Common use of Right of Lender to Realize on Security Clause in Contracts

Right of Lender to Realize on Security. A Lender with a Leasehold Encumbrance shall have the right at any time during the term of this Lease and the existence of the encumbrance to: (i) do any act or thing required of Tenant under this Lease, and any such act or thing done and performed by Lender shall be as effective to prevent a forfeiture of Tenant’s rights under this Lease as if done by Tenant; (ii) realize on the security afforded by the leasehold estate by foreclosure proceedings, accepting an assignment in lieu of foreclosure, or other remedy afforded in law or in equity or by the security instrument evidencing the Leasehold Encumbrance (referred to in this Lease as the “Security Instrument”), provided, however, that Lender shall not transfer, convey, or assign the title of Tenant to the leasehold estate created by this Lease to any purchaser at any foreclosure sale, whether the foreclosure sale is conducted pursuant to court order or pursuant to a power of sale contained in the Security Instrument, or to an assignee pursuant to an assignment in lieu of foreclosure, without the prior approval of such purchaser or assignee by Landlord, which approval shall not be unreasonably withheld. Notwithstanding the foregoing, it shall be per se reasonable for Landlord to withhold approval if the proposed use of the Leased Premises by such purchaser or assignee would vary materially from the Permitted Use as described in Section 7. The Lender or any person or entity (with the approval of Landlord) acquiring the leasehold estate shall be liable to perform Tenant’s obligations under this Lease only during the period, if any, in which that entity or person has ownership of the leasehold estate or possession of the Leased Premises.

Appears in 3 contracts

Sources: Solar Power Purchase Agreement, Solar Power Purchase Agreement, Solar Power Purchase Agreement

Right of Lender to Realize on Security. A Lender with a Leasehold Encumbrance shall have the right right, without obtaining any consent or approval from Landlord or Tenant, at any time during the term of this Lease Term and the existence of the encumbrance to: Leasehold Encumbrance to do one or more of the following: (ia) Perform any of Tenant’s obligations or exercise any of Tenant’s rights under this Lease, or do any such act or thing required or permitted of Tenant under this Lease, Lease and Landlord agrees to accept the performance by ▇▇▇▇▇▇ of Tenant’s obligations or rights under this Lease and/or any such act or thing done and performed by Lender shall be as effective to prevent a forfeiture ▇▇▇▇▇▇ for and on behalf of Tenant or in the place of Tenant’s rights under this Lease , as if such performance, exercise, action or thing were done by Tenant; and (iib) realize Realize on the security afforded by the leasehold estate by foreclosure proceedings, accepting an assignment in lieu of foreclosure, or other remedy afforded in law or in equity or by the security instrument evidencing the Leasehold Encumbrance (referred to in this Lease as the “Security Instrument”), provided, however, that Lender shall not and (c) To transfer, convey, or assign the title of Tenant to the leasehold estate created by this Lease (or to cause the trustee under any deed of trust to so transfer, convey or assign) to any purchaser at any foreclosure sale, whether the foreclosure sale is conducted pursuant to under court order or pursuant to a power of sale contained in the Security Instrument, or to an assignee pursuant to under an assignment in lieu of foreclosure; and (d) To acquire and succeed to the interest of Tenant under this Lease by virtue of any foreclosure sale, without whether the prior approval foreclosure sale is conducted under a court order or a power of such purchaser sale contained in the Security Instrument, or assignee by Landlord, which approval shall not be unreasonably withheldvirtue of an assignment in lieu of foreclosure. Notwithstanding anything to the foregoingcontrary set forth elsewhere in this Lease, it shall be per se reasonable for Landlord to withhold approval if the proposed use of the Leased Premises by such purchaser or assignee would vary materially from the Permitted Use as described in Section 7. The Lender or any person or entity (with the approval of Landlord) its assigns acquiring the leasehold estate shall assume the obligations of “Tenant” under this Lease and be liable to perform Tenant’s obligations under this Lease Lease, only during the period, if any, in which that entity or person has ownership of the leasehold estate created by this Lease or possession of the Leased PremisesPremises and the liability of the Lender and its affiliates during such period shall be limited to the value of their interests in this Lease and the leasehold estate created by this Lease. Landlord shall recognize the Lender or its assigns which acquire the leasehold estate by a foreclosure sale or an assignment in lieu of foreclosure as the “Tenant” under this Lease for all purposes.

Appears in 1 contract

Sources: Ground Lease (Hall of Fame Resort & Entertainment Co)

Right of Lender to Realize on Security. A Upon an event of default by Tenant to Lender, a Lender with a Leasehold Encumbrance shall have the right right, without obtaining any consent or approval from Landlord or Tenant, at any time during the term of this Lease Term and the existence of the encumbrance to: Leasehold Encumbrance to do one or more of the following: (ia) Perform any of Tenant’s obligations or exercise any of Tenant’s rights under this Lease, or do any such act or thing required or permitted of Tenant under this Lease, Lease and Landlord agrees to accept the performance by L▇▇▇▇▇ of Tenant’s obligations or rights under this Lease and/or any such act or thing done and performed by Lender shall be as effective to prevent a forfeiture L▇▇▇▇▇ for and on behalf of Tenant or in the place of Tenant’s rights under this Lease , as if such performance, exercise, action or thing were done by Tenant; and (iib) realize Realize on the security afforded by the leasehold estate by foreclosure proceedings, accepting an assignment in lieu of foreclosure, or other remedy afforded in law or in equity or by the security instrument evidencing the Leasehold Encumbrance (referred to in this Lease as the “Security Instrument”), provided, however, that Lender shall not and (c) To transfer, convey, or assign the title of Tenant to the leasehold estate created by this Lease (or to cause the trustee under any deed of trust to so transfer, convey or assign) to any purchaser at any foreclosure sale, whether the foreclosure sale is conducted pursuant to under court order or pursuant to a power of sale contained in the Security Instrument, or to an assignee pursuant to under an assignment in lieu of foreclosure; and (d) To acquire and succeed to the interest of Tenant under this Lease by virtue of any foreclosure sale, without whether the prior approval foreclosure sale is conducted under a court order or a power of such purchaser sale contained in the Security Instrument, or assignee by Landlord, which approval shall not be unreasonably withheldvirtue of an assignment in lieu of foreclosure. Notwithstanding anything to the foregoingcontrary set forth elsewhere in this Lease, it shall be per se reasonable for Landlord to withhold approval if the proposed use of the Leased Premises by such purchaser or assignee would vary materially from the Permitted Use as described in Section 7. The Lender or any person or entity (with the approval of Landlord) its assigns acquiring the leasehold estate shall assume the obligations of “Tenant” under this Lease and be liable to perform Tenant’s obligations under this Lease Lease, only during the period, if any, in which that entity or person has ownership of the leasehold estate created by this Lease or possession of the Leased PremisesPremises and the liability of the Lender and its affiliates during such period shall be limited to the value of their interests in this Lease and the leasehold estate created by this Lease. Landlord shall recognize the Lender or its assigns which acquire the leasehold estate by a foreclosure sale or an assignment in lieu of foreclosure as the “Tenant” under this Lease for all purposes.

Appears in 1 contract

Sources: Ground Lease (XCF Global Capital, Inc.)

Right of Lender to Realize on Security. A Lender with a Leasehold Encumbrance shall have the right at any time during the term of this Lease Sublease and the existence of the encumbrance to: (i) to do any both of the following: 8.4.1. Any act or thing required of Tenant under this LeaseSublease, and any such act or thing done and performed by Lender shall be as effective to prevent a forfeiture of Tenant’s 's rights under this Lease Sublease as if done by Tenant▇▇▇▇▇▇; (ii) realize and 8.4.2. Realize on the security afforded by the leasehold estate by foreclosure proceedings, accepting an assignment in lieu of foreclosure, or other remedy afforded in law or in equity or by the security instrument evidencing the Leasehold Encumbrance (referred to in this Lease Sublease as the Security Instrument”), provided, however, that Lender shall not and 8.4.3. To transfer, convey, or assign the title of Tenant to the leasehold estate created by this Lease Sublease to any purchaser at any foreclosure sale, whether the foreclosure sale is conducted pursuant to under court order or pursuant to a power of sale contained in the Security Instrument, or to an assignee pursuant to under an assignment in lieu of foreclosure; and 8.4.4. To acquire and succeed to the interest of Tenant under this Sublease by virtue of any foreclosure sale, without whether the prior approval foreclosure sale is conducted under a court order or a power of such purchaser sale contained in the Security Instrument, or assignee by Landlord, which approval shall not be unreasonably withheld. Notwithstanding the foregoing, it shall be per se reasonable for Landlord to withhold approval if the proposed use virtue of the Leased Premises by such purchaser or assignee would vary materially from the Permitted Use as described an assignment in Section 7lieu of foreclosure. The Lender or any person or entity (with the approval of Landlord) acquiring the leasehold estate shall be liable to perform Tenant’s 's obligations under this Lease Sublease only during the period, if any, in which that entity or person has ownership of the leasehold estate or possession of the Leased Premises.

Appears in 1 contract

Sources: Sublease Agreement