Permitted Mortgages. No violation or breach of the covenants, conditions, restrictions, provisions or limitations contained in this Agreement shall defeat or render invalid or in any way impair the lien or charge of any mortgage permitted by the DDA.
Permitted Mortgages. With respect to any Permitted Mortgage made in accordance with the provisions of Section 15, the following provisions shall apply:
Permitted Mortgages. Owner shall not grant any mortgage, ------------------- deed of trust or trust deed, pledge or encumbrance of or other security interest in the Hotel or any part thereof or interest therein (a "Mortgage") unless and until the Acquisition Loan is paid in full, and thereafter, only to a Permitted Mortgage (as hereinafter defined). As used herein, the holders of, or trustee under, any such Mortgage, and the holder of any indebtedness secured thereby herein collectively referred to as the "Mortgagee". As used herein, a "Permitted Mortgage" shall mean any Mortgage which (as such Mortgage is amortized pursuant to its existing terms) or any future Mortgage which shall hereafter be approved in advance and in writing by Manager, such approval of Manager not to be unreasonably withheld; provided, among other things, that the: (i) principal amount of the indebtedness secured by such future Mortgage as it relates to the Hotel when aggregated with all other remaining indebtedness secured by liens against the Hotel is not in excess of the greater of (A) 75% of the then appraised value of the Hotel as determined by Mortgagee in connection with its underwriting of the loan secured by such future Mortgage, or (B) the principal amount of the indebtedness secured by any current Mortgage; (ii) a copy of the Mortgage and other loan documents shall be delivered to Manager upon execution thereof; (iii) the related financing is obtained from an Institutional Lender (as hereinafter defined) which is not an Affiliate of Owner; and (iv) Mortgagee enters into a Subordination, Attornment and Non-Disturbance Agreement with Manager in a form and substance reasonably acceptable to Manager. The foregoing shall be applicable both to original financing and to any refinancing,
Permitted Mortgages. The rights and provisions set forth in this Exhibit shall be understood to be provisions of Section 8.2
Permitted Mortgages. Except as expressly permitted under this Article, Lessor shall not suffer or permit its interest in the Demised Premises to be subject to any mortgage or other lien. The mortgages expressly permitted under this Article are called "Permitted Mortgages".
Permitted Mortgages. The existing, prior first in priority mortgages affecting portions of the Properties which have been approved by the Agent and which are more particularly described on Schedule 1.9, and those first in priority mortgages permitted to be entered into by a Property Owner pursuant to Section 11.9 and to secure Construction Loans in 18 28 accordance with Section 11.25. Person. Any individual, corporation, limited liability company, association, partnership, trust, unincorporated association, business, or other legal entity, and any government or any Governmental Authority or political subdivision thereof.
Permitted Mortgages. Tenant may grant a Permitted Mortgage during the Term to a Permitted Mortgagee to finance and refinance the acquisition, development and construction of the Improvements or other Substantial Alterations, subject to the following:
Permitted Mortgages. The rights and provisions set forth in this Exhibit shall be understood to be provisions of Section
Permitted Mortgages. The proceeds of any mortgage encumbering the Project Parcel and given to a Secured Lender shall be used only to finance or refinance the Developer's costs of acquiring, constructing and developing the Project Parcel, or any Phase of it, or any Improvements thereon, pursuant to this Agreement and for no other purpose.
Permitted Mortgages. Any mortgage made pursuant to this Section18 is referred to as a "Permitted Leasehold Mortgage," and the holder of, or secured party under, a Permitted Leasehold Mortgage is referred to as a "Permitted Leasehold Mortgagee." The Permitted Leasehold Mortgage that is prior in lien or interest among those in effect is referred to as the "First Leasehold Mortgage," and the holder of or secured party under the First Leasehold Mortgage is referred to as the "First Leasehold Mortgagee." If a First Leasehold Mortgage and a Permitted Leasehold Mortgage that is second in priority in lien or interest among those in effect are both held by the same Permitted Leasehold Mortgagee, the two Permitted Leasehold Mortgages are collectively referred to as the "First Leasehold Mortgage." A "Permitted Leasehold Mortgage" includes, without limitation, mortgages and trust deeds as well as financing statements, security agreements, sale-leaseback instrumentation, and other documentation that the lender may require. The term “Lending Institution,” as used in this Ground Lease, means any commercial, national, or savings bank, savings and loan association, trust company, pension trust, foundation, or insurance company, and any other entity, person, corporation, partnership, governmental body or otherwise making a loan on the security of Lessee's interest in this Ground Lease or all or any part of the Improvements, including an entity affiliated with Lessee. Any Permitted Leasehold Mortgagee or designee thereof that acquires title to the leasehold estate or any part thereof, any person that acquires title to the leasehold estate through any judicial or nonjudicial foreclosure sale, deed or assignment in lieu thereof, or any sale or transfer made under any order of any court to satisfy wholly or in part obligations secured by any Leasehold Mortgage, and the successors and assigns of any such Permitted Leasehold Mortgagee, is referred to as a “Transferee”. For the avoidance of doubt, Xxxxx Fargo Bank, National Association is a "Lending Institution" and a "Permitted Leasehold Mortgagee" hereunder. That certain leasehold deed of trust executed by Xxxxxx in favor of Xxxxx Fargo Bank, National Association on or about the date hereof (the "Xxxxx Fargo Mortgage") is a "Permitted Leasehold Mortgage" hereunder, and so long as the loan secured by such mortgage remains outstanding, such mortgage is also a "First Leasehold Mortgage" and such lender is a "First Leasehold Mortgagee," as such terms ar...
