Permitted Leasehold Mortgages. Tenant shall not encumber its leasehold estate in the Leased Premises, by means of a leasehold mortgage, deed of trust pledge or similar security device, except by means of a Permitted Leasehold Mortgage. For purposes of this Lease, a “Permitted Leasehold Mortgage” shall satisfy the following criteria:
Permitted Leasehold Mortgages. Neither the Tenant nor any permitted successor in interest to the Premises or any part thereof shall, without the prior written consent of the Landlord in each instance, engage in any financing or any other transaction creating any mortgage or other encumbrance or lien upon the Premises, whether by express agreement or operation of law, or suffer any encumbrance or lien to be made on or attach to the Premises, except for the Permitted Encumbrances and the leasehold mortgages securing the loans which will be obtained by Tenant for renovation of the Improvements and closed on or about the Commencement Date (the “Permitted Leasehold Mortgages”). With respect to the Permitted Leasehold Mortgages, the following provisions shall apply:
Permitted Leasehold Mortgages. Section 11 of the Lease is hereby amended to include the following as a new Section 11(c): “Notwithstanding anything herein to the contrary, any limited partner of Tenant shall also be deemed a Permitted Leasehold Mortgagee for purposes of this Section 11 and shall have all of the rights with respect to notice and cure as provided to Permitted Leasehold Mortgagees hereunder.”.
Permitted Leasehold Mortgages. (a) In addition to any other rights herein granted, Tenant is hereby given the right to grant a Permitted Leasehold Mortgage or other security interest in Tenant’s interest in this Lease and the Premises, to each Permitted Leasehold Mortgagee only and in the order of lien priority as set forth on Exhibit C, subject to the terms and conditions of this Lease. Such Permitted Leasehold Mortgages shall be subordinate and subject to Landlord’s interest in the Land, any Zoning Lot Documents or any Landlord Development Action. Tenant shall cause any such Permitted Leasehold Mortgagee to evidence such subordination of any such Permitted Leasehold Mortgage(s) by executing any requested waiver within days of Landlord’s request.
Permitted Leasehold Mortgages. Lessee shall have the right, at any time and from time to time, to enter into and grant a Leasehold Mortgage to the Lessees Mortgagee that shall grant the Lessee’s Mortgagee the same rights the Lessee has with regard to the Parking site under this Agreement.
Permitted Leasehold Mortgages. Neither Tenant nor any successor in interest to the Leasehold Estate or any part thereof shall, without the prior written consent of Landlord in each instance, which consent may be withheld in Landlord’s sole discretion, engage in any financing or any other transaction creating any mortgage or other encumbrance or lien upon the Leasehold Estate, whether by express agreement or operation of law, or suffer any encumbrance or lien to be made on or attached to the Leased Premises or the Leasehold Estate, except for the Permitted Leasehold Mortgages currently set forth on Exhibit B and any subsequent leasehold mortgage that Landlord approves under this section as a Permitted Leasehold Mortgage. Subject to the provisions of this Section 27, the lien of all Permitted Leasehold Mortgages, whether permitted or not permitted pursuant to the terms of this Lease, shall be subject and subordinate to this Lease (including, without limitation, the Affordability Covenant). With respect to the Permitted Leasehold Mortgages, the following provisions shall apply:
Permitted Leasehold Mortgages. Notwithstanding anything to the contrary set forth in Section 11.1, Lessor shall permit Lessee to mortgage, pledge, encumber or assign its leasehold interest under this Lease to any leasehold mortgagee(s) that enters into an Intercreditor Agreement with Lessor (each, a “Leasehold Mortgagee”). Lessor covenants and agrees to promptly execute as a counterparty to an Intercreditor Agreement requested by Lessee.
