New Lease Priority Clause Samples
The New Lease Priority clause establishes the precedence of a new lease over existing interests or claims on a property. In practice, this means that if a new lease is granted, it will take priority over previous encumbrances, such as earlier leases or security interests, unless otherwise specified. This clause is essential for ensuring that the new tenant’s rights are protected and that their leasehold interest is not undermined by prior agreements, thereby providing certainty and security for both landlords and new tenants.
New Lease Priority. If more than one Leasehold Mortgagee shall request a New Lease under this clause (f), Landlord shall enter into a New Lease with the Leasehold Mortgagee or its designee whose mortgage is prior in right. Landlord may rely upon a mortgagee title insurance policy issued by a licensed title insurance company doing business in the county in which the Property is located to determine the priority of any Leasehold Mortgage, without liability to Landlord.
New Lease Priority. A New Lease and the leasehold estate thereby created shall, subject to the terms and conditions of this Lease, have the same priority as this Lease with respect to any mortgage of the applicable portion of the Private Facilities or any Leasehold Interest therein or any other Lien, charge, or encumbrance thereon, whether or not the same shall then be in existence. If the lease being replaced is prior to any Fee Mortgage or other Lien, charge or encumbrance on Landlord’s Estate, then the New Lease shall also be prior to any such Fee Mortgage or other Lien, charge or encumbrance. Landlord at no cost, expense or fee to Landlord, shall execute any instruments reasonably necessary to maintain such priority after receipt of Tenant’s or Leasehold Mortgagee’s reasonable request therefor. Concurrent with the execution and delivery of such New Lease, Landlord shall pay to the tenant named in the New Lease, any moneys (including insurance and condemnation proceeds) then held by Landlord (and/or a Depository or Fee Mortgagee) that would have been payable to Tenant less any costs, expenses or fees incurred by Landlord in connection with enforcement, collection of receipt. With respect to any moneys held by Landlord under the terms of this Lease that would not be payable to Tenant if the Lease had not been terminated, Landlord shall continue to hold, and to disburse such moneys, in accordance with the terms of this Lease and any applicable SNDA.
New Lease Priority. 8.6.1 It is the intent of the Parties that any new lease made pursuant to Section 8.5 shall have the same priority with respect to any lien, charge or encumbrance on the fee of the Leased Premises as did this Lease and that the Tenant under such new lease shall have the same right, title and interest in and to the Leased Premises as Tenant had under this Lease.
8.6.2 The provisions of this Section 8.6 and Sections 8.4 and 8.5 shall survive the termination, rejection or disaffirmance of this Lease and shall continue in full force and effect thereafter to the same extent as if Sections 8.4, 8.5 and this Section 8.6 were a separate and independent contract made by Landlord, Tenant and such Lender.
New Lease Priority. Any New Lease made pursuant to Section 25.6 shall have the same priority with respect to any Encumbrance on the fee of the Leased Premises as did this Lease as of the time of its termination, and the Tenant under such New Lease shall have the same right, title and interest in and to the Leased Premises as Tenant had under this Lease; provided, however that (i) Landlord shall have no duty to defend any claim adverse to such right, title or interest being claimed by, through or under Tenant or Leasehold Mortgagee or an Affiliate or Subsidiary thereof and (ii) no Landlord Default shall be based upon any intervening right, title or interest in or to the Leased Premises being claimed by, through or under Tenant or Leasehold Mortgagee or an Affiliate or Subsidiary thereof. The provisions of Section 25.6 and this Section 25.7 shall survive the termination, rejection or disaffirmance of this Lease and shall continue in full force and effect thereafter to the same extent as if Section 25.6 and this Section 25.7 were a separate and independent contract made by Landlord, Tenant and such Leasehold Mortgagee.
New Lease Priority. The New Lease made pursuant to this Section and any renewal lease entered into with Beneficiary or its designee pursuant thereto shall be prior to any mortgage or other lien, charge or encumbrance on Landlord's fee interest in the Property (other than the lien of any deed of trust executed by Landlord in favor of Beneficiary to secure the Loan), and the lessee under such New Lease shall have the same right, title and interest in and to the leasehold estate as Tenant had under the Lease.
New Lease Priority. (a) It is the intent of the Parties that any new lease made pursuant to Section 8.6 shall have the same priority with respect to any lien, charge or encumbrance on the
New Lease Priority. It is the intent of the Parties that any new lease made pursuant to Section