Common use of No Mortgagee Obligations Clause in Contracts

No Mortgagee Obligations. (a) Notwithstanding the provisions of Section 1.01(e), (k) and (l) or Section 1.02 hereof, Xxxxxxxxx’s assignment to Mortgagee of all Rents and Leases shall not be construed (i) to make Mortgagee a “mortgagee in possession” of the Property in the absence of Mortgagee itself electing to assume such role pursuant to the laws of the Commonwealth of Massachusetts or (ii) to obligate Mortgagee to take any action with respect to such agreements, contracts, certificates, instruments, franchises, permits, trademarks, licenses and other documents or the Leases, including, without limitation, the performance of any obligation to be performed on the part of Mortgagor under any of the Leases, which shall remain exclusively with Mortgagor, unless and until, in the case of both immediately preceding clauses (i) and (ii), (a) Mortgagee completes foreclosure of the Property, (b) Mortgagor transfers the Property by deed in lieu, or (c) Mortgagee otherwise takes title to the Property (each of the events described immediately preceding clauses (a), (b) and (c), a “Control Event”). Without limiting the foregoing, except to the extent resulting from the gross negligence or willful misconduct of Mortgagee, this assignment shall not operate to place on Mortgagee any obligation or liability for: (i) the control, care, management or repair of the Property prior to the occurrence of a Control Event; (ii) for carrying out any of the terms and conditions of the Leases prior to the occurrence of a Control Event; (iii) any waste committed on the Property by tenants or any other parties prior to the occurrence of a Control Event; (iv) any dangerous or defective condition of the Property (including, without limitation, the presence of any Hazardous Materials; or (v) any negligence in the management, upkeep, repair or control of the Property resulting in injury or death to any tenant or any other party or any loss of personal property prior to the occurrence of a Control Event. Mortgagor, for itself and any party claiming under or through Mortgagor, hereby releases and discharges Mortgagee from any such liability to the fullest extent permitted by Applicable Law. Mortgagee shall be obligated to account only for Rents actually collected or received by Mortgagee, and Mortgagee shall not be liable for any loss sustained by Mortgagor resulting from Mortgagee’s failure to lease the Property after an Event of Default.

No Mortgagee Obligations. (a) Notwithstanding the provisions of Section 1.01(e), (k) and (l) or Section 1.02 hereof, Xxxxxxxxx’s assignment to Mortgagee of all Rents and Leases shall not be construed (i) to make Mortgagee a “mortgagee in possession” of the Property in the absence of Mortgagee itself electing to assume such role pursuant to the laws of Illinois Mortgage Foreclosure Act, 735 ILCS 5/15-1101 et seq. (the Commonwealth of Massachusetts “Act”) or (ii) to obligate Mortgagee to take any action with respect to such agreements, contracts, certificates, instruments, franchises, permits, trademarks, licenses and other documents or the Leases, including, without limitation, the performance of any obligation to be performed on the part of Mortgagor under any of the Leases, which shall remain exclusively with Mortgagor, unless and until, in the case of both immediately preceding clauses (i) and (ii), (a) Mortgagee completes foreclosure of the Property, (b) Mortgagor transfers the Property by deed in lieu, or (c) Mortgagee otherwise takes title to the Property (each of the events described immediately preceding clauses (a), (b) and (c), a “Control Event”). Without limiting the foregoing, except to the extent resulting from the gross negligence or willful misconduct of Mortgagee, this assignment shall not operate to place on Mortgagee any obligation or liability for: (i) the control, care, management or repair of the Property prior to the occurrence of a Control Event; (ii) for carrying out any of the terms and conditions of the Leases prior to the occurrence of a Control Event; (iii) any waste committed on the Property by tenants or any other parties prior to the occurrence of a Control Event; (iv) any dangerous or defective condition of the Property (including, without limitation, the presence of any Hazardous Materials; or (v) any negligence in the management, upkeep, repair or control of the Property resulting in injury or death to any tenant or any other party or any loss of personal property prior to the occurrence of a Control Event. Mortgagor, for itself and any party claiming under or through Mortgagor, hereby releases and discharges Mortgagee from any such liability to the fullest extent permitted by Applicable Law. Mortgagee shall be obligated to account only for Rents actually collected or received by Mortgagee, and Mortgagee shall not be liable for any loss sustained by Mortgagor resulting from Mortgagee’s failure to lease the Property after an Event of Default.

No Mortgagee Obligations. (a) Notwithstanding the provisions of Section 1.01(e), (k) and (l) or Section 1.02 hereof, Xxxxxxxxx’s assignment to Mortgagee of all Rents and Leases shall not be construed (i) to make Mortgagee a “mortgagee in possession” of the Property in the absence of Mortgagee itself electing to assume such role pursuant to the laws of the Commonwealth of Massachusetts or (ii) to obligate Mortgagee to take any action with respect to such agreements, contracts, certificates, instruments, franchises, permits, trademarks, licenses and other documents or the Leases, including, without limitation, the performance of any obligation to be performed on the part of Mortgagor under any of the Leases, which shall remain exclusively with Mortgagor, unless and until, in the case of both immediately preceding clauses (i) and (ii), (a) Mortgagee completes foreclosure of the Property, (b) Mortgagor transfers the Property by deed in lieu, or (c) Mortgagee otherwise takes title to the Property (each of the events described immediately preceding clauses (a), (b) and (c), a “Control Event”). Without limiting the foregoing, except to the extent resulting from the gross negligence or willful misconduct of Mortgagee, this assignment shall not operate to place on Mortgagee any obligation or liability for: (i) the control, care, management or repair of the Property prior to the occurrence of a Control Event; (ii) for carrying out any of the terms and conditions of the Leases prior to the occurrence of a Control Event; (iii) any waste committed on the Property by tenants or any other parties prior to the occurrence of a Control Event; (iv) any dangerous or defective condition of the Property (including, without limitation, the presence of any Hazardous Materials; or (v) any negligence in the management, upkeep, repair or control of the Property resulting in injury or death to any tenant or any other party or any loss of personal property prior to the occurrence of a Control Event. MortgagorXxxxxxxxx, for itself and any party claiming under or through Mortgagor, hereby releases and discharges Mortgagee from any such liability to the fullest extent permitted by Applicable Lawlaw. Mortgagee shall be obligated to account only for Rents actually collected or received by Mortgagee, and Mortgagee shall not be liable for any loss sustained by Mortgagor resulting from Mortgagee’s failure to lease the Property after an Event of Default.

No Mortgagee Obligations. (a) Notwithstanding the provisions of Section 1.01(e), (k) and (l) or Section 1.02 hereof, Xxxxxxxxx’s assignment to Mortgagee of all Rents and Leases shall not be construed (i) to make Mortgagee a “mortgagee in possession” of the Property in the absence of Mortgagee itself electing to assume such role pursuant to the laws of Illinois Mortgage Foreclosure Act, 735 ILCS 5/15-1101 et seq. (the Commonwealth of Massachusetts “Act”) or (ii) to obligate Mortgagee to take any action with respect to such agreements, contracts, certificates, instruments, franchises, permits, trademarks, licenses and other documents or the Leases, including, without limitation, the performance of any obligation to be performed on the part of Mortgagor under any of the Leases, which shall remain exclusively with Mortgagor, unless and until, in the case of both immediately preceding clauses (i) and (ii), (a) Mortgagee completes foreclosure of the Property, (b) Mortgagor transfers the Property by deed in lieu, or (c) Mortgagee otherwise takes title to the Property (each of the events described immediately preceding clauses (a), (b) and (c), a “Control Event”). Without limiting the foregoing, except to the extent resulting from the gross negligence or willful misconduct of Mortgagee, this assignment shall not operate to place on Mortgagee any obligation or liability for: (i) the control, care, management or repair of the Property prior to the occurrence of a Control Event; (ii) for carrying out any of the terms and conditions of the Leases prior to the occurrence of a Control Event; (iii) any waste committed on the Property by tenants or any other parties prior to the occurrence of a Control Event; (iv) any dangerous or defective condition of the Property (including, without limitation, the presence of any Hazardous Materials; or (v) any negligence in the management, upkeep, repair or control of the Property resulting in injury or death to any tenant or any other party or any loss of personal property prior to the occurrence of a Control Event. MortgagorXxxxxxxxx, for itself and any party claiming under or through Mortgagor, hereby releases and discharges Mortgagee from any such liability to the fullest extent permitted by Applicable Lawlaw. Mortgagee shall be obligated to account only for Rents actually collected or received by Mortgagee, and Mortgagee shall not be liable for any loss sustained by Mortgagor resulting from Mortgagee’s failure to lease the Property after an Event of Default.