Leasehold Estate Sample Clauses

Leasehold Estate. Each Mortgaged Property consists of a fee simple estate in real estate or, if the related Mortgage Loan is secured in whole or in part by the interest of a Mortgagor as a lessee under a ground lease of a Mortgaged Property (a "Ground Lease"), by the related Mortgagor's interest in the Ground Lease but not by the related fee interest in such Mortgaged Property (the "Fee Interest"), and as to such Ground Leases: (a) Such Ground Lease or a memorandum thereof has been or will be duly recorded; such Ground Lease (or the related estoppel letter or lender protection agreement between the Seller and related lessor) does not prohibit the current use of the Mortgaged Property and does not prohibit the interest of the lessee thereunder to be encumbered by the related Mortgage; and there has been no material change in the payment terms of such Ground Lease since the origination of the related Mortgage Loan, with the exception of material changes reflected in written instruments that are a part of the related Mortgage File; (b) The lessee's interest in such Ground Lease is not subject to any liens or encumbrances superior to, or of equal priority with, the related Mortgage, other than Permitted Encumbrances; (c) The Mortgagor's interest in such Ground Lease is assignable to the Purchaser and the Trustee as its assignee upon notice to, but without the consent of, the lessor thereunder (or, if such consent is required, it has been obtained prior to the Closing Date) and, in the event that it is so assigned, is further assignable by the Purchaser and its successors and assigns upon notice to, but without the need to obtain the consent of, such lessor or if such lessor's consent is required it cannot be unreasonably withheld; (d) Such Ground Lease is in full force and effect, and the Ground Lease provides that no material amendment to such Ground Lease is binding on a mortgagee unless the mortgagee has consented thereto, and the Seller has received no notice that an event of default has occurred thereunder, and, to the Seller's knowledge, there exists no condition that, but for the passage of time or the giving of notice, or both, would result in an event of default under the terms of such Ground Lease; (e) Such Ground Lease, or an estoppel letter or other agreement, (A) requires the lessor under such Ground Lease to give notice of any default by the lessee to the holder of the Mortgage; and (B) provides that no notice of termination given under such Ground Lease is effect...
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Leasehold Estate. Each Mortgaged Property consists of a fee simple estate in real estate or, if the related Mortgage Loan is secured in whole or in part by the interest of a Mortgagor as a lessee under a ground lease of a Mortgaged Property (a "Ground Lease"), by the related Mortgagor's interest in the Ground Lease but not by the related fee interest in such Mortgaged Property (the "Fee Interest"), and as to such Ground Leases:
Leasehold Estate. The Authority will be, on the date of the delivery of the Bonds, the owner and lawfully possessed of the leasehold estate described in the Site Lease, and the Facilities Lease will be, on the date of delivery of the Bonds, a valid subsisting demise for the term therein set forth of the property which it purports to demise. At the time of the delivery of the Bonds, the County will be the owner in fee simple of the premises described in the Site Lease, the Site Lease will be lawfully made by the County and the covenants contained in the Site Lease on the part of the County will be valid and binding. At the time of the delivery of the Bonds, the Authority will have good right, full power and lawful authority to lease said leasehold estate, in the manner and form provided in the Facilities Lease, and the Facilities Lease will be duly and regularly executed. Without allowance for any days of grace which may or might exist or be allowed by law or granted pursuant to any terms or conditions of the Facilities Lease, the Authority will in all respects promptly and faithfully keep, perform and comply with all the terms, provisions, covenants, conditions and agreements of the Facilities Lease to be kept, performed and complied with by it. The Authority will not do or permit anything to be done, or omit or refrain from doing anything, in any case where any such act done or permitted to be done, or any such omission of or refraining from action, would or might be a ground for declaring a forfeiture of the Facilities Lease, or would or might be a ground for cancellation or termination of the Facilities Lease by the lessee thereunder. The Authority will promptly deposit with the Trustee (to be held by the Trustee until the title and rights of the Trustee under this Trust Agreement shall be released or reconvened) any and all documentary evidence received by it showing compliance with the provisions of the Facilities Lease to be performed by the Authority. The Authority, immediately upon its receiving or giving any notice, communication or other document in any way relating to or affecting the Facilities Lease, or the leasehold estate thereby created, which may or can in any manner affect the estate of the lessor or of the Authority in or under the Facilities Lease, will deliver the same, or a copy thereof, to the Trustee.
Leasehold Estate. With respect to each Mortgage Loan secured in whole or in part by the interest of the Mortgagor as a lessee under a ground lease of the related Mortgaged Property (a “Ground Lease”) and not by a fee interest in such Mortgaged Property: (i) The Mortgagor is the owner of a valid and subsisting interest as tenant under the Ground Lease; (ii) The Ground Lease is in full force and effect; (iii) The Mortgagor is not in default under any provision of the lease; (iv) The lessor under the Ground Lease is not in default under any of the terms or provisions thereof on the part of the lessor to be observed or performed; (v) The term of the Ground Lease exceeds the maturity date of the related Mortgage Loan by at least five (5) years; (vi) The Mortgagee under the Mortgage Loan is given at least sixty (60) days’ notice of any default and an opportunity to cure any defaults under the Ground Lease or to take over the Mortgagor’s rights under the Ground Lease; (vii) The Ground Lease does not contain any default provisions that could result in forfeiture or termination of the Ground Lease except for non-payment of the Ground Lease or a court order; (viii) The Ground Lease provides that the leasehold can be transferred, mortgaged and sublet an unlimited number of times either without restriction or on payment of a reasonable fee and delivery of reasonable documentation to the lessor; (ix) The Ground Lease or a memorandum thereof has been recorded and by its terms permits the leasehold estate to be mortgaged; and (x) The execution, delivery and performance of the Mortgage do not require consent (other than those consents which have been obtained and are in full force and effect) under, and will not contravene any provision of or cause a default under, the Ground Lease.
Leasehold Estate. This Mortgage constitutes an encumbrance against the leasehold premises and leasehold estate of the Mortgagor pursuant to the Ground Lease. All references to the “Property” in this Mortgage shall refer to the leasehold estate of the Mortgagor under the Ground Lease. (a) With respect to the Ground Lease, the Mortgagor hereby represents, covenants and warrants that: (i) To the best knowledge of the Mortgagor, the Ground Lease is in full force and effect and unmodified. (ii) To the best knowledge of the Mortgagor, all rents (including additional rents and other charges) required in the Ground Lease and all other consideration to be provided or paid under the Ground Lease have been paid or provided to the extent they were payable or required prior to the date hereof. (iii) To the best knowledge of the Mortgagor, there is no existing default under the provisions of the Ground Lease or in the performance of any of the terms, covenants, conditions, or warranties thereof on the part of the Mortgagor. (iv) The Mortgagor has not sublet the leasehold premises or assigned the Ground Lease. (b) The Mortgagor shall at all times comply in all material respects with the covenants and conditions contained in the Ground Lease and shall promptly notify Mortgagee of the giving of any written notice by the landlord under the Ground Lease to the Mortgagor of any default by the Mortgagor in the performance and observance of any of the terms, convenants or conditions of the Ground Lease and deliver to the Mortgagee a true copy of each such notice. The Mortgagor shall not, without the prior consent of the Mortgagee, surrender the leasehold estate created by the Ground Lease, or modify, change, supplement, alter or amend the Ground Lease, in any respect, either orally or in writing, or terminate or cancel the Ground Lease except as provided in the Ground Lease. (c) If both the landlord’s and tenant’s estates under the Ground Lease or any portion thereof shall at any time become vested in one owner, this Mortgage and the lien and interest created hereby shall not be destroyed or terminated by application of the doctrine of merger and, in such event, Mortgagee shall continue to have and enjoy all of the rights and privileges of Mortgagee as to the separate estates. In addition, upon the foreclosure of the lien and interest created by this Mortgage pursuant to the provisions hereof, any leases or subleases then existing and created by the Mortgagor shall not be destroyed or terminated...
Leasehold Estate. The rights granted to Tenant under this Lease.
Leasehold Estate. The following Mortgage loan(s) are secured in whole or in part by the interest of the borrower as a lessee under a Ground Lease.
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Leasehold Estate. If the estate conveyed in trust by this Deed of Trust is a leasehold, Xxxxxxxx agrees to fulfill all its obligations under the lease creating such leasehold. Xxxxxxxx further agrees that it shall not enter into or agree to any termination, modification or amendment to such lease without the prior written approval of Lender.
Leasehold Estate. Lessee hereby represents and covenants: (a) that the Leases are in full force and effect and unmodified; (b) that all rents (including additional rents and other charges) reserved in the Leases have been paid to the extent they were payable prior to the date hereof; (c) that there is no uncured default under the Leases or in the performance of any of the terms, covenants, conditions or warranties thereof on the part of the Lessee to be observed and performed. Further, no state of facts exist under the Leases which, with the lapse of time or giving of notice or both, would constitute a default thereunder. This Assignment is a collateral assignment, made to secure the Obligations and is effective immediately. Notwithstanding anything contained herein to the contrary, the Agent shall not be responsible or obligated to the Lessor for any obligation, agreement or liability of the Lessee under the Leases, unless and until Lessor elects to assume the Leases pursuant to Section 6 hereof and delivers to Lessor written notice of such assumption. Notwithstanding this Assignment, the Lessee shall be and remain obligated to the Lessor to perform all of the Lessee's obligations and agreements under the Leases, and the Lessor shall be and remain obligated to the Lessee to perform all of the Lessor's obligations and agreements under the Leases.
Leasehold Estate. The term “Leasehold Estate” means Tenant’s leasehold estate in any Property owned by Landlord in fee and demised under this Restated Lease and, in the case of a Property owned by a Third Party Lessor, the Leemilt’s Lessor, the Power Test Lessor or the Gettymart Lessor, Tenant’s subleasehold estate demised under this Restated Lease, in all cases upon and subject to all the terms and conditions of this Restated Lease.
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