Common use of Leasehold Financing Clause in Contracts

Leasehold Financing. Notwithstanding any other provision of this Lease to the contrary, Tenant shall have the right to encumber the leasehold estate created by this Lease to any bank, savings and loan association, insurance company or other institutional lender without the consent of Landlord, and to replace such encumbrance with a replacement encumbrance in favor of an institutional lender upon one or more subsequent refinancings. With respect to any such mortgagee of Tenant’s leasehold interest (“leasehold mortgagee”), the name and address of which shall have been furnished to Landlord, Landlord agrees to give such leasehold mortgagee written notice of any Event of Default by Tenant and grants to such leasehold mortgagee an opportunity to cure any such Event of Default by Tenant within the same period of time granted Tenant hereunder to cure such Event of Default. During such period, Landlord shall refrain from exercising any of its rights and remedies to terminate this Lease. All such notices shall be sent to Tenant’s leasehold mortgagee at the most recent address as to which Tenant shall have notified Landlord, in writing. This provision shall be binding in accordance with its terms upon beneficiaries and trustees in deeds of trust, mortgagees in mortgages, and receivers thereunder and purchasers at any sale pursuant thereto, and transferees of any deed given in lieu thereof, and the holder of any other lien.