Mortgagee Protections. Nothing contained in this Articles 24 shall be deemed to modify the provisions of Section 10.04 and Section 10.05 hereof.
Mortgagee Protections. Notwithstanding any other provision of this Lease Agreement:
(a) A Mortgagee shall have the absolute right to do one, some or all of the following: (i) assign its Mortgage; (ii) enforce its Mortgage; (iii) acquire the Developer’s interests to the Property granted hereunder (whether by foreclosure, assignment in lieu of foreclosure or other means), provided that any existing monetary defaults are cured prior to acquisition of the Developer’s interest; (iv) operate the Renewable Generating Facility on the Property and perform all the Developer’s obligations; (v) assign or transfer the Developer’s rights and obligations to a third party, including a foreclosure transferee upon cure of payment and curable non-payment defaults of the Developer hereunder, as long as such third party assumes all obligations of the Developer hereunder; (vi) exercise any rights of the Developer hereunder; or (vii) cause a receiver to be appointed to do any of the foregoing things. The City’s consent shall not be required for any of the foregoing; and, upon acquisition of this Lease Agreement by a Mortgagee or any other third party who acquires the same from or on behalf of the Mortgagee and upon Mortgagee’s or said third party’s remedy of any Developer default, the City shall recognize the Mortgagee or such other party (as the case may be) as the Developer’s proper successor, and this Lease Agreement shall remain in full force and effect.
(b) Each Mortgagee shall have the same period of time after receipt of a notice of default to remedy a default or Event of Default hereunder, or cause the same to be remedied, as is given to the Developer after the Developer’s receipt of a notice of default hereunder, plus, in each instance an additional thirty (30) day period; provided, however, that (a) such thirty (30) day period shall be extended for the time reasonably required by the Mortgagee to complete such cure so long as Mortgagee has commenced such cure and works diligently towards completing it and (b) Mortgagee shall not be required to cure those Events of Default hereunder which are not reasonably susceptible of being cured or performed by the Developer. Each Mortgagee shall have the absolute right to substitute itself for the Developer and perform the duties of the Developer hereunder for purposes of curing any default or Event of Default hereunder and the City expressly consents to such substitution, agrees to accept such performance, and authorizes each Mortgagee (and its respect...
Mortgagee Protections. Nothing contained in this Article 24 shall be deemed to modify the provisions of Section 10.04 hereof (including without limitation, as they apply, where applicable, to a Tax Equity Investor under Section 38.01).
Mortgagee Protections. No breach of any of the covenants, conditions or restrictions contained in this Agreement, nor the enforcement of any lien or other monetary provisions herein, shall render invalid the lien of any Mortgagee holding a first Mortgage of record (meaning a Mortgage with first priority over any other Mortgage) on any of the Land made in good faith and for value, but all of such covenants, conditions or restrictions shall be binding upon and effective against any Owner whose title is derived through foreclosure or trustee's sale.
Mortgagee Protections. The following provisions are for the benefit of the holder (“Mortgagee”) of any first mortgage (“Mortgage”) encumbering the Grantor’s Parcel. Any Mortgagee who provides a written request to the GRANTEE stating its name and address and indicating that its Mortgage encumbers all or part of the Grantor’s Parcel shall be entitled to a copy of any notice of default by GRANTOR under this Agreement, and the Mortgagee shall have the right, but not the obligation, to cure any such default within thirty (30) days after its receipt of such notice of default, or within such longer period of time as may be reasonably required under the circumstances.
Mortgagee Protections. (a) If any lender requires, as a condition to its lending funds the repayment of which is to be secured by a mortgage or trust deed on the Complex or any portion thereof, that certain minor modifications be made to this Lease, which modifications will not require Tenant to pay any additional amounts or otherwise change materially the rights or obligations of Tenant hereunder, Tenant shall not unreasonably withhold its approval to and execution of any appropriate instruments designed to effect such modifications.
(b) In the event of any act or omission by Landlord which would give Tenant the right to terminate this Lease, Tenant will not exercise any such right to terminate until (i) it shall have given written notice of the act or omission to Landlord and to the holder(s) of any mortgage or deed of trust encumbering the Complex, if the name and address of such holder(s) have been furnished to Tenant, and (ii) such holder(s) shall have been given a reasonable opportunity to cure Landlord's default, including time to obtain possession of the Complex or portion thereof by power of sale or judicial foreclosure or other appropriate legal proceedings, if such should prove necessary to effect a cure.
Mortgagee Protections. Tenant agrees to give any holder of any lien or other such encumbrance covering any part of the project of which the Building is a part (“Mortgagee”), by registered mail, a copy of any notice of default served upon Landlord, provided that prior to such notice Tenant has been notified in writing (by way of notice of assignment of rents and leases, or otherwise) of the address of such Mortgagee. If Landlord shall have failed to cure such default within thirty (30) days from the effective date of such notice of default, then the Mortgagee 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 to cure such default (including the time necessary to foreclose or otherwise terminate its lien or other such encumbrance, if necessary to effect such cure), and this Lease shall not be terminated so long as such remedies are being diligently pursued.
Mortgagee Protections. The "Mortgagee Protections" means, as to any Mortgagee or Investor Limited Partner, all rights, protections, and privileges of such Mortgagee as expressly provided for under this Lease, including the following: (1) any right to receive notices and/or to cure defaults (including, in the case of a Leasehold Mortgagee or Investor Limited Partner, all Leasehold Mortgagee's Cure Rights); (2) any requirement for Leasehold Mortgagee's or Investor Limited Partner Consent to any matter; (3) in the case of a Leasehold Mortgagee, all provisions of this Lease relating to a New Lease and all rights of any New Lessee or Successor Lessee; and (4) all other rights, protections, and privileges of such Mortgagee under this Lease.
Mortgagee Protections. Landlord’s rights contained in this Article 24 are subject to the rights of Mortgagee set forth in Section 10.04 and Section 10.05 and nothing contained in this Articles 24 will be deemed to modify or limit Mortgagee’s rights thereunder. NOTICES
Mortgagee Protections. The following provision is for the benefit of holders of first mortgages (“Mortgagees”) encumbering all or a portion of each Parcel. Any Mortgagee who provides a written request to an owner of a Parcel stating its name and address and indicating the Parcel to which its mortgage relates shall be deemed an eligible mortgage holder (“Eligible Holder”) and shall be entitled to a copy of any notice of default of this Agreement and any notice of delinquency in the payment of reimbursements, charges or other sums due under this Agreement sent to either Party, and such Eligible Holder shall have the right, but not the obligation, to cure any such default or delinquency within the same cure period as is provided to such defaulting/delinquent Party hereunder.
