Common use of Non-Disturbance Agreements Clause in Contracts

Non-Disturbance Agreements. The Seller shall use its best efforts to obtain from any holder of a superior mortgage on any of the Leased Property, for the benefit of Buyer, an agreement (the "Non-Disturbance Agreements") which shall provide in substance that so long as the Lease is in effect and Buyer is not in breach or default beyond applicable grace periods thereunder: (i) Buyer shall not be joined as a party defendant in any foreclosure action or proceeding which may be instituted or taken by the holder of such superior mortgage and (ii) Buyer shall not be evicted from the Leased Property nor shall Buyer's leasehold estate under the Lease be terminated or disturbed, nor shall any of Buyer's rights under the Lease be affected by reason of any default under such superior mortgage, any disaffirmance of such superior mortgage or other termination of such superior mortgage.

Appears in 2 contracts

Samples: Asset Purchase Agreement (Ich Corp /De/), Asset Purchase Agreement (Ich Corp /De/)

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Non-Disturbance Agreements. The Seller Sellers shall each use its best their respective commercially reasonable efforts to obtain for the benefit of Buyer from any holder of a superior mortgage on any of the Leased Property, for the benefit of Buyer, an agreement (the "Non-Disturbance Agreements") which shall provide in substance that so as long as the Lease is in effect and Buyer is not in breach or default beyond applicable grace periods thereunder: (i) Buyer shall not be joined as a party defendant in any foreclosure action or proceeding which may be instituted or taken by the holder of such superior mortgage mortgage, and (ii) Buyer shall not be evicted from the Leased Property nor shall Buyer's leasehold estate under the Lease be terminated or disturbed, nor shall any of Buyer's rights under the Lease be affected affected, by reason of any default under such superior mortgage, mortgage or any disaffirmance of such superior mortgage or other termination of such superior mortgagemortgage (the "Non-Disturbance Agreements").

Appears in 1 contract

Samples: Asset Purchase Agreement (Ich Corp /De/)

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Non-Disturbance Agreements. The Each Seller shall use its best efforts to obtain from any holder of a superior mortgage on any of the Leased Property, for the benefit of Buyer, an agreement (the "Non-Disturbance Agreements") which shall provide in substance that so long as the Lease is in effect and Buyer is not in breach or default beyond applicable grace periods thereunder: (i) Buyer shall not be joined as a party defendant in any foreclosure action or proceeding which may be instituted or taken by the holder of such superior mortgage and (ii) Buyer shall not be evicted from the Leased Property nor shall Buyer's leasehold estate under the Lease be terminated or disturbed, nor shall any of Buyer's rights under the Lease be affected by reason of any default under such superior mortgage, any disaffirmance of such superior mortgage or other termination of such superior mortgage.

Appears in 1 contract

Samples: Asset Purchase Agreement (Ich Corp /De/)

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