Mortgagee Protection Provisions Sample Clauses

Mortgagee Protection Provisions. Loans from banks and building societies to Leaseholders would often require Leaseholders to take out mortgage indemnity insurance or other forms of additional security which would increase the expense to the Leaseholder of acquiring a shared ownership interest in the property. So with the aim of cutting down or avoiding such expense arising (so that mortgage indemnity insurance is not required and encouraging banks and building societies to lend the shared owners), the Landlord agrees that if the Leaseholder defaults the Landlord will compensate the Lender for some part of any loss incurred if the proceeds from the sale of the Leaseholder's share of the property are insufficient. For this reason the Leaseholder's lender will need to obtain the consent of the Landlord to the terms of the Leaseholder's mortgage. If the Landlord has to cover some of the mortgage debt in this way the Leaseholder will become liable to pay the Landlord back. In such cases the Landlord will be able to pursue the Leaseholder to recover its loss and may also enforce any other security guarantees or insurance that were originally granted to the Lender. To assist the Landlord and the Lender in operating these compensation provisions, by signing the lease the Leaseholder authorises the Landlord and the Lender to exchange personal information relating to the Leaseholder in relation to various matters, including the terms of the lease, details of any arrears and any loan secured against the property.
Sample 1Sample 2Sample 3See All (5)
AutoNDA by SimpleDocs
Mortgagee Protection Provisions. The Lease Agreement shall contain mortgagee protection provisions in the form of those in Exhibit G attached hereto and incorporated herein by reference (collectively, the “Mortgagee Protection Provisions”).
Sample 1Sample 2Sample 3
Mortgagee Protection Provisions. No breach or violation of the terms of this Agreement shall defeat or render invalid the lien of any Mortgage encumbering the Parcels 1&2 Land or the Parcel 3 Land or any portions thereof; provided, however, that this Agreement and all provisions hereof shall be binding upon and effective against any subsequent owner of the property or portion thereof whose title is acquired by foreclosure, trustee’s sale, a deed in lieu, or other remedies provided in such Mortgage, but such subsequent owners shall take title free and clear of any of the previous owner’s violations of the terms of this Agreement that occurred before such transfer of title or occupancy.
Sample 1Sample 2
Mortgagee Protection Provisions. The holder of a first-priority mortgage, deed to secure debt or similar financing instrument encumbering the Grantee Property (a “First Mortgagee”) will have the following rights under the Agreement:
Sample 1Sample 2
Mortgagee Protection Provisions. The Bank shall be deemed to be a third party beneficiary of the Ground Lease with respect to any and all provisions of the Ground Lease which benefit a lender (“Mortgagee Protection Provisions”). Upon the Bank’s succession to the interest of ground lessee under the Ground Lease, all of the Ground Lessor’s representations and warranties under the Ground Lease shall be deemed remade by the Ground Lessor to the Bank as of the applicable date, except as they may be modified at that time to reflect any change in factual circumstances. This Section is intended to supplement and not to limit any Mortgagee Protection Provisions in the Ground Lease.
Sample 1
Mortgagee Protection Provisions. Xxxxxx acknowledges that is has received a copy of the Xxxxx Fargo Mortgage and that the address for notice purposes hereunder of Xxxxx Fargo Bank, National Association, as a Permitted Leasehold Mortgagee, is: Xxxxx Fargo Bank, National Association Community Lending Division (AU #07490) 1300 S.W. Fifth Avenue, 12th floor P6101-121 Portland, Oregon 97201 Attention: Xxx Xxxxxxx Loan No. [ ] With a copy to be provided to: Xxxxx Fargo Bank, National Association Minneapolis Loan Center 000 Xxxxx 0xx Xxxxxx, 0xx xxxxx XXX: X0000-00 Xxxxxxxxxxx, Xxxxxxxxx 55415 Attention: Xxxxxxx Xxxxxxx Loan No. [ ] No notice to Lessee under this Ground Lease shall be effective unless and until each Permitted Leasehold Mortgage also receives a copy of such notice. As long as the Xxxxx Fargo Mortgage and any other Permitted Leasehold Mortgage (of which Lessor has received from Lessee or a Permitted Leasehold Mortgagee a true copy together with written notice specifying the name and address of such Permitted Leasehold Mortgagee) remains unsatisfied of record or until written notice of satisfaction is given by the holder to Lessor, the following provisions shall apply (in respect of such Permitted Leasehold Mortgage and of any other Permitted Leasehold Mortgages):
Sample 1
Mortgagee Protection Provisions 
Sample 1Sample 2Sample 3See All (7)
AutoNDA by SimpleDocs

Related to Mortgagee Protection Provisions

  • Mortgage Protection Lessee agrees to give any mortgages and/or trust deed holders, as to all or a potion of the Premises, by registered mail, a copy of any notice of default served upon Lessor, provided that prior to such notice Lessee has been notified in writing (by way of notice or assignment of rents and leases, or otherwise) of the addresses of such mortgages and/or trust deed holders. Lessee agrees not to exercise any remedies available by virtue of a default unless Lessor shall have failed to cure such default within thirty (30) days after receipt of notice of default or such additional time as may be reasonably necessary to cure the default in the case of a default incapable of being cured within thirty (30) days. Lessee further agrees that the mortgages and/or trust deed holder shall have an additional thirty (30) days within which to cure such default, or if such default cannot be cured within that time, then such additional time as may be necessary if within such thirty (30) days any mortgagee and/or trust deed holder has commenced and is diligently pursuing the remedies necessary to cure such default (including but not limited to commencement of foreclosure proceedings if necessary to effect such cure), in which event such right, if any, as Lessee might otherwise have to terminate the Lease shall not be exercised while such remedies are being so diligently pursued.

  • Notice to Mortgagee and Ground Lessor After receiving notice from any person, firm or other entity that it holds a mortgage which includes the Premises as part of the mortgaged premises, or that it is the ground lessor under a lease with Landlord, as ground lessee, which includes the Premises as a part of the demised premises, no notice from Tenant to Landlord shall be effective unless and until a copy of the same is given to such holder or ground lessor, and the curing of any of Landlord’s defaults by such holder or ground lessor within a reasonable time thereafter (including a reasonable time to obtain possession of the premises if the mortgagee or ground lessor elects to do so) shall be treated as performance by Landlord. For the purposes of this Section 9.4 or Section 9.14, the term “mortgage” includes a mortgage on a leasehold interest of Landlord (but not one on Tenant’s leasehold interest).

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!