Common use of Mortgagee Rights Clause in Contracts

Mortgagee Rights. (a) Tenant shall, at its own expense, comply with all reasonable notices of Landlord's mortgagee or other financial institution providing funds which are secured by a mortgage or deed of trust placed on the whole or any part of the real property of which the Demised Premises are a part, respecting all matters of occupancy, use, condition or maintenance of the Demised Premises, provided the same shall not unreasonably interfere with the conduct of Tenant's business nor materially limit or affect the rights of the parties under this Lease. Notwithstanding acceptance and execution of this Lease by the parties hereto, the terms hereof shall be deemed automatically modified, if so required, for the purpose of complying with or fulfilling the reasonable requirements of any mortgagee or trustee named or secured by a mortgage or deed of trust that may now or hereafter be placed upon or secured by the real property of which the Demised Premises are a part or any part thereof, or any other financial institution providing funds to finance or refinance the real property of which the Demised Premises are a part, provided, however, that such modifications(s) shall not be in material derogation or diminution of any of the rights of the parties hereunder, nor materially increase any of the obligations or liabilities of the parties hereunder. (b) Tenant agrees to give Landlord's mortgagee and any trustee named or secured by a mortgage or deed of trust a copy of any notice of default served upon Landlord by Tenant, 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 addresses of such mortgagees and trustees. Notice shall be provided to the mortgagees and trustees by registered mail. Tenant further agrees that if Landlord shall have failed to cure such default within the cure period provided in this Lease, if any, then the mortgagees and/or trustees 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 trustee 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 this Lease shall not be terminated while such remedies are being diligently pursued.".

Mortgagee Rights. (a) Tenant shall, at its own expense, comply with all reasonable notices of Landlord's mortgagee or other financial institution providing funds which are secured by a mortgage or deed of trust placed on the whole or any part of the real property of which the Demised Leased Premises are a part, respecting all matters of occupancy, use, condition or maintenance of the Demised Leased Premises, provided the same shall not unreasonably interfere with the conduct of Tenant's business nor materially limit or affect the rights of the parties under this Lease. Notwithstanding acceptance and execution of this Lease by the parties hereto, the terms hereof shall be deemed automatically modified, if so required, for the purpose of complying with or fulfilling the reasonable requirements of any mortgagee or trustee named or secured by a mortgage or deed of trust that may now or hereafter be placed upon or secured by the real property of which the Demised Leased Premises are a part or any part thereof, or any other financial institution providing funds to finance or refinance the real property of which the Demised Leased Premises are a part, provided, however, that such modifications(smodification(s) shall not be in material derogation or diminution of any of the rights of the parties hereunder, nor materially increase any of the obligations or liabilities of the parties hereunder. (b) Tenant Xxxxxx agrees to give LandlordXxxxxxxx's mortgagee and any trustee named or secured by a mortgage or deed of trust a copy of any notice of default served upon Landlord by TenantXxxxxx, 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 addresses of such mortgagees and trustees. Notice shall be provided to the mortgagees and trustees by registered mail. Tenant further agrees that if Landlord shall have failed to cure such default within the cure period provided in this Lease, if any, then the mortgagees and/or trustees 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 trustee 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 this Lease shall not be terminated while such remedies are being diligently pursued.".

Mortgagee Rights. (a) Tenant shall, at its own expense, comply with all reasonable notices of Landlord's mortgagee or other financial institution providing funds which are secured by a mortgage or deed of trust placed on the whole or any part of the real property of which the Demised Premises demised premises are a part, respecting all matters of occupancy, use, condition or maintenance of the Demised Premisesdemised premises, provided the same shall not unreasonably interfere with the conduct of Tenant's business nor materially limit or affect the rights of the parties under this Lease. Notwithstanding acceptance and execution of this Lease by the parties hereto, the terms hereof shall be deemed automatically modified, if so required, for the purpose of complying with or fulfilling the reasonable requirements of any mortgagee or trustee named or secured by a mortgage or deed of .f trust that may now or hereafter be placed upon or secured by the real property of which the Demised Premises demised premises are a part or any part thereof, or any other financial institution providing funds to finance or refinance the real property of which the Demised Premises demised premises are a part, provided, however, that such modifications(s) shall not be in material derogation or o diminution of any of the rights of the parties hereunder, nor materially increase any of the obligations or liabilities of the parties hereunder. (b) Tenant agrees to give Landlord's mortgagee and any trustee named or secured by a mortgage or deed of trust a copy of any notice of default served upon Landlord by Tenant, provided that prior to such notice Tenant has been notified in writing (by way of Notice of Assignment of Rents and Leases, or o otherwise) of addresses of such mortgagees and trustees. Notice shall be provided to the mortgagees and trustees by registered mail. Tenant further agrees that if Landlord shall have failed to cure such default within the cure period provided in this Lease, if any, then the mortgagees and/or trustees 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 trustee 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 this Lease shall not be terminated while such remedies are being diligently pursued.".

Mortgagee Rights. During all such times as there is a Mortgage outstanding, and until City has received written notices from each Mortgagee that its Mortgage has been satisfied or otherwise released, the following terms and conditions shall apply: (a) Tenant Developer or each Mortgagee shall deliver written notice to City when a Mortgage becomes effective, which notice shall, at its own expense, comply : (i) identify the Mortgagee with all reasonable notices of Landlord's mortgagee or other financial institution providing funds which are secured by a mortgage or deed of trust placed on respect to such Mortgage; and (ii) set forth the whole or any part of the real property of which the Demised Premises are a part, respecting all matters of occupancy, use, condition or maintenance of the Demised Premises, provided the same shall not unreasonably interfere with the conduct of Tenant's business nor materially limit or affect the rights of the parties under this Lease. Notwithstanding acceptance and execution of this Lease by the parties hereto, the terms hereof shall be deemed automatically modified, if so required, notice address for the purpose of complying Mortgagee with or fulfilling the reasonable requirements of any mortgagee or trustee named or secured by a mortgage or deed of trust that may now or hereafter be placed upon or secured by the real property of which the Demised Premises are a part or any part thereof, or any other financial institution providing funds respect to finance or refinance the real property of which the Demised Premises are a part, provided, however, that such modifications(s) shall not be in material derogation or diminution of any of the rights of the parties hereunder, nor materially increase any of the obligations or liabilities of the parties hereunderMortgage. (b) Tenant agrees City shall deliver to give Landlord's mortgagee each Mortgagee, at its notice address and in accordance with the terms and conditions of Section 18 of the Agreement, a Mortgagee Notice. No notice or demand delivered by City to Developer shall be effective, unless and until a Mortgagee Notice is served upon all Mortgagees in accordance with the terms and conditions of this Section. (c) If there is an Event of Default with respect to the failure to pay money, then: (i) each Mortgagee shall have the right to remedy the Event of Default or cause the Event of Default to be remedied, until the date that is 45 days after the later of: (A) the expiration of the Cure Period, or the applicable notice and/or cure period under Section 13 or 14 of the Agreement; or (B) receipt of the Mortgagee Notice; and (ii) City shall accept performance by any trustee named Mortgagee as performance by Developer. (d) If there is an Event of Default with respect to any obligation other than the failure to pay money, then: (i) each Mortgagee shall have the right to remedy the Event of Default or secured cause the Event of Default to be remedied until the expiration of the Mortgagee Cure Period; and (ii) City shall accept performance by any Mortgagee as performance by Developer. Notwithstanding any other term or condition of the Agreement or this Exhibit, City shall not exercise any of its rights and remedies under Section 13 or 14 of the Agreement with respect to such Event of Default, if: (i) within the first 60 days after receipt of the Mortgagee Notice, a mortgage Mortgagee notifies City of its intention to cure the Event of Default; and (ii) within the first 75 days after receipt of the Mortgagee Notice, the Mortgagee: (A) commences a cure of the Event of Default and diligently pursues such cure to completion; or deed (B) commences the exercise or pursuit of trust one or more of the Mortgagee Remedies, and: (1) after commencement of the exercise or pursuit of the selected Mortgagee Remedies, diligently exercises or pursues such Mortgagee Remedies; provided that, if the Mortgagee has commenced the exercise or pursuit of the selected Mortgagee Remedies within 75 days after receipt of the Mortgagee Notice, and continues such exercise or pursuit, then, for a copy period of six months after the date on which the Mortgagee commenced the exercise or pursuit of the selected Mortgagee Remedies, which period shall be extended as reasonably required by the Mortgagee, such exercise or pursuit by the Mortgagee shall be deemed to be diligent; and (2) after obtaining or effecting the selected Mortgagee Remedies, commences a cure of the Event of Default and diligently pursues such cure to completion. The Mortgagee Cure Period shall be extended for the duration of any notice period when City is prohibited under this Subsection from exercising its rights and remedies with respect to an Event of default served upon Landlord by Tenant, 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 addresses of such mortgagees and trustees. Notice shall be provided to the mortgagees and trustees by registered mail. Tenant further agrees that if Landlord shall have failed to cure such default within the cure period provided in this Lease, if any, then the mortgagees and/or trustees 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 trustee 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 this Lease shall not be terminated while such remedies are being diligently pursuedDefault.".

Mortgagee Rights. (a) Tenant shall, at its own expense, comply with all reasonable notices of Landlord's mortgagee or other financial institution providing funds which are secured by a mortgage or deed of trust placed on the whole or any part of the real property of which the Demised Premises are a part, respecting all matters of occupancy, use, condition or maintenance of the Demised Premises, provided the same shall not unreasonably interfere with the conduct of Tenant's business nor materially limit or affect the rights of the parties under this Lease. Notwithstanding acceptance and execution of this Lease by the parties hereto, the terms hereof shall be deemed automatically modified, if so required, for the purpose of complying with or fulfilling the reasonable requirements of any mortgagee or trustee named or secured by a mortgage or deed of trust that may now or hereafter be placed upon or secured by the real property of which the Demised Premises are a part or any part thereof, or any other financial institution providing funds to finance or refinance the real property of which the Demised Premises are a part, provided, however, that such modifications(s) shall not be in material derogation or diminution of any of the rights of the parties hereunder, nor materially increase any of the obligations or liabilities of the parties hereunder. (b) Tenant agrees to give Landlord's mortgagee and any trustee named or secured by a mortgage or deed of trust a copy of any notice of default served upon Landlord by Tenant, provided that prior to such notice Tenant has been notified in writing (by way of Notice of Assignment of Rents and Leases, or otherwiseotherwise ) of addresses of such mortgagees and trustees. Notice shall be provided to the mortgagees and trustees by registered mail. Tenant further agrees that if Landlord shall have failed to cure such default within the cure period provided in this Lease, if any, then the mortgagees and/or trustees shall have an additional thirty (30) days within which to cure such default, or if of ir such default cannot be cured within that timetime , then such additional time as may be necessary if within such thirty (30) days any mortgagee and/or trustee 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 this Lease shall not be terminated while such remedies are being diligently pursued.".

Mortgagee Rights. (a) Tenant shall, at its own expense, comply with all reasonable notices of Landlord's mortgagee or other financial institution providing funds which are secured by a mortgage or deed of trust placed on the whole or any part of the real property of which the Demised Premises are a part, respecting all matters of occupancy, use, condition or maintenance of the Demised Premises, provided the same shall not unreasonably interfere with the conduct of Tenant's business nor materially limit or affect the rights of the parties under this Lease. Notwithstanding acceptance and execution of this Lease by the parties hereto, the terms hereof shall be deemed automatically modified, if so required, for the purpose of complying with or fulfilling the reasonable requirements of any mortgagee or trustee named or secured by a mortgage or deed of trust that may now or hereafter be placed upon or secured by the real property of which the Demised Premises are a part or any part thereof, or any other financial institution providing funds to finance or refinance the real property of which the Demised Premises are a part, provided, however, that such modifications(s) shall not be in material derogation or diminution of any of the rights of the parties hereunder, nor materially increase any of the obligations or liabilities of the parties hereunder. (b) Tenant agrees to give Landlord's mortgagee and any trustee named or secured by a mortgage or deed of trust a copy of any notice of default served upon Landlord by Tenant, 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 addresses of such mortgagees and trustees. Notice shall be provided to the mortgagees and trustees by registered mail. Tenant further agrees that if Landlord shall have failed to cure such default within the cure period provided in this Lease, if any, then the mortgagees and/or trustees 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 trustee 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 this Lease shall not be terminated while such remedies are being diligently pursued.".

Mortgagee Rights. (a) Tenant shall, at its own expense, comply with all reasonable notices of Landlord's mortgagee or other financial institution providing funds which are secured by a mortgage or deed of trust placed on the whole or any part of or the real property of which the Demised Premises are a part, respecting all matters of occupancy, use, condition or maintenance of the Demised Premises, provided the same shall not unreasonably interfere with the conduct of Tenant's business nor materially limit or affect the rights of the parties under this Lease. Notwithstanding acceptance and execution of this Lease by the parties hereto, the terms hereof shall be deemed automatically modified, if so required, for the purpose of complying with or fulfilling the reasonable requirements of any mortgagee or trustee named or secured by a mortgage or deed of trust that may now or hereafter be placed upon or secured by the real property of which the Demised Premises are a part or any part thereof, or any other financial institution providing funds to finance or refinance the real property of which the Demised Premises are a part, provided, however, that such modifications(s) shall not be in material derogation or diminution of any of the rights of the parties hereunder, nor materially increase any of the obligations or liabilities of the parties hereunder. (b) Tenant agrees to give Landlord's mortgagee and any trustee named or secured by a mortgage or deed of trust a copy of any notice of default served upon Landlord by Tenant, 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 addresses of such mortgagees and trustees. Notice shall be provided to the mortgagees and trustees by registered mail. Tenant further agrees that if Landlord shall have failed to cure such default within the cure period provided in this Lease, if any, then the mortgagees and/or trustees 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 it within such thirty (30) days any mortgagee and/or trustee 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 this Lease shall not be terminated while such remedies are being diligently pursued.".

Mortgagee Rights. (ai) Upon receipt from time to time of a notice from the holder of a mortgage encumbering the land and /or building of which the premises are a part (hereunder, “Mortgagee”) that an Event of Default exist under the mortgage, Tenant shallshall pay directly to Mortgagee at the address designated in such notice all base annual rent and additional rent and charges (hereinafter “Rent”) thereafter accruing under the Lease and the payment thereof by Tenant in accordance with such notice shall operate as a release for Tenant to the extent of all such Rent so paid by Tenant. (ii) Rent so received by Mortgagee from Tenant shall be applied by Mortgagee first to the expenses, if any, of collection incurred by Mortgagee and then in accordance with the terms and condition of the mortgage. (iii) Without in any was impairing its rights hereunder, Mortgagee may, at its own expenseoption, comply with all reasonable notices of Landlord's mortgagee or other financial institution providing funds which are secured at any time and from time to time, release to Owner the rent received by a mortgage or deed of trust placed on the whole or any part of the real property of which the Demised Premises are a part, respecting all matters of occupancy, use, condition or maintenance of the Demised Premises, provided the same shall not unreasonably interfere with the conduct of Tenant's business nor materially limit or affect the rights of the parties under this Lease. Notwithstanding acceptance and execution of this Lease by the parties hereto, the terms hereof shall be deemed automatically modified, if so required, for the purpose of complying with or fulfilling the reasonable requirements of any mortgagee or trustee named or secured by a mortgage or deed of trust that may now or hereafter be placed upon or secured by the real property of which the Demised Premises are a part Mortgagee from Tenant or any part thereof. (iv) Mortgage shall not be liable for its failure to collect, or its failure to exercise diligence in collection of, Rent from Tenant, but shall be accountable only for Rent that it actually receives from Tenant. (B) Tenant agrees to serve upon Mortgagee written notice of each and every default by Owner under the Lease and Tenant further agrees that it shall not exercise any remedies under the Lease or applicable law to cancel or terminate the Lease or to claim a partial or total eviction, or to claim an abatement of rent or a setoff against Tenant’s obligation to pay rent or any other financial institution providing funds charges regardless of how the same may be denominated in the Lease, unless Mortgagee fails to finance cure such default by Owner within the period provided for in the Lease for curing such default (or refinance if no such period is so provided, a reasonable period after Mortgagee has received such notice of default form Tenant and following the real property time when the Mortgagee shall have become entitled under the mortgage to remedy same provided the Mortgagee shall, with reasonable diligence, give Tenant notice of which its intention to, and shall commence and continue to, remedy such act or omission or to cause the Demised Premises are same to be remedied); provided, however, that nothing herein shall impose or be construed as imposing any obligation or duty upon Mortgagee to cure any such default by Owner. (C) In the event of enforcement by the Mortgagee of the remedies provided for by law or by the mortgage, Tenant, shall, at the option of the Mortgagee, attorn to any person succeeding to the interest of the Owner (the “Successor Owner”) as a part, result of such enforcement and shall recognize the Successor Owner in interest as Owner under the Lease without change in the terms or other provisions thereof; provided, however, that such modifications(s) successor shall not be in material derogation be: (i) bound by or diminution liable for any act, omission or default of any prior landlord, including the Owner (the “Preceding Owner”) under the Lease or for the payment of any monies owing by or on deposit with any Preceding Owner to the credit of Tenant unless such monies where delivered to Successor Owner; (ii) bound by or subject to a claim, counterclaim, defense or offset, credit or deduction which theretofore shall have accrued to the tenant against the Preceding Owner, (iii) bound by any modification or amendment of the rights Lease not consented to by the Mortgagee or by any prepayment of more than one (1) month’s base annual rent or of additional rent beyond the parties hereundercurrent billing period under the Lease, nor materially increase unless such amendment, modification or prepayment shall have been approved in writing by the Mortgagee; (iv) responsible for (a) the performance of any of work to be done by the obligations Preceding Owner under the Lease or liabilities of any leasehold improvements agreement to render the parties hereunder. premises demised under the Lease ready for occupancy by the Tenant, (b) Tenant agrees to give Landlord's mortgagee and the contribution or allowance toward any trustee named or secured by a mortgage or deed of trust a copy construction of any notice improvements in the premises demised under the Lease to render such promises covered hereby ready for occupancy by Tenant or (c) the performance of default served upon Landlord by Tenantany other obligation of the Preceding Owner under any leasehold improvements agreement; (v) required to remove any person occupying the demised premises or any part thereof, provided that prior to except it such notice Tenant has been notified in writing (by way of Notice of Assignment of Rents and Leasesperson claims by, through or otherwise) of addresses of such mortgagees and trustees. Notice shall be provided to under the mortgagees and trustees by registered mail. Tenant further agrees that if Landlord shall have failed to cure such default within the cure period provided in this Lease, if any, then the mortgagees and/or trustees 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 trustee 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 this Lease shall not be terminated while such remedies are being diligently pursuedSuccessor Owner.".

Mortgagee Rights. (a) Tenant shall, at its own expense, comply with all reasonable notices acknowledges that Landlord's right to any condemnation award may be subject to the rights of Landlord's mortgagee or other financial institution providing funds which are secured by a (if any) in and to such award under the mortgage or deed of trust placed on (if any) which encumbers the Building and the Premises. Accordingly, Landlord's obligation to repair and restore, as set forth in Section 29, above, shall be subject to the procedural requirements of Landlord's mortgagee with regard thereto (including any requirement that such sums be paid to the mortgagee or to a trustee, to be held and disbursed only upon Landlord's satisfaction of various disbursement requirements), and the time within which such obligation must be satisfied shall be adjusted as reasonably necessary to reflect delays occasioned by the exercise by the mortgagee of such mortgagee's rights. In the event mortgagee applies all or any portion of an award made to Landlord in whole or any part partial satisfaction of the real property of which the Demised Premises are a part, respecting all matters of occupancy, use, condition or maintenance of the Demised Premises, provided the same shall not unreasonably interfere with the conduct of Tenant's business nor materially limit or affect the rights of the parties amounts due under this Lease. Notwithstanding acceptance and execution of this Lease by the parties hereto, the terms hereof shall be deemed automatically modified, if so required, for the purpose of complying with or fulfilling the reasonable requirements of any mortgagee or trustee named or secured by a mortgage or deed of trust that may now or hereafter be placed upon or indebtedness secured by the real property of which Building (i) Landlord's restoration obligation shall continue, but shall be extended as necessary to account for the Demised Premises are a part or any part thereof, or any other financial institution providing funds need to finance or refinance the real property of which the Demised Premises are a part, provided, however, that such modifications(s) shall not be in material derogation or diminution of any secure funding of the rights costs of such restoration, and (ii) if (A) such condemnation was of a type where Tenant had the right to terminate this Lease pursuant to Section 29.2(b), above, (B) Tenant declined to terminate the Lease within the time period provided under Section 29.2(b), (C) the delay in restoration materially and adversely affects Tenant's use and enjoyment of the parties hereunderPremises, nor materially increase any of and (D) such restoration has not commenced within one hundred eighty (180) days after the obligations or liabilities of the parties hereunder. (b) Tenant agrees to give Landlord's mortgagee and any trustee named or secured by a mortgage or deed of trust a copy of any notice of default served upon Landlord by Tenant, 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 addresses date of such mortgagees and trustees. Notice shall be provided to the mortgagees and trustees by registered mail. condemnation, then Tenant further agrees that if Landlord shall have failed to cure such default within the cure right, for a period provided in this Lease, if any, then the mortgagees and/or trustees shall have an additional of thirty (30) days within which after the expiration of such one hundred eighty (180) day period 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 terminate this Lease upon thirty (30) days any mortgagee and/or trustee has commenced and prior written notice to Landlord; provided that if Landlord commences such restoration prior to the end of the thirty (30) day notice period (with reasonable evidence that funding is diligently pursuing the remedies necessary available to cure complete such default (including but not limited to commencement of foreclosure proceedings if necessary to effect such curerestoration), in which event Tenant's notice of termination shall be deemed rescinded and ineffective for all purposes, and this Lease shall not be terminated while such remedies are being diligently pursuedcontinue in full force and effect.".

Mortgagee Rights. (a) Tenant shallNotwithstanding any other provisions in this Declaration, at its own expense, comply with all reasonable notices no amendment or violation of Landlord's mortgagee this Declaration shall defeat or other financial institution providing funds which are secured by a mortgage or deed of trust placed on the whole or any part of the real property of which the Demised Premises are a part, respecting all matters of occupancy, use, condition or maintenance of the Demised Premises, provided the same shall not unreasonably interfere with the conduct of Tenant's business nor materially limit or affect render invalid the rights of the parties a Mortgagee under this Lease. Notwithstanding acceptance any Mortgage upon one (1) or more Parcels made in good faith and execution of this Lease by the parties hereto, the terms hereof shall be deemed automatically modified, if so required, for the purpose of complying with or fulfilling the reasonable requirements of any mortgagee or trustee named or secured by a mortgage or deed of trust that may now or hereafter be placed upon or secured by the real property of which the Demised Premises are a part or any part thereof, or any other financial institution providing funds to finance or refinance the real property of which the Demised Premises are a part, provided, however, that such modifications(s) shall not be in material derogation or diminution of any of the rights of the parties hereunder, nor materially increase any of the obligations or liabilities of the parties hereunder. (b) Tenant agrees to give Landlord's mortgagee and any trustee named or secured by a mortgage or deed of trust a copy of any notice of default served upon Landlord by Tenantvalue, provided that after the foreclosure of any such Mortgage, such Parcels will remain subject to this Declaration. For purposes of this Declaration, “first Mortgage” means a Mortgage with first priority over other Mortgages on a Parcel, and “first Mortgagee” means the Mortgagee of a first Mortgage. For purposes of any provision of the Restrictions which require the vote or approval of a specified percentage of first Mortgagees, such vote or approval is determined based upon one (1) vote for each Parcel encumbered by each such first Mortgage. In order to induce lenders to participate in the financing of the sale of Parcels, the following provisions are added hereto (and to the extent these added provisions conflict with any other provisions of the Restrictions, these added provisions control): 10.1.1.1 Each Mortgagee, insurer of a Mortgage and guarantor of a Mortgage encumbering one (1) or more Parcels, upon filing a written request for notification with the Board, is entitled to written notification from the Association of: any delinquency of sixty (60) days or more in the performance of any obligation under the Restrictions, including without limitation the payment of assessments or charges owed by the Owner(s) of the Parcels securing the Mortgage, which notice each Owner hereby consents to and authorizes; and any proposed action of the Association which requires consent by a specified percentage of first Mortgagees who have submitted a written request to the Association that they be notified of such proposed action. 10.1.1.2 Each Mortgagee who obtains title to such Parcel pursuant to (i) the remedies provided in such Mortgage, (ii) foreclosure of the Mortgage, or (iii) deed or assignment in lieu of foreclosure, and any Owner who has obtained title to such Parcel from the Mortgagee or through foreclosure of the Mortgagee, is exempt from any “right of first refusal” created or purported to be created by the Restrictions. 10.1.1.3 Each Mortgagee or other Owner who obtains title to such Parcel pursuant to the remedies provided in a first Mortgage or by foreclosure of such first Mortgage shall take title to such Parcel free and clear of any claims for unpaid assessments or charges against such Parcel which accrued prior to the time such Owner acquires title to such Parcel in accordance with Section 5.10 above. 10.1.1.4 All Mortgagees, insurers and guarantors of first Mortgages, upon written request to the Association may: examine current copies of the Association’s books, records and financial statements and the Restrictions during normal business hours; receive written notice Tenant has been notified of all meetings of Owners; receive all financial statements issued by the Association to its Members; and designate in writing (by way a representative authorized to attend all meetings of Notice Owners. 10.1.1.5 All Mortgagees, insurers and guarantors of Assignment of Rents and Leasesfirst Mortgages, or otherwise) of addresses of such mortgagees and trustees. Notice upon written request, shall be provided to the mortgagees and trustees by registered mail. Tenant further agrees that if Landlord shall have failed to cure such default within the cure period provided in this Lease, if any, then the mortgagees and/or trustees shall have an additional given thirty (30) days within days’ written notice prior to the effective date of any proposed material amendment to the Restrictions. 10.1.1.6 The Mortgagees of all first Mortgages encumbering a Parcel in the Property who have requested the Association to notify them of proposed action requiring the consent of first Mortgagees must approve any amendment to this Declaration (pursuant to Article XI) which is of a material nature, as follows: Any amendment which affects or purports to cure affect the validity or priority of Mortgages or the rights or protection granted to Mortgagees, insurers or guarantors of first Mortgages as provided in Articles IX and X hereof. Any amendment which would require a Mortgagee after it has acquired a Parcel through foreclosure to pay more than its proportionate share of any unpaid assessment or assessments accruing before such defaultforeclosure. Any amendment which would or could result in a Mortgage being cancelled by forfeiture, or in a Parcel not being separately assessed for tax purposes. Any amendment relating to the insurance provisions in Article IX hereof. Any amendment which would or could result in partition or subdivision of a Parcel in any manner inconsistent with this Declaration. Any amendment which would subject any Owner to a right of first refusal or other such restriction, if such default canParcel is proposed to be transferred. No Mortgagee may unreasonably refuse to approve an amendment to the Declaration which does not be cured within that time, then such additional time as may be necessary if within such thirty (30) days any mortgagee and/or trustee has commenced and is diligently pursuing adversely affect its rights or impair the remedies necessary to cure such default (including but not limited to commencement value of foreclosure proceedings if necessary to effect such cure), in which event this Lease shall not be terminated while such remedies are being diligently pursuedits security.".