97-067 Ordinance - Laserfiche WebLink

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F` the right to mortgage this lease to secure an actual indebtedness or contractual obligation of Lessee arising from Lessee's interest in the demised real estate. Notwithstanding the foregoing, Lessee will not, except by such mortgage, assign or transfer this lease without the written consent of the Lessor unless (1) there be at the time of such assignment or transfer no existing default on the part of the Lessee in the performance and observance of the covenants and conditions hereof; (2) the assignee of the Lessee in writing shall expressly assume all of the Lessee's engagements and obligations hereunder and agree to perform all and singular the covenants of this indenture; and (3) the Lessee shall have first submitted for inspection by the Lessor a legal and sufficient instrument of assignment and transfer of assumption of this indenture by the assignee five (5) days before the execution, which instrument shall thereafter be duly filed and recorded in the office of the Recorder of the county wherein the demised real estate is located, within ten (10) days after its execution, and a duplicate original thereof filed with the Lessor. No assignment hereof, unless conforming to the above conditions, shall be of any validity or effect. 28) Mortgage of Leasehold. It is, however, expressly agreed that the Lessee may at any time, by mortgage or conveyance in trust, mortgage or hypothecate Lessee's leasehold interest to secure any actual debt or to meet any contractual right, claim or liability arising from Lessee's interest in the demised real estate but such mortgage or deed of trust shall in every case be subject to the first and paramount lien of the Lessor hereinafter provided and further be subject to the rights of the Lessor in case of default by the Lessee in the manner hereinafter provided, to forfeit and terminate this lease and the rights and interests of the Lessee hereunder and in the buildings and improvements upon the demised real estate. Such mortgagee or trustee, upon exhibiting to the Lessor such mortgage or deed of trust, and serving written request for notices, with the address to which the same shall be sent, shall thereafter during the existence of said mortgage or deed of trust be entitled to have mailed to the address so designated duplicate copies of notices which the Lessor may serve on the Lessee pursuant to the provisions of this indenture. Such mortgagee or trustee may prevent or cure a default of the Lessee in any way that the Lessee might lawfully do; and such action shall be as effective to prevent forfeiture of the Lessee's interst hereunder as if done by the Lessee, and any such mortgage or deed of trust so given by the Lessee may, if the Lessee so desires, be so considered as to provide that, as between any such mortgagee or trustee and the Lessee, said mortgagee or trustee, upon making good and performing any such 12