Common use of Election to Continue Lease Clause in Contracts

Election to Continue Lease. If a Recognized Mortgagee elects to continue this Lease by notice given to Landlord within such l5-day period (the “Continuation Notice”), then effective upon the delivery of such notice, Tenant shall be deemed to have assigned to such Recognized Mortgagee, or any such designee or nominee thereof, as the case may be, all of Tenant’s right, title and interest in and to this Lease and the leasehold estate in the Demised Premises and Tenant’s undivided interest in the Common Elements created hereunder, including the Subleases and security deposits thereunder referred to Section 31.6(i)(vii), and Tenant shall, at Landlord’s request, execute and deliver to Landlord and such Recognized Mortgagee such instruments of assignment and related transfer tax documents as Landlord and such Recognized Mortgagee may request (in form reasonably satisfactory to Landlord and such Recognized Mortgagee) to evidence such assignment. If Tenant fails to execute and deliver any such instrument of assignment or related transfer tax documents, such Recognized Mortgagee shall be entitled to do so on Tenant’s behalf, and Tenant hereby appoints such Recognized Mortgagee as its attorney-in-fact, which appointment shall be deemed to be coupled with an interest and is irrevocable, for the sole purpose of executing and delivering such assignment and any transfer tax documents. The execution and delivery of such instruments, however, shall not be required to effect the assignment of this Lease to such Recognized Mortgagee or such nominee or designee.

Election to Continue Lease. If a Recognized Mortgagee elects to continue this Lease by notice given to Landlord within such l515-day period (the “Continuation Notice”"CONTINUATION NOTICE"), then effective upon the delivery of such notice, Tenant shall be deemed to have assigned to such Recognized Mortgagee, or any such designee or nominee thereof, ; as the case may be, all of Tenant’s 's right, title and interest in and to this Lease and the leasehold estate in the Demised Premises and Tenant’s undivided interest in the Common Elements Property created hereunder, including the Subleases and security deposits thereunder referred to Section SECTION 31.6(i)(vii), and Tenant shall, at Landlord’s 's request, execute and deliver to Landlord and such Recognized Mortgagee such instruments of assignment and related transfer tax documents as Landlord and such Recognized Mortgagee may request (in form reasonably satisfactory to Landlord and such Recognized Mortgagee) to evidence such assignment. If Tenant fails to execute and deliver any such instrument of assignment or related transfer tax documents, such Recognized Mortgagee shall be entitled to do so on Tenant’s 's behalf, and Tenant hereby appoints such Recognized Mortgagee as its attorney-in-fact, which appointment shall be deemed to be coupled with an interest and is irrevocable, for the sole purpose of executing and delivering such assignment and any transfer tax documents. The execution and delivery of such instruments, however, shall not be required to effect the assignment of this Lease to such Recognized Mortgagee or such nominee or designee.

Election to Continue Lease. If a Recognized Mortgagee elects to continue this Lease by notice given to Landlord within such l515-day period (the “Continuation Notice”), then effective upon the delivery of such notice, Tenant shall be deemed to have assigned to such Recognized Mortgagee, or any such designee or nominee thereof, as the case may be, all of Tenant’s right, title and interest in and to this Lease and the leasehold estate in the Demised Premises and Tenant’s undivided interest in the Common Elements created hereunder, including the Subleases and security deposits thereunder referred to Section 31.6(i)(vii), and Tenant shall, at Landlord’s request, execute and deliver to Landlord and such Recognized Mortgagee such instruments of assignment and related transfer tax documents as Landlord and such Recognized Mortgagee may request (in form reasonably satisfactory to Landlord and such Recognized Mortgagee) to evidence such assignment. If Tenant fails to execute and deliver any such instrument of assignment or related transfer tax documents, such Recognized Mortgagee shall be entitled to do so on Tenant’s behalf, and Tenant hereby appoints such Recognized Mortgagee as its attorney-in-fact, which appointment shall be deemed to be coupled with an interest and is irrevocable, for the sole purpose of executing and delivering such assignment and any transfer tax documents. The execution and delivery of such instruments, however, shall not be required to effect the assignment of this Lease to such Recognized Mortgagee or such nominee or designee.