Mortgagee Protective Provisions Sample Clauses

Mortgagee Protective Provisions. If Tenant encumbers its interest in this Lease and the leasehold estate hereby created with liens as above provided, then Tenant shall notify Landlord thereof, providing with such notice the name and mailing address of the Permitted Mortgagee in question, Landlord shall upon request, acknowledge receipt of such notice, and for so long as the Permitted Mortgage in question remains in effect the following shall apply:
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Mortgagee Protective Provisions. (a) The Agency shall give to each Mortgagee, at the address of such Mortgagee set forth in a notice from such Mortgagee or from Lessee, a copy of each notice given by the Agency to Lessee hereunder (including Default and Event of Default notices) at the same time as and whenever any such notice shall thereafter be given by the Agency to the Lessee, and no such notice by the Agency shall be deemed to have been duly given to the Lessee (and no grace or cure period shall be deemed to have commenced) unless and until a copy thereof shall have been given to each such Mortgagee. Each Mortgagee (i) shall thereupon have a period of ten (10) days more in the case of a Default in the payment of PILOT, a Rental Payment or other monetary obligation (each, a “Monetary Default”) and thirty (30) days more in the case of any other Default (or in the case of a non-Monetary Default which shall require more than thirty (30) days to cure using due diligence, then such longer period of time as shall be necessary so long as such Mortgagee shall have commenced to cure (or caused to be commenced such cure) within such thirty (30) day period and continuously prosecutes or causes to be prosecuted the same to completion with reasonable diligence), after the applicable period afforded Lessee for remedying the Default or causing the same to be remedied has expired and (ii) shall, within such period and otherwise as herein provided, have the right (but not the obligation) to remedy such Default or cause the same to be remedied. The Agency shall accept performance by or on behalf of a Mortgagee of any covenant, condition or agreement on the Lessee’s part to be performed hereunder with the same force and effect as though performed by the Lessee, so long as such performance is made in accordance with the terms and provisions of this Agreement. The Agency shall not object to any entry onto the Facility Realty by or on behalf of a Mortgagee to the extent necessary to effect such Mortgagee’s cure rights, provided such entry is in compliance with applicable law.
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Mortgagee Protective Provisions. To facilitate its ability to obtain mortgage financing on the property containing the premises, the landlord will want to provide in the lease certain protections in favor of not only its present mortgagee but, as importantly, future mortgagees of the property. The landlord need not worry too much about the rights of its present mortgagee, because its mortgage will be prior in right to the lease absent its agreement to the contrary. Where a mortgage is prior to a lease, absent any further agreement between the parties, upon a foreclosure of that mortgage the foreclosing mortgagee and the tenant may both elect to terminate the lease. For this reason, mortgagees want to have the right to require the tenant to attorn to the mortgagee, i.e., to agree to remain bound to perform the tenant’s obligations under the lease in favor of the foreclosing mortgagee, and the tenant wants the mortgagee to agree not to disturb the tenant, i.e., to agree to perform the landlord’s obligations under the lease from and after the foreclosure. These undertakings are usually encompassed within an agree- ment known as a subordination, nondisturbance, and attornment agreement, or SNDA agreement. A mortgagee’s form of an SNDA agreement is included as Exhibit 2J. The SNDA agreement provides for the subordination of the lease to the mortgage, the mortgagee’s agreement to honor the lease if it should succeed to the landlord’s interest in the property, and the tenant’s agreement to honor the lease in such event. It will often set forth rights of the mortgagee that will control over contrary provisions of the lease in the event of foreclosure, provisions that form the bone of contention between tenants and lenders in SNDA negotiations. The attornment and nondisturbance portions of the SNDA agreement tend to be relatively straightforward. The tenant’s attor- xxx should take care to see that the mortgagee’s obligation not to disturb the tenant applies whenever the mortgagee, or anyone claiming through the mortgagee, succeeds to the landlord’s position, whether by foreclosure or any transfer in lieu of foreclosure. (In that regard, subsequent references to a foreclosure should be read as also referring to any transfer in lieu of foreclosure.) The easiest way to accomplish this in the negotiations is to ask that the same events or conditions trigger the obligations of each party under the agreement, i.e., whatever event or occurrence that requires the tenant to attorn will also require the mo...
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Mortgagee Protective Provisions. Sublessor hereby agrees to the following for the benefit of any Permitted Mortgagee, provided that Notice of such Permitted Mortgagee’s name and mailing address is set forth in Section 27.21 hereof or given to Sublessor by Subtenant:
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Mortgagee Protective Provisions. If Tenant encumbers the Leasehold Estate with a Permitted Mortgage in compliance with this Article 12, for so long as the Permitted Mortgage in question remains in effect the following shall apply:‌
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Related to Mortgagee Protective Provisions

  • Protective Provisions So long as shares of Series A Preferred --------------------- Stock and/or Series B Preferred Stock are outstanding, this corporation shall not without first obtaining the approval (by vote or written consent, as provided by law) of the holders of a majority of the then outstanding shares of Series A Preferred Stock and Series B Preferred Stock, voting together as a single class on an as converted basis:

  • Administrative Provisions (a) Grievances and replies at Step 3 of the grievance procedure and notification to arbitrate shall be by registered mail.

  • Trustee Provisions If the Lessee has entered into this Lease in the capacity of trustee, whether or not the Lessor has any notice of the trust, the Lessee:

  • Insurance Provisions Prior to the provision of services under this Contract, the Contractor agrees to purchase all required insurance at Contractor’s expense, including all endorsements required herein, necessary to satisfy the County that the insurance provisions of this Contract have been complied with. Contractor agrees to keep such insurance coverage, Certificates of Insurance, and endorsements on deposit with the County during the entire term of this Contract. In addition, all subcontractors performing work on behalf of Contractor pursuant to this Contract shall obtain insurance subject to the same terms and conditions as set forth herein for Contractor. Contractor shall ensure that all subcontractors performing work on behalf of Contractor pursuant to this Contract shall be covered under Contractor’s insurance as an Additional Insured or maintain insurance subject to the same terms and conditions as set forth herein for Contractor. Contractor shall not allow subcontractors to work if subcontractors have less than the level of coverage required by County from Contractor under this Contract. It is the obligation of Contractor to provide notice of the insurance requirements to every subcontractor and to receive proof of insurance prior to allowing any subcontractor to begin work. Such proof of insurance must be maintained by Contractor through the entirety of this Contract for inspection by County representative(s) at any reasonable time. All self-insured retentions (SIRs) and deductibles shall be clearly stated on the Certificate of Insurance. If no SIRs or deductibles apply, indicate this on the Certificate of Insurance with a zero (0) by the appropriate line of coverage. Any self-insured retention (SIR) or deductible in an amount in excess of $25,000 ($5,000 for automobile liability), which shall specifically be approved by the County Executive Office (CEO)/Office of Risk Management upon review of Contractor’s current audited financial report. If the Contractor fails to maintain insurance acceptable to the County for the full term of this Contract, the County may terminate this Contract.

  • OPERATIVE PROVISIONS 1. In this Agreement words and expressions which are defined in the General Conditions of Contract shall have the same meanings as are respectively assigned to them in the General Conditions of Contract.

  • Mortgage Provisions The Mortgage Loan documents for each Mortgage Loan, together with applicable state law, contain provisions that render the rights and remedies of the holder thereof adequate for the practical realization against the Mortgaged Property of the principal benefits of the security intended to be provided thereby, including realization by judicial or, if applicable, non-judicial foreclosure subject to the limitations set forth in the Standard Qualifications.

  • Landlord Exculpation The liability of Landlord or the Landlord Parties to Tenant for any default by Landlord under this Lease or arising in connection herewith or with Landlord’s operation, management, leasing, repair, renovation, alteration or any other matter relating to the Project or the Premises shall be limited solely and exclusively to an amount which is equal to the lesser of (a) the interest of Landlord in the Project or (b) the equity interest Landlord would have in the Project if the Project were encumbered by third-party debt in an amount equal to eighty percent (80%) of the value of the Project (as such value is determined by Landlord), including any rental, condemnation, sales and insurance proceeds received by Landlord or the Landlord Parties in connection with the Project, Building or Premises. No Landlord Parties (other than Landlord) shall have any personal liability therefor, and Tenant hereby expressly waives and releases such liability on behalf of itself and all persons claiming by, through or under Tenant. The limitations of liability contained in this Section 29.13 shall inure to the benefit of Landlord’s and the Landlord Parties’ present and future partners, beneficiaries, officers, directors, trustees, shareholders, agents and employees, and their respective partners, heirs, successors and assigns. Under no circumstances shall any present or future partner of Landlord (if Landlord is a partnership), or trustee or beneficiary (if Landlord or any partner of Landlord is a trust), have any liability for the performance of Landlord’s obligations under this Lease. Notwithstanding any contrary provision herein, neither Landlord nor the Landlord Parties shall be liable under any circumstances for injury or damage to, or interference with, Tenant’s business, including but not limited to, loss of profits, loss of rents or other revenues, loss of business opportunity, loss of goodwill or loss of use, in each case, however occurring, or loss to inventory, scientific research, scientific experiments, laboratory animals, products, specimens, samples, and/or scientific, business, accounting and other records of every kind and description kept at the premises and any and all income derived or derivable therefrom.

  • EXCULPATION OF LANDLORD Landlord's obligations and liability to Tenant with respect to this Lease shall be limited solely to Landlord's interest in the Property, and neither Landlord nor any of the partners of Landlord, nor any officer, director, or shareholder of any of the partners of Landlord, shall have any personal liability whatsoever with respect to this Lease.

  • General Insurance Provisions (i) Any insurance which Tenant is required to maintain under this Lease shall include a provision which requires the insurance carrier to give Landlord not less than thirty (30) days' written notice prior to any cancellation or modification of such coverage.

  • Other Pertinent Provisions Landlord and Tenant agree that, effective as of the date of this Amendment (unless different effective date(s) is/are specifically referenced in this Section), the Lease shall be amended in the following additional respects:

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