Rights and Obligations of Mortgagees. (a) Each Mortgagee is entitled to the benefit of the obligations (including warranties) of each of the Security Trustee, the Chargor and any other person under this deed and any Collateral Security.
Rights and Obligations of Mortgagees. The Owner may only mortgage the Premises (1) with the prior written consent of the AHC, as stated in Paragraph 6 above, and (2) only if the lender, Owner and AHC execute a Permitted Mortgage Agreement at the time of the loan closing, in a form approved by the AHC, which agreement incorporates the terms and provisions of this paragraph. In the event of a default in any of the Owner’s obligations under the Mortgage, the holder of record of any mortgage on the Premises (each, a “Mortgagee”) shall notify the AHC of such fact and AHC shall have the right (but not the obligation) within 120 days after its receipt of such notice, to cure such default in the Owner’s name and on the Owner’s behalf, provided that current payments due the holder during such 120-day period (or such lesser time period as may have been required to cure such default) are made to the holder. Said holder shall not have the right, unless such default shall not have been cured within such time, to accelerate the note secured by the Mortgage or to commence to foreclose under the Mortgage on account of such default. If, after such cure period, the holder intends to accelerate the note secured by the Mortgage or initiate foreclosure proceedings under the Mortgage, in accordance with the provisions of this Covenant, the holder shall notify AHC of its intention to do so and AHC shall have the right, but not the obligation, upon notifying the holder within thirty (30) days of receipt of said notice from said holder, to pay off all indebtedness and any other sum or obligation secured by the Mortgage and to acquire the Mortgage. In the event of acquisition of title to the Premises and the Owner’s interest in the Premises by the Mortgagee by foreclosure sale or the delivery of a deed in lieu of foreclosure, the holder shall give the AHC written notice of such acquisition and the AHC or its designee shall have an option to purchase the Premises and Owner’s interest in the Premises from the Permitted Mortgagee for the full amount owing to the holder of the Mortgage, provided, however, that the AHC notifies the holder in writing of the AHC’s intent to make such purchase within thirty (30) days following the AHC’s receipt of the holder’s notice of such acquisition of the Premises and Owner’s interest in the Premises; further provided that AHC or its designee shall complete such purchase within sixty (60) days of having given written notice of its intent to purchase; and provided that, if the AHC does not...
