No Merger of Estates Sample Clauses
The "No Merger of Estates" clause prevents the automatic combination of different legal interests in a property when they come into the hands of the same party. For example, if a tenant who holds a lease on a property later acquires ownership of that property, this clause ensures that the leasehold and ownership interests remain legally distinct rather than merging into a single interest. This provision is important because it preserves the rights and obligations associated with each separate interest, thereby preventing unintended termination of the lease or loss of contractual protections.
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No Merger of Estates. It is the intention and agreement of Mortgagor and Mortgagee that there shall be no merger of any leasehold estate in the Mortgaged Property with the fee interest in the Mortgaged Property or any other estate or interest in the Mortgaged Property, and there shall be no merger of this Mortgage and any estate in the Mortgaged Property, by reason of the fact that the same person may own or hold (a) any leasehold interest in the Mortgaged Property, and/or (b) this Mortgage, and/or (c) the fee interest in the Mortgaged Property or any other estate or interest in the Mortgaged Property.
No Merger of Estates. So long as part of the Indebtedness and the Obligations secured hereby remain unpaid and undischarged, the fee and leasehold estates to the Mortgaged Property shall not merge, but shall remain separate and distinct, notwithstanding the union of such estates either in Mortgagor, Mortgagee, any tenant or any third party by purchase or otherwise.
No Merger of Estates. The fee title of Landlord and the leasehold estate of Tenant shall at all times be separate and apart, and shall in no event be merged, notwithstanding the fact that this Lease or the leasehold estate created hereby, or any interest in either thereof, may be held directly or indirectly by or for the account of any person who shall own the fee estate in the Premises or any portion thereof; and no such merger of estates shall occur by operation of law, or otherwise, unless and until all persons at the time having any interest in the fee estate and all persons having any interest in the Lease or the leasehold estate, including any mortgagee or leasehold mortgagee, shall join in the execution of a written instrument affecting such merger of estates.
No Merger of Estates. So long as any part of the Senior Secured Note Obligations remain unpaid, unperformed or undischarged, the fee, easement and leasehold estates to the Mortgaged Property shall not merge but rather shall remain separate and distinct, notwithstanding the union of such estates either in Mortgagor, Mortgagee, any lessee, any third-party purchaser or otherwise.
No Merger of Estates. So long as part of the Secured Obligations remain unpaid and undischarged, the fee and leasehold estates to the Trust Property shall not merge, but shall remain separate and distinct, notwithstanding the union of such estates either in Trustor, Beneficiary, any tenant or any third party by purchase or otherwise.
No Merger of Estates. It is the intention and agreement of Grantor and Beneficiary that there shall be no merger of any leasehold estate in the Trust Property with the fee interest in the Trust Property or any other estate or interest in the Trust Property, and there shall be no merger of this Deed of Trust and any estate in the Trust Property, by reason of the fact that the same person may own or hold (a) any leasehold interest in the Trust Property, and/or (b) this Deed of Trust, and/or (c) the fee interest in the Trust Property or any other estate or interest in the Trust Property.
No Merger of Estates. So long as any of the indebtedness secured hereby and by the Loan Documents shall remain unpaid, unless the Agent shall otherwise consent in writing, the fee title and the leasehold estate on the Property as hereinbefore described shall not merge, but shall always be kept separate and distinct, notwithstanding the union of said estate either in the Assignor or in any tenant or in a third party by purchase or otherwise.
No Merger of Estates. The rights and estate created by this Mortgage shall not, under any circumstances, be held to have merged into any other estate or interest now owned or hereafter acquired by the Mortgagee unless the Mortgagee shall have consented to such merger in writing.
No Merger of Estates. There shall be no merger of this Lease or of the leasehold estate hereby created with the fee estate in the Project by reason of the fact that the same person acquires or holds, directly or indirectly, this Lease or the leasehold estate hereby created or any interest herein or in such leasehold estate as well as the fee estate in the Project or any interest in such fee estate.
No Merger of Estates. (i) If Borrower acquires the Fee Estate, (A) there will be no merger between the Fee Estate and the Leasehold Estate unless all Persons, including Lender, that have an interest in the Ground Lease consent in writing to the merger, and (B) if the Lien of the Security Instrument does not already cover the Fee Estate, the Lien of the Security Instrument will automatically be spread to cover the Fee Estate, without the necessity of any further conveyance, and as so spread will be prior to the Lien of any mortgage, deed of trust or other Lien placed on the Fee Estate after the date of the Security Instrument. Promptly after Borrower’s acquisition of the Fee Estate, Borrower, at its sole cost and expense, including payment of Lender’s Attorneys’ Fees and Costs and out-of-pocket disbursements, will execute and deliver all documents and instruments necessary to confirm that the Fee Estate is subject to the Lien of the Security Instrument, and will provide to Lender a title insurance policy insuring that the priority of the Lien of the Security Instrument on both the Fee Estate and the Leasehold Estate is the same as the priority of the Lien of the Security Instrument on the Leasehold Estate as of the Effective Date.
(ii) If Lender acquires the Fee Estate and the Leasehold Estate (whether pursuant to the provisions of the Ground Lease, by foreclosure of the Security Instrument or otherwise), the Fee Estate and the Leasehold Estate will not merge as a result of such acquisition and will remain separate and distinct for all purposes after such acquisition unless and until Lender elects to merge the Fee Estate and the Leasehold Estate.