Common use of Tenant’s Right to Clause in Contracts

Tenant’s Right to. Encumber Leasehold Estate; No Right to Encumber County’s Fee Interest. Tenant shall not encumber the Leasehold Estate without the prior written consent of the Chief Real Estate Officer and then only with a Leasehold Mortgage that complies with the following requirements:‌ 17.2.1. the principal balance of the debt secured by such Leasehold Mortgage(s) (as of the date recorded) shall not exceed (i) 80% of the costs of the Improvements if recorded during construction, or (ii) 80% of the Leasehold Estate Value if recorded after the Rent Commencement Date in each case, as determined in accordance with the appraisal report prepared for the applicable Leasehold Mortgagee in connection with such Leasehold Mortgage(s); 17.2.2. the Leasehold Mortgage shall not encumber County’s Fee Interest; 17.2.3. the Leasehold Mortgage and all rights acquired under it shall be subject to each and all of the covenants, conditions, and restrictions set forth in this Lease and to all rights and interests of County hereunder, except as otherwise provided in this Lease; 17.2.4. nothing in this Lease shall be construed so as to require or result in a subordination in whole or in part in any way of the County’s Fee Interest to any Leasehold Mortgage; and 17.2.5. in the event of any conflict between the provisions of this Lease and the provisions of any such trust Leasehold Mortgage, the provisions of this Lease shall control.

Tenant’s Right to. Encumber Leasehold Estate; No Right to Encumber County’s Fee Interest. Tenant shall not encumber the Leasehold Estate without the prior written consent of the Chief Real Estate Officer and then only with a Leasehold Mortgage that complies with the following requirements:‌requirements: 17.2.118.2.1. the principal balance of the debt secured by such Leasehold Mortgage(s) (as of the date recorded) shall not exceed (i) 80% of the costs of the Improvements if recorded during construction, or (ii) 80% of the Leasehold Estate Value if recorded after the Rent Commencement Date in each case, as determined in accordance with the appraisal report prepared for the applicable Leasehold Mortgagee in connection with such Leasehold Mortgage(s); 17.2.218.2.2. the Leasehold Mortgage shall not encumber County’s Fee Interest; 17.2.318.2.3. the The Leasehold Mortgage and all rights acquired under it shall be subject to each and all of the covenants, conditions, and restrictions set forth in this Lease and to all rights and interests of County hereunder, except as otherwise provided in this Lease; 17.2.418.2.4. nothing Nothing in this Lease shall be construed so as to require or result in a subordination in whole or in part in any way of the County’s Fee Interest to any Leasehold Mortgage; , and: 17.2.518.2.5. in In the event of any conflict between the provisions of this Lease and the provisions of any such trust Leasehold Mortgage, the provisions of this Lease shall control.

Tenant’s Right to. Encumber Leasehold Estate; No Right to Encumber County’s Fee Interest. Tenant shall not encumber the Leasehold Estate without the prior written consent of the Chief Real Estate Officer and then only with a Leasehold Mortgage that complies with the following requirements:‌ 17.2.1. the principal balance of the debt secured by such Leasehold Mortgage(s) (as of the date recorded) shall not exceed (i) 80% of the costs of the Improvements if recorded during constructionConstruction Period, or (ii) 80% of the Leasehold Estate Value if recorded after the Annual Rent Commencement Date in each case, as determined in accordance with the appraisal report prepared for the applicable Leasehold Mortgagee in connection with such Leasehold Mortgage(s), and the lender’s appraisal shall be utilized for purposes of calculating the loan-to-value ratio; 17.2.2. the Leasehold Mortgage shall not encumber County’s Fee Interest; 17.2.3. the Leasehold Mortgage and all rights acquired under it shall be subject to each and all of the covenants, conditions, and restrictions set forth in this Lease and to all rights and interests of County hereunder, except as otherwise provided in this Lease; 17.2.4. nothing in this Lease shall be construed so as to require or result in a subordination in whole or in part in any way of the County’s Fee Interest to any Leasehold Mortgage; ; 17.2.5. such lender is a domestic financial entity (such as a commercial bank, insurance company, pension fund, or other financial institution, in good standing), and 17.2.517.2.6. in the event of any conflict between the provisions of this Lease and the provisions of any such trust Leasehold Mortgage, the provisions of this Lease shall control.

Tenant’s Right to. Encumber Leasehold Estate; No Right to Encumber County’s Fee Interest. Tenant shall not encumber the Leasehold Estate without the prior written consent of the Chief Real Estate Officer and then only with a Leasehold Mortgage that complies with the following requirements:‌ 17.2.1. the principal balance of the debt secured by such Leasehold Mortgage(s) (as of the date recorded) shall not exceed (i) 80% of the costs of the Improvements if recorded during constructionConstruction Period, or (ii) 80% of the Leasehold Estate Value if recorded after the Annual Rent Commencement Date in each case, as determined in accordance with the appraisal report prepared for the applicable Leasehold Mortgagee in connection with such Leasehold Mortgage(s); 17.2.2. the Leasehold Mortgage shall not encumber County’s Fee Interest; 17.2.3. the Leasehold Mortgage and all rights acquired under it shall be subject to each and all of the covenants, conditions, and restrictions set forth in this Lease and to all rights and interests of County hereunder, except as otherwise provided in this Lease; 17.2.4. nothing in this Lease shall be construed so as to require or result in a subordination in whole or in part in any way of the County’s Fee Interest to any Leasehold Mortgage; and 17.2.5. in the event of any conflict between the provisions of this Lease and the provisions of any such trust Leasehold Mortgage, the provisions of this Lease shall control.