Common use of Transfer of Mortgages of County’s Interest Clause in Contracts

Transfer of Mortgages of County’s Interest. Notwithstanding anything to the contrary set forth in this Ground Lease, unless required by statute, court order or operation of law, County shall not transfer, assign, pledge or hypothecate its fee interest in the Premises (other than to entities under common control with County or other governmental entities under applicable law) without the prior written consent of Tenant, all Leasehold Mortgagees and the Limited Partner (provided, the Limited Partner’s consent shall be required only during the tax credit compliance period). Any and all mortgages or liens placed or suffered by the County encumbering the County’s fee interest in the Premises shall be expressly subject and subordinate to this Lease (and all amendments, modifications, extensions and renewals hereof), to all obligations of County hereunder, to all of the rights, titles, interests, and estates of the Tenant created or arising hereunder, to each New Lease and to each Leasehold Mortgage. Furthermore, any Person succeeding to the County’s fee interest as a consequence of any conveyance, foreclosure or other transfer shall succeed to all of the obligations of the County hereunder. During the term of any mortgage held by Leasehold Mortgagee applicable herein, County shall, at the request of any Leasehold Mortgagee, require the holder of each such mortgage, deed of trust and other security instrument to execute and deliver to the requesting Leasehold Mortgagee a written and recordable subordination agreement in form and substance as required by such Leasehold Mortgagee in its sole and absolute discretion.