Common use of Mortgagee Not Obligated Clause in Contracts

Mortgagee Not Obligated. Notwithstanding the provisions of Section 26.2, no Mortgagee will have any obligation or duty under this Agreement to perform the obligations of Owner or other affirmative covenants of Owner hereunder, or to guarantee such performance, except that to the extent that Mortgagee opts to receive the benefits of the Agreement, including the right to operate, any covenant to be performed by Owner is a condition to the performance of a covenant by City, the performance thereof shall continue to be a condition precedent to City’s performance hereunder. No Mortgagee will be liable for any monetary defaults arising prior to its acquisition of title to the Site or any portion thereof. Uncured monetary defaults will terminate the Agreement and Mortgagee’s right to operate.

Mortgagee Not Obligated. Notwithstanding the provisions of Section 26.226.3, no Mortgagee will have any obligation or duty under this Agreement to perform the obligations of Owner or other affirmative covenants of Owner hereunder, or to guarantee such performance, except that to the extent that Mortgagee opts to receive the benefits of the Agreement, including the right to operate, any covenant to be performed by Owner is a condition to the performance of a covenant by City, and the performance thereof shall continue to be a condition precedent to City’s performance hereunder. No Mortgagee will be liable for any monetary defaults arising prior to its acquisition of title to the Site Property or any portion thereof. Uncured monetary defaults will terminate the rights under this Agreement and Mortgagee’s right to operate, to the extent such default relates to all or a portion of the Property.

Mortgagee Not Obligated. Notwithstanding the provisions of Section 26.226.3, no Mortgagee will have any obligation or duty under this Agreement to perform the obligations of Owner or other affirmative covenants of Owner hereunder, or to guarantee such performance, except that to the extent that Mortgagee opts to receive the benefits of the Agreement, including the right to operate, any covenant to be performed by Owner is a condition to the performance of a covenant by City, and the performance thereof shall continue to be a condition precedent to City’s 's performance hereunder. No Mortgagee will be liable for any monetary defaults arising prior to its acquisition of title to the Site Property or any portion thereof. Uncured monetary defaults will terminate the rights under this Agreement and Mortgagee’s 's right to operate, to the extent such default relates to all or a portion of the Property.