Common use of Financing Terms Clause in Contracts

Financing Terms. Tenant shall be entitled to finance or refinance any debt secured by a Leasehold Mortgage during the Term upon written notice to but without the consent of Landlord, provided that such Leasehold Mortgage meet the requirements of this ARTICLE 6, and provided further that such refinancing meets the following additional requirements: (a) the term of such new mortgage loan may not extend beyond the Lease Expiration Date; and (b) the aggregate debt incurred in such financing or refinancing shall not exceed eighty-five percent (85%) of the appraised fair market value (as determined by a MAI appraiser reasonably satisfactory to Landlord and Leasehold Mortgagee) of the Tenant’s Leasehold Estate and (c) there shall be no mortgage balance nor any Leasehold Mortgage at the end of the Term.