Common use of Authorized Transfers Clause in Contracts

Authorized Transfers. Only with the prior written approval of Lessor, Lessee may assign or otherwise transfer Lessee's interest in this Lease and the Project to a trustee under a deed of trust or a mortgagee under a mortgage (herein collectively called "trust deed") for the benefit of an institutional or other bona fide lender for value approved by Lessor under its Pepperdine University Home Loan Program (“PUHLP”) as set forth in Paragraph 4 of Lessee’s Purchase Agreement, including without limitation, Lessor as holder of a deed of trust to secure payment of rent and other charges hereunder (herein called "Authorized Encumbrancer"). Any such assignment, pledge or transfer of all or any portion of Lessee’s interest in this Lease made without the prior written approval of Lessor shall be null and void and of no effect.