foreclosure of any Mortgage or is conveyed to the party so secured in lieu of foreclosure, any purchaser at such sale, and his successors and assigns, shall hold any and all property so acquired subject to all of the restrictions and other provisions of this Declaration. Such a purchaser shall not be obligated to cure any preexisting breach of this Declaration which is non-curable by payment of money (subject to the provisions of Section 3.11 subordinating the lien of delinquent assessments to the lien of a first priority Mortgage) or of a type which is not practical or feasible to cure. Any loan to facilitate the resale of any portion of the Property after a foreclosure sale or deed in lieu of foreclosure is a loan made in good faith and for value. If a Mortgagee delivers written notice of its Mortgage to the Board together with a request for notices of default with respect to the Parcel or Parcels encumbered by the Mortgage, the Association shall deliver copies of all such notices of default to such Mortgagee (a "Requesting Mortgagee") concurrently with delivery to the Owner or Owners. A Requesting Mortgagee shall also be entitled to timely written notice of any destruction, taking or threatened taking that affects a material portion of the Common Area (including without limitation any Common Parking Area) benefiting a Parcel securing the Mortgage, and any lapse, cancellation or material modification of any insurance policy maintained by the Association. Mortgagees are hereby authorized to furnish information to the Board concerning the status of any Mortgage. Nothing contained in this Declaration or the other Project Documents shall give the Association, any Owner, or any other party priority over the rights of a first Mortgagee with respect to distributions of insurance proceeds or condemnation awards for losses to or a taking of a Parcel, or any portion thereof, encumbered by a Mortgage held by such Mortgagee.

Mortgage Protection. No breach of this Declaration shall affect, impair, defeat or render invalid the lien of any Mortgage now or hereafter executed in good faith and for value upon any part of the Center. However, if any portion of the Center is sold under a foreclosure of any Mortgage or is conveyed to the party so secured in lieu of foreclosure, any purchaser at such sale, and his successors and assigns, shall hold any and all property so acquired subject to all of the restrictions and other provisions of this Declaration. Such a purchaser Landlord shall not be obligated to cure any preexisting breach in default under the terms of this Declaration which is non-curable Lease, or by payment law, unless Landlord fails to perform the obligations required of money Landlord within a reasonable time, but in no event later than thirty (subject 30) days after written notice by Tenant to Landlord and to the provisions holder of Section 3.11 subordinating any first mortgage or deed of trust covering the lien Premises whose name and address shall have theretofore been furnished to Tenant in writing specifying wherein Landlord has failed to perform such obligation. If, however, the nature of delinquent assessments Landlord's obligation is such that more than thirty (30) days are required for performance, Landlord shall not be in default if Landlord commences performance within such thirty (30) day period and diligently prosecutes the same to completion. Should Landlord be deemed to be in material default of this Lease, then Landlord shall be liable to Tenant for all damages sustained by Tenant as a direct result of Landlord's breach. If any such default materially interferes with Tenant's business operation in the lien Premises, Tenant may give Landlord and the holder of any first mortgage or deed of trust covering the Premises a first priority Mortgage) or second written notice specifying exactly the nature of a type which the Landlord's failure and its impact on Tenant's business operation in the Premises and the further remedial action deemed necessary by Tenant. If such remedial action is not practical or feasible to cure. Any loan to facilitate the resale undertaken within thirty (30) days of any portion of the Property after a foreclosure sale or deed in lieu of foreclosure is a loan made in good faith and for value. If a Mortgagee delivers such second written notice of its Mortgage to the Board together with a request for notices of default with respect to the Parcel or Parcels encumbered by the Mortgagenotice, the Association Tenant shall deliver copies of all such notices of default to such Mortgagee (a "Requesting Mortgagee") concurrently with delivery to the Owner or Owners. A Requesting Mortgagee shall also be entitled to timely written terminate this Lease, but in no event earlier than thirty (30) days after the second notice to Landlord and the holder of any destructionfirst mortgage or deed of trust covering the Premises. Notwithstanding the foregoing, taking or threatened taking Tenant shall not be entitled to terminate this Lease as a result of Landlord's default if Landlord is making diligent efforts to perform the obligations required of Landlord under this Lease. Nothing herein contained shall be interpreted to mean that affects Tenant is excused from paying any rent due hereunder as a material portion of the Common Area (including without limitation any Common Parking Area) benefiting a Parcel securing the Mortgage, and any lapse, cancellation or material modification result of any insurance policy maintained default by the Association. Mortgagees are hereby authorized to furnish information to the Board concerning the status of any Mortgage. Nothing contained in this Declaration or the other Project Documents shall give the Association, any Owner, or any other party priority over the rights of a first Mortgagee with respect to distributions of insurance proceeds or condemnation awards for losses to or a taking of a Parcel, or any portion thereof, encumbered by a Mortgage held by such MortgageeLandlord.

Mortgage Protection. No breach of this Declaration shall affect, impair, defeat or render invalid the lien of any Mortgage now or hereafter executed in good faith and for value upon any part of the Center. However, if any portion of the Center is sold under a foreclosure of any Mortgage or is conveyed to the party so secured in lieu of foreclosure, any purchaser at such sale, and his successors and assigns, shall hold any and all property so acquired subject to all of the restrictions and other provisions of this Declaration. Such a purchaser Landlord shall not be obligated to cure any preexisting breach in default under the terms of this Declaration which is non-curable Lease, or by payment law, unless Landlord fails to perform the obligations required of money Landlord within a reasonable time, but in no event later than ten (subject 10) days after written notice by Tenant to Landlord and to the provisions holder of Section 3.11 subordinating any first mortgage or deed of trust covering the lien Premises whose name and address shall have theretofore been furnished to Tenant in writing specifying wherein Landlord has failed to perform such obligation. If, however, the nature of delinquent assessments Landlord’s obligation is such that more than ten (10) days are required for performance, Landlord shall not be in default exist if Landlord commences performance within such ten (10) day period and diligently prosecutes the same to completion. Should Landlord be deemed to be in material default of this Lease, and If any such default materially interferes with Tenant’s business operation in the lien Premises, Tenant may give Landlord and the holder of any first mortgage or deed of trust covering the Premises a first priority Mortgage) or second written notice specifying exactly the nature of a type which the Landlord’s failure and its impact on Tenant’s business operation in the Premises and the further remedial action deemed necessary by Tenant. If such remedial action is not practical or feasible to cure. Any loan to facilitate the resale undertaken within thirty (30) days of any portion of the Property after a foreclosure sale or deed in lieu of foreclosure is a loan made in good faith and for value. If a Mortgagee delivers such second written notice of its Mortgage to the Board together with a request for notices of default with respect to the Parcel or Parcels encumbered by the Mortgagenotice, the Association Tenant shall deliver copies of all such notices of default to such Mortgagee (a "Requesting Mortgagee") concurrently with delivery to the Owner or Owners. A Requesting Mortgagee shall also be entitled to timely written terminate this Lease, but in no event earlier than thirty (30) days after the second notice to Landlord and the holder of any destructionfirst mortgage or deed of trust covering the Premises. Notwithstanding the foregoing, taking or threatened taking Tenant shall not be entitled to terminate this Lease as a result of Landlord’s default if Landlord is making diligent and reasonable efforts to perform the obligations required of Landlord under this Lease. Nothing herein contained shall be interpreted to mean that affects Tenant is excused from paying any rent due hereunder as a material portion of the Common Area (including without limitation any Common Parking Area) benefiting a Parcel securing the Mortgage, and any lapse, cancellation or material modification result of any insurance policy maintained default by the Association. Mortgagees are hereby authorized to furnish information to the Board concerning the status of any Mortgage. Nothing contained in this Declaration or the other Project Documents shall give the Association, any Owner, or any other party priority over the rights of a first Mortgagee with respect to distributions of insurance proceeds or condemnation awards for losses to or a taking of a Parcel, or any portion thereof, encumbered by a Mortgage held by such MortgageeLandlord.

Mortgage Protection. No breach of this Declaration shall affect, impair, defeat or render invalid the lien of any Mortgage now or hereafter executed in good faith and for value upon any part of the Center. However, if any portion of the Center is sold under a foreclosure of any Mortgage or is conveyed to the party so secured in lieu of foreclosure, any purchaser at such sale, and his successors and assigns, shall hold any and all property so acquired subject to all of the restrictions and other provisions of this Declaration. Such a purchaser Landlord shall not be obligated to cure any preexisting breach in default under the terms of this Declaration which is non-curable Lease, or by payment law, unless Landlord fails to perform the obligations required of money Landlord within a reasonable time, but in no event later than ten (subject 10) days after written notice by Tenant to Landlord and to the provisions holder of Section 3.11 subordinating any first mortgage or deed of trust covering the lien Premises whose name and address shall have theretofore been furnished to Tenant in writing specifying wherein Landlord has failed to perform such obligation. If, however, the nature of delinquent assessments Landlord's obligation is such that more than ten (10) days are required for performance, Landlord shall not be in default exist if Landlord commences performance within such ten (10) day period and diligently prosecutes the same to completion. Should Landlord be deemed to be in material default of this Lease, and If any such default materially interferes with Tenant's business operation in the lien Premises, Tenant may give Landlord and the holder of any first mortgage or deed of trust covering the Premises a first priority Mortgage) or second written notice specifying exactly the nature of a type which the Landlord's failure and its impact on Tenant's business operation in the Premises and the further remedial action deemed necessary by Tenant. If such remedial action is not practical or feasible to cure. Any loan to facilitate the resale undertaken within thirty (30) days of any portion of the Property after a foreclosure sale or deed in lieu of foreclosure is a loan made in good faith and for value. If a Mortgagee delivers such second written notice of its Mortgage to the Board together with a request for notices of default with respect to the Parcel or Parcels encumbered by the Mortgagenotice, the Association Tenant shall deliver copies of all such notices of default to such Mortgagee (a "Requesting Mortgagee") concurrently with delivery to the Owner or Owners. A Requesting Mortgagee shall also be entitled to timely written terminate this Lease, but in no event earlier than thirty (30) days after the second notice to Landlord and the holder of any destructionfirst mortgage or deed of trust covering the Premises. Notwithstanding the foregoing, taking or threatened taking Tenant shall not be entitled to terminate this Lease as a result of Landlord's default if Landlord is making diligent and reasonable efforts to perform the obligations required of Landlord under this Lease. Nothing herein contained shall be interpreted to mean that affects Tenant is excused from paying any rent due hereunder as a material portion of the Common Area (including without limitation any Common Parking Area) benefiting a Parcel securing the Mortgage, and any lapse, cancellation or material modification result of any insurance policy maintained default by the Association. Mortgagees are hereby authorized to furnish information to the Board concerning the status of any Mortgage. Nothing contained in this Declaration or the other Project Documents shall give the Association, any Owner, or any other party priority over the rights of a first Mortgagee with respect to distributions of insurance proceeds or condemnation awards for losses to or a taking of a Parcel, or any portion thereof, encumbered by a Mortgage held by such MortgageeLandlord.