Common use of Mortgage Rights Clause in Contracts

Mortgage Rights. 39.01. Tenant agrees that in the event of any act or omission by Landlord which would give Tenant the right under this Lease to terminate this Lease or to claim a partial or total eviction, Tenant shall not exercise such right (i) until Tenant has given written notice of such act or omission to the holder of the Mortgages, overleases and ground leases whose name and address has been supplied to Tenant and which continue in existence and (ii) until a period of thirty (30) days beyond the time available to Landlord under this Lease in which to cure the breach or default by Landlord has elapsed. The holder of any Mortgage, xxxxxxxxx and ground lease shall have no obligation to cure (and shall have no liability or obligation for not curing) any breach or default or default by Landlord, except to the extent that any such holder agrees to undertake otherwise in writing. In addition, as to any breach or default by Landlord the cure of which requires possession and control of the Building, provided only that the holder of such Mortgage, xxxxxxxxx or ground lease undertakes to Tenant by written notice to Tenant within thirty (30) days after receipt of Tenant's notice to exercise reasonable efforts to cure or cause to be cured by a receiver such breach or default within the period permitted by this paragraph, such holder's cure period shall continue for such additional time as may reasonably be required to either (a) obtain possession and control of the Building and thereafter cure the breach or default with reasonable diligence and continuity or (b) obtain the appointment of a receiver and give such receiver a reasonable period of time in which to cure the default. 39.02. The provisions of Section 39.01 hereof shall be subject to the provisions of any subordination, non-disturbance and attornment agreement which may be entered into, and the provisions of such agreement shall prevail in the event of any conflict.

Mortgage Rights. 39.01Any person who is the beneficiary of a deed of trust or mortgagee (Mortgagee) of a mortgage secured against all or any portion of the Property (Mortgaged Parcel) who has provided written notice to the City of the Mortgagee's interest in the Mortgaged Parcel is entitled to notice of default and opportunities to cure as provided in this section. Tenant agrees that Any Mortgagee may provide written notice to the City requesting a copy of all notices of default and correspondence, claims or litigation related thereto or the Mortgaged Parcel. For each Mortgagee who has provided such notice, the City during the remaining term in this Agreement must notify such Mortgagee of any event of default, claim or litigation relating to an Owner or the Mortgaged Parcel under this Agreement and provide the same opportunity to cure such event of default, within the times provided below, as provided to the Owner under this Agreement. Notwithstanding any other provision of this Agreement, this Agreement may not be terminated by the City in the event of default as to any act Mortgagee either (1) who has requested notice but has not been given notice by the City or omission (2) to whom notice of default is given by Landlord the City and to which would give Tenant either of the right under this Lease following is true: 8.10.1 The Mortgagee cures a default involving the payment of money by the Owner within sixty (60) days after notice of default; or 8.10.2 For defaults which require title or possession of all or any portion of the Property to terminate this Lease or to claim effect a partial or total evictioncure, Tenant shall not exercise such right then: the Mortgagee agrees in writing, within ninety (i90) until Tenant has given days after its receipt of written notice of such act or omission default, to perform the defaulted obligation allocable to the holder Mortgaged Parcels conditioned upon the Mortgagee's acquisition of the Mortgages, overleases and ground leases whose name and address has been supplied Mortgaged Parcel by foreclosure (judicial or nonjudicial) or through a deed in lieu of foreclosure; the Mortgagee commences foreclosure proceedings to Tenant and which continue in existence and acquire title to the Mortgaged Parcel within ninety (ii) until a period of thirty (3090) days beyond and thereafter diligently pursues the time available foreclosure to Landlord completion; and the Mortgagee (or any purchaser of the Mortgaged Parcel at foreclosure, trustee's sale or by deed in lieu of foreclosure) promptly and diligently cures the default after obtaining title or possession. Subject to the foregoing, if Mortgagee delivers a notice of default to the City, then the Owner’s rights and obligations under this Lease in which to cure the breach or default by Landlord has elapsed. The holder of any Mortgage, xxxxxxxxx and ground lease shall have no obligation to cure (and shall have no liability or obligation for not curing) any breach or default or default by Landlord, except Agreement may be transferred to the extent that any such holder agrees to undertake otherwise in writing. In addition, as Mortgagee or to any breach or default by Landlord the cure of which requires possession and control purchaser of the BuildingMortgaged Parcel at a foreclosure, provided only that the holder trustee's sale or conveyance by deed in lieu of such Mortgage, xxxxxxxxx or ground lease undertakes to Tenant by written notice to Tenant within thirty (30) days after receipt of Tenant's notice to exercise reasonable efforts to cure or cause to be cured by a receiver such breach or default within the period permitted by this paragraph, such holder's cure period shall continue for such additional time as may reasonably be required to either (a) obtain possession and control of the Building and thereafter cure the breach or default with reasonable diligence and continuity or (b) obtain the appointment of a receiver and give such receiver a reasonable period of time in which to cure the defaultforeclosure. 39.02. The provisions of Section 39.01 hereof shall be subject to the provisions of any subordination, non-disturbance and attornment agreement which may be entered into, and the provisions of such agreement shall prevail in the event of any conflict.

Mortgage Rights. 39.01. Tenant agrees that in If a Mortgagee sends the event Lessor a copy of any act or omission by Landlord which would give Tenant the right under this Lease to terminate this Lease or to claim a partial or total evictionMortgage, Tenant shall not exercise such right (i) until Tenant has given together with written notice of such act or omission to specifying the holder of the Mortgages, overleases and ground leases whose name and address has been supplied of the Mortgagee, the following provisions shall apply so long as such Mortgage remains unsatisfied of record: (A) There shall be no cancellation, surrender, modification or amendment of this Lease by joint action of the Lessor and the Lessee without the prior consent in writing of the Mortgagee. (B) The Lessor shall, upon serving the Lessee with any notice of default or any notice of termination of this Lease pursuant to Tenant and Article 8-2(B)(2), simultaneously serve a copy of such notice upon each Mortgagee, which continue in existence and (ii) notice shall not be effective until a served on each such Mortgagee. Each such Mortgagee shall thereupon have the same period, after service of such notice upon it, to remedy or cause to be remedied the defaults complained of as does the Lessee, plus an additional period of thirty (30) days beyond days, and the time available Lessor shall accept such performance by or at the instigation of such Mortgagee as if the same had been done by the Lessee. (C) In addition to Landlord under the foregoing provisions and notwithstanding that a Mortgagee may not have acted pursuant to such provisions, if, by reason of the occurrence or continuance of an uncured default, this Lease in which to cure is terminated, the breach or default by Landlord has elapsed. The holder Lessor shall, on written request of a Mortgagee made at any Mortgage, xxxxxxxxx and ground lease shall have no obligation to cure (and shall have no liability or obligation for not curing) any breach or default or default by Landlord, except to the extent that any such holder agrees to undertake otherwise in writing. In addition, as to any breach or default by Landlord the cure of which requires possession and control of the Building, provided only that the holder of such Mortgage, xxxxxxxxx or ground lease undertakes to Tenant by written notice to Tenant time within thirty (30) days after such Mortgagee has received a written notice from the Lessor that this Lease has been terminated pursuant to Article 8-2, enter into a new lease of the Premises with such Mortgagee or its designee on such day designated by the Lessor that is within twenty (20) days after receipt of Tenant's notice such request, which new lease shall be effective as of the date of such termination of this Lease for the remainder of the term of this Lease and upon the same terms, covenants, conditions and agreements as are herein contained; provided that such Mortgagee shall, on or prior to exercise the execution and delivery of such new lease, agree in writing that promptly following the delivery of such new lease, such Mortgagee or its designee shall, with reasonable efforts to cure diligence, perform or cause to be cured performed all of the covenants and agreements herein contained on the Lessee’s part to be performed to the extent that the Lessee shall have failed to perform the same to the date of delivery of such new lease. The Lessor shall have no obligation to deliver physical possession of the Premises to such Mortgagee unless the Lessor at the time of the execution and delivery of such new lease has obtained physical possession thereof. The parties hereto intend that such new lease shall have the same relative priority in time and in right as this Lease and shall have the same right, title, interest, powers and privileges of the Lessee hereunder in and to the Premises, including automatic vesting of the Lessor’s title and interest in and to the Improvements and appurtenances on the Premises, until expiration of the term of this Lease as the same may be extended. (D) If at any time there shall be more than one Mortgage constituting a lien on this Lease and the leasehold estate hereby created, the Mortgagee prior in lien to all others shall be vested with the rights (and thereby subject to the requirements) under this Article 7-3 to the exclusion of any junior Mortgagee; provided, however, that if the Mortgagee prior in lien to all other Mortgagees fails or refuses to exercise the rights set forth under this Article 7-3, each Mortgagee junior in lien in the order of priority of their respective liens shall have the right to exercise such rights. (E) Any Mortgage or any transaction which has the effect by operation of law or otherwise of creating an interest in any third party in the Premises or any part thereof, shall contain or shall be construed to contain the express provisions. (i) that the Lessor does not thereby consent to subordination of its interests reserved under this Lease or as owner of title to the Property; (ii) that it confers upon the Mortgagee no right, title or interest in and to the Premises or to the portion thereof subject to such Mortgage, or in any improvements thereon, except those enjoyed by the Lessee pursuant to this Lease; (iii) that no use, possession or occupancy may result in favor of any Mortgagee, except for assumption of Lessee’s obligations for construction, repair or maintenance of Improvements thereon, and/or transfer to a receiver such breach foreign government or default within the period permitted international organization for purposes authorized herein; and (iv) that upon foreclosure, if any, all terms and conditions herein shall be fully binding upon any purchaser at foreclosure or grantee under a deed in lieu of foreclosure. (F) There shall be no merger of a leasehold estate created by this paragraphLease with an ownership (fee) estate in the Property by reason of the fact that the same party may own or hold (1) the leasehold estate created by this Lease or any interest in such leasehold estate, and (2) any ownership interest in the Property and no such holder's cure period merger shall continue for such additional time as may reasonably be required to either occur unless or until all parties, including any Mortgagee, having any interest in (a) obtain possession the leasehold estate created by this Lease, and control of the Building and thereafter cure the breach or default with reasonable diligence and continuity or (b) obtain the appointment of a receiver and give such receiver a reasonable period of time in which to cure the default. 39.02. The provisions of Section 39.01 hereof shall be subject to the provisions of any subordination, non-disturbance and attornment agreement which may be entered into, and the provisions of such agreement shall prevail ownership (fee) estate in the event of any conflictProperty, shall join in a written instrument effecting such merger and shall duly record the same.