Common use of PROTECTION OF MORTGAGEE Clause in Contracts

PROTECTION OF MORTGAGEE. If in connection with any mortgage by Lessor of the Demised Premises there shall be executed an assignment by Lessor of Lessor's interest in this Lease, or the rents payable hereunder, conditional in nature or otherwise, Lessee agrees: (a) that the execution thereof by Lessor and the acceptance thereof by the mortgagee or assignee (herein referred to as the "Holder"), shall never be deemed an assumption by the Holder of any of the obligations of the Lessor hereunder, unless the Holder shall, by written notice sent to Lessee, specifically otherwise elect; (b) that except as aforesaid, the Holder shall be treated as having assumed Lessor's obligations hereunder only upon foreclosure of the Holder's mortgage or assignment and the taking possession of the Demised Premises or such portion thereof as may be covered thereby; (c) that Lessee shall execute such instruments as may be reasonably required to assure the Holder that without written consent of the Holder: (i) no rent shall be prepaid hereunder other than for the current and next ensuing month or as expressly set forth in this Lease; (ii) no modification shall be made in the provisions of this Lease; and (iii) this Lease shall not be terminated except as expressly provided herein, nor shall the Lessee accept a surrender of the Lease except incident to a termination provided for herein; and (d) that Lessee shall provide to the Holder copies of all notices alleging Lessor defaults hereunder, and shall afford the Holder a reasonable time to cure any such defaults prior to exercising any rights or remedies available to Lessee.

PROTECTION OF MORTGAGEE. If in connection with any mortgage by Lessor of the Demised Premises there shall be executed an assignment by Lessor of Lessor's interest in this Lease, or the rents payable hereunder, conditional in nature or otherwise, Lessee agrees: (a) that the execution thereof by Lessor and the acceptance thereof by the mortgagee or assignee (herein referred to as the "Holder"), shall never be deemed an assumption by the Holder of any of the obligations of the Lessor hereunder, unless the Holder shall, by written notice sent to Lessee, specifically otherwise elect; (b) that except as aforesaid, the Holder shall be treated as having assumed Lessor's obligations hereunder only upon foreclosure of the Holder's mortgage or assignment and the taking possession of the Demised Premises or such portion thereof as may be covered thereby; (c) that Lessee shall execute such instruments as may be reasonably required to assure the Holder that without written consent of the Holder: (i) no rent shall be prepaid hereunder other than for the current and next ensuing month or as expressly set forth in this Lease; (ii) no modification shall be made in the provisions of this Lease; and (iii) this Lease shall not be terminated except as expressly provided herein, nor shall the Lessee accept a surrender of the Lease except incident to a termination provided for herein; and (d) that Lessee shall provide to the Holder copies of all notices alleging Lessor defaults hereunder, and shall afford the Holder a reasonable time to cure any such defaults prior to exercising any rights or remedies available to Lessee.

PROTECTION OF MORTGAGEE. If in connection with any mortgage or deed of trust by Lessor Landlord of the Demised Premises there shall be executed an assignment by Lessor Landlord of LessorLandlord's interest in this Lease, or the rents payable hereunder, conditional in nature or otherwise, Lessee Tenant agrees: (a) that the execution thereof by Lessor Landlord and the acceptance thereof by the mortgagee or assignee (herein referred to as the "Holder"), shall never be deemed an assumption by the Holder of any of the obligations of the Lessor Landlord hereunder, unless the Holder shall, by written notice sent to LesseeTenant, specifically otherwise elect; (b) that except as aforesaid, the Holder shall be treated as having assumed LessorLandlord's obligations hereunder only upon foreclosure of the Holder's mortgage or assignment and the taking possession of the Demised Premises demised premises or such portion thereof as may be covered thereby; (c) that Lessee Tenant shall execute such instruments as may be reasonably required to assure the Holder that without written consent of the Holder: (i) no rent shall be prepaid hereunder other than for the current and next ensuing month or as expressly set forth in this Lease; and (ii) no modification shall be made in the provisions of this Lease; and (iii) this Lease shall not be terminated except as expressly provided herein, nor shall the Lessee accept a surrender of the Lease except incident to a termination provided for herein; and (d) that Lessee Tenant shall provide to the Holder copies of all notices alleging Lessor Landlord defaults hereunder, and shall afford allow the Holder a reasonable time to cure any such defaults within any cure or grace period provided by this Lease prior to exercising any rights or remedies available to LesseeTenant.

PROTECTION OF MORTGAGEE. If in connection with During the existence of any mortgage above stated of this lease, Lessor will not terminate this lease because of any default by Lessor of Lessee hereunder if the Demised Premises there shall be executed an assignment by Lessor of Lessor's interest in this Leasemortgagee, or the rents payable hereunderits assigns, conditional in nature or otherwise, Lessee agrees: within one hundred and twenty (a120) that the execution thereof by days after Lessor and the acceptance thereof by has mailed to the mortgagee or assignee (herein referred its assigns, at its last known address, a duplicate written Notice of Default, mailed to the Lessee as the "Holder")required by Article XX: “Default”, shall never either cure such default, if the same can be deemed an assumption cured by the Holder payment of money or, if such is not the case, shall undertake in writing to perform all the covenants of this lease capable of performance by pursuant to such mortgage, or if the mortgage is assigned, until this lease shall have been sold by said assignee. Anything elsewhere herein contained to the contrary notwithstanding, so long as there is upon Xxxxxx’s leasehold estate a mortgage above-stated, Lessor shall not without written permission from said mortgagee and its successors or assigns, exercise Lessor’s right to terminate this lease for any cause whatsoever within a period of 120 days from the giving to said mortgagee, its successors and assigns, of said duplicate written Notice of Default by Lessee under this lease and within such period of 120 days the mortgagee, its successors or assigns, may reinstate this lease by causing all existing defaults to be cured. Lessor shall not exercise its right to terminate this lease for any reason whatsoever during the time required by the owner and holder of any authorized mortgage of the obligations of the Lessor hereunderXxxxxx’s leasehold estate to complete its remedies under such mortgage, unless the Holder shall, by written notice sent to Lessee, specifically otherwise elect; (b) that except as aforesaid, the Holder shall be treated as having assumed Lessor's obligations hereunder only upon foreclosure of the Holder's mortgage or assignment and the taking possession of the Demised Premises or such portion thereof as may be covered thereby; (c) that Lessee shall execute such instruments as may be reasonably required to assure the Holder that without written consent of the Holder: provided (i) no rent shall be prepaid hereunder other than for that such owner and holder proceeds promptly with its remedies under such mortgage and thereafter prosecutes and completes the current and next ensuing month or as expressly set forth in this Lease; (ii) no modification shall be made in the provisions of this Lease; and (iii) this Lease shall not be terminated except as expressly provided herein, nor shall the Lessee accept a surrender of the Lease except incident to a termination provided for herein; same with due diligence and (d) that Lessee shall provide to the Holder copies of all notices alleging Lessor defaults hereunder, and shall afford the Holder a reasonable time to cure any such defaults prior to exercising any rights or remedies available to Lessee.