Tenant’s Right to Encumber. Tenant may, at any time and from time to time during the term of this Lease, encumber by deed of trust or mortgage or other security instrument, all of Tenant’s interest under this Lease and the leasehold estate hereby created in Tenant (referred to in this Lease as a “Leasehold Encumbrance”) for any purpose or purposes with the consent of Landlord, which consent shall not be unreasonably withheld. The holder of any such Leasehold Encumbrance is referred to herein as a “Lender.” However, no Leasehold Encumbrance incurred by Tenant pursuant to this Section 13 shall, and Tenant shall not have power to incur any encumbrance that shall, constitute in any way a lien or encumbrance on the Landlord’s fee interest in the Leased Premises. Any Leasehold Encumbrance shall be subject to all covenants, conditions, and restrictions set forth in this Lease and to all rights and interests of Landlord, except as is otherwise provided in this Lease. Tenant shall give Landlord prior written notice of any Leasehold Encumbrance, together with a copy of any proposed security instrument evidencing the Leasehold Encumbrance, which documentation shall be subject to Landlord’s reasonable review and approval.
Tenant’s Right to Encumber. Tenant shall have the right, from time to time and at any time, without Landlord's consent or joinder, to encumber its interest in this Lease and the leasehold estate hereby created with one or more deeds of trust, mortgages, or other lien instruments to secure any borrowings or obligations of Tenant. Any such mortgages, deeds of trust, and/or other lien instruments, and the indebtedness secured thereby, provided that Landlord has been given notice thereof as set forth in Section 10.2, are herein referred to as "PERMITTED MORTGAGEES," and the holder or other beneficiary thereof are herein referred to as "PERMITTED MORTGAGEES."
Tenant’s Right to Encumber. Tenant may, at any time, encumber all or any portion of its interest in this Lease and the leasehold estate of Tenant in the Premises by a Leasehold Mortgage (as hereafter defined) provided that each Leasehold Mortgage complies with the terms and provisions of this Article 6. Each Leasehold Mortgage shall be a lien or mortgage on Tenant's interest in and to this Lease and the leasehold estate created hereby, but shall not be a lien on the fee interest of the Premises, Landlord's leasehold interest in the Premises, or any reversionary interest in the improvements located thereon. The Leasehold Mortgagee (as hereafter defined) shall not acquire by virtue a Leasehold Mortgage any greater rights to the Premises than Tenant has under this Lease. Landlord shall have no obligation under or to any such Leasehold Mortgagee.
Tenant’s Right to Encumber. Tenant may, at any time and from time to time, encumber the leasehold interest, by deed of trust, mortgage, or other security instrument, without obtaining Landlord’s consent, but no such encumbrance constitutes a lien on Landlord’s fee title. The indebtedness secured by the encumbrance will at all times be and remain inferior and subordinate to all the conditions, covenants, and obligations of this Lease and to all Landlord’s rights under this Lease. References in this Lease to “‘Lender’” refer to any person or entity to whom Tenant has encumbered its leasehold interest.
Tenant’s Right to Encumber. Tenant may, at any time and from time to time during the Term, encumber to a Lender, by deed of trust or mortgage or other security instrument, Tenant’s interest under this Lease and the leasehold estate hereby created in Tenant (referred to in this Lease as a “Leasehold Encumbrance”) for any purpose or purposes without the consent of Landlord; provided, however, any Leasehold Encumbrance obtained prior to the Completion Date, nor shall such Leasehold Encumbrance be refinanced by Tenant, in either case until after the Completion Date, without the consent of Landlord. As used in this Lease, “Lender” shall mean a commercial bank, credit union or trust company (whether acting individually or in any fiduciary capacity), an insurance company, an institutional pension or retirement fund or system, a real estate investment trust or any other person or entity with assets (capital and surplus) in excess of Five Hundred Million Dollars ($500,000,000), whose businesses include interim, construction or permanent lending secured by real estate. Notwithstanding the foregoing, Landlord hereby agrees to recognize Greater Nevada Credit Union, a domestic non-profit cooperative corporation organized under the laws of the State of Nevada, its successors and assigns (“GNCU”), and the United States Department of Agriculture, as a “Lender” under this Lease so long as GNCU holds a Leasehold Encumbrance. Notwithstanding anything to the contrary contained in this Lease, no Leasehold Encumbrance incurred by Tenant in accordance with this Section shall, and Tenant shall not have power to incur any encumbrance that shall, constitute in any way a lien or encumbrance on Landlord’s fee interest in the Premises. Any Leasehold Encumbrance shall be subject to all covenants, conditions, and restrictions set forth in this Lease and to all rights and interests of Landlord, unless and to the extent expressly provided in this Article 6. Tenant shall give Landlord prior written notice of any Leasehold Encumbrance, together with a copy of the deed of trust, mortgage, or other security interest evidencing the Leasehold Encumbrance.
Tenant’s Right to Encumber. Tenant may at any time during the Lease Term encumber the leasehold estate by mortgage or deed of trust. This right of Tenant to encumber the leasehold estate is a continuing right and will not be deemed to be exhausted by the exercise of this right on one or more occasions. Any such encumbrance must be expressly subject to the provisions of this Lease, must not encumber Landlord’s fee simple interest in the Premises, and must be subordinate to any loans to which Landlord has subordinated its fee simple interest.
Tenant’s Right to Encumber. Tenant may encumber all or any portion of its interest in this Lease and the leasehold estate created by this Lease by a deed of trust, mortgage or other security instrument (collectively, a “Leasehold Mortgage”), provided that such Leasehold Mortgage, shall be a lien only on Tenant’s interest in and to this Lease and the leasehold estate created hereby. For purposes of this Section 35, the holder of a Leasehold Mortgage or anyone claiming by or through or under such holder shall be referred to as a “Leasehold Mortgagee”.
Tenant’s Right to Encumber. Tenant may at any time during the Pre-Opening Period or the Lease Term encumber the leasehold estate by mortgage or deed or trust. Such right of Tenant to encumber the leasehold estate shall be a continuing right and shall not be deemed to be exhausted by the exercise thereof on one or more occasions. Any such encumbrance shall be expressly subject to the provisions of this Lease, shall not encumber Landlord’s fee simple interest in the Premises, and shall be subordinate to any loans to which Landlord has subordinated its fee simple interest.
Tenant’s Right to Encumber. Tenant may, at any time, encumber all or any portion of its interest in this Lease and the leasehold estate by deed of trust, mortgage, or other security instrument upon obtaining the prior written consent of Landlord, which consent shall not be unreasonably withheld, and shall be further conditioned upon the agreement of the leasehold mortgagee to simultaneously deliver default notices to Landlord and Tenant. Each such mortgage, deed of trust, or other security instrument acquired by the holder of any leasehold mortgage shall be subject and subordinate to all rights and interests of Landlord herein and shall be a lien only on Tenant's interests in and to this Lease and the leasehold estate created hereby and shall not be a lien on Landlord's fee interest in the Premises or reversionary interest in the improvements. Each leasehold mortgage shall be subject to the terms and provisions of this Lease; and the holder of any leasehold mortgage, or anyone claiming by, through, or under the same, shall not, by virtue thereof, acquire any greater rights hereunder than Tenant has under this Lease. Tenant shall deliver to Landlord copies of all documents recorded to evidence any and all leasehold mortgages and all notices of default received by Tenant from the holder of any leasehold mortgage.
Tenant’s Right to Encumber. Tenant may at any time and from time to time, with Landlord’s consent, approval or authorization, hypothecate, mortgage, pledge or encumber Tenant’s leasehold estate created by this lease, and/or Tenant’s rights hereunder, by mortgage, deed of trust or other security agreement or instrument; provided, however, that no such encumbrance shall attach to or constitute a lien on the fee estate of Landlord in the leased land, and shall expressly acknowledge that all improvements constructed on the Premises shall become the property of Landlord, free and clear of all encumbrances, upon expiration of the term or sooner termination of this lease as set forth in section 15E. above. Landlord shall subordinate its fee interest provided that Landlord is granted in the encumbrance a right to adequate notice of default, adequate opportunity to cure such default without the obligation to pay late charges or penalties, the right and sufficient time to terminate the lease without acceleration of the leasehold mortgage, and the opportunity to assume such leasehold mortgage, without the obligation to pay assumption fees, the leasehold mortgagee’s attorneys’ fees, trustee’s fees, penalties or late charges, in the event of a default under the leasehold mortgage and the exercise by the lender of its right to foreclose on the leasehold mortgage. Any such lien, mortgage, deed of trust or security instrument shall be referred to hereafter as a “mortgage”, and the holder or beneficiary of such mortgage shall be referred to hereafter as the “mortgagee.” No mortgagee shall be deemed an assignee of this lease so as to require such mortgagee to assume the performance of any of the terms, covenants or conditions of this lease except upon such mortgage-obtaining title to or Tenant’s right of possession of the leased land as hereinafter provided. In no event shall the leasehold estate created hereunder secure any loan or obligation where the loan proceeds are utilized for any purpose other than the improvement, financing or refinancing of the Premises.
