Common use of Reconveyance Upon Termination or Expiration Clause in Contracts

Reconveyance Upon Termination or Expiration. On the last day of the term of this Lease or upon any termination of this Lease, whether under Article 15, Article 17, or otherwise, title to the Premises (including all improvements constituting a part thereof) shall automatically vest in Tenant or its successor, as the case may be, provided, however, that such automatic vesting shall not occur for any termination of this Lease if a Leasehold Mortgagee exercises its rights under Section 18.1 and enters into a new lease as described therein, or until Landlord has received notice from each Leasehold Mortgagee that the Leasehold Mortgagee elects not to demand a new lease as provided in Section 18, or until the period therefor has expired. Without limiting the generality of Section 18.1, such new lease shall include this Section 20 which will allow the title to the Premises to vest in Leasehold Mortgagee, as the new Tenant thereunder, or any successor in interest to such Leasehold Mortgagee, upon the expiration or other termination of such new lease. Such vesting of title shall be at no cost to Tenant or its successor other than as set forth in Section 20.4 below.

Reconveyance Upon Termination or Expiration. On the last day of the term of this Lease or upon any termination of this Lease, whether under Article 15, Article 17, or otherwise, title to the Premises (including all improvements constituting a part thereof) shall automatically vest in Tenant or its successorSuccessor Owners, as the case may be, provided, however, that such automatic vesting shall not occur for any termination of this Lease if (i) a Leasehold Mortgagee exercises its rights under Section 18.1 and enters into a new lease New Lease as described therein, (ii) upon the sale of a Transfer Unit, Tenant or a Successor Owner exercises its rights under Section 18.2 and enters into a New Lease with respect to the Transfer Unit, as described therein, or (iii) until Landlord has received notice from each Leasehold Mortgagee that the Leasehold Mortgagee elects not to demand a new lease New Lease as provided in Section 18, or until the period therefor has expired. Without limiting the generality of Section 18.1, such new lease New Lease with a Leasehold Mortgagee shall include this Section 20 which will allow the title to the Premises to vest in a Leasehold Mortgagee, as the new Tenant thereunder, or any successor in interest to such Leasehold Mortgagee, upon the expiration or other termination of such New Lease. Similarly, without limiting the generality of Section 18.2, a New Lease with a Successor Owner covering a Transfer Unit shall include this Section 20 which will allow title to the Transfer Unit to vest in the Successor Owner as the new leasetenant with respect to the Transfer Unit only. Such vesting of title shall be at no cost to Tenant or its successor other than as set forth in Section 20.4 below.

Reconveyance Upon Termination or Expiration. On the last day of the term of this Lease or upon any termination of this Lease, whether under Article 1514, Article 17, 16 or otherwise, title to the Premises (including all improvements constituting a part thereof) shall automatically vest in Tenant or its successor, or Tenant’s successor by foreclosure, as the case may be, provided, however, that such automatic vesting shall not occur for any termination of this Lease if a Leasehold Mortgagee exercises its rights under Section 18.1 17(a) and enters into a new lease as described therein, or until Landlord has received notice from each Leasehold Mortgagee that the Leasehold Mortgagee elects not to demand a new lease as provided in this Section 1817, or until the period therefor has expired. Without limiting the generality of Section 18.117(a), such new lease shall include this Section 20 19 which will allow the title to the Premises to vest in Leasehold Mortgagee, as the new Tenant thereunder, or any successor in interest to such Leasehold Mortgagee, upon the expiration or other termination of such new lease. Such vesting of title shall be at no cost to Tenant or its successor other than as set forth in Section 20.4 below.