Common use of Priority of Leasehold Mortgages Clause in Contracts

Priority of Leasehold Mortgages. If there is more than one Leasehold Mortgage, then whenever the Lease Agreement provides the holder of a Leasehold Mortgage with the right to consent or approve or exercise any right granted in the Lease Agreement, the exercise or waiver of same by the first priority Leasehold Mortgagee (the “First Leasehold Mortgagee”) shall control and be binding upon the holder(s) of all junior Leasehold Mortgages.

Priority of Leasehold Mortgages. If there is more than one Leasehold Mortgage, then whenever the this Ground Lease Agreement provides the holder of a Leasehold Mortgage with the right to consent or approve or exercise any right granted in the Lease Agreementthis Ground Lease, the exercise or waiver of same such right by the first priority First Leasehold Mortgagee (the “First Leasehold Mortgagee”) shall will control and be binding upon the holder(s) holder of all each junior Leasehold MortgagesMortgage.

Priority of Leasehold Mortgages. If there is more than one Leasehold Mortgage, then whenever the Lease this Agreement provides the holder of a Leasehold Mortgage with the right to consent or approve or exercise any right granted in the Lease this Agreement, the exercise or waiver of same by the first priority First Leasehold Mortgagee (the “First Leasehold Mortgagee”) shall control and be binding upon the holder(s) of all junior Leasehold Mortgages.