Lessor Grant Clause Samples

Lessor Grant. (a) The Lessor hereby grants a Lien, against all of the Lessor's right, title and interest in and to the Property and all rents, additional rents, issues, income, revenues, distributions, royalties and profits now or in the future payable in respect of the Property to the Lessee to secure (i) the Lessor's obligations hereunder in respect of the due and punctual transfer by the Lessor to the Lessee of all of the Lessor's right, title and interest in and to the Property when required by and in accordance with the Lease, and (ii) if the Lessor shall then be the subject of any bankruptcy, insolvency or similar proceeding, the satisfaction of the Lessee's right to damages and other claims arising out of the rejection of the Lease or unilateral termination of such obligation to transfer to the Lessee all of the Lessor's right, title and interest in and to the Property. (b) During the existence of a Lessor Default (as defined below), the Lessee shall have the power and authority, to the extent provided by law, to exercise any or all of the rights and powers and pursue any and all of the remedies provided under the Operative Agreements or by Law in respect of the obligations secured in accordance with SECTION 5(A) (including specific performance of any covenant or agreement contained in the Lease or any other Related Document, in aid of the execution of any power granted in the Lease or any other Related Document, or for the enforcement of any other appropriate legal or equitable remedy). The Lessor shall have all the rights available to a mortgagor under the laws of the jurisdiction in which the Property is located. The following shall constitute a Lessor default ("LESSOR DEFAULT"): the Lessee shall have exercised any of its purchase options in the Lease for all or any portion of the Property in accordance with the terms thereof and shall have tendered in full all amounts to be paid by the Lessee in connection therewith and complied with all other requirements under the Lease in connection with such purchase and all of the Lessor's right, title and interest in and to the Property shall not have been transferred to the Lessee in accordance with the Lease. (c) The Lien created in SECTION 5(A) shall automatically terminate and be deemed released without further act or consideration upon (i) commencement by the Lessor of the exercise of any remedy in respect of any Property pursuant to Article 17 of the Lease, (ii) the occurrence of a Lease Event of Default, or (iii)...