Permitted Mortgagee. Except as otherwise approved in writing by Landlord, a Permitted Mortgage may be given only to a responsible bona fide institutional lender. For the purposes hereof, the term “institutional lender” shall mean any one of the following lending institutions: a commercial or savings bank; a state bank or national bank, a trust company; an insurance company; a savings and loan association; a building and loan association; a credit union; an investment banking firm; an educational institution; a pension, retirement or welfare fund; a charity; a real estate investment trust (“REIT”) but only if the REIT is publicly traded and registered with the U.S. Securities & Exchange Commission, and the amount of the Permitted Mortgage does not exceed two percent of the value of the REIT’s assets; an endowment fund or foundation authorized to make loans in the State of California; or any other responsible financial institution.
Appears in 3 contracts
Sources: Lease Agreement, Lease Agreement, Lease Agreement