Common use of Mortgagee’s Rights Clause in Contracts

Mortgagee’s Rights. If the holder of any indebtedness secured by a mortgage covering the Building requires that the condemnation proceeds be applied to such indebtedness, then Landlord shall have the right to terminate this Lease by written notice of termination delivered to Tenant within thirty (30) days after such requirement has been made in writing upon Landlord. In such case, this Lease shall terminate as of the date specified in Landlord’s notice to Tenant.

Mortgagee’s Rights. If the holder of any indebtedness secured by a mortgage covering the Building Premises requires that the condemnation proceeds be applied to such indebtedness, then Landlord shall have the right to terminate this Lease by written notice of termination delivered to Tenant within thirty (30) days after such requirement has been made in writing upon Landlord. In such case, this Lease shall terminate as of the date specified in Landlord’s notice to Tenant.

Mortgagee’s Rights. If the holder of any indebtedness secured by a mortgage covering the Building Premises requires that the condemnation proceeds award be applied to such indebtedness, then Landlord shall have the right to terminate this Lease by written notice of termination delivered to Tenant within thirty (30) days after such requirement has been made in writing upon Landlord. In such case, this Lease shall terminate as of the date specified in Landlord’s 's notice to Tenant.

Mortgagee’s Rights. If the holder of any indebtedness secured by a mortgage covering the Building requires that the condemnation proceeds be applied to such indebtedness, then Landlord shall have the right to terminate this Lease by written notice of termination delivered to Tenant within thirty (30) days after such requirement has been made in writing upon Landlord. In such case, this Lease shall terminate as of the date specified in Landlord’s 's notice to Tenant.

Mortgagee’s Rights. If Notwithstanding anything herein to the contrary, in the event the holder of any indebtedness secured by a mortgage or deed of trust covering the Building Premises requires that the condemnation insurance proceeds be applied to such indebtedness, then Landlord shall have the right to terminate this Lease by delivering written notice of termination delivered to Tenant within thirty (30) 15 days after such requirement has been is made in writing upon Landlord. In by any such caseholder, this Lease whereupon all rights and obligations hereunder shall cease and terminate as of the date specified in Landlord’s notice to Tenantof such notice.