No Merger or Termination. If both the lessor’s and Lessee’s estates under any Lease or any portion thereof which constitutes a part of the Secured Property shall at any time become vested in one owner, this Mortgage and the lien created hereby shall not be destroyed or terminated by the application of the doctrine of merger and in such event, Mortgagee shall continue to have and enjoy all of its rights and privileges as to the separate estates. In addition, the foreclosure of this Mortgage shall not destroy or terminate any Lease or sublease then existing and created by Mortgagor, whether by application of the law of merger or as a matter of law or otherwise, unless Mortgagee or any purchaser at any sale related to such foreclosure shall so elect. No act by or on behalf of Mortgagee or any such purchaser shall constitute a termination of any Lease or sublease, unless Mortgagee or such purchaser shall give written notice thereof to the related Lessee or sublessee.
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Samples: , Security Agreement and Fixture Filing (Dividend Capital Diversified Property Fund Inc.), Rents and Security Agreement (Industrial Income Trust Inc.), Security Agreement and Fixture Filing (Dividend Capital Total Realty Trust Inc.)
No Merger or Termination. If both the lessor’s and Lessee’s estates under any Lease or any portion thereof which constitutes a part of the Secured Property shall at any time become vested in one owner, this Mortgage Security Deed and the lien created hereby shall not be destroyed or terminated by the application of the doctrine of merger and in such event, Mortgagee Lender shall continue to have and enjoy all of its rights and privileges as to the separate estates. In addition, the foreclosure of this Mortgage Security Deed shall not destroy or terminate any Lease or sublease then existing and created by MortgagorBorrower, whether by application of the law of merger or as a matter of law or otherwise, unless Mortgagee Lender or any purchaser at any sale related to such foreclosure shall so elect. No act by or on behalf of Mortgagee Lender or any such purchaser shall constitute a termination of any Lease or sublease, unless Mortgagee Lender or such purchaser shall give written notice thereof to the related Lessee or sublessee.
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