Common use of Multiple Mortgages Clause in Contracts

Multiple Mortgages. If at any time there shall be more than one Mortgage, the holder of the Mortgage prior in lien shall be vested with the rights under Sections 15.3 and 15.8 to the exclusion of the holder of any junior Mortgage; provided, however, that if the holder of a Mortgage prior in lien to any other Mortgage shall fail or refuse to exercise the rights set forth in said Sections, each holder of a Mortgage in the order of the priority of their respective liens shall have the right to exercise such rights; and provided further, however, that with respect to the right of the holder of a Mortgage under Section 15.8 to request a new Lease, such right may, notwithstanding the limitation of time set forth in said Section, be exercised by the holder of any junior Mortgage, in the event the holder of a prior Mortgage shall not have exercised such right, more than 120 days but not more than 140 days after the giving of notice by Landlord of the termination of this Lease as in said Section provided.

Multiple Mortgages. If at any time there shall be more than one Mortgage, the holder of the Mortgage prior in lien shall be vested with the rights under Sections 15.3 and 15.8 to the exclusion of the holder of any junior Mortgage; provided, however, that if the holder of a Mortgage prior in lien to any other Mortgage shall fail or refuse to exercise the rights set forth in said SectionsSection, each holder of a Mortgage in the order of the priority of their respective liens shall have the right to exercise such rights; and provided further, however, that with respect to the right of the holder of a Mortgage under Section 15.8 to request a new Lease, such right may, notwithstanding the limitation of time set forth in said Section, be exercised by the holder of any junior Mortgage, in the event the holder of a prior Mortgage shall not have exercised such right, more than 120 days but not more than 140 days after the giving of notice by Landlord of the termination of this Lease as in said Section provided.