Common use of Merger of Estates Clause in Contracts

Merger of Estates. If both the lessor’s and lessee’s interest under any Lease ever becomes vested in any one Person, this Instrument and the lien and security interest created hereby shall not be destroyed or terminated by the application of the doctrine of merger and Lender and Trustee shall continue to have and enjoy all its rights and privileges as to each separate estate. Upon foreclosure (or transfer of title by power of sale) of this Instrument, none of the Leases shall be destroyed or terminated as a result of such foreclosure (or sale), by application of the doctrine of merger or as a matter of Law, unless Lender or Trustee takes all actions required by Law to terminate the Leases as a result of foreclosure or sale.

Merger of Estates. If both the lessor’s and lessee’s interest under any Lease ever becomes vested in any one Person, this Instrument Loan Agreement and the lien and security interest created hereby by the Loan Documents shall not be destroyed or terminated by the application of the doctrine of merger and Lender and Trustee shall continue to have and enjoy all its rights and privileges as to each separate estate. Upon foreclosure (or transfer of title by power any of sale) of this Instrumentthe Security Instruments, none of the Leases applicable to such Property shall be destroyed or terminated as a result of such foreclosure (or sale), by application of the doctrine of merger or as a matter of Law, unless Lender or Trustee takes all actions required by Law to terminate the Leases as a result of such foreclosure (or sale).