Common use of Prohibited Encumbrances Clause in Contracts

Prohibited Encumbrances. Except as permitted in Section 0 below, Master Tenant shall not: 15.1.1 Engage in any financing or other transaction placing any mortgage or deed of trust upon the Property, or upon Master ▇▇▇▇▇▇’s leasehold estate therein or the improvements constructed thereon; or 15.1.2 Place or suffer to be placed upon Master ▇▇▇▇▇▇’s leasehold estate or the improvements thereon any lien, levy, attachment or other encumbrance (other than a lien upon said leasehold estate for taxes and assessments levied but not delinquent or payable with penalty); provided, however, the foregoing notwithstanding, Master Tenant shall have the right to contest or appeal the validity of any such lien, levy, encumbrance or attachment, provided that Master Tenant shall first furnish adequate security to the reasonable satisfaction of Landlord to protect the Premises during the pendency of such contest or appeal. Any such mortgage, deed of trust, levy, attachment, encumbrance or lien (collectively, “encumbrance”) not permitted pursuant to the terms of this Lease and caused or created by Master Tenant shall be deemed to be a violation of this covenant on the date of its execution or filing of record, regardless of whether or when it is foreclosed or otherwise enforced, unless Master Tenant shall, within twenty (20) days of such date of execution or filing of record, remove such encumbrance or provide adequate security to the reasonable satisfaction of Landlord to protect the Premises and the improvements thereon from such encumbrance.

Prohibited Encumbrances. Except as permitted in Section 0 below, Master Tenant shall not: 15.1.1 Engage in any financing or other transaction placing any mortgage or deed of trust upon the Property, or upon Master ▇▇▇▇▇▇Tenant’s leasehold estate therein or the improvements constructed thereon; or 15.1.2 Place or suffer to be placed upon Master ▇▇▇▇▇▇Tenant’s leasehold estate or the improvements thereon any lien, levy, attachment or other encumbrance (other than a lien upon said leasehold estate for taxes and assessments levied but not delinquent or payable with penalty); provided, however, the foregoing notwithstanding, Master Tenant shall have the right to contest or appeal the validity of any such lien, levy, encumbrance or attachment, provided that Master Tenant shall first furnish adequate security to the reasonable satisfaction of Landlord to protect the Premises during the pendency of such contest or appeal. Any such mortgage, deed of trust, levy, attachment, encumbrance or lien (collectively, “encumbrance”) not permitted pursuant to the terms of this Lease and caused or created by Master Tenant shall be deemed to be a violation of this covenant on the date of its execution or filing of record, regardless of whether or when it is foreclosed or otherwise enforced, unless Master Tenant shall, within twenty (20) days of such date of execution or filing of record, remove such encumbrance or provide adequate security to the reasonable satisfaction of Landlord to protect the Premises and the improvements thereon from such encumbrance.