Examples of Leased Land in a sentence
In the event Permitted Mortgagee does take possession of the Home and Leased Land and thereupon transfers such property, any such transferee shall be required to enter into a written agreement assuming such personal liability and upon any such assumption the Permitted Mortgagee shall automatically be released from personal liability under the Lease.
Any such payment or performance or other act by Permitted Mortgagee under the Lease shall not be construed as an agreement by Permitted Mortgagee to assume such personal liability except to the extent Permitted Mortgagee actually takes possession of the Home and Leased Land.
If MACLT elects to terminate the Lease, then the Permitted Mortgagee shall have the right (subject to Article 8 above and the attached Exhibit: Permitted Mortgages) to postpone and extend the specified date for the termination of the Lease for a period sufficient to enable the Permitted Mortgagee or its designee to acquire the Homeowner’s interest in the Home and the Leased Land by foreclosure of its mortgage or otherwise.
This reservation shall not diminish the right of the Homeowner under this Lease to occupy and freely use the Leased Land.
MACLT may inspect any portion of the Leased Land at any reasonable time and in any reasonable manner, upon at least twenty-four (24) hours’ notice to the Homeowner, except in the event of emergency; in such event no notice shall be required, provided that MACLT shall have made reasonable efforts to give advance notice to the Homeowner.