Release of Lessee. Lessee shall be relieved from its obligations under this Lease: (a) by any whole disposition of Lessee’s interest in this Lease in compliance with Section 15.1, when coupled with a written instrument signed by the assignee or transferee of such interest in which said assignee or transferee accepts and agrees to be bound by the terms of this Lease, unless the Parties agree otherwise, and except as otherwise provided by the terms of any assignment or transfer; and (b) in the event of any foreclosure by a Leasehold Mortgagee, in which case the Leasehold Mortgagee shall substitute for the Lessee for purposes of this Lease; provided, however, that the Leasehold Mortgagee subsequently shall be entitled to assign its right under this Lease in accordance with the provisions of Section 15.1. Absent express written consent of Lessor, the execution of a Leasehold Mortgage or any assignment from a Leasehold Mortgagee to another Leasehold Mortgagee shall not relieve Lessee from its obligations under this Lease.
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Samples: Site Lease Agreement, Site Lease Agreement, Site Lease Agreement
Release of Lessee. Lessee shall be relieved from its obligations under this Lease:
(a) a. by any whole disposition of Lessee’s interest in this Lease in compliance with Section 15.1, when coupled with a written instrument signed by the assignee or transferee of such interest in which said assignee or transferee accepts and agrees to be bound by the terms of this Lease, unless the Parties agree otherwise, and except as otherwise provided by the terms of any assignment or transfer; and
(b) b. in the event of any foreclosure by a Leasehold Mortgagee, in which case the Leasehold Mortgagee shall substitute for the Lessee for purposes of this Lease; provided, however, that the Leasehold Mortgagee subsequently shall be entitled to assign its right under this Lease in accordance with the provisions of Section 15.1. Absent express written consent of Lessor, the execution of a Leasehold Mortgage or any assignment from a Leasehold Mortgagee to another Leasehold Mortgagee shall not relieve Lessee from its obligations under this Lease.
Appears in 1 contract
Samples: Site Lease Agreement