Fee Mortgages Sample Clauses
Fee Mortgages. Tenant shall not mortgage, pledge or otherwise finance its interest in this Lease or the Demised Premises. Both Tenant and Landlord agree that, for federal and applicable state tax purposes, Tenant and Landlord shall characterize this Lease in a manner consistent with applicable tax laws as Tenant and Landlord jointly shall determine. Tenant acknowledges that Landlord may have entered into (or may in the future enter into) mortgage financings related to its ownership of the Property (and as part of such financings, Landlord may pledge its interests in this Lease and execute and/or deliver such other documents and instruments Landlord deems necessary and/or appropriate to consummate such transactions). This Lease is and shall be subject and subordinate to any and all fee mortgages now or hereafter in effect entered into by Landlord, it being understood and agreed that Tenant shall have no responsibility whatsoever under such financing arrangements and/or fee mortgages or to the holder of any such fee mortgages, except as may be otherwise agreed by Xxxxxx in writing. Except as provided in Section 3.01(a), Tenant shall not be required to make any payments. Tenant acknowledges that, pursuant to the Loan Documents, Xxxxxx has the right to terminate this Lease. In the event the Lease is not terminated in connection with a foreclosure or deed-in-lieu transaction, then Tenant shall attorn to the purchaser at any foreclosure sale or sale pursuant to the exercise of any power of sale under the Loan Documents, in which event Tenant shall automatically be and become the master tenant of such purchaser.
Fee Mortgages. As of the Lease Commencement, the Premises will be encumbered with a fee mortgage as more particularly described on the Schedule of Permitted Encumbrances attached hereto as Exhibit B (as the same may be hereafter amended, modified, renewed, extended, consolidated or replaced, hereinafter referred to as the "Initial Fee Mortgage"). The Initial Fee Mortgage and any other mortgage or other security device permitted hereunder which encumbers all or any part of the Landlord's interest in the Premises is herein called a "Fee Mortgage" and the holder of any such mortgage or other security device is herein called a "Fee Mortgagee".
Fee Mortgages. Landlord shall have the right to mortgage its fee interest in the Premises during the Term hereof, provided that a foreclosure of any such mortgage shall not affect this Lease or the rights of Tenant, any subtenant or any other party deriving its interest through Tenant.
Fee Mortgages. (a) Westboy covenants with Manager to enforce (and not amend) the provisions of Section 32.1 of the Percentage Lease (relating to mortgaging of the fee estate in the Hotels), for the benefit of Manager. Manager shall have the right to exercise Westboy's approval rights under Section 32.1 of the Percentage Lease (and Westboy covenants not to exercise such approval rights without obtaining Manager's prior written consent). Any mortgage approved thereunder shall constitute an "Approved Mortgage" and shall be subject to the provisions of Section 3.2(e). Section 32.1 of the Percentage Lease is attached as Exhibit C hereto.
(b) In the event that Westboy or any successor thereto ever becomes a fee owner of a Hotel, or if, pursuant to the Owner Agreement, this form of Management Agreement is used as the basis of an agreement to manage any of the Hotels between Manager and any other owner of the fee interest in such Hotels, then Westboy, such successor, or such fee owner, as the case may be, agrees to recognize and be bound by the provisions of said Section 32.1 (which provisions shall be incorporated in the management agreement in question) with the following understandings:
Fee Mortgages. Lessee shall not place or create any mortgage, deed of trust, or other lien or encumbrance against Lessor’s fee interest in the Premises or in or under ▇▇▇▇▇▇’s interest in this Lease.
Fee Mortgages. This Lease, including all amendments, renewals and extensions thereto or thereof, and the Leasehold Estate shall be prior and superior to all Fee Mortgages (including all extensions, renewals, replacements, modifications and consolidations thereof, and to all advances thereunder) and the rights of all Fee Mortgagees. Tenant shall not be obligated to provide any documentation to a Fee Mortgagee which in any way prejudices Tenant's rights under this Lease in Tenant's sole but commercially reasonably exercised discretion. Any inconsistency between any Fee Mortgage and this Lease shall be resolved in favor of this Lease.
Fee Mortgages. Any Fee Mortgage shall be subject and subordinate to, and shall not attach to: (1) this Lease and the Leasehold Estate (whether held by Lessee, a Successor Lessee, or a New Lessee); (2) any New Lease and the Leasehold Estate thereunder; (3) any judgment arising from the County's breach of this Lease; (4) any estate (including a subleasehold and a leasehold mortgagee estate) directly or indirectly arising from this Lease or any New Lease or the Leasehold Estate under either (so long as this Lease or such New Lease has not been terminated in accordance with its terms and in compliance with all rights of Leasehold Mortgages); (5) Lessee's or New Lessee's and any Leasehold Mortgagee's rights and remedies under this Lease; and (6) any rights of a Leasehold Mortgagee with respect to the Leasehold Estate. Any Fee Mortgagee, and in the event of a foreclosure of a Fee Mortgage or delivery of a deed in lieu of such foreclosure, the Fee Mortgagee or grantee or successful bidder at the foreclosure sale, shall succeed only to the Fee Estate, subject to items "1" through "6" .
Fee Mortgages. Xxxxxxxx shall have the right during the Term to execute a Mortgage encumbering Landlord’s fee interest in and to the Leased Premises (subject to the Leasehold Estate and any New Lease required by a Leasehold Mortgagee), and Landlord’s interest in this Lease and may at any time or from time to time make assignments of the Rent payable hereunder or otherwise grant security interests or liens upon such Rent; provided, however, Landlord covenants and agrees that contemporaneously with, and as a pre-condition to, granting any Mortgage against or with respect to its interest in the Leased Premises, Landlord shall cause such lender to enter into a recordable non-disturbance agreement containing non-disturbance provisions reasonably acceptable to Tenant and any then existing Leasehold Mortgagee and such lender protecting Tenant’s rights under this Lease. Xxxxxx’s interests provided herein shall be subordinate to Landlord’s fee interest in and to the Leased Premises.
Fee Mortgages. The Fee Mortgages encumbering the Leemilt's Lessor's interest in the Fee Estate are as set forth on Exhibit I, and Fee Mortgages encumbering the Power Test Lessor's interest in the Fee Estate are as set forth on Exhibit M.
Fee Mortgages. To the extent there any mortgages, deeds of trust, or other indentures encumbering the Project Site as of the Effective Date (each, a "Fee Mortgage"), Lessor shall, on or before the Effective Date, obtain from the holder of each such Fee Mortgage a non-disturbance and attornment agreement, in a form acceptable to Lessee (each, an "SNDA"), pursuant to which the holder of each such Fee Mortgage shall agree that, upon it or its successors and assigns obtaining title to the Project Site (whether through a foreclosure proceeding or through acceptance of a deed in lieu of foreclosure) following an event of default by the Lessor under such Fee Mortgage, the holder of such Fee Mortgage or the purchaser of the Project Site at any foreclosure proceeding shall continue to recognize Xxxxxx's leasehold interest in the Demised Premises for the balance of the term of this Lease, so long as Lessee is not then in default hereunder beyond any applicable notice and cure periods provided for herein. Promptly following the Effective Date, each SNDA shall be recorded in the Clerk's Office at Xxxxxx's sole cost and expense, and, within ten (10) Business Days of Xxxxxx's receipt of a written statement from Lessor setting forth all out-of-pocket costs incurred by Lessor in obtaining each such SNDA, together with such supporting documentation as Lessee may reasonably require, Lessee shall reimburse Lessor for such costs.