Collaterally Assigned ALR definition
Collaterally Assigned ALR means that certain Assignment of Leases and Rents executed by Fee Owner and delivered to Borrower (as successor-in-interest to Underlying Initial Lender), as lender, dated of even date with the Collaterally Assigned Note, assigning to Borrower (as successor-in-interest to Underlying Initial Lender) all of Fee Owner’s interest in the leases, rents and profits (subject to the assignor’s customary rights to collect same) derived from the ownership, operation, leasing or disposition of all or a portion of the Mortgaged Property as security for repayment of the Collaterally Assigned Loan, as the same may from time to time be amended, restated, supplemented or otherwise modified in accordance with the terms hereof.
Collaterally Assigned ALR means, individually or collectively, as the context shall require, those certain assignments of leases and rents more particularly set forth on Schedule 3 hereto, as each of the same may from time to time be amended, restated, supplemented or otherwise modified from time to time.
Examples of Collaterally Assigned ALR in a sentence
The Collaterally Assigned ALR creates a valid first-priority collateral assignment of, or a valid first-priority lien or security interest in, rents and certain rights under the lease or leases, subject only to a license granted to Fee Owner to exercise certain rights and to perform certain obligations of the lessor under such lease or leases, including the right to operate the related leased property.