Rights of Institutional Mortgagee. Any financial institution lending money on the security of the real Property and/or the Project shall be entitled to the protection of N.J.S.A. 55:17 providing for notification, right to cure, right to possession, right to assume control of mortgagor, right to enter into possession of and operate Property, right to the entry of a judgment of strict foreclosure, right to recover on the underlying loan obligation without first proceeding with foreclosure, right to proceed to foreclosure, separately from or together with suit on the underlying obligation, and such other rights all as specifically provided in N.J.S.A. 55:17-8.
Rights of Institutional Mortgagee. Notwithstanding any provision herein to the contrary, so long as a First Mortgage Lien in favor of an institutional mortgagee is an Encumbrance, all insurance proceeds with respect to the Leased Property and/or the Resort Personal Property otherwise payable to Landlord hereunder shall be held in trust by such institutional mortgagee to be disbursed in accordance with this Agreement provided that such institutional mortgagee agrees in writing with Landlord and Tenant to disburse such proceeds in accordance with this Agreement and as contemplated by any subordination and non-disturbance agreement between Tenant and such Mortgagee. 1240817
Rights of Institutional Mortgagee. Notwithstanding any provision herein to the contrary, so long as a First Mortgage Lien in favor of an institutional mortgagee is an Encumbrance, any Award with respect to the Leased Property and/or the Resort Personal Property otherwise payable to Landlord hereunder shall be held in trust by such institutional mortgagee to be disbursed in accordance with this Agreement provided that such institutional mortgagee agrees in writing with Landlord and Tenant to disburse such Award in accordance with this Agreement and as contemplated by any subordination and non-disturbance agreement between Tenant and such Mortgagee.
Rights of Institutional Mortgagee. Any financial institution lending money on the security of the real Project Area in the Project shall be entitled to the protection of N.J.
Rights of Institutional Mortgagee. Any financial institution lending money on the security of the real Redevelopment Area in the Project shall be entitled to the protection of
