Mortgagee Lease definition

Mortgagee Lease means a new lease of the Leased Premises between the Landlord and the Leasehold Mortgagee, effective as of the date of termination of this Lease because of an Event of Default by the Tenant, for the remainder of the Term, at the same Rent and upon the same terms, provisions, covenants, and agreements as contained in this Lease, except that the Landlord shall not warrant title to the LeasedPremises which shall be subject, among other encumbrances then existing, to the Permitted Encumbrances and any Subleases then existing.
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Mortgagee Lease means a lease of the Premises entered into between a Permitted Leasehold Mortgagee, as lessee, and the Lessor, as lessor, as a result of a termination hereof by reason of any Event of Default for the remainder of the Term effective as of the date of termination hereof, at the same Rent and upon the same terms, provisions, covenants, and agreements as contained in this Ground Lease and subject to no additional exceptions or encumbrances other than Permitted Encumbrances and to the rights, if any, of the parties then in possession (actual or constructive) of any part of the Premises.
Sample 1
Mortgagee Lease means a lease of the Premises entered into between a Leasehold Mortgagee, as Lessee, and the Lessor, as Lessor, as a result of a termination of this Ground Lease by reason of any Event of Default for the remainder of the term effective as of the date of termination of this Ground Lease, at the same Rent and upon the same terms, provisions, covenants, and agreements as contained in this Ground Lease and subject to no additional exceptions or encumbrances other than Permitted Encumbrances and to the rights, if any, of the parties then in possession (actual or constructive) of any part of the Premises.
Sample 1

Examples of Mortgagee Lease in a sentence

  • Landlord's obligation to enter into a Mortgagee Lease with any junior Qualifying Leasehold Mortgagee shall be subject tQ the receipt by Landlord of evidence reasonably satisfactory to Landlord that the conditions of items (1), (2) and (3), above, have been satisfied with respect tq all senior Qualifying Leasehold Mortgages.

  • Notwithstanding the foregoing, the liability of a Leasehold Mortgagee with respect to its obligations under this Ground Lease or any Mortgagee Lease shall be “non-recourse” and, accordingly, the Lessor’s source of satisfaction of such obligations shall be limited to the same extent and in the same manner as provided in Section 36(1) with respect to the Lessee.


More Definitions of Mortgagee Lease

Mortgagee Lease means a lease of the Property entered into between a Leasehold Mortgagee, as lessee, and the Board, as lessor, as a result of a termination of the Corporation’s right of occupancy under this Second Supplemental Ground Lease by reason of any Event of Default for the remainder of the term of this Second Supplemental Ground Lease effective as of the date of termination of this Second Supplemental Ground Lease, at the same Rent and upon the same terms, provisions, covenants, and agreements as contained in this Second Supplemental Ground Lease and subject to no additional exceptions or encumbrances other than the rights, if any, of the parties then lawfully in possession of any part of the Property.
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Related to Mortgagee Lease

  • Mortgagee The mortgagee or beneficiary named in the Mortgage and the successors and assigns of such mortgagee or beneficiary.

  • Superior Lease means the document which sets out the obligations your Landlord has made to their Superior Landlord. The promises contained in this Superior Lease will bind the Tenant if they have prior knowledge of those promises.

  • Lessor means a person who transfers the right to possession and use of goods under a lease. Unless the context clearly indicates otherwise, the term includes a sublessor.

  • Leasehold Mortgagee means the holder of a Leasehold Mortgage.

  • Superior Landlord means and includes people or persons to whom the ownership or interest in the Leasehold Property might revert in the fullness of time.

  • Lessee means a person who acquires the right to possession and use of goods under a lease. Unless the context clearly indicates otherwise, the term includes a sublessee.

  • Ground Lease means a lease creating a leasehold estate in real property where the fee owner as the ground lessor conveys for a term or terms of years its entire interest in the land and buildings and other improvements, if any, comprising the premises demised under such lease to the ground lessee (who may, in certain circumstances, own the building and improvements on the land), subject to the reversionary interest of the ground lessor as fee owner. With respect to any Mortgage Loan where the Mortgage Loan is secured by a Ground Leasehold estate in whole or in part, and the related Mortgage does not also encumber the related lessor’s fee interest in such Mortgaged Property, based upon the terms of the Ground Lease and any estoppel or other agreement received from the ground lessor in favor of Mortgage Loan Seller, its successors and assigns (collectively, the “Ground Lease and Related Documents”), Mortgage Loan Seller represents and warrants that:

  • Master Lease means that certain [Master Lease title], relating to the leasing of, inter alia, the Healthcare Facility by Borrower to Master Tenant.

  • Head Lease or “Superior Lease” means the document which sets out the promises the Landlord has made to the Superior Landlord. The promises contained in this Head Lease will bind the Tenant if he has prior knowledge of those promises.

  • Mortgagor The obligor on a Mortgage Note.

  • Landlord shall have the meaning given such term in the preambles to this Agreement and shall also include their respective permitted successors and assigns.

  • the Landlord means the party named on the first page of this Agreement and any successor and any person who has an interest as heritable proprietor in The Property, even if not named in this Agreement. The Landlord agrees to inform The Agent, in writing, of any changes to ownership of The Property, contact telephone numbers, postal or e-mail addresses as soon as possible and in any event within 7 days of the change.

  • Truck lessor means a person who holds the legal title to any motor vehicle, trailer, or semitrailer

  • Operating Lease of a Person means any lease of Property (other than a Capitalized Lease) by such Person as lessee which has an original term (including any required renewals and any renewals effective at the option of the lessor) of one year or more.