Common use of New Lease with Mortgagee Clause in Contracts

New Lease with Mortgagee. In the event of the termination of this Lease prior to its stated expiration date, Landlord agrees that it will give all Permitted Mortgagees notice of such termination and will enter into a new lease of the Premises with such Permitted Mortgagee or, at the request of such Permitted Mortgagee, with its assignee, designee or nominee for the remainder of the term effective as of the date of such termination, upon the same terms as contained in this Lease except for requirements which are no longer applicable or have already been performed, provided (i) such Permitted Mortgagee makes written request upon Landlord for such new lease within thirty (30) days after the giving of such notice of termination and such written request is accompanied by payment to Landlord of all amounts then due to landlord of which Landlord shall have given the Permitted Mortgagee notice, (ii) such Permitted Mortgagee pays or causes to be paid to Landlord at the time of the execution and delivery of such new lease any and all additional sums which would at the time of the execution and delivery thereof be due under this Lease but for such termination, and (iii) such Permitted Mortgagee pays or causes to be paid any and all expenses including reasonable counsel fees incurred by Landlord in connection with any such termination and in connection with the execution and delivery of such new lease, less the net income from the Premises collected by Landlord subsequent to the Termination Date and prior to the execution and delivery of such new lease. If Landlord receives more than one written request in accordance with the provisions of this Section 15.6 Landlord shall only be required to deliver the new lease to the Permitted Mortgagee whose Permitted Mortgage is prior in lien to any and all other Permitted Mortgages whose holders have made such request, and the written request, and its rights hereunder, of any Permitted Mortgagee which is subordinate in lien shall be null and void and of no force or effect. The provisions of this Section 15.6 shall survive the termination of this Lease and shall continue if full force and effect thereafter to the same extent as if this Section 15.6 were a separate and independent contract among Landlord, Tenant and Permitted Mortgagees. Landlord shall have no obligations, however, to deliver possession of the Premises as against anyone but Landlord, but shall assign to the new lease Tenant all subleases remaining in the Building which have not been terminated by Landlord or otherwise.

New Lease with Mortgagee. In the event of the termination of this Lease prior to its stated expiration date, Landlord agrees that it will give all the holder of the First Permitted Mortgagees Mortgage of Record notice of such termination and will enter into a new lease of the Premises with such Permitted Mortgagee or, at the request of such Permitted Mortgagee, with its assignee, designee or nominee for the remainder of the term Lease Term, effective as of the date of such termination, upon all of the same terms covenants, agreements, terms, provisions and limitations as contained in this Lease except for requirements which are no longer applicable or have already been performedherein contained, provided if and only if (i) such Permitted Mortgagee makes written request upon Landlord for such new lease within thirty sixty (3060) days after the giving of such Landlord gives notice of termination that this Lease has been terminated, and such written request is accompanied by payment to Landlord of all amounts then due to landlord of which Landlord shall have given the Permitted Mortgagee notice, (ii) such Permitted Mortgagee pays or causes to be paid to Landlord at the time of the execution and delivery of such new lease any and all additional sums Minimum Rent and Impositions which would at the time of the execution and delivery thereof be due under this Lease but for such termination, termination and (iii) such Permitted Mortgagee pays or causes to be paid any and all expenses expenses, including reasonable counsel fees attorneys' fees, court costs, and costs and disbursements incurred by Landlord in connection with any such termination and in connection with the execution and delivery of such new lease, less the net income from the Premises collected by Landlord subsequent to the Termination Date date of the termination of this Lease and prior to the execution and delivery of such new lease. If Landlord receives more than one written request in accordance with the provisions of this Section 15.6 Landlord shall only be required to deliver the new lease to the Permitted Mortgagee whose Permitted Mortgage is prior in lien to any and all other Permitted Mortgages whose holders have made such request, and the written request, and its rights hereunder, of any Permitted Mortgagee which is subordinate in lien shall be null and void and of no force or effect. The provisions of this Section 15.6 shall survive the 40 termination of this Lease and shall continue if in full force and effect thereafter to the same extent as if this Section 15.6 were a separate and independent contract among Landlord, Tenant between Landlord and Permitted Mortgagees. Landlord shall have no obligations, however, to deliver possession the holder of the Premises as against anyone but Landlord, but shall assign to the new lease Tenant all subleases remaining in the Building which have not been terminated by Landlord or otherwiseFirst Permitted Mortgage of Record.