Common use of Option to Renew or Extend the Ground Lease Clause in Contracts

Option to Renew or Extend the Ground Lease. Mezzanine Borrower shall cause Mortgage Borrower to give Mezzanine Lender written notice of its intention to exercise each and every option, if any, to renew or extend the term of any of the Ground Leases, at least thirty (30) days prior to the expiration of the time to exercise such option under the terms thereof. If required by Mezzanine Lender, Mezzanine Borrower shall cause Mortgage Borrower to duly exercise any renewal or extension option with respect to any of the Ground Leases if Mezzanine Lender reasonably determines that the exercise of such option is necessary to protect Mezzanine Lender’s security for the Loan. If Mezzanine Borrower intends to cause Mortgage Borrower to renew or extend the term of any of the Ground Leases, it shall deliver to cause to be delivered to Mezzanine Lender, with the notice of such decision, a copy of the notice of renewal or extension delivered to the applicable Fee Owner, together with the terms and conditions of such renewal or extension. If Mezzanine Borrower does not cause Mortgage Borrower to renew or extend the term of a Ground Lease, Mezzanine Lender may, at its option if Mezzanine Lender reasonably determines that the exercise of such option is necessary to protect Mezzanine Lender’s security for the Loan, exercise the option to renew or extend in the name of and on behalf of Mortgage Borrower. Mezzanine Borrower, on behalf of Mortgage Borrower, hereby irrevocably appoints Mezzanine Lender as its attorney-in-fact, coupled with an interest, to execute and deliver, for and in the name of Mortgage Borrower, all instruments and agreements necessary under the Ground Leases or otherwise to cause any renewal or extension of the Ground Leases in accordance with this Section 13.3.