Leasehold Mortgage Sample Clauses
A Leasehold Mortgage clause allows a tenant to use their leasehold interest as collateral for a loan by granting a lender the right to place a mortgage on the lease. This clause typically outlines the conditions under which the tenant may mortgage their lease, the rights of the lender in the event of default, and any required notifications to the landlord. Its core function is to facilitate tenant financing while protecting the landlord’s interests, ensuring that both parties understand their rights and obligations if the leasehold is mortgaged or foreclosed upon.
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Leasehold Mortgage. Tenant shall not be permitted to encumber the fee simple title in the Land, Building or Premises or any of the structures, improvements, fixtures or any other portion of the Premises, including without limitation any Addition. Tenant shall only be permitted to mortgage Tenant's interest under this Lease, which such mortgage shall in no manner alter the terms and conditions of this Lease, nor impact Landlord's rights as the owner of the Premises. In no event shall the Landlord's fee simple title in the Land, Building or the Premises or any of the structures, improvements, fixtures or any other portion of the Premises, including without limitation any Addition, be encumbered by any such leasehold mortgage. In the event Tenant desires to obtain a leasehold mortgage, Tenant shall present and Landlord shall have the right to review and approve of any leasehold mortgage and any other documents to be recorded in relation to such leasehold mortgage prior to their record to confirm that such documents do not encumber Landlord's fee simple title in the Land, Building or the Premises. Landlord agrees, upon the request of a leasehold mortgagee, to provide to such leasehold mortgagee a copy of all notices of default made by Landlord upon Tenant under this Lease, to permit such leasehold mortgagee an opportunity to cure any such defaults, which in no event shall exceed sixty (60) business days and to recognize such mortgagee or any purchaser of Tenant's leasehold interest in the Premises in foreclosure as the tenant under this Lease, provided that such mortgagee or purchaser in foreclosure complies with each and every term and provision of this Lease and that all outstanding obligations of the Tenant have been paid in full. Tenant shall reimburse Landlord's reasonable out-of-pocket costs, including attorneys fees, to review such documents.
Leasehold Mortgage. (a) The rights set forth in this Section 33 are personal to Target Corporation and are not assignable. Tenant shall have the right at any time and from time to time, without Landlord’s consent, to mortgage or otherwise encumber Tenant’s leasehold estate and Tenant’s rights under this Lease together with any or all improvements appurtenant thereto pursuant to one or more leasehold mortgages or deeds of trust (“Leasehold Mortgage”), and Tenant may assign its interest in the Lease as collateral security for such Leasehold Mortgage.
(b) Landlord agrees to send copies of all notices given to Tenant pursuant to Section 26 of this Lease promptly to each leasehold mortgagee notice of whose name and address has been given to Landlord (a “Leasehold Mortgagee”).
(c) In the event of a Leasehold Mortgage, Landlord shall not have the right to exercise any remedies under this Lease unless Landlord shall first give Leasehold Mortgagee (i) a copy of Landlord’s notice to Tenant pursuant to Section 26 of this Lease (the “Remedies Notice”), and (ii) the opportunity to cure such default(s) as provided in this Section 33. Leasehold Mortgagee shall be entitled to cure any stated monetary default within the same ten (10) Business Days after giving the Remedies Notice to Leasehold Mortgagee as Tenant has pursuant to Section 26(a)(1) of this Lease, and any stated non-monetary default within the same period (if any) after giving the Remedies Notice to Leasehold Mortgagee as Tenant has pursuant to Section 26(a)(2), (3) or (4) of this Lease. If Leasehold Mortgagee cures all stated defaults in accordance with the foregoing provisions, then both the notice of default given to Tenant and the Remedies Notice given to Leasehold Mortgagee shall be null and void and of no effect. Landlord agrees to accept performance of Tenant’s obligations hereunder by Leasehold Mortgagee with the same force and effect as though observed or performed by Tenant.
(d) Under no circumstances shall Leasehold Mortgagee be liable for the performance of Tenant’s obligation hereunder unless and until Leasehold Mortgagee acquires Tenant’s rights and interest by foreclosure or other assignment or transfer in lieu thereof. In the event that Leasehold Mortgagee so acquires Tenant’s rights and interest, the liability of Leasehold Mortgagee, its successors and assigns shall be limited to its leasehold interest in this Lease, and then only for obligations which arise during the period of such ownership. Neither Leasehold M...
Leasehold Mortgage. Lessee shall at all times and from time to time have the right to encumber by mortgage, deed of trust, or security agreement (the “Mortgage”) Lessee’s leasehold estate in the Premises, together with Lessee’s rights and interests in all buildings, fixtures, equipment, and improvements situated thereon, and all rents, issues, profits, revenues, and other income to be derived by Lessee therefrom, to secure such loans from time to time made by any Person to Lessee; provided, however, that such Mortgage shall in no event encumber Lessor’s fee title or leasehold interest (as applicable) in the Premises or Lessor’s interest under this Lease.
Leasehold Mortgage. The Landlord hereby consents to the execution and delivery by the Tenant to the Administrative Agent for the benefit of the Secured Parties of a leasehold mortgage and/or deed of trust (the “Leasehold Mortgage”) which shall secure the Secured Obligations and cover the Tenant’s rights under the Lease, the leasehold estate created thereby and all Collateral of the Tenant located on the Premises. The Landlord consents to the recording of the Lease (or a Memorandum of Lease or other summary of the Lease), the Leasehold Mortgage by the Administrative Agent, and any Uniform Commercial Code fixture filing in connection therewith, in the real property records of the county in which the Premises is located and any other appropriate recording office.]
Leasehold Mortgage. Provide whether the tenant can mortgage its leasehold interest as security for a loan. 20.
Leasehold Mortgage. Under no circumstances may Tenant mortgage, encumber or hypothecate County’s Fee Interest, other than as required by TCAC pursuant to its lease rider, if any, in connection with the award of low income housing tax credits to Tenant, the form of which shall have been approved by County.
Leasehold Mortgage. Notwithstanding the provisions of Section 4.01, Lessee shall have the right, without Lessor’s or Mortgagee’s consent, to collaterally assign, pledge and/or mortgage all of Lessee’s rights and interests under this Lease, its interest in any sublease of the Premises, or the rentals payable thereunder, to any provider of construction, interim, or long-term financing, or any refinancing thereof, and any trustee or agent acting on their behalf (“Lessee Lenders”) as security for Lessee’s obligations under all documents and instruments evidencing, guaranteeing or executed by Lessee in connection with any said financing (“Financing Documents”), on the condition that (i) said Lessee Lenders are investors customarily in the business of making loans, (ii) Lessee is limited to one mortgagee, assignee or pledgee at a time, (iii) Lessor obtains copies of all Financing Documents, (iv) that any assignees or subtenants shall not have such right to mortgage, assign or pledge this Lease, except to the extent the assignment is a Deemed Assignment, (v) that any proposed purchaser at foreclosure or grantee in lieu of foreclosure, or a guarantor of its obligations hereunder, meet the requirements to permit Lessee to be released from liability under this Lease, as set forth in Section 4.05 above, (vi) the Financing Documents not alter any terms of this Lease (including use of the Net Proceeds), (vii) any assignee, purchaser at foreclosure or grantee in lieu of foreclosure shall restore the Security Deposit, (viii) the Lessee Lenders have no greater rights for notice and cure of Lessee Events of Default except as otherwise set forth in this Lease, and (ix) there be no uncured Event of Default hereunder. In the event of such a collateral assignment, pledge and/or mortgage and upon occurrence of an Event of Default by Lessee under this Lease or the Financing Documents, as the case may be, the Lessee Lenders shall have the right (but not the obligation) to assume, all of the rights, interests and obligations of Lessee thereafter arising under this Lease. Lessor or Lessee, upon request of the other, shall promptly execute and deliver to the requesting party, and/or Lessee Lenders or Mortgagee, a written consent to any such collateral assignment, pledge and/or mortgage of this Lease and such written certificates as to the due authorization, execution and delivery by the executing party, and enforceability against Lessor or Lessee of this Lease as Lessor or Lessee and/or Lessee Lenders ...
Leasehold Mortgage. “Leasehold Mortgage” shall have the meaning set forth in Section 20.1 below.
Leasehold Mortgage. Tenant shall not mortgage, encumber or hypothecate County’s Fee Interest under any circumstances.
Leasehold Mortgage. Landlord and Tenant acknowledge and agree that simultaneous with the execution and delivery of this Agreement, Tenant shall mortgage its interest in this Agreement to Marriott to secure Tenant's obligations to Marriott pursuant to the Liquidity Facility Agreement. Tenant and Marriott acknowledge and agree that such mortgage and all rights of Marriott thereunder are and shall at all times be junior, subordinate and inferior to Landlord's rights and interests hereunder.