Common use of Permitted Institutional Mortgages not Assignment Clause in Contracts

Permitted Institutional Mortgages not Assignment. For the purpose of this Article 14, the making of a Permitted Institutional Mortgage shall not be deemed to constitute an assignment or transfer of this Lease, nor shall any Permitted Institutional Mortgagee, as such, be deemed an assignee or transferee of this Lease or of the leasehold estate hereby created so as to require such Permitted Institutional Mortgagee to assume the performance of any of the terms, covenants or conditions on the part of Tenant to be performed hereunder; but the purchaser at any sale of the leasehold interest created by this Lease in any proceedings for the foreclosure of any Permitted Institutional Mortgage, or the assignee or transferee of such leasehold interest under any instrument of assignment or transfer in lieu of the foreclosure of any Permitted Institutional Mortgage, shall be deemed to be an assignee or transferee (without requiring the consent of Landlord pursuant to Section 14.1) and shall be deemed to have assumed the performance of all of the terms, covenants and conditions on the part of Tenant to be performed hereunder from and after the date of such purchase and assignment, and shall execute a written instrument assuming Tenant’s obligations hereunder promptly upon request by Landlord. Landlord and Tenant hereby agree that there shall be no modification of this Lease that would materially and adversely affect any senior Permitted Institutional Mortgagee’s or any Investor’s rights hereunder without the prior consent in writing of such senior Permitted Institutional Mortgagee or Investor, as applicable.

Permitted Institutional Mortgages not Assignment. For the purpose of this Article 14Section 13, the making of a Permitted Institutional Mortgage shall not be deemed to constitute an assignment or transfer of this Lease, nor shall any Permitted Institutional Mortgagee, as such, be deemed an assignee or transferee of this Lease or of the leasehold estate hereby created so as to require such Permitted Institutional Mortgagee Mortgagee, as such, to assume the performance of any of the terms, covenants or conditions on the part of Tenant to be performed hereunder; but the purchaser at any sale of the leasehold interest created by this Lease in any proceedings for the foreclosure of any Permitted Institutional Mortgage, or the assignee or transferee of such leasehold interest under any instrument of assignment or transfer in lieu of the foreclosure of any Permitted Institutional Mortgage, shall be deemed to be an assignee or transferee (without requiring the consent of the Landlord pursuant to Section 14.113.1) and shall be deemed to have assumed the performance of all of the terms, covenants and conditions on the part of Tenant to be performed hereunder from and after the date of such purchase and assignment, and shall execute a written instrument assuming Tenant’s obligations hereunder promptly upon request by the Landlord. Landlord and Tenant hereby agree that there shall be no modification of this Lease that would materially and adversely affect any senior Permitted Institutional Mortgagee’s or any Investor’s rights hereunder without the prior consent in writing of such senior Permitted Institutional Mortgagee or Investor, as applicable.

Permitted Institutional Mortgages not Assignment. For the purpose of this Article 14Section 11, the making of a Permitted Institutional Mortgage shall not be deemed to constitute an assignment or transfer of this Ground Lease, nor shall any Permitted Institutional Mortgagee, as such, be deemed an assignee or transferee of this Ground Lease or of the leasehold estate hereby created so as to require such Permitted Institutional Mortgagee Mortgagee, as such, to assume the performance of any of the terms, covenants or conditions on the part of Tenant to be performed hereunder; but the purchaser at any sale of the leasehold interest created by this Ground Lease in any proceedings for the foreclosure of any Permitted Institutional Mortgage, or the assignee or transferee of such leasehold interest under any instrument of assignment or transfer in lieu of the foreclosure of any Permitted Institutional Mortgage, shall be deemed to be an assignee or transferee (without requiring the consent of Landlord the Town pursuant to Section 14.110.1) and shall be deemed to have assumed the performance of all of the terms, covenants and conditions on the part of Tenant to be performed hereunder from and after the date of such purchase and assignment, and shall execute a written instrument assuming TenantXxxxxx’s obligations hereunder promptly upon request by Landlord. Landlord and Tenant hereby agree that there shall be no modification of this Lease that would materially and adversely affect any senior Permitted Institutional Mortgagee’s or any Investor’s rights hereunder without the prior consent in writing of such senior Permitted Institutional Mortgagee or Investor, as applicableTown.