Common use of Termination by Mortgagee Clause in Contracts

Termination by Mortgagee. Notwithstanding anything to the contrary contained in this Agreement, the holder or holders of any indebtedness of Owner secured by a first lien mortgage or deed of trust encumbering the Property (a “Mortgagee,” as provided for in Section 9 of this Agreement) shall have the right to terminate this Agreement without cause upon thirty (30) days prior written notice to Property Manager in the event such Mortgagee forecloses its lien on the Property, or accepts a deed in lieu of foreclosure from Owner, or otherwise becomes a mortgagee in possession of the Property.

Termination by Mortgagee. Notwithstanding anything to the contrary contained in this Agreement, the holder or holders of any indebtedness of Owner secured by a first lien mortgage or deed of trust encumbering the Property (a “Mortgagee,” as provided for in Section 9 of this Agreement) shall have the right to terminate this Agreement without cause upon thirty (30) days prior written notice to Property Manager in the event such Mortgagee forecloses its lien on the Property, or accepts a deed in lieu of foreclosure from Owner, or otherwise becomes a mortgagee in possession of the Property.. Initials: PM /s/ RY Owner

Termination by Mortgagee. Notwithstanding anything to the contrary contained in this Agreement, the holder or holders of any indebtedness of Owner secured by a first lien mortgage or deed of trust encumbering the Property (a “Mortgagee,” as provided for in Section 9 of this Agreement) shall have the right to terminate this Agreement without cause upon thirty (30) days prior written notice to Property Manager in the event such Mortgagee forecloses its lien on the Property, or accepts a deed in lieu of foreclosure from Owner, or otherwise becomes a mortgagee in possession of the Property.. Initials: PM Owner