Common use of RIGHT TO MORTGAGE Clause in Contracts

RIGHT TO MORTGAGE. Tenant may encumber its leasehold estate and interest in the Premises by mortgage, security agreement or other such instrument (any such instrument is hereinafter referred to as “Leasehold Mortgage”, and the holder thereof is referred to as “Leasehold Mortgagee”) during the Term of this Lease; provided, however, that the entire proceeds of any loan or future advance secured thereby shall be utilized for the construction and improvement of the Premises and further provided that County shall not be obligated to, nor deemed to have subjected or subordinated County’s fee simple interest in the Premises to any Leasehold Mortgage, nor subordinated County’s interest in this Lease to such Leasehold Mortgage. County’s interests in the fee and this Lease are and shall remain at all times superior and prior in right to any Leasehold Mortgage.

RIGHT TO MORTGAGE. Tenant may encumber its leasehold estate and interest in the Premises by mortgage, security agreement or other such instrument (any such instrument is hereinafter referred to as “"Leasehold Mortgage”", and the holder thereof is referred to as “"Leasehold Mortgagee”") during the Term of this Lease; provided, however, that the entire proceeds of any loan or future advance secured thereby shall be utilized for the construction and improvement of the Premises and further provided that County Town shall not be obligated to, nor deemed to have subjected or subordinated County’s Town's fee simple interest in the Premises to any Leasehold Mortgage, nor subordinated County’s Town's interest in this Lease to such Leasehold Mortgage. County’s Town's interests in the fee and this Lease are and shall remain at all times superior and prior in right to any Leasehold Mortgage.