Sub-Leasehold Mortgage definition

Sub-Leasehold Mortgage means any mortgage, deed of trust, collateral assignment, or other lien (as modified from time to time) encumbering the sub-leasehold estate. The term “Sub-leasehold Mortgagee” means the holder from time to time of a Sub-Leasehold Mortgage and its successors and assigns, provided Landlord and Prime Landlord has each received written notice of its name and address and a copy of its Sub-Leasehold Mortgage. A Sub-Leasehold Mortgage shall not attach to the fee estate or the leasehold estate under the Prime Lease. Prime Landlord need not join in, or “subordinate the fee estate to,” any Sub-Leasehold Mortgage, and Landlord need not join in, or “subordinate the leasehold estate to,” any Sub-Leasehold Mortgage. No Sub-Leasehold Mortgage shall reduce any party’s rights or obligations under this Lease. Notwithstanding anything in this Lease to the contrary, without Prime Landlord’s or Landlord’s consent, at any time and from time to time: (a) any Sub-Leasehold Mortgagee may initiate and complete a foreclosure and exercise any other rights and remedies against the Tenant and the sub-leasehold estate (but not the fee estate or the leasehold estate) under its Sub-Leasehold Mortgage; and (b) any transferee through a foreclosure, and its successors and assigns, may assign this Lease, subject to the terms and conditions set forth in Article 22 without Landlord’s consent (provided that any future assignments shall be subject to the provisions of Article 22). A foreclosure shall impair no estate or right under the fee estate or the leasehold estate, and shall transfer only the sub-leasehold estate. If requested in writing by a Sub-Leasehold Mortgagee, Landlord agrees to enter into a Subordination, Non-Disturbance, Recognition and Attornment Agreement in a form that is reasonably acceptable to Landlord and Sub-Leasehold Mortgagee (the “SNDRA”). Landlord agrees to submit, with no obligation to obtain, a SNDRA to Prime Landlord.
View Source
Sub-Leasehold Mortgage shall include mortgages, deeds of trust, deeds to secure debt, security deeds, assignments of the Sub-lessee's interest, and all similar instruments, as well as security interests, including security interests in personal property, and pledges and assignments of the Sub-lessee’s interest in this Sublease, and modifications, replacements and consolidations of any of the foregoing. Each Sub-leasehold Mortgage and all instruments evidencing the property encumbered shall contain the following statement of limitation:
View Source

Examples of Sub-Leasehold Mortgage in a sentence

  • This Section 24.03.2 shall not, however, be deemed to limit the obligations of Tenant under this Lease (or to impose such obligations upon Sub-Leasehold Mortgagee) or the Sub-Leasehold Mortgage or related loan documents.

  • In connection therewith, Operator has executed a guaranty of certain obligations of Borrower under the Borrower Loan Documents ("Guaranty") which Guaranty is secured by a Sub-Leasehold Mortgage, Assignment of Rents and Security Agreement and Fixture Filing ("Sub-Leasehold Mortgage") against Operator's interest in the Property under the Operator Lease.

  • A Sub-Leasehold Mortgage shall not attach to the fee estate or the leasehold estate under the Prime Lease.

  • Any notice to Lender shall be given as set forth in the Sub-Leasehold Mortgage.

  • No Sub-Leasehold Mortgage shall reduce any party’s rights or obligations under this Lease.

  • As a condition to disbursing the Loan, Lender has required Guarantor to execute this Guaranty, which Guaranty is secured by a Sub-Leasehold Mortgage, Assignment of Rents and Security Agreement and Fixture Filing ("Leasehold Mortgage") against Guarantor's interest in the Property under the Operator Lease.

  • The term “Sub-leasehold Mortgagee” means the holder from time to time of a Sub-Leasehold Mortgage and its successors and assigns, provided Landlord and Prime Landlord has each received written notice of its name and address and a copy of its Sub-Leasehold Mortgage.

  • Prime Landlord need not join in, or “subordinate the fee estate to,” any Sub-Leasehold Mortgage, and Landlord need not join in, or “subordinate the leasehold estate to,” any Sub-Leasehold Mortgage.