Examples of Fee Lender in a sentence
There shall be no merger of this Lease or the leasehold estate created by this Lease with a fee interest in the Premises by reason of the fact that the same Person may acquire, own or hold, directly or indirectly, this Lease or the leasehold estate created by this Lease and the fee estate in the Premises, unless and until such Person and every Leasehold Lender and Fee Lender shall join in a written instrument expressly providing for such merger and such instrument is recorded.
Except for the rights of any Lender provided in Section 15.7 above and the rights of any Fee Lender, this Lease shall not be deemed or construed to confer any rights, title or interest upon any person or entity other than the parties hereto, including any third party beneficiary status or right to enforce any provision of this Lease.
At all times during the Term and any holdover period, at its sole cost and expense, Lessee shall obtain and keep in force for the benefit of Lessee and Lessor as their respective interests may appear insurance against such risks and in such amounts as Lessor or any Fee Lender may reasonably require from time to time, or such greater amounts or additional risks as are required under any Leasehold Mortgage, subject to the provisions of Section 10.1(i) below.
The voluntary sale or other surrender of this Lease by Lessee to Lessor, mutual cancellation of this Lease or termination of this Lease by Lessor pursuant to any provision contained herein shall not work a merger unless Lessor so elects in its sole discretion and each Lender and Fee Lender has consented thereto in writing.
Concurrent with the execution and delivery of such New Lease, Landlord shall pay (or shall cause any depository or Fee Lender to pay) to the tenant named in the New Lease, any moneys (including insurance and condemnation proceeds) then held by Landlord (and/or such depository or Fee Lender) that would have been payable to Tenant as of the date of execution of the New Lease but for the termination of this Lease.
The proceeds of property damage and builder’s risk policies of insurance required hereunder shall be payable in accordance with and subject to the terms of Section 17 below, and any loss adjustment or disposition of insurance proceeds by the insurer shall require the written consent of Lessor (and any Fee Lender whose Fee Mortgage so requires).
Landlord shall execute, and shall cause any Fee Lender to execute, any instruments reasonably necessary to maintain such priority.
Notwithstanding the foregoing, to the extent this Section or any other Section of this Lease requires the Landlord Parties and/or Lenders to be (a) included as additional insured in any policy of insurance or (b) benefited by a waiver of subrogation endorsement, such requirement shall be triggered as to any Fee Lender or as to Landlord’s managing agent only when Landlord has advised Tenant of the names and addresses of such entities and requested such inclusion.
If Lessor fails to do so, Lessee may apply any portion of the purchase price (after payment of all sums due to any Fee Lender) to cure or discharge such Lessor Exceptions.
If two or more of a Fee Lender, a Leasehold Mortgagee and Lessor shall make competing demands on Lessee for the establishment of an Impound Account, then Lessee shall be entitled to make the impound deposits as directed by the Leasehold Mortgagee, provided that the Leasehold Mortgagee agrees in writing that funds deposited in the Impound Account shall be used solely for the payment of Impositions and may not be applied against the indebtedness secured by the Leasehold Mortgage.