Landlord May Grant Liens. Without the consent of Tenant, Landlord may, from time to time, directly or indirectly, create or otherwise cause to exist any lien, encumbrance or title retention agreement (“Encumbrance”) upon the Leased Property, or any portion thereof, or interest therein, whether to secure any borrowing or other means of financing or refinancing.
Landlord May Grant Liens. Without the consent of Tenant, Landlord may, subject to the terms and conditions set forth in this Section 20.1, from time to time, directly or indirectly, create or otherwise cause to exist any lien, encumbrance or title retention agreement ("Encumbrance") upon the Leased Property, or any portion thereof or interest therein, whether to secure any borrowing or other means of financing or refinancing. Notwithstanding anything to the contrary set forth in Section 20.2, any such Encumbrance shall include the right to prepay (whether or not subject to a prepayment penalty) and shall provide (subject to Section 20.2) that it is subject to the rights of Tenant under this Agreement.
Landlord May Grant Liens. Subject to Section 25.2, without the consent of Tenant, Landlord may, from time to time, directly or indirectly, create or otherwise cause to exist any Landlord's Encumbrance upon the Property, or any portion thereof or interest therein, whether to secure any borrowing or other means of financing or refinancing. This Lease is and at all times shall be subject and subordinate to any ground or underlying leases, mortgages, trust deeds or like encumbrances, which may now or hereafter affect the Property and to all renewals, modifications, consolidations, replacements and extensions of any such lease, mortgage, trust deed or like encumbrance. This clause shall be self-operative and no further instrument of subordination shall be required by any ground or underlying lessor or by any mortgagee or beneficiary, affecting any lease or the Property. In confirmation of such subordination, Tenant shall execute promptly any certificate that Landlord may request for such purposes.
Landlord May Grant Liens. (a) Without the consent of Tenant but subject to the provisions of Section 20.1(b) and (c), Landlord may, subject to the terms and conditions set forth in this Section 20.1, from time to time, directly or indirectly, create or otherwise cause to exist any lien, encumbrance or title retention agreement ("Encumbrance") upon the Leased Property, or any portion thereof or interest therein, whether to secure any borrowing or other means of financing or refinancing, provided that any such Encumbrance (together with any other Encumbrance that may encumber the Leased Property (and, if applicable, the Collective Leased Properties)) shall not secure a maximum principal amount in excess of (i) seventy percent (70%) of the fair market value of Landlord's interest in the Leased Property, (if such loan is secured on a leased property by leased property basis without cross-collaterizations), or (ii) the greater of sixty percent (60%) of the fair market value of Landlord's interest in the Collective Leased Properties, or sixty percent (60%) of the aggregate Purchase Price for the Collective Leased Properties pursuant to the Purchase Agreement, or (iii) the greater of (x) sixty percent (60%) of the aggregate fair market value of Landlord's interest in the Collective Leased Properties which secure such Encumbrance, plus sixty percent (60%) of the fair market value of Landlord's interest in such other Marriott brand properties which secure such Encumbrance if secured by the Leased Property and/or one or more of the other Collective Leased Properties and/or other Marriott brand properties, or (y) sixty percent (60%) of the sum of the aggregate maximum Allocable Purchase Price of the Collective Leased Properties pursuant to the Purchase Agreement which secure such Encumbrance, plus sixty percent (60%) of the fair market value of Landlord's interest in such other Marriott brand properties which secure such Encumbrance if secured by the Leased Property and/or one or more of the other Collective Leased Properties and/or other Marriott brand properties. Any such Encumbrance shall provide (subject to Section 20.2) that it is subject to the rights of Tenant under this Agreement. Landlord shall not cross collateralize the Leased Property with any property which is not flagged as a Marriott branded hotel. Landlord agrees not to enter into any Encumbrance that would allow the Hotel Mortgagee to apply any insurance proceeds or Award to the debt secured by the Encumbrance but may enter i...
Landlord May Grant Liens. Without the consent of Tenant, Landlord may, subject to the terms and conditions set forth below in this Section 17, from time to time, directly or indirectly, create or otherwise cause to exist any lien, encumbrance or title retention agreement ("ENCUMBRANCE") upon the Premises, or any portion thereof or interest therein (including this Lease), whether to secure any borrowing or other means of financing or refinancing or otherwise. Any such Encumbrance shall provide that it is subject to the rights of Tenant under this Lease, and shall further provide that so long as no Event of Default shall have occurred under this Lease, Tenant's occupancy hereunder, including but without limitation Tenant's right of quiet enjoyment provided in Section 18, shall not be disturbed in the event any such lienholder or any other person takes possession of the Premises through foreclosure proceeding or otherwise. Upon the request of Landlord, Tenant shall subordinate this Lease to the lien of a new Encumbrance on the Premises, on the condition that the proposed lender agrees not to disturb Tenant's rights under this Lease so long as Tenant is not in default hereunder.
Landlord May Grant Liens. (a) Without the consent of Tenant, Landlord may, subject to the terms and conditions set forth in this Section 20.1, from time to time, directly or indirectly, create or otherwise cause to exist any Lien or ground lease upon its interest in the Leased Property, or any portion thereof or interest therein, whether to secure any borrowing or other means of financing or refinancing, provided that any such Lien or ground lease shall be consistent with the requirements of the Management Agreement or otherwise approved by Manager, and shall not modify the terms of this Lease, except as expressly set forth in Section 20.2. Landlord agrees to provide to Tenant copies of all existing and future ground leases, and amendments thereto, which affect the Leased Property.
Landlord May Grant Liens. Without the consent of Tenant, Landlord may, subject to the terms and conditions set forth in this Section 20.1, from time to time, directly or indirectly, create or otherwise cause to exist any lien, encumbrance or title retention agreement ("Encumbrance") upon the Leased Property, or any portion thereof or interest therein, whether to secure any borrowing or other means of financing or refinancing, provided that any such Encumbrance shall not secure a maximum principal amount in excess of (x) seventy percent (70%) of the Allocable Purchase Price of the Leased Property if secured only by the Leased Property or sixty percent (60%) of the Allocable Purchase Prices of such Collective Leased Properties as secure such Encumbrance if secured by the Leased Property and one or more of the other Collective Leased Properties or (y) a sixty percent (60%) loan to value ratio if one or more of the Collective Leased Properties are pooled with other Marriott brand properties. Any such Encumbrance shall provide (subject to Section 20.2) that it is subject to the rights of Tenant under this Agreement. Landlord shall not cross collateralize the Leased Property with any property which is not flagged as a Marriott brand.
Landlord May Grant Liens. Without the consent of Tenant, Landlord may, from time to time, directly or indirectly, create or otherwise cause to exist any Mortgage upon the Premises. This Lease is and at all times shall be subject and subordinate to any Mortgage that may now or hereafter affect the Premises and to all renewals, modifications, consolidations, replacements and extensions thereof or any part(s) or portion(s) thereof. This clause shall be self-operative and no further instrument of subordination shall be required; provided, however, that in confirmation of such subordination, Tenant shall execute promptly any certificate or document that Landlord or any Mortgagee may reasonably request for such purposes. If, in connection with obtaining financing or refinancing for the Premises, a Mortgagee or prospective Mortgagee shall request reasonable modifications to this Lease as a condition to such financing or refinancing, Tenant shall not withhold or delay its consent thereto.
Landlord May Grant Liens. Without the consent of Tenant, Landlord may, subject to the terms and conditions set forth in this Section 21.1, from time to time, directly or indirectly, create or otherwise cause to exist any lien, encumbrance or title retention agreement ("Encumbrance") upon the Leased Property, or any portion thereof or interest therein, whether to secure any borrowing or other means of financing or refinancing. Any such Encumbrance, other than one the proceeds of which are used to finance construction of a Capital Addition pursuant to the provisions of Sections 6.1 and 6.3, shall include the right to prepay (whether or not subject to a prepayment penalty) and shall provide (subject to Section 21.2) that it is subject to the rights of Tenant under this Lease.
Landlord May Grant Liens. Without the consent of Tenant, Landlord may, subject to the terms and conditions set forth below in this Section 33.1, from time to time, directly or indirectly, create or otherwise cause to exist any lien, encumbrance or title retention agreement (“Encumbrance”) upon the Leased Property, or any portion thereof or interest therein, whether to secure any borrowing or other means of financing or refinancing. Any such Encumbrance shall (a) contain the right to prepay (whether or not subject to a prepayment penalty); and (b) contain the Agreement by the holder of the Encumbrance that it will (1) give Tenant the same notice, if any, given to Landlord of any default or acceleration of any obligation underlying any such Encumbrance or any sale in foreclosure under such Encumbrance, (2) permit Tenant to cure any such default on Landlord’s behalf within any applicable cure period, and Tenant shall be reimbursed by Landlord for any and all costs incurred in effecting such cure, including without limitation out-of-pocket costs incurred to effect any such cure (including reasonable attorneys’ fees) and (3) permit Tenant to appear by its representative and to bid at any sale in foreclosure made with respect to any such Encumbrance. Upon the request of Landlord, Tenant shall subordinate this Lease to the lien of a new mortgage on the Leased Property, on the condition that (a) the proposed mortgagee executes a non-disturbance agreement recognizing this Lease, subject to the provisions of Section 33.3, and agreeing, for itself and its successors and assigns, to comply with the provisions of this Section 33 and (b) such lien is subject to the rights of the Tenant under this Lease.
