Bankruptcy of Landlord. In the event that the Landlord shall become subject to any bankruptcy or insolvency proceeding and subject to applicable law, any rights, elections, or actions available to Tenant therein shall be subject to the rights of Leasehold Mortgagee under the Leasehold Mortgage to consent to, or to exercise on behalf of Tenant, such rights, elections, or actions. Without limiting the foregoing but subject to applicable law, no consent or acquiescence by Tenant to any rejection of this Lease by Landlord or any successor or trustee in such proceeding shall be binding or effective without the prior, written consent thereto by each Leasehold Mortgagee, and the rights, liens, and claims of Leasehold Mortgagee shall extend to, encumber, and include all rights to damages for any such rejection and all rights to continued possession of the Premises.
Bankruptcy of Landlord. In the event that Landlord becomes the subject of a case under the U.S. Bankruptcy Code (or any other law providing similar relief), and Landlord or any trustee of Landlord rejects or seeks authority to reject the Ground Lease under 11 U.S.C. Section 365 (or any other or successor provision permitting any similar relief), Landlord understands that Lender and Tenant have agreed that: (i) Tenant shall elect, without further act, unless Lender consents in writing to any other election, to remain in possession for the balance of the term of the Ground Lease and any renewal or extension thereof, pursuant to 11 U.S.C. Section 365(h) (and any other successor provision permitting a similar election); (ii) any purported election by the Tenant to treat the Ground Lease as terminated shall be void and of no effect, unless Lender consents in writing thereto; and (iii) the lien of the Security Instrument shall not be impaired by such rejection.
Bankruptcy of Landlord. If this Lease is rejected by Landlord or Landlord's trustee in bankruptcy following the bankruptcy of Landlord under the United States Bankruptcy Code (Title 9 U.S.C.), as now or hereafter in effect, the Tenant Parties shall not have the right to treat this Lease as terminated except with the prior written consent of all Leasehold Mortgagees, and the right to treat this Lease as terminated in such event shall be deemed assigned to each and every Leasehold Mortgagee whether or not specifically set forth in any such Leasehold Mortgage, so that the concurrence in writing of the Tenant Parties, as applicable, and each Leasehold Mortgagee shall be required as a condition to treating this Lease as terminated in connection with any such bankruptcy proceeding.
Bankruptcy of Landlord. Landlord agrees that in any case commenced by or against Landlord under Title 11 of the United States Code (the “Bankruptcy Code”), if Landlord elects to reject this Lease pursuant to the provisions of the Bankruptcy Code, the rejection will not terminate this Lease but will be treated only as a breach of this Lease by Landlord. Landlord further agrees that in such bankruptcy case Tenant shall be deemed in possession of the Premises for purposes of Section 365(h) of the Bankruptcy Code, whether Tenant has retained actual occupancy and use, or has by sublease, assignment or license permitted third parties to occupy and use portions of the Premises; and as a result, upon a rejection of this Lease by Landlord the Tenant shall have the right to elect to remain in possession of the Premises under Section 365(h). Landlord acknowledges that Leasehold Mortgagee shall have a lien on any rights and interests acquired or retained by Tenant as a result of Landlord’s rejection of this Lease. Landlord further agrees that following rejection of this Lease, if Tenant assigns to Leasehold Mortgagee or any third party its interest in this Lease or its interest or right to remain in possession of the leasehold under Section 365(h) of the Bankruptcy Code (in accordance with the terms and conditions of this Lease which permit Tenant to assign its interests thereunder), then such assignee shall have all of the rights of Tenant, and Landlord will not assert that this Lease has been terminated, nor will Landlord otherwise attempt to limit, modify or prohibit the assignment of such interests. Landlord acknowledges that Leasehold Mortgagee has in such bankruptcy case a power of attorney or other right to act for and on behalf of the Tenant in relation to any proposed rejection or assumption of this Lease, and as such Leasehold Mortgagee shall have standing to appear and act as a party to this Lease for purposes of Section 365 of the Bankruptcy Code (but Leasehold Mortgagee shall not have any obligations under this Lease unless Leasehold Mortgagee expressly assumes the same). Landlord shall, during its bankruptcy case, serve on the Leasehold Mortgagee a copy of all notices, pleadings or documents which would otherwise be given to Tenant, and service shall be contemporaneous with and in the same manner as given to Tenant.
Bankruptcy of Landlord. Notwithstanding anything to the contrary contained in the Trust Deed with respect to the Lease, and to the extent permitted by law:
Bankruptcy of Landlord. If this Lease is rejected by Landlord or Landlord’s trustee in bankruptcy following the bankruptcy of Landlord under the Bankruptcy Code, as now or hereafter in effect, Tenant shall not have the right to treat this Lease as terminated except with the prior written consent of all Mortgagees, and the right to treat this Lease as terminated in such event shall be deemed assigned to each and every Mortgagee whether or not specifically set forth in any such Mortgage, so that the concurrence in writing of Tenant and each Mortgagee shall be required as a condition to treating this Lease as terminated in connection with any such bankruptcy proceeding.
Bankruptcy of Landlord
