Common use of Obligations of a Mortgagee in Possession Clause in Contracts

Obligations of a Mortgagee in Possession. If the mortgagee takes possession of the Leased Premises, or acquires the Sublessee’s equity of redemption, or a receiver or receiver- manager is appointed by or at the request of the mortgagee, then the mortgagee will, or will cause the receiver or receiver-manager to, perform and observe all of the Sublessee’s covenants and agreements under this Sublease until either the mortgagee ceases to be a mortgagee in possession, the receiver or receiver-manager ceases to be in possession or this Sublease is duly assigned or transferred to an assignee or transferee with the consent of the Minister and the assignee or transferee covenants and agrees to assume, abide by and perform the covenants, agreements, obligations and liabilities of the Sublessee under this Sublease.

Obligations of a Mortgagee in Possession. If the mortgagee takes possession of the Leased Premises, or acquires the Sublessee’s equity of redemption, or a receiver or receiver- receiver-manager is appointed by or at the request of the mortgagee, then the mortgagee will, or will cause the receiver or receiver-manager to, perform and observe all of the Sublessee’s covenants and agreements under this Sublease until either the mortgagee ceases to be a mortgagee in possession, the receiver or receiver-manager ceases to be in possession or this Sublease is duly assigned or transferred to an assignee or transferee with the consent of the Minister and the assignee or transferee covenants and agrees to assume, abide by and perform the covenants, agreements, obligations and liabilities of the Sublessee under this Sublease.

Obligations of a Mortgagee in Possession. If the mortgagee takes possession of the Leased Premises, or acquires the Sublessee’s equity of redemption, or a receiver or receiver- manager is appointed by or at the request of the mortgagee, then the mortgagee will, or will cause the receiver or receiver-manager to, perform and observe all of the Sublessee’s covenants and agreements under this Sublease until either the mortgagee ceases to be a mortgagee in possession, the receiver or receiver-manager ceases to be in possession or this Sublease is duly assigned or transferred to an assignee or transferee with the consent of the Minister and the assignee or transferee covenants and agrees to assume, abide by and perform the covenants, agreements, obligations and liabilities of the Sublessee under this Sublease.