Right to Encumber. City agrees and acknowledges that this Agreement shall not prevent or limit the owner of any interest in the Property, or any portion thereof, at any time or from time to time in any manner, at such owner’s sole discretion, from encumbering the Property, the improvements thereon, or any portion thereof with any mortgage, deed of trust, sale and leaseback arrangement or other security device. City acknowledges that any Lender may require certain interpretations of the agreement and City agrees, upon request, to meet with the owner(s) of the property and representatives of any Lender to negotiate in good faith any such request for interpretation. City further agrees that it will not unreasonably withhold its consent to any interpretation to the extent such interpretation is consistent with the intent and purpose of this Agreement
Right to Encumber. Town agrees and acknowledges that this Agreement shall not prevent or limit the owner of any interest in the Property, or any portion thereof, at any time or from time to time in any manner, at such owner’s sole discretion, from encumbering the Property, the improvements thereon, or any portion thereof with any mortgage, deed of trust, sale and leaseback arrangement or other security device.
Right to Encumber. Owner and Manager hereby agree that this Agreement and all amendments thereto shall in all respects be and is hereby expressly made subordinate and inferior to the liens, security interest and/or tenns of any mortgage and to the promissory note (or other evidence ofrepayment obligation) and other indebtedness secured or to be secured thereby and to all other instruments evidencing or securing or to evidence or secure said indebtedness, and all amendments, modifications, supplements, consolidations, extensions and revisions of such note and other instruments; provided, however, that payments made to Manager in accordance with the tenns of this Agreement shall be deemed earned by Manager and not subject to disgorgement. The provisions of this paragraph shall be self-operative and no further instrument of subordination shall be required; provided, however, Manager shall, within ten (10) business days after Manager’s receipt of written notice from Owner or any Mortgagee and/or any lender under any financing instrument, execute, acknowledge and deliver any and all estoppel certificates, cash management agreements and subordination agreements and any other documents by Owner and/or the mortgagee and/or any lender under any financing instrument which are reasonably acceptable to Manager that subordinates or evidences the subordination of this Agreement and Manager’s rights hereunder to any such Mortgage and/or financing instrument (which agreements may specifically permit a Mortgagee to terminate this Agreement upon a default or foreclosure but shall not require Manager either during or after a default or foreclosure to manage the Project without receiving the Monthly Management Fee and Reimbursable Expenses as and when due hereunder).
Right to Encumber. Landlord hereby grants to Tenant the right to mortgage, grant a security interest in, and otherwise encumber, Tenant’s interest under this Lease, and Tenant’s right, title and interest in and to the improvements constructed by Tenant on the Premises (hereinafter a “Leasehold Mortgage”) without obtaining Landlord’s consent.
Right to Encumber. Each of Zond and the Series A Partnership may, at any time and from time to time during the term of this Series A Co-Ownership Agreement, encumber, mortgage or hypothecate to any person or entity (herein, the "Mortgagee") by deed of trust or mortgage or other security instrument, (the "Mortgage") all or part of such party's interest under this Series A Co-Ownership Agreement without the consent of the other, non-encumbering co-owner. Any Mortgagee under a lien permitted hereunder shall agree not to disturb the interest of the other co-owner and its Mortgagee.
Right to Encumber. County agrees and acknowledges that this Agreement shall not prevent or limit the owner of any interest in the Property, or any portion thereof, at any time or from time to time in any manner, at such owner’s sole discretion, from encumbering the Property, the improvements thereon, or any portion thereof with any mortgage, deed of trust, sale and leaseback arrangement or other security device. County acknowledges that any Lender may require certain interpretations of the agreement and County agrees, upon request, to meet with the owner(s) of the property and representatives of any Lender to negotiate in good faith any such request for interpretation. County further agrees that it will not unreasonably withhold its consent to any interpretation to the extent such interpretation is consistent with the intent and purpose of this Agreement.
Right to Encumber. Lessee may, at any time and from time to time, mortgage, pledge, hypothecate, or alienate to any entity (herein, a “Lender”) all or any part of Lessee’s interest in, to, and under this Lease, the Wind Energy Conversion systems, the Property, and/or the easements and rights created in this Lease, without consent of Owner. A Lender or its assigns may enforce such lien and acquire title to the leasehold estate in any lawful way, and upon lawful foreclosure of such lien, after giving effect to the cure periods set forth herein, the Lender may take possession of and operate the Wind Energy Conversion Systems and the Property, performing all obligations performable by the Lessee. Upon foreclosure of such lien by power of sale, judicial foreclosure, or acquisition of the leasehold estate by deed in lieu of foreclosure, the Lender may, upon notice to Owner, sell and assign the leasehold estate. The Lender and/or person or entity acquiring the leasehold estate shall be liable to perform the obligations imposed on Lessee by this Lease only to the extent arising during the period during which such person or entity has ownership of the leasehold estate, or possession of the Wind Energy Conversion Systems, or the Property. Crownbutte Initials _______
Right to Encumber. Notwithstanding anything to the contrary contained in the Lease, Tenant may at any time and from time to time without Landlord's consent, encumber, hypothecate, mortgage, pledge or alienate Tenant's leasehold estate and rights hereunder, and Tenant's interest in the Buixxxxx and other improvements constructed by Tenant on the Premises, as security for payment of any indebtedness of Tenant to a lender or investor; provided, however, such encumbrance, hypothecation, mortgage, pledge or alienation shall not encumber Landlord's fee title or reversionary interest in orto the Premises, the Tenant Improvements, and Landlord's right to receive Rent and Additional Rent hereunder shall have priority over the rights of any Leasehold Mortgagee (as defined below). Any such encumbrance, hypothecation, mortgage, pledge or alienation shall be referred to herein as a "Leasehold Mortgage," and the holder of a Leasehold Mortgage shall be referred to herein as Leasehold Mortgagees." A Leasehold Mortgagee may enforce its Leasehold Mortgage and acquire title to the leasehold estate in any lawful way and, pending foreclosure of such Leasehold Mortgage, such Leasehold Mortgagee may take possession of and operate the Premises, performing all obligations of Tenant under this Lease capable of being performed by such Leasehold Mortgagee, and upon foreclosure of such Leasehold Mortgage by judicial foreclosure, or upon acquisition of the leasehold estate by deed in lieu of foreclosure, the Leasehold Mortgagee may, upon notice to Landlord, sell and assign the leasehold estate hereby created; subject to the requirements of Section 20.4
Right to Encumber. Lessee shall have no right to encumber the Leasehold Estate except as explicitly authorized under this Lease. Lessee shall have no right to encumber County’s fee interest in the Premises.
Right to Encumber. Any Party may at any time pledge, collaterally assign, encumber, or grant a security interest in its interest and rights under this Agreement. The recipient of any such pledge, assignment, encumbrance or security interest shall be referred to herein as a “Mortgagee.” The Parties also agree that they shall, at any time and from time to time during the term of this Agreement, after receipt of a written request by another Party, execute and deliver to the other Party and that Party’s Mortgagees, such estoppel certificates and consents as may be reasonably requested thereby.
