Common use of Prior Notice Required; Limited Purpose Clause in Contracts

Prior Notice Required; Limited Purpose. Upon prior notice to the Port, Tenant shall have the right to mortgage its leasehold interest under this Agreement subject to the limitations set forth in this Article. Any such mortgage (“Leasehold Mortgage”) shall be for a term not to exceed the Term of this Agreement plus any Extension Option that has been exercised, and shall be subject and subordinate to the rights of the Port.

Prior Notice Required; Limited Purpose. Upon prior notice to the Port, Tenant shall have the right to grant a mortgage lien encumbering its leasehold interest under this Agreement Agreement, subject to the limitations set forth in this Article. Any such mortgage (“Leasehold Mortgage”) shall be for a term not to exceed the Term of this Agreement plus any Extension Option that has been exercised, exercised and shall be subject and subordinate to the rights of the Port, subject to the Leasehold Mortgagee provisions set forth in this Article 20.

Prior Notice Required; Limited Purpose. Upon prior notice to the Port, Tenant shall have the right to mortgage its leasehold interest under this Agreement subject to the limitations set forth in this Article. Any such mortgage (“Leasehold Mortgage”) shall be for a term not to exceed the Term of this Agreement plus any Extension Option options that has have been exercised, and shall be subject and subordinate to the rights of the Port.