Common use of Multiple Leasehold Mortgages Clause in Contracts

Multiple Leasehold Mortgages. If more than one Leasehold Mortgagee shall make a written request upon County for a New Lease in accordance with the provisions of Section 17.7, then such New Lease shall be entered into pursuant to the request of the Leasehold Mortgagee holding the Leasehold Mortgage that is junior in priority to all other requesting Leasehold Mortgagees, provided that: (a) any junior Leasehold Mortgagee whose Leasehold Mortgage was made in violation of any restrictions on junior encumbrances included in any bona fide senior Leasehold Mortgage made in good faith and for value shall be disregarded for purposes of Sections 17.7 and 17.8 and shall have no rights under this Lease; (b) all Leasehold Mortgagees that are senior in priority shall have been paid all amounts then due and owing under such Leasehold Mortgagees, plus all expenses, including attorneys’ fees, incurred by such senior Leasehold Mortgagees in connection with any default by Tenant under this Lease and in connection with the New Lease; (c) the new Tenant will assume, in writing, all of the obligations of the mortgagor(s) under all senior Leasehold Mortgages, subject to any nonrecourse or other exculpatory provisions (if any) therein contained;‌

Multiple Leasehold Mortgages. If more than one Leasehold Mortgagee shall make a written request upon County District for a New Lease in accordance with the provisions of Section 17.716.7, then such New Lease shall be entered into pursuant to the request of the Leasehold Mortgagee holding the Leasehold Mortgage that is junior in priority to all other requesting Leasehold Mortgagees, provided that: (a) any junior Leasehold Mortgagee whose Leasehold Mortgage was made in violation of any restrictions on junior encumbrances included in any bona fide senior Leasehold Mortgage Mortgagee made in good faith and for value shall be disregarded for purposes of Sections 17.7 16.7 and 17.8 16.8 and shall have no rights under this Lease; (b) all Leasehold Mortgagees that are senior in priority shall have been paid all amounts then due and owing under such Leasehold Mortgagees, plus all expenses, including attorneys’ fees, incurred by such senior Leasehold Mortgagees in connection with any default by Tenant under this Lease and in connection with the New Lease; (c) the new Tenant will assume, in writing, all of the obligations of the mortgagor(s) under all senior Leasehold Mortgages, subject to any nonrecourse or other exculpatory provisions (if any) therein contained;‌contained;

Multiple Leasehold Mortgages. If more than one Leasehold Mortgagee shall make a written request upon County Landlord for a New Lease new lease in accordance with the provisions of Section 17.712.9(g) above, then such New Lease new lease shall be entered into pursuant to the request of the Leasehold Mortgagee holding the Leasehold Mortgage that is junior in priority to all other requesting Leasehold Mortgagees, provided that: (a) any junior Leasehold Mortgagee or its designee whose Leasehold Mortgage was made in violation of any restrictions on junior encumbrances included in any bona fide senior Leasehold Mortgage made in good faith and for value shall be disregarded for purposes of Sections 17.7 and 17.8 and shall have no rights under this Lease; junior in lien provided: (bi) all Leasehold Mortgagees that are senior in priority lien shall have been paid all amounts installments of interest and amortization of principal then due and owing under to such Leasehold Mortgagees, Mortgagees plus all expenses, including reasonable attorneys’ fees, incurred by such senior Leasehold Mortgagees in connection with any default by Tenant under the termination of this Lease and in connection with the New Leaseexecution and delivery of such new lease; (cii) the new Tenant will assume, in writing, all of the covenants, agreements and obligations on the part of such mortgagor(s), subject nevertheless to the terms and conditions of such senior Leasehold Mortgages (which may contain exculpatory provisions which shall inure to the benefit of such new Tenant); (iii) such new lease shall contain all of the mortgagor(ssame provisions and rights in favor of and for the benefit of Leasehold mortgagees thereof, as are contained in this Lease, including, but not limited to, the right to obtain a new lease in the event of the termination of said lease, and the right to receive notices of default, and to cure the same, in the same manner as provided in this Lease; and (iv) the senior Leasehold Mortgagees (at no expense to such senior Leasehold Mortgagees or to Landlord) shall have received from the respective title insurance companies insuring the respective senior Leasehold Mortgages and any assignment of rents and other security instruments executed in connection therewith will continue, with respect to such new lease, in the same manner and order of priority of lien as was in existence with respect to this Lease; and thereupon the leasehold estate of the new Tenant created by such new lease shall be subject to the lien of the senior leasehold Mortgages in the same manner and order of priority of lien as was in existence with respect to this Lease. In the event not all of the foregoing provisions shall have been satisfied by or with respect to any such junior Leasehold Mortgagee, the Leasehold Mortgagee immediately senior in lien to such junior Leasehold Mortgagee shall have paramount rights to the benefits set forth in Section 12.9(b) above, subject nevertheless to the provisions hereof respecting the senior Leasehold Mortgagees, if any. In the event of any dispute as to the respective senior and junior priorities of any such Leasehold Mortgages, the certification of such priorities by a title company doing business in the State of Idaho shall be conclusively binding on all parties concerned. Should there be a dispute among Leasehold Mortgagees as to compliance with the foregoing provisions, Landlord may rely on the affidavit of the most senior Leasehold Mortgagees as to compliance by any junior Leasehold Mortgagee. Landlord’s obligation to enter into a new lease with any junior Leasehold Mortgagee shall be subject to the receipt by Landlord of evidence reasonably satisfactory to it that the conditions of this Section 12.9(h) have been satisfied with respect to each such senior Leasehold Mortgagee. The right of a senior Leasehold Mortgagee under all Section 12.9(g), above, to request a new lease may, notwithstanding any limitation of time set forth above in this Section 12.9(h) be exercised by the senior leasehold Mortgagee within twenty (20) days following the failure of a junior Leasehold Mortgagee to have exercised such right, but no more than sixty (60) days after giving of notice by Landlord of termination of this Lease as set forth in Section 12.9(f), above. Except as provided in Section 12.9(f), above, if a junior Leasehold Mortgagee shall fail or refuse to exercise the rights set forth in this Section 12.9(h), said senior Leasehold Mortgages, in the inverse order of the seniority of their respective liens, shall have the right to exercise such rights subject to any nonrecourse or other exculpatory the provisions (if any) therein contained;‌of this Lease.

Multiple Leasehold Mortgages. If more than one Leasehold Mortgagee shall make a written request upon County for a New Lease in accordance with the provisions of Section 17.718.7, then such New Lease shall be entered into pursuant to the request of the Leasehold Mortgagee holding the Leasehold Mortgage that is junior in priority to all other requesting Leasehold Mortgagees, provided that: (a) any junior Leasehold Mortgagee whose Leasehold Mortgage was made in violation of any restrictions on junior encumbrances included in any bona fide senior Leasehold Mortgage Mortgagee made in good faith and for value shall be disregarded for purposes of Sections 17.7 and 17.8 18.7 18.8 and shall have no rights under this Lease; (b) all Leasehold Mortgagees that are senior in priority shall have been paid all amounts then due and owing under such Leasehold Mortgagees, plus all expenses, including attorneys’ fees, incurred by such senior Leasehold Mortgagees in connection with any default by Tenant under this Lease and in connection with the New Lease; (c) the new Tenant will assume, in writing, all of the obligations of the mortgagor(s) under all senior Leasehold Mortgages, subject to any nonrecourse or other exculpatory provisions (if any) therein contained;‌;

Multiple Leasehold Mortgages. If more than one Leasehold Mortgagee shall make a written request upon County for a New Lease in accordance with the provisions of Section 17.7, then such New Lease shall be entered into pursuant to the request of the Leasehold Mortgagee holding the Leasehold Mortgage that is junior in priority to all other requesting Leasehold Mortgagees, provided that: (a) any junior Leasehold Mortgagee whose Leasehold Mortgage was made in violation of any restrictions on junior encumbrances included in any bona fide senior Leasehold Mortgage made in good faith and for value shall be disregarded for purposes of Sections 17.7 and 17.8 and shall have no rights under this Lease; (b) all Leasehold Mortgagees that are senior in priority shall have been paid all amounts then due and owing under such Leasehold Mortgagees, plus all expenses, including attorneys’ fees, incurred by such senior Leasehold Mortgagees in connection with any default by Tenant under this Lease and in connection with the New Lease; (c) the new Tenant will assume, in writing, all of the obligations of the mortgagor(s) under all senior Leasehold Mortgages, subject to any nonrecourse or other exculpatory provisions (if any) therein contained;‌contained;