Common use of Leasehold Estate Clause in Contracts

Leasehold Estate. Each Mortgaged Property consists of the related Mortgagor's fee simple estate in real estate (the "Fee Interest") or the related Mortgage Loan is secured in whole or in part by the interest of the related Mortgagor as a lessee under a ground lease of the Mortgaged Property (a "Ground Lease"), and if secured in whole or in part by a Ground Lease, either (1) the ground lessor's fee interest is subordinated to the lien of the Mortgage and the Mortgage will not be subject to any lien or encumbrances on the ground lessor's fee interest, other than Permitted Encumbrances, and the holder of the Mortgage is permitted to foreclose the ground lessor's fee interest within a commercially reasonable time period or (2) the following apply to such Ground Lease:

Leasehold Estate. Each Mortgaged Property consists of the related Mortgagor's ’s fee simple estate in real estate (the "“Fee Interest"”) or the related Mortgage Loan is secured in whole or in part by the interest of the related Mortgagor as a lessee under a ground lease of the Mortgaged Property (a "“Ground Lease"”), and if secured in whole or in part by a Ground Lease, either (1) the ground lessor's ’s fee interest is subordinated to the lien of the Mortgage and the Mortgage will not be subject to any lien or encumbrances on the ground lessor's ’s fee interest, other than Permitted Encumbrances, and the holder of the Mortgage is permitted to foreclose the ground lessor's ’s fee interest within a commercially reasonable time period or (2) the following apply to such Ground Lease:

Leasehold Estate. Each Mortgaged Property consists of the related Mortgagor's ’s fee simple estate in real estate (the "“Fee Interest"”) or the related Mortgage Loan is secured in whole or in part by the interest of the related Mortgagor as a lessee under a ground lease of the Mortgaged Property (a "“Ground Lease"”), and if secured in whole or in part by a Ground Lease, either (1) the ground lessor's ’s fee interest is subordinated to the lien of the Mortgage and the Mortgage will not be subject to any lien or encumbrances encumbrance on the ground lessor's ’s fee interest, other than Permitted Encumbrances, and the holder of the Mortgage is permitted to foreclose the ground lessor's ’s fee interest within a commercially reasonable time period or (2) the following apply to such Ground Lease:

Leasehold Estate. Each Mortgaged Property consists of the related Mortgagor's fee simple estate in real estate (the "Fee Interest") or the related Mortgage Loan is secured in whole or in part by the interest of the related Mortgagor as a lessee under a ground lease of the a Mortgaged Property (a "Ground Lease"), and if secured in whole or in part by a Ground Lease, either (1) the ground lessor's fee interest is subordinated to the lien of the Mortgage and the Mortgage will not automatically be subject to any lien or encumbrances on the ground lessor's fee interest, other than the Permitted Encumbrances, and the holder of the Mortgage is permitted to foreclose the ground lessor's fee interest Fee Interest within a commercially reasonable time period or (2) the following apply to such Ground Lease:

Leasehold Estate. Each Mortgaged Property consists of the related Mortgagor's fee simple estate in real estate (the "Fee Interest") or the related Mortgage Loan is secured in whole or in part by the interest of the related Mortgagor as a lessee under a ground lease of the Mortgaged Property (a "Ground Lease"), and if secured in whole or in part by a Ground Lease, either (1) the ground lessor's fee interest is subordinated to the lien of the Mortgage and the Mortgage will not be subject to any lien or encumbrances on the ground lessor's fee interest, other than Permitted Encumbrancespermitted encumbrances, and the holder of the Mortgage is permitted to foreclose the ground lessor's fee interest within a commercially reasonable time period or (2) the following apply to such Ground Lease: