Common use of Rights and Obligations of Permitted Institutional Mortgagee Clause in Contracts

Rights and Obligations of Permitted Institutional Mortgagee. The Permitted institutional Mortgagee shall promptly notify Landlord if said mortgagee forecloses upon said mortgage or in any way varies the terms and conditions of the approved mortgage. Should the mortgagee foreclose upon its mortgage, the Mortgagee shall obtain Landlord's prior written consent for the assignment of this Lease to the Mortgagee or any assignees of Mortgagee, which consent shall not be unreasonably withheld, conditioned or delayed.

Rights and Obligations of Permitted Institutional Mortgagee. The Permitted institutional Mortgagee shall promptly notify Landlord Town if said mortgagee forecloses upon said mortgage or in any way varies the terms and conditions of the approved mortgage. Should the mortgagee foreclose upon its mortgage, the Mortgagee shall obtain Landlordthe Town's prior written consent for the assignment of this Lease to the Mortgagee or any assignees of Mortgagee, which consent shall not be unreasonably withheld, conditioned or delayed.