Special Lender Provisions. (a) Each of Lessor and Lessee hereby acknowledges and agrees that Initial Lender has made the Initial Loan to be secured by a mortgage or deed of trust upon the Leased Property and that for all purposes hereunder such mortgage or deed of trust shall qualify as and be the first lien mortgage or deed of trust encumbering the Leased Property.
Appears in 5 contracts
Samples: Master Lease Agreement (Moody National REIT I, Inc.), Master Lease Agreement (Moody National REIT I, Inc.), Hotel Lease Agreement (Moody National REIT I, Inc.)
Special Lender Provisions. (a) Each of Lessor and Lessee hereby acknowledges and agrees that Initial Lender has made is making the Initial Loan to be secured by a mortgage or deed of trust upon the Leased Property and that for all purposes hereunder such mortgage or deed of trust shall qualify as and be the first lien mortgage or deed of trust encumbering the Leased Property.
Appears in 1 contract
Samples: Hotel Lease Agreement (Moody National REIT I, Inc.)
