Non-Merger of Estates. The interests of Landlord and Tenant in the Fairgrounds shall at all times be separate and apart, and shall in no event be merged, notwithstanding the fact that this Lease Agreement or the Leasehold Estate created thereby, or any interest therein, may be held directly or indirectly by or for the account of the same Person who shall own the fee title to the Fairgrounds or any portion thereof; and no such merger of estates shall occur by operation of law, or otherwise, unless and until all Persons at the time having any interest in the Fairgrounds, shall join in the execution of a written instrument effecting such merger of estates.
Non-Merger of Estates. The interests of City, BSD and Club in the Venue shall at all times be separate and apart, and shall in no event be merged, notwithstanding the fact that this Agreement, or any interest therein, may be held directly or indirectly by or for the account of the Person who shall own the fee title to the Venue or any portion thereof; and no such merger of estates shall occur by operation of law, or otherwise, unless and until all Persons at the time having any interest in the Venue shall join in the execution of a written instrument effecting such merger of estates.
Non-Merger of Estates. The voluntary or involuntary surrender of this Lease by tenant, or an other termination of this Lease shall not work a merger of estates and shall, at Landlord’s option, terminate all or any existing subleases and/or all and any subtenancies or operate as an assignment to Landlord by Tenant of any or all of such subleases or subtenancies.
Non-Merger of Estates. It is expressly understood and agreed by Xxxxxxxx, Key Principal, Xxxxxx and the Designee that all of the liens and security interests in the Property created and evidenced by the Loan Documents, and all of Xxxxxx’s rights and remedies with respect thereto, including, but not limited to, the remedy of judicial or non-judicial foreclosure, and the equitable estate of Lender in the Property shall not merge with the legal estate and title in the Property to be conveyed by Xxxxxxxx and Key Principal to the Designee pursuant to the Closing Documents. To the contrary, Xxxxxx’s liens and security interests under the Loan Documents and the beneficial estate of Lender in the Property shall be and remain separate and distinct from the legal estate and title in the Property to be acquired by the Designee from Borrower and Key Principal pursuant to the Closing Documents. The liens and the Loan Documents shall not be released or relinquished and are preserved and shall continue in full force and effect to protect Lender against any intervening lien, interest or title, or for other purposes of security. Further, the priority of the liens of the Loan Documents is not intended to be altered hereby, and nothing herein or in any document or instrument executed in connection herewith shall be construed to subordinate the priority of the liens of the Loan Documents to any other liens, encumbrances or interests whatsoever. The liens under the Loan Documents shall not merge with the fee or leasehold title to the Property unless and until Lender elects to do so in its sole and absolute discretion by separate document recorded hereafter or, if Lender so elects, by foreclosure of the Loan Documents. For the purposes of permitting Lender to exercise such rights and remedies, Borrower, Key Principals, Lender and the Designee agree that the statutes of limitation applicable with respect to the exercise of such rights and remedies under the Loan Documents are hereby tolled and extended so that the exercise of such rights and remedies shall not be limited under any applicable statutes of limitation, by laches or otherwise. The parties agree that neither Xxxxxx nor the Designee shall be deemed a mortgagee in possession, or be deemed in control of or a partner or joint venturer of Borrower or Key Principal by virtue of this Agreement or the dealings of the parties, and neither Borrower nor Key Principal shall hold themselves out as such or make claim against Lender or the Designee by vir...
Non-Merger of Estates. The interests of City and Tenant in the Ballpark shall at all times be separate and apart, and shall in no event be merged, notwithstanding the fact that this Agreement or the Leasehold Estate created hereby, or any interest therein, may be held directly or indirectly by or for the account of the Person who shall own the fee title to the Ballpark or any portion thereof; and no such merger of estates shall occur by operation of law, or otherwise, unless and until all Persons at the time having any interest in the Ballpark shall join in the execution of a written instrument effecting such merger of estates.
Non-Merger of Estates. 52. This Lease shall create only a relationship of landlord and tenant between Lessor and Lessee. The voluntary or other surrender of this Lease by Lessee or a mutual cancellation thereof, shall not work a merger, but shall, at the option of Lessor, terminate all or any existing subleases or subtenancies, or may, at the option of Lessor, operate as an assignment to it of Lessee's interest in any or all such subleases or subtenancies.
Non-Merger of Estates. If Lessor shall become the holder of any mortgage or deed of trust on the leasehold estate or any part thereof conveyed by this Lease, or if Lessor shall acquire the leasehold estate or any part thereof, or if Lessee shall acquire the fee simple title or any other estate in the Premises, or if the holder of any mortgage or deed of trust on the leasehold estate acquires the fee title to any portion of the Premises (while such mortgage or deed of trust encumbers the leasehold estate), no merger of any estates in the Premises shall occur and all estates shall always be kept separate and distinct.
Non-Merger of Estates. The fee title of Master Landlord in and to the Land and the leasehold estate of Master Tenant created by this Master Lease shall at all times be separate and apart, and shall in no event be merged, notwithstanding the fact that this Master Lease or the leasehold estate created hereby, or any interest in either thereof, may be held directly or indirectly by or for the account of any person who shall subsequently own the fee estate in the Land and the leasehold estate created by this Master Lease; and no such merger of estates shall occur by operation of law, or otherwise, unless and until all persons at the time having any interest in the fee estate and in the leasehold estate created by this Master Lease, including any fee or leasehold mortgagee(s), shall join in the execution of a written instrument effecting such merger of estates.
Non-Merger of Estates. The fee title of the Master Landlord under the Master Lease, the leasehold estate of Lessor created by the Master Lease, and the leasehold estate of Lessee created by this Lease shall at all times be separate and apart, and shall in no event be merged, notwithstanding the fact that this Lease or the leasehold estate created hereby, or any interest in either thereof, may be held directly or indirectly by or for the account of any person who shall subsequently own the fee estate in the Premises, the leasehold estate created by the Master Lease, and/or the leasehold estate created by this Lease; and no such merger of estates shall occur by operation of law, or otherwise, unless and until all persons at the time having any interest in the fee estate, in the leasehold estate created by the Master Lease, and in the leasehold estate created by this Lease, including any leasehold mortgagee(s), shall join in the execution of a written instrument effecting such merger of estates.
Non-Merger of Estates. The interests of Authority and Tenant in the Stadium shall at all times be separate and apart, and shall in no event be merged, notwithstanding the fact that this Agreement or the Leasehold Estate created hereby, or any interest therein, may be held directly or indirectly by or for the account of the Person who shall own the fee title to the Stadium or any portion thereof; and no such merger of estates shall occur by operation of law, or otherwise, unless and until all Persons at the time having any interest in the Stadium shall join in the execution of a written instrument effecting such merger of estates. Draft Copy November 8, 2021
