Lender Recognition Agreement definition
Lender Recognition Agreement means an agreement in form and substance satisfactory to the Landlord between the Landlord, Tenant and a Leasehold Mortgagee pursuant to which the Landlord undertakes in favor of the Leasehold Mortgagee that in the event of a default by Tenant the Landlord will recognize the Leasehold Mortgagee as a direct lessee of the Landlord under the terms set forth in this Lease upon completion of a foreclosure or assignment in lieu of foreclosure under the applicable Trust Deed, on the condition that said Leasehold Mortgagee cures all defaults by Tenant under this Lease that are curable by such Leasehold Mortgagee after such foreclosure or acquisition of title.
Examples of Lender Recognition Agreement in a sentence
Nothing in the foregoing shall obviate the provisions of Section 14.2 to provide a Lender Recognition Agreement.
All such financing shall be the sole responsibility of Tenant; provided, however, University shall enter into a Lender Recognition Agreement as provided in Section 14.2 below.