98-037 Ordinance - Laserfiche WebLink

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i4w}}: transfer no existing defauit 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 hereundec and agree to perform all and singular the covenants of this indenture; ar?d (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 (S) 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, shatl 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 entitted 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 interest 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 default or defaults on the part of the Lessee, shall thereby be subrogated to all rights of the Lessee under the terms of this lease. 12