Common use of No Merger of Fee and Leasehold Estates Clause in Contracts

No Merger of Fee and Leasehold Estates. So long as any portion of the Obligations shall remain unpaid, and unless the Beneficiary shall otherwise consent, the fee title to the Premises and the Improvements and the leasehold estate therein created pursuant to the provisions of the Subject Lease shall not merge, but shall always be kept separate and distinct, notwithstanding the union of such estates in the Grantor or in any other person, by purchase, operation of law or otherwise. If the Beneficiary shall acquire the fee title to the Premises and the Improvements and the leasehold estate therein created pursuant to the provisions of the Subject Lease, by foreclosure of this Deed of Trust or otherwise, such estates shall not merge as a result of such acquisition and shall remain separate and distinct for all purposes after such acquisition unless and until the Beneficiary shall elect to merge such estates.

No Merger of Fee and Leasehold Estates. So long as any portion of the Obligations shall remain unpaidobligations and indebtedness secured hereby remains unpaid or has not been performed, and unless the Beneficiary Mortgagee shall otherwise consent, the fee title to the Premises and the Improvements and the leasehold estate therein created pursuant to the provisions of the Subject Lease shall not merge, merge but shall always be kept separate and distinct, notwithstanding the union of such estates in the Grantor Mortgagor, or in any other person, person by purchase, operation of law or otherwise. If the Beneficiary Mortgagee shall acquire the fee title to the Premises and the Improvements and the leasehold estate therein created pursuant to the provisions of the Subject Lease, by foreclosure of this Deed of Trust Mortgage or otherwise, such estates shall not merge as a result of such acquisition and shall remain separate and distinct for all purposes after such acquisition unless and until the Beneficiary Mortgagee shall elect to merge such estates.

No Merger of Fee and Leasehold Estates. So long as any portion of the Obligations Debt shall remain unpaid, and unless the Beneficiary Mortgagee shall otherwise consent, the fee title to the Premises and the Improvements and the leasehold estate therein created pursuant to the provisions of the Subject Mortgaged Lease shall not merge, but shall always be kept separate and distinct, notwithstanding the union of such estates in the Grantor Mortgagor or in any other person, by purchase, operation of law or otherwise. If the Beneficiary Mortgagee shall acquire the fee title to the Premises and the Improvements and the leasehold estate therein created pursuant to the provisions of the Subject Mortgaged Lease, by foreclosure of this Deed of Trust Mortgage or otherwise, such estates shall not merge as a result of such acquisition and shall remain separate and distinct for all purposes after such acquisition unless and until the Beneficiary Mortgagee shall elect to merge such estates.