Common use of Mortgagee's Right Clause in Contracts

Mortgagee's Right. If the holder of any indebtedness secured by a mortgage covering the Premises requires that the insurance proceeds be applied to such indebtedness, and Landlord does not repair, then Landlord or Tenant shall have the right to terminate this Lease by written notice of termination delivered to Tenant within thirty (30) days after such requirement has been made in writing upon Landlord, unless Txxxxx decides to repair the Premises on its own. In such case, this Lease shall terminate as of the date specified in the notice to the other party.

Mortgagee's Right. If the holder of any indebtedness secured by a mortgage covering the Premises Building requires that all or part of the insurance proceeds be applied to such indebtedness, and Landlord does not repair, then Landlord or Tenant shall have the right to terminate this Lease by written notice of termination delivered to Tenant within thirty (30) days after such requirement has been made in writing upon Landlord, unless Txxxxx decides to repair the Premises on its own. In such case, this Lease shall terminate as of the date specified in the Landlord’s notice to the other partyTenant.

Mortgagee's Right. If the holder of any indebtedness secured by a mortgage covering the Premises Building requires that the insurance proceeds be applied to such indebtedness, and Landlord does not repair, then Landlord or Tenant shall have the right to terminate this Lease by written notice of termination delivered to Tenant within thirty (30) days after such requirement has been made in writing upon Landlord, unless Txxxxx decides to repair the Premises on its own. In such case, this Lease shall terminate as of the date specified in the Landlord’s notice to the other partyTenant.

Mortgagee's Right. If the holder of any indebtedness secured by a mortgage covering the Premises requires that the insurance proceeds be applied to such indebtedness, and Landlord does not repair, then Landlord or Tenant shall have the right to terminate this Lease by written notice of termination delivered to Tenant within thirty (30) days after such requirement has been made in writing upon Landlord, unless Txxxxx decides to repair the Premises on its own. In such case, this Lease shall terminate as of the date specified in the Landlord's notice to the other partyTenant.

Mortgagee's Right. If the holder of any indebtedness secured by a mortgage covering the Premises Building requires that the insurance proceeds be applied to such indebtedness, and Landlord does not repair, then Landlord or Tenant shall have the right to terminate this Lease by written writing notice of termination determination delivered to Tenant within thirty (30) days after such requirement has been made in writing upon Landlord, unless Txxxxx decides to repair the Premises on its own. In such case, this Lease shall terminate as of the date specified in the Landlord's notice to the other partyTenant.