Mortgage Transfer definition
Examples of Mortgage Transfer in a sentence
Notwithstanding anything to the contrary contained herein or in the Lease, the Tenant First Refusal Rights shall not apply to any Mortgage Transfer or Equity Pledge Transfer, but shall survive any such Mortgage Transfer or Equity Pledge Transfer and be applicable to any subsequent Transfer of the Leased Property or any portion thereof or interest therein, or any Transfer of any direct or indirect ownership interest in any Landlord Equity Interest, as provided in the Lease.
No Leasehold Mortgagee shall be liable for any indemnification obligation under this Lease until such time as such Leasehold Mortgagee has become Lessee under this Lease following a Leasehold Mortgage Transfer, and then only as to matters first arising from and after the effective date of the Leasehold Mortgage Transfer.
All of the provisions and requirements of the Lease (including, without limitation, Section 17.5 of the Lease, the covenants set forth in Article XXVII of the Lease and the Landlord Events of Default, except as provided in Section 1.2 above with respect to such Mortgage Transfer) shall remain in effect following a Mortgage Transfer and shall survive any such Mortgage Transfer.
So long as the transferee pursuant to a Leasehold Mortgage Transfer has executed an assumption agreement in form and substance reasonably satisfactory to State and has remedied, or agreed in writing to remedy, any events of Lessee default existing hereunder as of the date of the Leasehold Mortgage Transfer, State shall recognize and attorn to such transferee as Lessee under this Lease.
So long as Secured Party and Lenders are in compliance with the terms of this Agreement, in the event of a Mortgage Transfer, Tenant shall attorn to Purchaser and recognize Purchaser as the successor Landlord under the Lease.
The provisions of this Section 11.7 shall not inure to the successors and assigns of any Leasehold Mortgagee or its designee following a Leasehold Mortgage Transfer.
The parties acknowledge and agree that a Transfer pursuant to a Mortgage Transfer shall be subject to Section 5.3 of this Agreement and shall not be required to comply with the notice requirements in Section 17.5(b)(ii) of the Lease, provided, however, that each of the applicable requirements of Sections 17.5(a) and (b) of the Lease shall be applicable with respect to any subsequent Transfer.
The liability of any Leasehold Mortgagee or its designee acquiring Lessee’s interest in this Lease pursuant to a Leasehold Mortgage Transfer shall be limited to its interest in the Leased Premises, and any judgments rendered against any such Leasehold Mortgagee or its designee following the Leasehold Mortgage Transfer shall be satisfied solely out of its interests in this Lease.
For the avoidance of doubt, the parties hereby acknowledge their intent that each transferee of a Purchaser at or following a Mortgage Transfer shall be bound by (A) this Agreement including, without limitation, the full and complete subordination to the Lease and the rights, title and interests of the Tenant under the Lease as provided herein, and (B) the Lease.
The Lender confirms that, as at the date hereof, it has no actual knowledge of any breach by the Borrower of any representation and warranty under clause 14.3(A) relating to any Existing Mortgage Loan other than those relating to the OFT Affected Loans subject to the waiver under Clause 3.3 of the Mortgage Transfer Agreement.