Common use of Collateral Assignments Clause in Contracts

Collateral Assignments. Subject to MAC’s consent, which shall not be unreasonably withheld, Tenant may not assign, transfer, mortgage or otherwise pledge all or any portion of its rights, title or interest in the Leased Property pursuant to this Lease or any of its other rights under this Lease as collateral to secure Tenant’s payment of a debt or performance of any other obligation of Tenant, except as provided in this Section. (i) An agreement pursuant to which Tenant pledges, assigns or grants an interest in its rights under this Lease as collateral for the payment of a debt or performance of some other obligation of Tenant must take the form of a leasehold mortgage. (ii) Tenant must not be in default of this Lease or any other agreement between Tenant and MAC, beyond the expiration of applicable notice and cure periods. (iii) In the leasehold mortgage, the mortgagee must expressly acknowledge, for the benefit of MAC, that the mortgagee is acquiring no right, title or interest in MAC’s fee title to the Leased Property and that the mortgagee’s rights in and to any Improvements are, at all times, subject to the terms and conditions of this Lease. (iv) If Tenant has not already done so, ▇▇▇▇▇▇ must obtain a legally sufficient legal description of the Leased Property, and ▇▇▇▇▇▇ must execute and record a memorandum of this Lease in the appropriate county land records, and Tenant must record the leasehold mortgage in the appropriate county land records. (v) ▇▇▇ ▇▇▇▇▇▇ agrees that if the leasehold mortgagee notifies MAC of an address to which MAC may send notices, ▇▇▇ will send a copy of any notice MAC is required to deliver to Tenant under the terms of this Lease to the leasehold mortgagee at the address the leasehold mortgagee had provided. (vi) MAC agrees that if Tenant defaults in the performance of one or more of Tenant’s obligations under this Lease and MAC gives a notice of default as contemplated by Section 19 [Default], the leasehold mortgagee has the right, as far as MAC is concerned, to cure the default but nothing herein constitutes MAC’s assurance that Tenant will grant the mortgagee access to the Leased Property to cure any non- monetary default and the mortgagee should address this issue through the inclusion of appropriate provisions in the mortgage. (vii) Tenant must also grant the leasehold mortgagee a mortgage on ▇▇▇▇▇▇’s right, title, and interests, if any, in and to any Improvements. (viii) In the leasehold mortgage, the mortgagee must expressly acknowledge and agree that, notwithstanding any other provisions of the mortgage or any related loan documents, the mortgagee will permit the Tenant to retain sufficient insurance proceeds available as a result of any damage to or destruction of the Improvements to permit Tenant to fully perform its obligations under Section 14.2 [Damage to Improvements]. (ix) Tenant shall provide a copy of the leasehold mortgage and related loan documents to MAC, upon request by ▇▇▇. If Tenant grants a leasehold mortgage satisfying the requirements of this Section 18.4, ▇▇▇ agrees to execute a subordination agreement with the leasehold mortgagee pursuant to which MAC subordinates any statutory or common law lien MAC may have on the personal property of Tenant or on Improvements Tenant owns. ▇▇▇ will not subordinate MAC’s fee interest in the Leased Property, MAC’s interest under this Lease, or any rights which MAC may have to the Improvements upon the expiration or termination of the Lease.

Collateral Assignments. Subject to MAC’s consent, which shall not be unreasonably withheld, Tenant may not assign, transfer, mortgage or otherwise pledge all or any portion of its rights, title or interest in the Leased Property pursuant to this Lease or any of its other rights under this Lease as collateral to secure Tenant’s payment of a debt or performance of any other obligation of Tenant, except as provided in this Section. (i) An agreement pursuant to which Tenant pledges, assigns or grants an interest in its rights under this Lease as collateral for the payment of a debt or performance of some other obligation of Tenant must take the form of a leasehold mortgage. (ii) Tenant must not be in default of this Lease or any other agreement between Tenant and MAC, beyond the expiration of applicable notice and cure periods. (iii) In the leasehold mortgage, the mortgagee must expressly acknowledge, for the benefit of MAC, that the mortgagee is acquiring no right, title or interest in MAC’s fee title to the Leased Property and that the mortgagee’s rights in and to any Improvements are, at all times, subject to the terms and conditions of this Lease. (iv) If Tenant has not already done so, ▇▇▇▇▇▇ must obtain a legally sufficient legal description of the Leased Property, and ▇▇▇▇▇▇ must execute and record a memorandum of this Lease in the appropriate county land records, and Tenant must record the leasehold mortgage in the appropriate county land records. (v) ▇▇▇ ▇▇▇▇▇▇ agrees that if the leasehold mortgagee notifies MAC of an address to which MAC may send notices, ▇▇▇ will send a copy of any notice MAC is required to deliver to Tenant under the terms of this Lease to the leasehold mortgagee at the address the leasehold mortgagee had provided. (vi) MAC agrees that if Tenant defaults in the performance of one or more of Tenant’s obligations under this Lease and MAC gives a notice of default as contemplated by Section 19 [Default], the leasehold mortgagee has the right, as far as MAC is concerned, to cure the default but nothing herein constitutes MAC’s assurance that Tenant will grant the mortgagee access to the Leased Property to cure any non- non-monetary default and the mortgagee should address this issue through the inclusion of appropriate provisions in the mortgage. (vii) Tenant must also grant the leasehold mortgagee a mortgage on ▇▇▇▇▇▇’s right, title, and interests, if any, in and to any Improvements. (viii) In the leasehold mortgage, the mortgagee must expressly acknowledge and agree that, notwithstanding any other provisions of the mortgage or any related loan documents, the mortgagee will permit the Tenant to retain sufficient insurance proceeds available as a result of any damage to or destruction of the Improvements to permit Tenant to fully perform its obligations under Section 14.2 [Damage to Improvements]. (ix) Tenant shall provide a copy of the leasehold mortgage and related loan documents to MAC, upon request by ▇▇▇. If Tenant grants a leasehold mortgage satisfying the requirements of this Section 18.4, ▇▇▇ agrees to execute a subordination agreement with the leasehold mortgagee pursuant to which MAC subordinates any statutory or common law lien MAC may have on the personal property of Tenant or on Improvements Tenant owns. ▇▇▇ will not subordinate MAC’s fee interest in the Leased Property, MAC’s interest under this Lease, or any rights which MAC may have to the Improvements upon the expiration or termination of the Lease.Section

Collateral Assignments. ‌ Subject to MAC’s consent, which shall not be unreasonably withheld, Tenant may not assign, transfer, mortgage or otherwise pledge all or any portion of its rights, title or interest in the Leased Property pursuant to this Lease or any of its other rights under this Lease as collateral to secure Tenant’s payment of a debt or performance of any other obligation of Tenant, except as provided in this SectionSection 18.4. (i) An agreement pursuant to which Tenant pledges, assigns assigns, or grants an interest in its rights under this Lease as collateral for the payment of a debt or performance of some other obligation of Tenant must take the form of a leasehold mortgage. (ii) Tenant must not be in default of this Lease or any other agreement between Tenant and MAC, beyond the expiration of applicable notice and cure periods. (iii) In the leasehold mortgage, the mortgagee must expressly acknowledge, for the benefit of MAC, that the mortgagee is acquiring no right, title title, or interest in MAC’s fee title to the Leased Property and that the mortgagee’s rights in and to any Improvements are, at all times, subject to the terms and conditions of this Lease. (iv) If Tenant has not already done so, ▇▇▇▇▇▇ must obtain a legally sufficient legal description of the Leased Property, and ▇▇▇▇▇▇ must execute and record a memorandum of this Lease in the appropriate county land recordsand record it, and Tenant must record the leasehold mortgage mortgage, in the appropriate county land records. (v) ▇▇▇ ▇▇▇▇▇▇ MAC hereby agrees that if the leasehold mortgagee notifies MAC of an address to which MAC may send notices, ▇▇▇ will send a copy of any notice MAC is required to deliver to Tenant under the terms of this Lease to the leasehold mortgagee at the address the leasehold mortgagee had provided. (vi) MAC agrees that if Tenant defaults in the performance of one or more of Tenant’s obligations under this Lease and MAC gives a notice of default as contemplated by Section 19 [Default], the leasehold mortgagee has the right, as far as MAC is concerned, to cure the default but nothing herein constitutes MAC’s assurance that Tenant will grant the mortgagee access to the Leased Property to cure any non- monetary default and the mortgagee should address this issue through the inclusion of appropriate provisions in the mortgage. (vii) Tenant must also grant the leasehold mortgagee a mortgage on ▇▇▇▇▇▇Tenant’s right, title, and interests, if any, in and to any Improvements. (viii) In the leasehold mortgage, the mortgagee must expressly acknowledge and agree that, notwithstanding any other provisions of the mortgage or any related loan documents, the mortgagee will permit the Tenant to retain sufficient insurance proceeds available as a result of any damage to or destruction of the Improvements to permit Tenant to fully perform its obligations under Section 14.2 [Damage to Improvements]. (ix) Tenant shall must provide a copy of the leasehold mortgage and related loan documents to MAC, upon request by ▇▇▇. If Tenant grants a leasehold mortgage satisfying the requirements of this Section 18.4, ▇▇▇ MAC agrees to execute a subordination agreement with the leasehold mortgagee pursuant to which MAC subordinates any statutory or common law lien MAC may have on the personal property of Tenant or on Improvements Tenant owns. ▇▇▇ will not subordinate MAC’s fee interest in the Leased Property, MAC’s interest under this Lease, or any rights which MAC may have to the Improvements upon the expiration or termination of the Lease.

Collateral Assignments. ‌ Subject to MAC’s consent, which shall not be unreasonably withheld, Tenant may not assign, transfer, mortgage or otherwise pledge all or any portion of its rights, title or interest in the Leased Property pursuant to this Lease or any of its other rights under this Lease as collateral to secure Tenant’s payment of a debt or performance of any other obligation of Tenant, except as provided in this SectionSection 18.4. (i) An agreement pursuant to which Tenant pledges, assigns assigns, or grants an interest in its rights under this Lease as collateral for the payment of a debt or performance of some other obligation of Tenant must take the form of a leasehold mortgage. (ii) Tenant must not be in default of this Lease or any other agreement between Tenant and MAC, beyond the expiration of applicable notice and cure periods. (iii) In the leasehold mortgage, the mortgagee must expressly acknowledge, for the benefit of MAC, that the mortgagee is acquiring no right, title title, or interest in MAC’s fee title to the Leased Property and that the mortgagee’s rights in and to any Improvements are, at all times, subject to the terms and conditions of this Lease. (iv) If Tenant has not already done so, ▇▇▇▇▇▇ must obtain a legally sufficient legal description of the Leased Property, and ▇▇▇▇▇▇ must execute and record a memorandum of this Lease in the appropriate county land recordsand record it, and Tenant must record the leasehold mortgage mortgage, in the appropriate county land records. (v) ▇▇▇ ▇▇▇▇▇▇ agrees that if the leasehold mortgagee notifies MAC of an address to which MAC may send notices, ▇▇▇ will send a copy of any notice MAC is required to deliver to Tenant under the terms of this Lease to the leasehold mortgagee at the address the leasehold mortgagee had provided. (vi) MAC agrees that if Tenant defaults in the performance of one or more of Tenant’s obligations under this Lease and MAC gives a notice of default as contemplated by Section 19 [Default], the leasehold mortgagee has the right, as far as MAC is concerned, to cure the default but nothing herein constitutes MAC’s assurance that Tenant will grant the mortgagee access to the Leased Property to cure any non- monetary default and the mortgagee should address this issue through the inclusion of appropriate provisions in the mortgage. (vii) Tenant must also grant the leasehold mortgagee a mortgage on ▇▇▇▇▇▇’s right, title, and interests, if any, in and to any Improvements. (viii) In the leasehold mortgage, the mortgagee must expressly acknowledge and agree that, notwithstanding any other provisions of the mortgage or any related loan documents, the mortgagee will permit the Tenant to retain sufficient insurance proceeds available as a result of any damage to or destruction of the Improvements to permit Tenant to fully perform its obligations under Section 14.2 [Damage to Improvements]. (ix) Tenant shall must provide a copy of the leasehold mortgage and related loan documents to MAC, upon request by ▇▇▇. If Tenant grants a leasehold mortgage satisfying the requirements of this Section 18.4, ▇▇▇ agrees to execute a subordination agreement with the leasehold mortgagee pursuant to which MAC subordinates any statutory or common law lien MAC may have on the personal property of Tenant or on Improvements Tenant owns. ▇▇▇ will not subordinate MAC’s fee interest in the Leased Property, MAC’s interest under this Lease, or any rights which MAC may have to the Improvements upon the expiration or termination of the Lease.