PERMISSION TO MORTGAGE. The Lessee is permitted to mortgage the buildings/improvements and rights to possess and use the Leasehold as defined in this lease agreement. A Permitted Mortgage is from a bank or pubic lending institution subject to government regulations and direct government supervision. The Permitted Mortgage requires the permission of the Lessor as such Permitted Mortgagee may be exempted from some of the obligations of the Lessee under the terms of this lease. A private mortgage or loan holding the leasehold as collateral does not require the permission of the Lessor and such private mortgagee is obligated to all of the terms of this lease the same as the Lessee.
Appears in 9 contracts
Samples: Residential Lease Agreement, Residential Lease Agreement, Residential Lease Agreement
