Common use of Approval and Changes Required by Lender Clause in Contracts

Approval and Changes Required by Lender. 24.1 Any mortgagee of the property, or of Landlord's interest therein, may have the right to approve this Lease, and in the event such approval is not granted, Landlord shall have the right to terminate this Lease as hereinafter set forth. In the event that any mortgagee of the property, or of Landlord's interest therein, requires, as a condition of such financing, modifications to this Lease which (i) do not materially and adversely affect Tenant's use of the Demised Premises as herein permitted; and (ii) do not increase the rent or other sums required to be paid by Tenant hereunder; then Landlord may submit to Tenant a written amendment of this Lease incorporating such required changes. Tenant shall execute such amendment within ten (10) days after the same has been submitted to Tenant. If Tenant fails to so execute and deliver such amendment, then Landlord shall thereafter have the right, at its sole option, to (a) execute such amendment on Tenant's behalf, Tenant appointing Landlord its irrevocable attorney-in-fact, said power being coupled with an interest to execute such amendment; or (b) to cancel this Lease. Such cancellation option shall be exercisable by Landlord's giving Tenant written notice of such termination; immediately whereupon this Lease shall be canceled and terminated and, upon relinquishment of possession of the Demised Premises by Tenant in the condition required pursuant to the terms hereof, both Landlord and Tenant shall thereupon be relieved from any and all further liability or obligation hereunder.

Approval and Changes Required by Lender. 24.1 23.1 Any mortgagee of the propertyProperty, or of Landlord's ’s interest therein, may have the right to approve this Lease, within ten (10) days of execution thereof, and in the event such approval is not granted, Landlord shall have the right to terminate this Lease as hereinafter set forth. In the event that any mortgagee of the propertyProperty, or of Landlord's ’s interest therein, requires, as a condition of such financing, modifications to this Lease which (i) do not materially and adversely affect Tenant's ’s use of the Demised Premises as herein permitted; and (ii11) do not increase the rent or other sums required to be paid by Tenant hereunder; then Landlord may submit to Tenant a written amendment of this Lease incorporating such required changes. Tenant shall execute such amendment within ten (10) days after the same has been submitted to Tenant. If Tenant fails to so execute and deliver such amendment, then Landlord shall thereafter have the right, at its sole option, to (a) execute such amendment on Tenant's behalf, Tenant appointing Landlord its irrevocable attorney-in-fact, said power being coupled with an interest to execute such amendment; or (b) to cancel this Lease. Such cancellation option shall be exercisable by Landlord's ’s giving Tenant written notice of such termination; immediately whereupon this Lease shall be canceled and terminated and, upon relinquishment of possession of the Demised Premises by Tenant in the condition required pursuant to the terms hereof, Landlord shall return the Revised Security Deposit to Tenant, and both Landlord and Tenant shall thereupon be relieved from any and all further liability or obligation hereunder.