New Leases. Notwithstanding any other provisions of this Article I, Mortgagor may not, except as otherwise provided in the Comfort Letter of even date herewith from Mortgagee to Fee Owner, enter into any lease or rental contract of the Premises, or any part thereof, except on the following conditions: (a) each such lease or contract shall contain a provision that the rights of such lessee or tenant thereunder are expressly subordinate to all of the rights and title of Mortgagee under this Mortgage; (b) any such lease or contract shall contain an express provision whereby the lessee or tenant thereunder expressly recognizes and agrees that, notwithstanding such subordination, Mortgagee, its successors or assigns, or other holder of this Mortgage and the Note, may sell the Mortgaged Property, or any part thereof, in the manner provided in Part IV of Section 2.01 hereof, and thereby, at the option of Mortgagee, its successors or assigns or other holder of this Mortgage and the Note, sell the same subject to the lease or tenant contract of such lessee or tenant; and (c) at or prior to the time of execution of any such lease or contract by any such lessee or tenant, Mortgagor shall, as a condition to such execution, procure from such lessee or tenant an agreement in favor of Mortgagee, or other holder of this Mortgage and the Note, in form and substance satisfactory to Mortgagee or such holder, whereunder such lessee or tenant agrees to be bound by the provisions of Part IV of Section 2.01 hereof regarding the manner in which Mortgagee or such holder may exercise its power of sale under said Part IV.
Appears in 4 contracts
Samples: Fee and Leasehold Deed to Secure Debt, Assignment of Leases and Rents and Security Agreement (Apple Suites Inc), Fee and Leasehold Deed to Secure Debt, Assignment of Leases and Rents and Security Agreement (Apple Suites Inc), Fee and Leasehold Deed to Secure Debt, Assignment of Leases and Rents and Security Agreement (Apple Suites Inc)
