Common use of Assignment of Lessor's Rights Clause in Contracts

Assignment of Lessor's Rights. Concurrently with the execution of ----------------------------- this Lease, Lessor will enter into the Mortgage pursuant to which the Lessor will assign to the Purchaser Lessor's rights under this Lease as security for, among other things, the payment of the Bond. Lessee hereby consents to such assignment and agrees to make all payments to Lessor required hereunder (other than the Initial Basic Rent Payment) directly to the Purchaser without defense or set-off by reason of any dispute between Lessee and Lessor. Lessee shall pay the Initial Basic Rent Payment to Lessor, and Purchaser shall have no right to receive such payment. Lessee further agrees that upon such assignment the Purchaser shall be entitled to enforce the provisions of this Lease without regard to whether the Lessor is then in default with respect to the Bond. Lessor and Lessee further acknowledge that the execution and delivery of the Mortgage will not constitute the merger of all of the interests in the Lease in Lessee or the extinguishment of the Lease. Assignment of this Lease shall in no event constitute a merger of the estate or interest of the Lessee hereunder with the estate or interest of (a) the Lessor hereunder or (b) Purchaser as assignee of Lessor.

Assignment of Lessor's Rights. Concurrently with the execution of ----------------------------- this Lease, Lessor will enter into the Mortgage Assignment pursuant to which the Lessor will assign to the Purchaser Lessor's rights under this Lease as security for, among other things, the payment of the BondNote and other amounts payable by Lessor or Lessee under the Note Purchase Agreement. Lessee hereby consents to such assignment and agrees to make all payments to Lessor required hereunder (other than the Initial Basic Rent Payment) directly to the Purchaser without defense or set-off by reason of any dispute between Lessee and Lessor. Lessee shall pay the Initial Basic Rent Payment to Lessor, and Purchaser shall have no right to receive such payment. Lessee further agrees that upon such assignment the Purchaser shall be entitled to enforce the provisions of this Lease without regard to whether the Lessor is then in default with respect to the BondNote or the Note Purchase Agreement. Concurrently with the execution of this Lease, Lessor will also execute and deliver to the Purchaser the Deed of Trust pursuant to which the Lessor grants to the Purchaser a lien on the Project as security for the payment of the Note and as security for the obligations of Lessor and Lessee further acknowledge that under the execution Note Purchase Agreement and delivery of the Mortgage will not constitute the merger of all of the interests in the Lease in Lessee or the extinguishment of the this Lease. Assignment of this Lease shall in no event constitute a merger of the estate or interest of the Lessee hereunder with the estate or interest of (a) the Lessor hereunder or (b) Purchaser as assignee of Lessor.