Common use of DRAFT Clause in Contracts

DRAFT. Notwithstanding anything to the contrary contained in this Lease, at any time and from time to time Lessee may mortgage, pledge and encumber its interests in this Lease and in any subleases, and assign this Lease and any subleases, licenses and other occupancy and use agreements as collateral security for such mortgage(s). The making of a leasehold mortgage (or any other such assignment, pledge or encumbrance) shall not be deemed to constitute a prohibited assignment of this Lease, or of the leasehold estate hereby created, nor cause the holder of the leasehold mortgage (a “Mortgagee”) to be deemed an assignee of this Lease. Such Mortgagee (or its nominee) shall be deemed an assignee of this Lease only at such time it succeeds to the Lessee’s interest in this Lease by foreclosure of any leasehold mortgage, or assignment in lieu of the foreclosure, or if it exercises or attempts to exercise any rights or privileges of Lessee under the Lease. Upon such succession such Mortgagee (or nominee) shall be bound by the terms of this Lease only with respect to obligations first arising after such succession and shall be released and relieved of all further liabilities and obligations under this Lease once it assigns its interest in this Lease. Notwithstanding the foregoing, Mortgagee or such successors shall be liable for all rent due under the Lease, and for curing any breaches or defaults which continue after the Mortgagee or such successor acquire Xxxxxx’s interest in this Lease. Notwithstanding anything to the contrary continued in this Lease, any Mortgagee (or other person or entity) that succeeds to Lessee’s interest in this Lease by way of foreclosure, assignment in lieu of foreclosure or the exercise of any other remedies relating to the enforcement of any leasehold mortgage may assign this Lease to any telecommunications company with assets in excess of One Hundred Million Dollars ($100,000,000) and upon such assignment, such assignee shall be released from all further liability under this Lease; provided, however, that the provisions hereof shall become null and void upon such assignment. When used in this Lease, “mortgage” shall include whatever security instruments are used in the locality of the Premises, such as, without limitation, mortgages, deeds of trust, security deeds, and conditional deeds, as well as financing statements, security agreements, and other documentation required pursuant to the Uniform Commercial Code or successor or similar legislation. If a Mortgagee shall send to Lessor and its counsel a true copy of the leasehold mortgage, together with written notice specifying the name and address of the Mortgagee and the pertinent recording data with respect to such leasehold mortgage, Lessor agrees that the following provisions shall apply to such mortgage so long as the leasehold mortgage has not been released by the Mortgagee: No Modification/No Merger. There shall be no cancellation, surrender or modification of this Lease by Xxxxxx and Xxxxxx without the prior consent in writing of each Mortgagee. If the leasehold interest under this Lease shall ever be held by the same person or party who then holds the reversionary interest under this Lease, no merger shall result therefrom and both the leasehold and reversionary interests shall continue. Notice/Cure. DRAFT Lessor shall, upon serving Lessee with any notice of default or other notice provided for in this Lease, simultaneously serve a copy of such notice upon the Mortgagee and no such notice to Lessee shall be effective unless a copy of such notice is so served on the Mortgagee. Upon receipt of such notice the mortgagee shall have the same period, after and commencing upon receipt of such notice, to elect (in its sole discretion) to remedy or cause to be remedied the defaults complained of, and Xxxxxx shall accept such performance as if the same had been done by Xxxxxx.

Appears in 1 contract

Samples: Deed of Lease Agreement

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DRAFT. Notwithstanding anything The deposit monies are expressly deemed to be deposit monies only, and not partial payments. Default in payment of any amount payable pursuant to this Agreement on the date or within the time specified, shall constitute substantial default hereunder, and the Vendor shall have the right to terminate this Agreement and forfeit all deposit monies in full as liquidated damages and not as a penalty. Without prejudice to the contrary Vendor's rights as to forfeiture of deposit monies as aforesaid, and in addition thereto, the Vendor shall have the right to recover from the Purchaser any monies owing to the Vendor pursuant to this Agreement and not paid to the Vendor in accordance with the terms hereof and/or all additional costs, losses and damages arising out of default on the part of the Purchaser pursuant to any provision contained in this LeaseAgreement, including interest thereon from the date of demand for payment at the rate of 24% per annum, calculated daily, not in advance, until paid. In the event this Agreement, in future, is amended in order to accelerate the Closing of the transaction or to change or alter the construction specifications of the Dwelling by giving the Purchaser a credit or reduction against the Purchase Price and the Purchaser fails to complete the transaction, all damages shall be assessed as if such amendment was not entered into. In the event any time and from time to time Lessee may mortgage, pledge and encumber its interests in one or more of the provisions of this Lease and in any subleases, and assign this Lease and any subleases, licenses and other occupancy and use agreements as collateral security for such mortgage(s). The making of a leasehold mortgage (Agreement or any other such assignmentportion or portions thereof are invalid or unenforceable, pledge or encumbrance) the same shall be deemed to be deleted herefrom and shall not be deemed to constitute a prohibited assignment affect the enforceability or validity of the balance of this LeaseAgreement. The Purchaser, if required by the Vendor, shall execute and deliver on Closing one or more covenants incorporating the terms hereof. There is no representation, warranty, collateral Agreement or condition affecting this Agreement or the Property, or supported hereby, except as set forth herein in writing. In the event there is a conflict between any term(s) in this Agreement, the Vendor shall determine which conflicting term(s) prevail(s). The Purchaser acknowledges and agrees that the covenants and obligations of the leasehold estate hereby created, nor cause the holder Vendor contained in this Agreement shall be those of the leasehold mortgage Vendor only and should the Vendor represent or act as trustee or agent on behalf of a beneficiary or principal (a “Mortgagee”whether disclosed or undisclosed) in executing this Agreement, such beneficiary or principal shall have no liability under this Agreement, such liability being restricted to the Vendor only. All buildings and equipment shall be and remain at the Vendor's risk until Closing. In the event of any damage to the Dwelling, however caused, the Vendor shall be entitled to the insurance proceeds payable under any insurance policy coverage on the Dwelling. Deed to be deemed an assignee of this Lease. Such Mortgagee (or its nominee) shall be deemed an assignee of this Lease only prepared at such time it succeeds to the Lessee’s interest in this Lease by foreclosure of any leasehold mortgageVendor's expense, or assignment in lieu of the foreclosure, or if it exercises or attempts to exercise any rights or privileges of Lessee under the Lease. Upon such succession such Mortgagee (or nominee) shall be bound by the terms of this Lease only with respect to obligations first arising after such succession and shall be released executed by the Purchaser if required by the Vendor and relieved of all further liabilities and obligations under this Lease once it assigns its interest in this Lease. Notwithstanding the foregoing, Mortgagee or such successors shall be liable registered forthwith on Closing at the Purchaser's expense. The Purchaser shall pay the Vendor’s solicitor’s fees in the amount of $500.00 (plus Applicable Taxes and disbursements) for all rent due under the Lease, and for curing any breaches each letter or defaults which continue after the Mortgagee or such successor acquire Xxxxxx’s interest in this Lease. Notwithstanding anything other form of notice sent to the contrary continued in this Lease, any Mortgagee (or other person or entity) that succeeds to Lessee’s interest in this Lease by way of foreclosure, assignment in lieu of foreclosure Purchaser or the exercise of any other remedies Purchaser’s solicitor relating to the enforcement of any leasehold mortgage may assign this Lease to any telecommunications company with assets in excess of One Hundred Million Dollars ($100,000,000) and upon such assignment, such assignee shall be released from all further liability under this Lease; provided, however, that the provisions hereof shall become null and void upon such assignment. When used in this Lease, “mortgage” shall include whatever security instruments are used in the locality of the Premises, such as, without limitation, mortgages, deeds of trust, security deeds, and conditional deeds, as well as financing statements, security agreements, and other documentation required pursuant to the Uniform Commercial Code or successor or similar legislation. If a Mortgagee shall send to Lessor and its counsel a true copy of the leasehold mortgage, together with written notice specifying the name and address of the Mortgagee and the pertinent recording data with respect to such leasehold mortgage, Lessor agrees that the following provisions shall apply to such mortgage so long as the leasehold mortgage has not been released default by the Mortgagee: No Modification/No Merger. There shall be no cancellation, surrender or modification of this Lease by Xxxxxx and Xxxxxx without the prior consent in writing of each Mortgagee. If the leasehold interest under this Lease shall ever be held by the same person or party who then holds the reversionary interest under this Lease, no merger shall result therefrom and both the leasehold and reversionary interests shall continue. Notice/Cure. DRAFT Lessor shall, upon serving Lessee with any notice of default or other notice provided for in this Lease, simultaneously serve a copy of such notice upon the Mortgagee and no such notice to Lessee shall be effective unless a copy of such notice is so served on the Mortgagee. Upon receipt of such notice the mortgagee shall have the same period, after and commencing upon receipt of such notice, to elect (in its sole discretion) to remedy or cause to be remedied the defaults complained of, and Xxxxxx shall accept such performance as if the same had been done by XxxxxxPurchaser.

Appears in 1 contract

Samples: Agreement of Purchase and Sale

DRAFT. Notwithstanding anything to the contrary contained in this Lease, at any time and from time to time Lessee may mortgage, pledge and encumber its interests in this Lease and in any subleases, and assign this Lease and any subleases, licenses and other occupancy and use agreements as collateral security for such mortgage(s). The making of a leasehold mortgage (or any other such assignment, pledge or encumbrance) shall not be deemed to constitute a prohibited assignment of this Lease, or of the leasehold estate hereby created, nor cause the holder of the leasehold mortgage (a “Mortgagee”) to be deemed an assignee of this Lease. Such Mortgagee (or its nominee) shall be deemed an assignee of this Lease only at such time it succeeds to the Lessee’s interest in this Lease by foreclosure of any leasehold mortgage, or assignment in lieu of the foreclosure, or if it exercises or attempts to exercise any rights or privileges of Lessee under the Lease. Upon such succession such Mortgagee (or nominee) shall be bound by the terms of this Lease only with respect to obligations first arising after such succession and shall be released and relieved of all further liabilities and obligations under this Lease once it assigns its interest in this Lease. Notwithstanding the foregoing, Mortgagee or such successors shall be liable for all rent due under the Lease, and for curing any breaches or defaults which continue after the Mortgagee or such successor acquire XxxxxxLessee’s interest in this Lease. Notwithstanding anything to the contrary continued in this Lease, any Mortgagee (or other person or entity) that succeeds to Lessee’s interest in this Lease by way of foreclosure, assignment in lieu of foreclosure or the exercise of any other remedies relating to the enforcement of any leasehold mortgage may assign this Lease to any telecommunications company with assets in excess of One Hundred Million Dollars ($100,000,000) and upon such assignment, such assignee shall be released from all further liability under this Lease; provided, however, that the provisions hereof shall become null and void upon such assignment. When used in this Lease, “mortgage” shall include whatever security instruments are used in the locality of the Premises, such as, without limitation, mortgages, deeds of trust, security deeds, and conditional deeds, as well as financing statements, security agreements, and other documentation required pursuant to the Uniform Commercial Code or successor or similar legislation. If a Mortgagee shall send to Lessor and its counsel a true copy of the leasehold mortgage, together with written notice specifying the name and address of the Mortgagee and the pertinent recording data with respect to such leasehold mortgage, Lessor agrees that the following provisions shall apply to such mortgage so long as the leasehold mortgage has not been released by the Mortgagee: No Modification/No Merger. There shall be no cancellation, surrender or modification of this Lease by Xxxxxx Lessor and Xxxxxx Lessee without the prior consent in writing of each Mortgagee. If the leasehold interest under this Lease shall ever be held by the same person or party who then holds the reversionary interest under this Lease, no merger shall result therefrom and both the leasehold and reversionary interests shall continue. Notice/Cure. DRAFT Lessor shall, upon serving Lessee with any notice of default or other notice provided for in this Lease, simultaneously serve a copy of such notice upon the Mortgagee and no such notice to Lessee shall be effective unless a copy of such notice is so served on the Mortgagee. Upon receipt of such notice the mortgagee shall have the same period, after and commencing upon receipt of such notice, to elect (in its sole discretion) to remedy or cause to be remedied the defaults complained of, and Xxxxxx Lessor shall accept such performance as if the same had been done by XxxxxxLessee.

Appears in 1 contract

Samples: Deed of Lease Agreement

DRAFT. In the event that during any Fiscal Year, any Additional Rentals shall become due which were not included in a duly enacted appropriation resolution then, in the event that moneys are not specifically budgeted and appropriated to pay such Additional Rentals within 45 days [(or longer, as may be approved by the Insurer)] subsequent to the date upon which such Additional Rentals are due, an Event of Nonappropriation shall be deemed to have occurred, upon notice by the Trustee to the County to such effect (subject to waiver by the Trustee as hereinbefore provided). Notwithstanding anything any provision to the contrary contained in this Leaseherein, at any time and from time to time Lessee may mortgageif an Event of Nonappropriation occurs, pledge and encumber its interests in the County’s rights of possession of the Leased Property under this Lease and shall terminate at the end of the last day of the Fiscal Year for which this Lease shall be in any subleaseseffect, and assign this Lease and any subleasesthe County shall not be obligated to make payment of the Base Rentals, licenses and other occupancy and use agreements as collateral security for such mortgage(s). The making of a leasehold mortgage (Additional Rentals or any other such assignment, pledge or encumbrance) shall not be deemed to constitute a prohibited assignment of this Lease, or payments provided for herein which accrue after the end of the leasehold estate hereby created, nor cause the holder last day of the leasehold mortgage (a “Mortgagee”) to be deemed an assignee of Fiscal Year for which this Lease. Such Mortgagee (or its nominee) Lease shall be deemed an assignee of this Lease only at such time it succeeds to the Lessee’s interest in this Lease by foreclosure of any leasehold mortgage, or assignment in lieu of the foreclosure, or if it exercises or attempts to exercise any rights or privileges of Lessee under the Lease. Upon such succession such Mortgagee (or nominee) shall be bound by the terms of this Lease only with respect to obligations first arising after such succession and shall be released and relieved of all further liabilities and obligations under this Lease once it assigns its interest in this Lease. Notwithstanding the foregoing, Mortgagee or such successors shall be liable for all rent due under the Lease, and for curing any breaches or defaults which continue after the Mortgagee or such successor acquire Xxxxxx’s interest in this Lease. Notwithstanding anything to the contrary continued in this Lease, any Mortgagee (or other person or entity) that succeeds to Lessee’s interest in this Lease by way of foreclosure, assignment in lieu of foreclosure or the exercise of any other remedies relating to the enforcement of any leasehold mortgage may assign this Lease to any telecommunications company with assets in excess of One Hundred Million Dollars ($100,000,000) and upon such assignment, such assignee shall be released from all further liability under this Leaseeffect; provided, however, that that, subject to the provisions hereof limitations of Sections 6.01 and 14.03 hereof, the County shall become null continue to be liable for Base Rentals and void Additional Rentals allocable to any period during which the County shall continue to occupy, use or retain possession of the Leased Property, beginning with the first day of the Fiscal Year in respect of which the Event of Nonappropriation occurs. The County shall in all events vacate or surrender possession of the Leased Property by the 10th Business Day of the Fiscal Year in respect of which the Event of Nonappropriation has occurred. The Trustee shall, upon such assignment. When used in this Leasethe occurrence of an Event of Nonappropriation, “mortgage” shall include whatever security instruments are used be entitled to all moneys then on hand and being held in the locality accounts within all funds created under the Indenture, including the Reserve Fund, for the benefit of the PremisesOwners. After the 10th Business Day of the Fiscal Year in respect of which an Event of Nonappropriation has occurred, such asthe Trustee may[, without limitation, mortgages, deeds with the written consent of trust, security deedsthe Insurer, and conditional deedsshall, as well as financing statements, security agreements, and other documentation required pursuant to at the Uniform Commercial Code or successor or similar legislation. If a Mortgagee shall send to Lessor and its counsel a true copy written direction of the leasehold mortgageInsurer,] proceed to exercise all or any Lease Remedies. All property, together with written notice specifying the name funds and address of the Mortgagee and the pertinent recording data with respect to such leasehold mortgage, Lessor agrees that the following provisions shall apply to such mortgage so long as the leasehold mortgage has not been released rights acquired by the Mortgagee: No Modification/No Merger. There shall be no cancellation, surrender or modification Trustee upon the termination of this Lease by Xxxxxx reason of an Event of Nonappropriation as provided herein, less any moneys due and Xxxxxx without owing to the prior consent in writing of each Mortgagee. If the leasehold interest under this Lease Trustee, shall ever be held by the same person or party who then holds Trustee for the reversionary interest under this Leasebenefit of the Owners as set forth in the Indenture. [Upon the occurrence of an Event of Nonappropriation, no merger the Trustee shall result therefrom and both the leasehold and reversionary interests shall continue. Notice/Cure. DRAFT Lessor shall, upon serving Lessee with any immediately give notice of default or other notice provided for in this Lease, simultaneously serve a copy of such notice upon occurrence to the Mortgagee and no such notice to Lessee shall be effective unless a copy of such notice is so served on the Mortgagee. Upon receipt of such notice the mortgagee shall have the same period, after and commencing upon receipt of such notice, to elect (in its sole discretion) to remedy or cause to be remedied the defaults complained of, and Xxxxxx shall accept such performance as if the same had been done by XxxxxxInsurer.]

Appears in 1 contract

Samples: Lease Purchase Agreement

DRAFT. Notwithstanding If no appointment of a successor Escrow Agent or a temporary successor Escrow Agent shall have been made by the District pursuant to the foregoing provisions of this Section within 60 days after written notice of resignation of the Escrow Agent has been given to the District, the holder of any of the Refunded Certificates or any retiring Escrow Agent may apply to any court of competent jurisdiction for the appointment of a successor Escrow Agent, and such court may thereupon, after such notice, if any, as it shall deem proper, appoint a successor Escrow Agent. No successor Escrow Agent shall be appointed unless such successor Escrow Agent shall be a corporation with trust powers authorized to do business in the State of Missouri and organized under the banking laws of the United States or the State of Missouri and shall have at the time of appointment capital and surplus of not less than $10,000,000. Every successor Escrow Agent appointed hereunder shall execute, acknowledge and deliver to its predecessor and to the District an instrument in writing accepting such appointment hereunder, and thereupon such successor Escrow Agent without any further act, deed or conveyance shall become fully vested with all the rights, immunities, powers, trusts, duties and obligations of its predecessor, but such predecessor shall, nevertheless, on the written request of such successor Escrow Agent or the District, execute and deliver an instrument transferring to such successor Escrow Agent all the estates, properties, rights, powers and trusts of such predecessor hereunder, and every predecessor Escrow Agent shall deliver all securities and money held by it to its successor. Should any transfer, assignment or instrument in writing from the District be required by any successor Escrow Agent for more fully and certainly vesting in such successor Escrow Agent the estates, rights, powers and duties hereby vested or intended to be vested in the predecessor Escrow Agent, any such transfer, assignment and instruments in writing shall, on request, be executed, acknowledged and delivered by the District. Any corporation into which the Escrow Agent, or any successor to it of the duties and responsibilities created by this Escrow Agreement, may be merged or converted or with which it or any successor to it may be consolidated, or any corporation resulting from any merger, conversion, consolidation or reorganization to which the Escrow Agent or any successor to it may be a party, shall, if satisfactory to the District, be the successor Escrow Agent under this Escrow Agreement without the execution or filing of any paper or any other act on the part of the parties hereto, anything herein to the contrary contained in this Lease, at any time and from time to time Lessee may mortgage, pledge and encumber its interests in this Lease and in any subleases, and assign this Lease and any subleases, licenses and other occupancy and use agreements as collateral security for such mortgage(s). The making of a leasehold mortgage (or any other such assignment, pledge or encumbrance) shall not be deemed to constitute a prohibited assignment of this Lease, or of the leasehold estate hereby created, nor cause the holder of the leasehold mortgage (a “Mortgagee”) to be deemed an assignee of this Lease. Such Mortgagee (or its nominee) shall be deemed an assignee of this Lease only at such time it succeeds to the Lessee’s interest in this Lease by foreclosure of any leasehold mortgage, or assignment in lieu of the foreclosure, or if it exercises or attempts to exercise any rights or privileges of Lessee under the Lease. Upon such succession such Mortgagee (or nominee) shall be bound by the terms of this Lease only with respect to obligations first arising after such succession and shall be released and relieved of all further liabilities and obligations under this Lease once it assigns its interest in this Lease. Notwithstanding the foregoing, Mortgagee or such successors shall be liable for all rent due under the Lease, and for curing any breaches or defaults which continue after the Mortgagee or such successor acquire Xxxxxx’s interest in this Lease. Notwithstanding anything to the contrary continued in this Lease, any Mortgagee (or other person or entity) that succeeds to Lessee’s interest in this Lease by way of foreclosure, assignment in lieu of foreclosure or the exercise of any other remedies relating to the enforcement of any leasehold mortgage may assign this Lease to any telecommunications company with assets in excess of One Hundred Million Dollars ($100,000,000) and upon such assignment, such assignee shall be released from all further liability under this Lease; provided, however, that the provisions hereof shall become null and void upon such assignment. When used in this Lease, “mortgage” shall include whatever security instruments are used in the locality of the Premises, such as, without limitation, mortgages, deeds of trust, security deeds, and conditional deeds, as well as financing statements, security agreements, and other documentation required pursuant to the Uniform Commercial Code or successor or similar legislation. If a Mortgagee shall send to Lessor and its counsel a true copy of the leasehold mortgage, together with written notice specifying the name and address of the Mortgagee and the pertinent recording data with respect to such leasehold mortgage, Lessor agrees that the following provisions shall apply to such mortgage so long as the leasehold mortgage has not been released by the Mortgagee: No Modification/No Merger. There shall be no cancellation, surrender or modification of this Lease by Xxxxxx and Xxxxxx without the prior consent in writing of each Mortgagee. If the leasehold interest under this Lease shall ever be held by the same person or party who then holds the reversionary interest under this Lease, no merger shall result therefrom and both the leasehold and reversionary interests shall continue. Notice/Cure. DRAFT Lessor shall, upon serving Lessee with any notice of default or other notice provided for in this Lease, simultaneously serve a copy of such notice upon the Mortgagee and no such notice to Lessee shall be effective unless a copy of such notice is so served on the Mortgagee. Upon receipt of such notice the mortgagee shall have the same period, after and commencing upon receipt of such notice, to elect (in its sole discretion) to remedy or cause to be remedied the defaults complained of, and Xxxxxx shall accept such performance as if the same had been done by Xxxxxxnotwithstanding.

Appears in 1 contract

Samples: Escrow Trust Agreement And

DRAFT. Notwithstanding anything (h) A Bank Bondowner shall decide whether to sell any Liquidity Provider Bonds owned by it to any Purchaser and shall give notice of such decision to the contrary contained in this LeaseCity and the Remarketing Agent by 2:00 p.m. on the Business Day preceding the Sale Date. In the event such notice is not timely delivered by a Bank Bondowner, at any time and from time to time Lessee may mortgage, pledge and encumber its interests in this Lease and in any subleases, and assign this Lease and any subleases, licenses and other occupancy and use agreements as collateral security for such mortgage(s). The making of a leasehold mortgage (or any other such assignment, pledge or encumbrance) Bank Bondowner shall not be deemed to constitute have determined to sell such Liquidity Provider Bonds to a prohibited assignment of this Lease, or Purchaser on the Sale Date (subject to receipt by it of the leasehold estate hereby createdfunds called for by the next following sentence). If a Bank Bondowner determines or is deemed to have determined to sell such Liquidity Provider Bonds to a Purchaser, nor such Bank Bondowner shall deliver such Liquidity Provider Bonds to the Paying Agent/Registrar (or, in the case of Liquidity Provider Bonds which are Book Entry Bonds, shall cause the holder beneficial ownership thereof to be credited to the account of the leasehold mortgage (a “Mortgagee”Remarketing Agent at DTC) to by 10:00 a.m. on the Sale Date against receipt of the Sale Price therefor in immediately available funds in the Purchase Fund or at the Bank Bondowner’s address listed in the registration records kept by the Paying Agent/Registrar, and such Liquidity Provider Bonds shall thereupon no longer be deemed an assignee of this Lease. Such Mortgagee (or its nominee) considered Liquidity Provider Bonds; as provided in the Ordinance, such Liquidity Provider Bonds shall be deemed an assignee of this Lease only at to have been delivered and such time it succeeds to the Lessee’s interest in this Lease by foreclosure of any leasehold mortgage, or assignment in lieu of the foreclosure, or if it exercises or attempts to exercise any rights or privileges of Lessee under the Lease. Upon such succession such Mortgagee (or nominee) Bonds shall no longer be bound by the terms of this Lease only with respect to obligations first arising after such succession and shall be released and relieved of all further liabilities and obligations under this Lease once it assigns its interest in this Lease. Notwithstanding the foregoing, Mortgagee or such successors shall be liable for all rent due under the Lease, and for curing any breaches or defaults which continue after the Mortgagee or such successor acquire Xxxxxx’s interest in this Lease. Notwithstanding anything to the contrary continued in this Lease, any Mortgagee (or other person or entity) that succeeds to Lessee’s interest in this Lease by way of foreclosure, assignment in lieu of foreclosure or the exercise of any other remedies relating to the enforcement of any leasehold mortgage may assign this Lease to any telecommunications company with assets in excess of One Hundred Million Dollars ($100,000,000) and upon such assignment, such assignee shall be released from all further liability under this Lease; provided, however, that the provisions hereof shall become null and void upon such assignmentconsidered Liquidity Provider Bonds. When used Liquidity Provider Bonds are purchased in accordance with this Leasesubsection (h), “mortgage” shall include whatever security instruments are used in the locality of the Premises, such as, without limitation, mortgages, deeds of trust, security deeds, and conditional deeds, as well as financing statements, security agreements, and other documentation required pursuant to the Uniform Commercial Code or successor or similar legislation. If a Mortgagee shall send to Lessor and its counsel a true copy of the leasehold mortgage, together with written notice specifying the name and address of the Mortgagee and the pertinent recording data with respect to such leasehold mortgage, Lessor agrees that the following provisions shall apply to such mortgage so long as the leasehold mortgage has not been released by the Mortgagee: No ModificationPaying Agent/No Merger. There shall be no cancellation, surrender or modification of this Lease by Xxxxxx and Xxxxxx without the prior consent in writing of each Mortgagee. If the leasehold interest under this Lease shall ever be held by the same person or party who then holds the reversionary interest under this Lease, no merger shall result therefrom and both the leasehold and reversionary interests shall continue. Notice/Cure. DRAFT Lessor Registrar shall, upon serving Lessee with any notice of default or other notice provided for in this Lease, simultaneously serve a copy of such notice upon the Mortgagee and no such notice to Lessee shall be effective unless a copy of such notice is so served on the Mortgagee. Upon receipt of such notice the mortgagee shall have the same period, after and commencing upon receipt of such noticeLiquidity Provider Bonds and upon receipt by such Bank Bondowner of the Sale Price, notify the City that such Bonds are no longer Liquidity Provider Bonds. Any sale of a Liquidity Provider Bond pursuant to elect this subsection (h) shall be without recourse to the seller and without representation or warranty of any kind. If a Bank Bondowner notifies the Paying Agent/Registrar and the Remarketing Agent, as provided in the first sentence of this subsection (h), that it will not sell its sole discretion) to remedy Liquidity Provider Bonds, the Paying Agent/Registrar shall notify the City, the Remarketing Agent, the Bank and such Bank Bondowner that as of the Sale Date such Bond or cause to be remedied the defaults complained ofBonds shall no longer constitute Liquidity Provider Bonds, and Xxxxxx such Bonds shall accept such performance as if be deemed to have been remarketed and no longer constitute Liquidity Provider Bonds and the same had been done by XxxxxxAvailable Amount of the Letter of Credit shall be appropriately increased.

Appears in 1 contract

Samples: Reimbursement Agreement

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DRAFT. Notwithstanding anything (i) All dimensions, specifications and elevation renderings on sales brochures and other sales aides are artists' concepts only and are approximate and subject to modification without prior notice at the sole discretion of the Vendor in compliance with the Ontario Building Code. The designation of door swings, including entrance doors and doors from the garage to the contrary contained in this Leaseinterior of the Dwelling, at any time and from time to time Lessee may mortgageif any, pledge and encumber its interests in this Lease and in any subleases, and assign this Lease and any subleases, licenses schedules attached hereto or sales brochures and other occupancy sales aides are conceptual only and use agreements as collateral security for such mortgage(s)are subject to modification without prior notice at the sole discretion of the Vendor. The making Purchaser acknowledges and agrees that attic hatches or access points may be located within any location determined by the Vendor in its sole discretion, including without limitation, within any hallway, room, closet or interior wall. The location of a leasehold mortgage mechanical installations may not be as shown (or any other such assignmentnot shown, pledge as the case may be) on sales documentation and will be located in accordance with approved plans and/or good construction practice and may result in room size or encumbrance) garage size reduction caused by the mechanicals being installed. The Purchaser acknowledges being advised by the Vendor that the Vendor has experienced a high rate of theft of air- conditioning units when they are installed prior to the Closing. Accordingly, the Purchaser acknowledges that if the Agreement herein calls for the Vendor to install an air-conditioning unit, the Vendor has the right to install that unit, in accordance with the Agreement, within 7 days after the Closing, weather permitting. The Purchaser shall not be deemed entitled to constitute a prohibited assignment of this Lease, or any holdback on account of the leasehold estate hereby created, nor cause Purchase Price notwithstanding that the holder of air-conditioning unit is not installed at the leasehold mortgage (a “Mortgagee”) to be deemed an assignee of this Lease. Such Mortgagee (or its nominee) shall be deemed an assignee of this Lease only at such time it succeeds to the Lessee’s interest in this Lease by foreclosure of any leasehold mortgage, or assignment in lieu of the foreclosure, or if it exercises or attempts to exercise any rights or privileges of Lessee under the Lease. Upon such succession such Mortgagee (or nominee) shall be bound by the terms of this Lease only with respect to obligations first arising after such succession and shall be released and relieved of all further liabilities and obligations under this Lease once it assigns its interest in this LeaseClosing. Notwithstanding the foregoing, Mortgagee or such successors shall in the event that the Purchaser requires the air-conditioning unit to be liable for all rent due under the Lease, and for curing any breaches or defaults which continue after the Mortgagee or such successor acquire Xxxxxx’s interest in this Lease. Notwithstanding anything installed prior to the contrary continued in this LeaseClosing, any Mortgagee (or other person or entity) that succeeds the Purchaser shall make written request therefor, such request to Lessee’s interest in this Lease be received not later than 30 days prior to the Closing by way of foreclosure, assignment in lieu of foreclosure or the exercise of any other remedies relating separate written request addressed to the enforcement of any leasehold mortgage may assign this Lease to any telecommunications company with assets in excess of One Hundred Million Dollars ($100,000,000) Vendor’s solicitor and upon such assignment, such assignee shall be released from all further liability under this Lease; provided, however, the Purchaser acknowledges that the provisions hereof Purchaser shall become null and void upon such assignment. When used in this Lease, “mortgage” shall include whatever security instruments are used assume all liability for the air-conditioning unit in the locality of the Premises, such as, without limitation, mortgages, deeds of trust, security deeds, and conditional deeds, as well as financing statements, security agreements, and other documentation required pursuant event that it is stolen after its installation prior to the Uniform Commercial Code or successor or similar legislation. If a Mortgagee shall send to Lessor and its counsel a true copy of the leasehold mortgage, together with written notice specifying the name and address of the Mortgagee Closing and the pertinent recording data Vendor shall not be obliged to replace same nor shall there be any adjustment in the Purchase Price with respect to such leasehold mortgage, Lessor agrees that the following provisions shall apply to such mortgage so long as the leasehold mortgage has not been released by the Mortgagee: No Modification/No Merger. There shall be no cancellation, surrender or modification of this Lease by Xxxxxx and Xxxxxx without the prior consent in writing of each Mortgagee. If the leasehold interest under this Lease shall ever be held by the same person or party who then holds the reversionary interest under this Lease, no merger shall result therefrom and both the leasehold and reversionary interests shall continue. Notice/Cure. DRAFT Lessor shall, upon serving Lessee with any notice of default or other notice provided for in this Lease, simultaneously serve a copy of such notice upon the Mortgagee and no such notice to Lessee shall be effective unless a copy of such notice is so served on the Mortgagee. Upon receipt of such notice the mortgagee shall have the same period, after and commencing upon receipt of such notice, to elect (in its sole discretion) to remedy or cause to be remedied the defaults complained of, and Xxxxxx shall accept such performance as if the same had been done by Xxxxxxthereto.

Appears in 1 contract

Samples: Agreement of Purchase and Sale

DRAFT. Notwithstanding anything The Landlord giving notice to the contrary contained Tenant, which is only possible using one of the 18 grounds for eviction set out in this Lease, at any time and from time schedule 3 of the Act. This can happen either: - By the Landlord giving the Tenant a Notice to time Lessee may mortgage, pledge and encumber its interests in this Lease and in any subleasesLeave stating one or more of the eviction grounds, and assign the Tenant choosing to leave. In this Lease case, the tenancy will come to an end on the day specified in the Notice to Leave, or the day on which the Tenant actually leaves the Let Property, whichever is the later. or: - By the Landlord giving the Tenant a Notice to Leave stating one or more of the eviction grounds and any subleasesthen, licenses and other occupancy and use agreements as collateral security for such mortgage(sif the Tenant chooses not to leave on the day after the notice period expires, subsequently obtaining an eviction order from the Tribunal on the stated eviction ground(s). In this case, the tenancy will come to an end on the date specified in the eviction order. The making of a leasehold mortgage (or any other such assignment, pledge or encumbrance) shall not be deemed Landlord can bring the tenancy to constitute a prohibited assignment of this Lease, or an end only if one of the leasehold estate hereby created18 grounds for eviction apply. If the Landlord serves a Notice to Leave on the Tenant, nor cause he or she must specify which eviction ground(s) is being used and give the holder of reasons why they believe this eviction ground applies. This may be applicable should the leasehold mortgage (a “Mortgagee”) to be deemed an assignee of tenant breach this Leaseagreement. Such Mortgagee (or its nominee) shall be deemed an assignee of this Lease only at such time it succeeds If the Landlord applies to the Lessee’s interest Tribunal for an eviction order, the Tribunal will ask the Landlord to provide supporting evidence for any eviction ground(s) being used. The amount of notice a Landlord must give the Tenant will depend on which eviction ground is being used by the Landlord and how long the Tenant has lived in this Lease by foreclosure of any leasehold mortgagethe Let Property. The Landlord must give the Tenant at least 28 days’ notice if, on the day the Tenant receives the Notice to Leave, the Tenant has been entitled to occupy the Let Property for six months or assignment in lieu of the foreclosureless, or if it exercises or attempts to exercise any rights or privileges of Lessee under the Lease. Upon such succession such Mortgagee eviction ground (or nomineegrounds) shall be bound by that the terms Landlord is stating is one or more of this Lease the following: The Tenant: • Is not occupying the Let Property as his or her only or principal home • Has breached the tenancy agreement • Is in rent arrears for three or more consecutive months • Has a relevant criminal conviction • Has engaged in relevant antisocial behaviour • Has associated with respect a person who has a relevant conviction or has engaged in antisocial behaviour • Is in breach of the contents set out in Section 17 or other relevant clauses DRAFT The Landlord must give the Tenant at least 84 days’ notice if, on the date the Tenant receives the Notice to obligations first arising after such succession Leave, the Tenant has been entitled to occupy the Let Property for over six months and shall be released and relieved the Notice to Leave does not rely exclusively on one (or more) of all further liabilities and obligations under this Lease once it assigns its interest the eviction grounds already mentioned in this Leaseparagraph. Notwithstanding The Landlord must secure repossession only by lawful means and must comply with all relevant legislation affecting private residential tenancies. SCHEDULE 3 TO THE ACT – EVICTION GROUNDS Schedule 3 sets out the foregoing, Mortgagee or such successors shall be liable for all rent due 18 grounds under the Lease, and for curing any breaches or defaults which continue after the Mortgagee or such successor acquire Xxxxxx’s interest in this Leasea Landlord may seek eviction. Notwithstanding anything to the contrary continued in this Lease, any Mortgagee (or other person or entity) that succeeds to Lessee’s interest in this Lease by way of foreclosure, assignment in lieu of foreclosure or the exercise of any other remedies relating to the enforcement of any leasehold mortgage may assign this Lease to any telecommunications company with assets in excess of One Hundred Million Dollars ($100,000,000) and upon such assignment, such assignee shall be released from all further liability under this Lease; provided, however, that the provisions hereof shall become null and void upon such assignment. When used in this Lease, “mortgage” shall include whatever security instruments are used in the locality of the Premises, such as, without limitation, mortgages, deeds of trust, security deeds, and conditional deeds, as well as financing statements, security agreements, and other documentation required pursuant to the Uniform Commercial Code or successor or similar legislation. If a Mortgagee shall send to Lessor and its counsel a true copy of the leasehold mortgage, together with written notice specifying the name and address of the Mortgagee and the pertinent recording data with respect to such leasehold mortgage, Lessor agrees that the following provisions shall apply to such mortgage so long as the leasehold mortgage has not been released by the Mortgagee: No Modification/No Merger. There shall be no cancellation, surrender or modification of this Lease by Xxxxxx and Xxxxxx without the prior consent in writing of each Mortgagee. If the leasehold interest under this Lease shall ever be held by the same person or party who then holds the reversionary interest under this Lease, no merger shall result therefrom and both the leasehold and reversionary interests shall continue. Notice/Cure. DRAFT Lessor shall, upon serving Lessee with any notice of default or other notice provided for in this Lease, simultaneously serve a copy of such notice upon the Mortgagee and no such notice to Lessee shall be effective unless a copy of such notice is so served on the Mortgagee. Upon receipt of such notice the mortgagee shall have the same period, after and commencing upon receipt of such notice, to elect (in its sole discretion) to remedy or cause to be remedied the defaults complained of, and Xxxxxx shall accept such performance as if the same had been done by Xxxxxx.COPY

Appears in 1 contract

Samples: www.xeniastudents.com

DRAFT. Notwithstanding anything (h) A Bank Bondowner shall decide whether to sell any Liquidity Provider Bonds owned by it to any Purchaser and shall give notice of such decision to the contrary contained in this LeaseCity and the Remarketing Agent by 2:00 p.m. on the Business Day preceding the Sale Date. In the event such notice is not timely delivered by a Bank Bondowner, at any time and from time to time Lessee may mortgage, pledge and encumber its interests in this Lease and in any subleases, and assign this Lease and any subleases, licenses and other occupancy and use agreements as collateral security for such mortgage(s). The making of a leasehold mortgage (or any other such assignment, pledge or encumbrance) Bank Bondowner shall not be deemed to constitute have determined to sell such Liquidity Provider Bonds to a prohibited assignment of this Lease, or Purchaser on the Sale Date (subject to receipt by it of the leasehold estate hereby createdfunds called for by the next following sentence). If a Bank Bondowner determines or is deemed to have determined to sell such Liquidity Provider Bonds to a Purchaser, nor such Bank Bondowner shall deliver such Liquidity Provider Bonds to the Paying Agent/Registrar (or, in the case of Liquidity Provider Bonds which are Book Entry Bonds, shall cause the holder beneficial ownership thereof to be credited to the account of the leasehold mortgage (a “Mortgagee”Remarketing Agent at DTC) to by 10:00 a.m. on the Sale Date against receipt of the Sale Price therefor in immediately available funds in the Bond Fund or at the Bank Bondowner’s address listed in the registration records kept by the Paying Agent/Registrar, and such Liquidity Provider Bonds shall thereupon no longer be deemed an assignee of this Lease. Such Mortgagee (or its nominee) considered Liquidity Provider Bonds; and as provided in the Ordinance, such Liquidity Provider Bonds shall be deemed an assignee of this Lease only at to have been delivered and such time it succeeds to the Lessee’s interest in this Lease by foreclosure of any leasehold mortgage, or assignment in lieu of the foreclosure, or if it exercises or attempts to exercise any rights or privileges of Lessee under the Lease. Upon such succession such Mortgagee (or nominee) Bonds shall no longer be bound by the terms of this Lease only with respect to obligations first arising after such succession and shall be released and relieved of all further liabilities and obligations under this Lease once it assigns its interest in this Lease. Notwithstanding the foregoing, Mortgagee or such successors shall be liable for all rent due under the Lease, and for curing any breaches or defaults which continue after the Mortgagee or such successor acquire Xxxxxx’s interest in this Lease. Notwithstanding anything to the contrary continued in this Lease, any Mortgagee (or other person or entity) that succeeds to Lessee’s interest in this Lease by way of foreclosure, assignment in lieu of foreclosure or the exercise of any other remedies relating to the enforcement of any leasehold mortgage may assign this Lease to any telecommunications company with assets in excess of One Hundred Million Dollars ($100,000,000) and upon such assignment, such assignee shall be released from all further liability under this Lease; provided, however, that the provisions hereof shall become null and void upon such assignmentconsidered Liquidity Provider Bonds. When used Liquidity Provider Bonds are purchased in accordance with this Leasesubsection (h), “mortgage” shall include whatever security instruments are used in the locality of the Premises, such as, without limitation, mortgages, deeds of trust, security deeds, and conditional deeds, as well as financing statements, security agreements, and other documentation required pursuant to the Uniform Commercial Code or successor or similar legislation. If a Mortgagee shall send to Lessor and its counsel a true copy of the leasehold mortgage, together with written notice specifying the name and address of the Mortgagee and the pertinent recording data with respect to such leasehold mortgage, Lessor agrees that the following provisions shall apply to such mortgage so long as the leasehold mortgage has not been released by the Mortgagee: No ModificationPaying Agent/No Merger. There shall be no cancellation, surrender or modification of this Lease by Xxxxxx and Xxxxxx without the prior consent in writing of each Mortgagee. If the leasehold interest under this Lease shall ever be held by the same person or party who then holds the reversionary interest under this Lease, no merger shall result therefrom and both the leasehold and reversionary interests shall continue. Notice/Cure. DRAFT Lessor Registrar shall, upon serving Lessee with any notice of default or other notice provided for in this Lease, simultaneously serve a copy of such notice upon the Mortgagee and no such notice to Lessee shall be effective unless a copy of such notice is so served on the Mortgagee. Upon receipt of such notice the mortgagee shall have the same period, after and commencing upon receipt of such noticeLiquidity Provider Bonds and upon receipt by such Bank Bondowner of the Sale Price, notify the City that such Bonds are no longer Liquidity Provider Bonds. Any sale of a Liquidity Provider Bond pursuant to elect this subsection (h) shall be without recourse to the seller and without representation or warranty of any kind. If a Bank Bondowner notifies the Paying Agent/Registrar and the Remarketing Agent, as provided in the first sentence of this subsection (h), that it will not sell its sole discretion) to remedy Liquidity Provider Bonds, the Paying Agent/Registrar shall notify the City, the Remarketing Agent, the Bank and such Bank Bondowner that as of the Sale Date such Bond or cause to be remedied the defaults complained ofBonds shall no longer constitute Liquidity Provider Bonds, and Xxxxxx such Bonds shall accept such performance as if be deemed to have been remarketed and no longer constitute Liquidity Provider Bonds and the same had been done by XxxxxxAvailable Amount of the Letter of Credit shall be appropriately increased.

Appears in 1 contract

Samples: Reimbursement Agreement

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