Right to Encumber. City agrees and acknowledges that this Agreement shall not prevent or limit the owner of any interest in the Property, or any portion thereof, at any time or from time to time in any manner, at such owner’s sole discretion, from encumbering the Property, the improvements thereon, or any portion thereof with any mortgage, deed of trust, sale and leaseback arrangement or other security device. City acknowledges that any Lender may require certain interpretations of the agreement and City agrees, upon request, to meet with the owner(s) of the property and representatives of any Lender to negotiate in good faith any such request for interpretation. City further agrees that it will not unreasonably withhold its consent to any interpretation to the extent such interpretation is consistent with the intent and purpose of this Agreement
Right to Encumber. Town agrees and acknowledges that this Agreement shall not prevent or limit the owner of any interest in the Property, or any portion thereof, at any time or from time to time in any manner, at such owner’s sole discretion, from encumbering the Property, the improvements thereon, or any portion thereof with any mortgage, deed of trust, sale and leaseback arrangement or other security device.
Right to Encumber. At any time and from time to time during the Term, notwithstanding anything contained in this Lease to the contrary, including, without limitation, Section 2.14 above, Lessee shall have the right to enter into a Leasehold Mortgage upon and subject to each and all of the following terms and conditions, subject to the reasonable consent of Landlord (which consent Landlord shall grant so long as the proposed Leasehold Mortgage satisfies all of the following conditions, which conditions shall apply to the Permitted Leasehold Mortgage securing the Construction Loan (as defined in the Affordable Housing Agreement), the Permitted Leasehold Mortgage securing the initial Permanent Loan (as defined in the Affordable Housing Agreement):
(a) The Leasehold Mortgage shall cover all of Lessee's interest in the Lease, the Property and the Improvements and shall cover no interest in any other real property other than Lessee's.
(b) The Leasehold Mortgage shall be without subordination of the fee simple title of the Property.
(c) No such Leasehold Mortgage shall be binding upon Landlord in the enforcement of its rights and remedies herein, unless and until Lessee (or a Leasehold Mortgagee) delivers or causes to be delivered to Landlord a certified copy of the fully executed original Leasehold Mortgage bearing the date and recording information and a certified copy of the original note secured by the Leasehold Mortgage, together with written notice of the address of the Leasehold Mortgagee to which notices may be sent. In the event of an assignment of such Leasehold Mortgage, such assignment shall not be binding upon Landlord unless and until a certified copy thereof, bearing the date and recording information together with written notice of the address of the assignee thereof to which notices may be sent, have been delivered to Landlord.
(d) No Leasehold Mortgage permitted by this Lease shall cover more than one indebtedness; that is, there shall be no cross-collateralization permitted.
(e) A Leasehold Mortgage is to be originated only by a Qualified Lender. For the purposes hereof, the term “Qualified Lender” shall consist of:
(i) the mortgagee of any purchase money financing of a Permitted Transfer or other Transfer approved by Landlord; or
(ii) any one or a combination of the following lending institutions authorized under applicable California or federal law to make mortgage loans and not under any order or judgment of any court or administrative authority restricting or...
Right to Encumber. Owner and Manager hereby agree that this Agreement and all amendments thereto shall in all respects be and is hereby expressly made subordinate and inferior to the liens, security interest and/or terms of any mortgage and to the promissory note (or other evidence of repayment obligation) and other indebtedness secured or to be secured thereby and to all other instruments evidencing or securing or to evidence or secure said indebtedness, and all amendments, modifications, supplements, consolidations, extensions and revisions of such note and other instruments; provided, however, that payments made to Manager in accordance with the terms of this Agreement shall be deemed earned by Manager and not subject to disgorgement. The provisions of this paragraph shall be self-operative and no further instrument of subordination shall be required; provided, however, Manager shall, within ten (10) business days after Manager's receipt of written notice from Owner or any Mortgagee and/or any lender under any financing instrument, execute, acknowledge and deliver any and all estoppel certificates, cash management agreements and subordination agreements and any other documents by Owner and/or the mortgagee and/or any lender under any financing instrument which are reasonably acceptable to Manager that subordinates or evidences the subordination of this Agreement and Manager's rights hereunder to any such Mortgage and/or financing instrument (which agreements inay specifically permit a Mortgagee to terminate this Agreement upon a default or foreclosure but shall not require Manager either during or after a default or foreclosure to manage the Project without receiving the Monthly Management Fee and Reimbursable Expenses as and when due hereunder).
Right to Encumber. Each of Zond and the Series A Partnership may, at any time and from time to time during the term of this Series A Co-Ownership Agreement, encumber, mortgage or hypothecate to any person or entity (herein, the "Mortgagee") by deed of trust or mortgage or other security instrument, (the "Mortgage") all or part of such party's interest under this Series A Co-Ownership Agreement without the consent of the other, non-encumbering co-owner. Any Mortgagee under a lien permitted hereunder shall agree not to disturb the interest of the other co-owner and its Mortgagee.
Right to Encumber. County agrees and acknowledges that this Agreement shall not prevent or limit the owner of any interest in the Property, or any portion thereof, at any time or from time to time in any manner, at such owner’s sole discretion, from encumbering the Property, the improvements thereon, or any portion thereof with any mortgage, deed of trust, sale and leaseback arrangement or other security device. County acknowledges that any Lender may require certain interpretations of the agreement and County agrees, upon request, to meet with the owner(s) of the property and representatives of any Lender to negotiate in good faith any such request for interpretation. County further agrees that it will not unreasonably withhold its consent to any interpretation to the extent such interpretation is consistent with the intent and purpose of this Agreement.
Right to Encumber. Lessee may, at any time and from time to time, mortgage, pledge, hypothecate, or alienate to any entity (herein, a “Lender”) all or any part of Lessee’s interest in, to, and under this Lease, the Wind Energy Conversion systems, the Property, and/or the easements and rights created in this Lease, without consent of Owner. A Lender or its assigns may enforce such lien and acquire title to the leasehold estate in any lawful way, and upon lawful foreclosure of such lien, after giving effect to the cure periods set forth herein, the Lender may take possession of and operate the Wind Energy Conversion Systems and the Property, performing all obligations performable by the Lessee. Upon foreclosure of such lien by power of sale, judicial foreclosure, or acquisition of the leasehold estate by deed in lieu of foreclosure, the Lender may, upon notice to Owner, sell and assign the leasehold estate. The Lender and/or person or entity acquiring the leasehold estate shall be liable to perform the obligations imposed on Lessee by this Lease only to the extent arising during the period during which such person or entity has ownership of the leasehold estate, or possession of the Wind Energy Conversion Systems, or the Property.
Right to Encumber. Landlord hereby grants to Tenant the right to mortgage, grant a security interest in, and otherwise encumber, Tenant’s interest under this Lease, and Tenant’s right, title and interest in and to the improvements constructed by Tenant on the Premises (hereinafter a “Leasehold Mortgage”) without obtaining Landlord’s consent.
Right to Encumber. (a) Each of the (Concessionaire) and the (Operating Company) may mortgage, charge or otherwise encumber (collectively, “Mortgage”) all or any portion of its interest under this Agreement and under any Exploration License or Mining License issued under this Agreement to finance a portion of the cost of constructing and acquiring any current mines, Additional Concession Area Mine, Contiguous Area Mine, Mining Plant, Infrastructure and other property contemplated by the Modified Bid Materials or any Approved Feasibility Study upon receipt of prior written consent thereto from the (Government). Other than in the case of Permitted Liens,
(a) the Mortgage must extend to all rights of the (Concessionaire), or the (Operating Company), as applicable, under such Exploration or Mining Licenses and to substantially all of such [mines], Additional Concession Area Mine, Contiguous Area Mine, Mining Plant, Infrastructure, and other property (including intellectual property) necessary for Operations (“Pledged Assets”), and
(b) the holder of such Mortgage must agree in writing with the (Government) to the terms of this Section 22.5 and to any transfer restrictions set forth in such Exploration and Mining Licenses. Subject to its confidentiality rights under this Agreement, the (Government) will provide the (Concessionaire), the (Operating Company) and any lender with such documents as any of them shall reasonably request in connection with any transaction with respect to such Mortgage.
(b) Any foreclosure or other exercise of remedies under such Mortgage must result in a transfer of the rights of the (Concessionaire), or the (Operating Company), as applicable, under this Agreement and the Pledged Assets to a single Person who satisfies all the requirements for an assignee set forth in the proviso contained in Section 22.4.
Right to Encumber. The parties may, at any time and from time to time during the term of this Sublease, encumber, mortgage or hypothecate to any person or entity (herein, the "Mortgagee" by deed of trust or mortgage or other security instrument (the "Mortgage") all or any part of their respective interests under this Sublease, including without limitation any or all improvements located on the Premises and owned by each party or any of its affiliates for any purpose, without the consent of the other party and any Mortgagee under a lien permitted hereunder shall agree not to disturb the interests of the other party or its Mortgagee or the Series A Partnership or its Mortgagee or any other entities lawfully operating within the Premises or their Mortgagees.
