Common use of Priorities of Multiple Mortgagees Clause in Contracts

Priorities of Multiple Mortgagees. If more than one Mortgagee of a particular type (Fee or Leasehold or Subleasehold, and as to Subleasehold Mortgagees, as to a particular encumbered Sublease) desires to exercise any mortgagee protection, then the party against whom such mortgagee protection is to be exercised shall be required to recognize either: (1) only the Mortgagee that desires to exercise such mortgagee protection and whose Mortgage is most Senior (as against other Mortgages of like type); or (2) such other Mortgagee of a particular type (all Fee Mortgagees or all Leasehold Mortgagees or all Subleasehold Mortgagees as applicable), have designated in writing to exercise such mortgagee protection. Priority of Mortgages shall be conclusively evidenced by (in order of precedence of application): (x) written agreement (or joint written instructions) by all Mortgagees of a particular type (Fee or Leasehold or Subleasehold, as applicable); or (y) a report or certificate of a title insurance company licensed to do business in the State. Neither Tenant nor Landlord shall be obligated to determine the relative priorities of any Mortgages. For any mortgagee protection that by its nature or under this Lease only one Leasehold Mortgagee can exercise (such as the right to a New Lease), pending the determination of priority, any time period that applies to Leasehold Mortgagees’ exercise of such mortgagee protection shall be tolled. Notwithstanding the foregoing, unless expressly acknowledged and agreed by Leasehold Mortgagee in a written agreement (or written instructions), all Leasehold Mortgages (including all extensions, renewals, replacements, modifications and consolidations thereof, and to all advances thereunder) shall be prior and superior to all Fee Mortgages and Subleasehold Mortgages (in each case, including all extensions, renewals, replacements, modifications and consolidations thereof, and to all advances thereunder) and Leasehold Mortgagee’s rights to exercise any mortgagee protection under this Lease (including, without limitation, the rights under this Section 19) shall be prior and superior to the rights of any Subtenants (including, without limitation, the rights under Section 18 hereof), any Fee Mortgagee or any Subleasehold Mortgagee (including, without limitation, the rights under Section 20 hereof) to exercise same.

Priorities of Multiple Mortgagees. If more than one Mortgagee of a particular type (Fee or Leasehold or Subleasehold, and as to Subleasehold Mortgagees, as to a particular encumbered Sublease) desires to exercise any mortgagee protection, then the party against whom such mortgagee protection is to be exercised shall be required to recognize either: (1) only the Mortgagee that desires to exercise such mortgagee protection and whose Mortgage is most Senior (as against other Mortgages of like type); or (2) such other Mortgagee of a particular type (all Fee Mortgagees or all Leasehold Mortgagees or all Subleasehold Mortgagees as applicable), have designated in writing to exercise such mortgagee protectionMortgagee Protection. Priority of Mortgages shall be conclusively evidenced by (in order of precedence of application): (x) written agreement (or joint written instructions) by all Mortgagees of a particular type (Fee or Leasehold or Subleasehold, as applicable); or (y) a report or certificate of a title insurance company licensed to do business in the State. Neither Tenant nor Landlord shall be obligated to determine the relative priorities of any Mortgages. For any mortgagee protection that by its nature or under this Lease only one Leasehold Mortgagee can exercise (such as the right to a New Lease), pending the determination of priority, any time period that applies to Leasehold Mortgagees’ exercise of such mortgagee protection shall be tolled. Notwithstanding the foregoing, unless expressly acknowledged and agreed by Leasehold Mortgagee in a written agreement (or written instructions), all Leasehold Mortgages (including all extensions, renewals, replacements, modifications and consolidations thereof, and to all advances thereunder) Such tolling shall be prior and superior to all Fee Mortgages and Subleasehold Mortgages (in each case, including all extensions, renewals, replacements, modifications and consolidations thereof, and to all advances thereunder) and Leasehold Mortgagee’s rights to exercise any mortgagee protection under this Lease (including, without limitation, the rights under this Section 19) shall be prior and superior to the rights of any Subtenants (including, without limitation, the rights under Section 18 hereof), any Fee Mortgagee or any Subleasehold Mortgagee (including, without limitation, the rights under Section 20 hereof) to exercise samenot apply for more than 30 days.