Common use of Attornment Clause in Contracts

Attornment. If Landlord’s interest in the Property is acquired by mortgagee or purchaser at a foreclosure sale, Tenant shall, at the election of such mortgagee or purchaser, attorn to the transferee of or successor to Landlord’s interest in the Property and recognize it as Landlord under this Lease. Tenant waives the protection of any statute or rule of law which gives Tenant any right to terminate this Lease or surrender possession of the Premises upon the transfer of Landlord’s interest. Upon such attornment, this Lease shall continue in full force and effect as a direct lease between the mortgagee and Tenant upon all of the terms, conditions and covenants as are set forth in this Lease, except that the mortgagee shall not be (i) liable in any way to Tenant for any act or omission, neglect or default on the part of Landlord under this Lease (nothing in this clause (i) being deemed to relieve any mortgagee succeeding to the interest of Landlord hereunder of its continuing obligations as landlord under this Lease from and after the date of such succession), (ii) responsible for any monies owing by or on deposit with Landlord to the credit of Tenant (except to the extent any such deposit is actually received by such mortgagee), (iii) subject to any counterclaim or setoff which theretofore accrued to Tenant against Landlord, (iv) bound by any amendment or modification of this Lease subsequent to such mortgage, or by any previous prepayment of Rent for more than one (1) month, which was not approved in writing by the mortgagee, or bound by the indemnity set forth in Section 9.04, (v) liable beyond mortgagee’s interest in the Property, (vi) responsible for the performance of any work to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant or the payment of the Finish Work Allowance, or (vii) required to remove any person occupying the Premises or any part thereof, except if such person claims under the mortgagee. Tenant agrees that any present or future mortgagee may at its option unilaterally elect to subordinate, in whole or in part and by instrument in form and substance satisfactory to such mortgagee alone, the lien of its mortgagee (or the priority of its ground lease) to some or all provisions of this Lease. Nothing in the preceding sentences of this Section 15.02 shall prohibit Tenant from exercising its right to terminate this Lease pursuant to Section 3.01(c) and clause (x) of Section 3.01(e) of this Lease on the conditions set forth therein. Notwithstanding the foregoing, in the event that mortgagee or, other than an entity controlling, controlled by or under common control with Landlord, a purchaser at a foreclosure sale (a “Successor”) succeeds to the interest of Landlord prior to the completion of Building (including Base Building and Finish Work), such Successor shall have thirty (30) days to send written notice to Tenant stating whether or not it intends to be bound to perform work remaining to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant and agrees to advance the Finish Work Allowance. For the purposes of the immediately preceding sentence, control shall have the meaning set forth in Section 13.01(b). In the event in such notice it states that it intends to be so bound, then such provisions of this Lease shall be binding on the Successor. In the event the Successor states that it does not intend to be so bound or fails to timely provide notice to Tenant within such thirty (30) day period, then (A) prior to the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by written notice to the Successor (a “Succession Election Notice”) within sixty (60) days following notice of such acquisition, to either (I) terminate this Lease, or (II) continue this Lease, deposit such Excess Costs in escrow with the Successor to be held and disbursed against the costs to construct the Finish Work as they are incurred on behalf of Tenant in the manner provided under the Work Letter, and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor) reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; or (B) from and after the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by giving a Succession Election Notice to the Successor within sixty (60) days following notice of such acquisition, to either (X) terminate this Lease, or (Y) continue this Lease and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; provided, however, that the Successor can render any Succession Election Notice pursuant to clause (A) or (B), above, null and void and of no force and effect if, within thirty (30) days after the giving of such notice by Tenant, the Successor agrees to be bound by the applicable provisions of this Lease. Tenant’s failure to give a Succession Election Notice in the time period(s) required above shall be deemed to be an election pursuant to the clause (II) or (Y) of the immediately preceding sentence, as applicable.

Appears in 5 contracts

Samples: Lease Agreement (Vertex Pharmaceuticals Inc / Ma), Lease Agreement (Vertex Pharmaceuticals Inc / Ma), Lease Agreement (Senior Housing Properties Trust)

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Attornment. If Landlord’s interest any holder of any mortgage, indenture, deed of trust, or other similar instrument described in the Property is acquired by mortgagee or purchaser at a foreclosure sale, Tenant shall, at the election of such mortgagee or purchaser, attorn to the transferee of or successor §21.2 succeeds to Landlord’s interest in the Property and recognize it as Landlord Leased Property, Tenant will pay to such holder all Rent subsequently payable under this Lease. Tenant waives the protection shall, upon request of any statute or rule of law which gives Tenant any right to terminate this Lease or surrender possession of the Premises upon the transfer of Landlord’s interest. Upon such attornment, this Lease shall continue in full force and effect as a direct lease between the mortgagee and Tenant upon all of the terms, conditions and covenants as are set forth in this Lease, except that the mortgagee shall not be (i) liable in any way to Tenant for any act or omission, neglect or default on the part of Landlord under this Lease (nothing in this clause (i) being deemed to relieve any mortgagee anyone succeeding to the interest of Landlord hereunder of its continuing obligations as landlord under this Lease from and after the date of such succession), (ii) responsible for any monies owing by or on deposit with Landlord to the credit of Tenant (except to the extent any such deposit is actually received by such mortgagee), (iii) subject to any counterclaim or setoff which theretofore accrued to Tenant against Landlord, (iv) automatically become the tenant of, and attorn to, such successor in interest without changing this Lease. The successor in interest will not be bound by [i] any payment of Rent for more than one month in advance; [ii] any amendment or modification of this Lease subsequent to such mortgage, or by any previous prepayment of Rent for more than one (1) month, which was not approved thereafter made without its consent as provided in writing by the mortgagee, or bound by the indemnity set forth in Section 9.04, (v) liable beyond mortgagee’s interest in the Property, (vi) responsible for the performance of any work to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant or the payment of the Finish Work Allowance, or (vii) required to remove any person occupying the Premises or any part thereof, except if such person claims under the mortgagee. Tenant agrees that any present or future mortgagee may at its option unilaterally elect to subordinate, in whole or in part and by instrument in form and substance satisfactory to such mortgagee alone, the lien of its mortgagee (or the priority of its ground lease) to some or all provisions of this Lease. Nothing in the preceding sentences of this Section 15.02 shall prohibit Tenant from exercising its right to terminate this Lease pursuant to Section 3.01(c) and clause (x) of Section 3.01(e) of this Lease on the conditions set forth therein. Notwithstanding the foregoing, in the event that mortgagee or, other than an entity controlling, controlled by or under common control with Landlord, a purchaser at a foreclosure sale (a “Successor”) succeeds to the interest of ; [iii] any claim against Landlord prior to the completion of Building (including Base Building and Finish Work), such Successor shall have thirty (30) days to send written notice to Tenant stating whether or not it intends to be bound to perform work remaining to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant and agrees to advance the Finish Work Allowance. For the purposes of the immediately preceding sentence, control shall have the meaning set forth in Section 13.01(b). In the event in such notice it states that it intends to be so bound, then such provisions of this Lease shall be binding on the Successor. In the event the Successor states that it does not intend to be so bound or fails to timely provide notice to Tenant within such thirty (30) day period, then (A) arising prior to the date that Tenant has made Tenanton which the successor succeeded to Landlord’s first payment towards the Excess Costs under the FW Contract under the Work Letterinterest; or [iv] any claim or offset of Rent against Landlord. Upon request by Landlord or such successor in interest and without cost to Landlord or such successor in interest, Tenant shall have will execute, acknowledge and deliver an instrument or instruments confirming the rightattornment. If Tenant fails or refuses to execute, by acknowledge, and deliver any such instrument within 20 days after written notice demand, then Landlord or such successor in interest will be entitled to the Successor (a “Succession Election Notice”) within sixty (60) days following notice of such acquisitionexecute, to either (I) terminate this Leaseacknowledge, or (II) continue this Lease, deposit such Excess Costs in escrow with the Successor to be held and disbursed against the costs to construct the Finish Work as they are incurred deliver any document on behalf of Tenant in the manner provided under the Work Letteras Tenant’s attorney-in-fact. Tenant hereby constitutes and irrevocably appoints Landlord, its successors and assigns, as Tenant’s attorney-in-fact to execute, acknowledge, and complete the Finish Work itself at its expense deliver on behalf of Tenant any such document. This power of attorney is coupled with an interest and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor) reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; or (B) from and after the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by giving a Succession Election Notice to the Successor within sixty (60) days following notice of such acquisition, to either (X) terminate this Lease, or (Y) continue this Lease and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; provided, however, that the Successor can render any Succession Election Notice pursuant to clause (A) or (B), above, null and void and of no force and effect if, within thirty (30) days after the giving of such notice by Tenant, the Successor agrees to be bound by the applicable provisions of this Lease. Tenant’s failure to give a Succession Election Notice in the time period(s) required above shall be deemed to be an election pursuant to the clause (II) or (Y) of the immediately preceding sentence, as applicableirrevocable.

Appears in 5 contracts

Samples: Master Lease Agreement (LifeCare Holdings, Inc.), Master Lease Agreement (Capital Senior Living Corp), Master Lease Agreement (LifeCare Holdings, Inc.)

Attornment. If Landlord’s interest Tenant agrees that in the Property is acquired by mortgagee or purchaser at event that any holder of a foreclosure sale, Tenant shall, at the election of such mortgagee or purchaser, attorn to the transferee of or successor superior lien succeeds to Landlord’s interest in the Property and recognize it as Landlord Premises, Tenant shall pay to such holder all Rent subsequently payable under this Lease. Further, Tenant waives agrees that in the protection event of the enforcement by the holder of a superior lien of the remedies provided for by law or by such superior lien, Tenant shall, upon request of any statute person or rule party succeeding to the interest of law which gives Landlord as a result of such enforcement, automatically become the Tenant any right of and attorn to terminate such successor in interest without change in the terms or provisions of this Lease. So long as the Lease or surrender possession of the Premises upon the transfer of Landlord’s interest. Upon is then in full force and effect and Tenant is not in Default under this Lease, such attornment, this Lease successor shall continue the Lease in full force and effect as a direct lease between the mortgagee such successor and Tenant Tenant, upon and subject to all of the terms, covenants and conditions and covenants as are set forth in this of the Lease, except that for the mortgagee balance of the Term. Such successor in interest, however, shall not be bound by: (ia) liable Any payment of rent for more than one month in any way to advance, except prepayments in the nature of security for the performance by Tenant for any act or omission, neglect or default on the part of Landlord its obligations under this Lease Lease; (nothing in this clause (ib) being deemed to relieve any mortgagee succeeding to the interest of Landlord hereunder of its continuing obligations as landlord under this Lease from and after the date of such succession), (ii) responsible for any monies owing by or on deposit with Landlord to the credit of Tenant (except to the extent any such deposit is actually received by such mortgagee), (iii) subject to any counterclaim or setoff which theretofore accrued to Tenant against Landlord, (iv) bound by any Any amendment or modification of this Lease subsequent to made without the written consent of such mortgage, or by any previous prepayment of Rent for more than one successor in interest (1) month, which was not approved in writing by the mortgagee, or bound by the indemnity set forth in Section 9.04, (v) liable beyond mortgagee’s interest in the Property, (vi) responsible for the performance of any work to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant or the payment of the Finish Work Allowance, or (vii) required to remove any person occupying the Premises or any part thereof, except if such person claims consent was required under the mortgagee. Tenant agrees that any present or future mortgagee may at its option unilaterally elect to subordinate, in whole or in part and by instrument in form and substance satisfactory to terms of such mortgagee alone, the lien of its mortgagee superior lien); (or the priority of its ground leasec) to some or all provisions of this Lease. Nothing in the preceding sentences of this Section 15.02 shall prohibit Tenant from exercising its right to terminate this Lease pursuant to Section 3.01(c) and clause (x) of Section 3.01(e) of this Lease on the conditions set forth therein. Notwithstanding the foregoing, in the event that mortgagee or, other than an entity controlling, controlled by or under common control with Landlord, a purchaser at a foreclosure sale (a “Successor”) succeeds to the interest of Any claim against Landlord prior to the completion of Building (including Base Building and Finish Work), such Successor shall have thirty (30) days to send written notice to Tenant stating whether or not it intends to be bound to perform work remaining to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant and agrees to advance the Finish Work Allowance. For the purposes of the immediately preceding sentence, control shall have the meaning set forth in Section 13.01(b). In the event in such notice it states that it intends to be so bound, then such provisions of this Lease shall be binding on the Successor. In the event the Successor states that it does not intend to be so bound or fails to timely provide notice to Tenant within such thirty (30) day period, then (A) arising prior to the date that Tenant has made Tenanton which such successor in interest succeeded to Landlord’s first payment towards interest; or (d) Any claim or offset of Rent against the Excess Costs under Landlord arising prior to the FW Contract under the Work Letterdate on which such successor in interest succeeded to Landlord’s interest. Upon request by such successor in interest and without cost to Landlord or such successor in interest, Tenant shall have shall, within ten (10) business days after written demand, execute, acknowledge, and deliver an instrument or instruments confirming the rightattornment, by written notice to the Successor (a “Succession Election Notice”) within sixty (60) days following notice of so long as such acquisition, to either (I) terminate this Lease, or (II) continue this Lease, deposit instrument provides that such Excess Costs successor in escrow with the Successor to be held and disbursed against the costs to construct the Finish Work as they are incurred on behalf of interest will not disturb Tenant in its use of the manner provided under the Work Letter, and complete the Finish Work itself at its expense and otherwise Premises in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor) reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; or (B) from and after the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by giving a Succession Election Notice to the Successor within sixty (60) days following notice of such acquisition, to either (X) terminate this Lease, or (Y) continue this Lease and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; provided, however, that the Successor can render any Succession Election Notice pursuant to clause (A) or (B), above, null and void and of no force and effect if, within thirty (30) days after the giving of such notice by Tenant, the Successor agrees to be bound by the applicable provisions of this Lease. Tenant’s failure to give a Succession Election Notice in the time period(s) required above shall be deemed to be an election pursuant to the clause (II) or (Y) of the immediately preceding sentence, as applicable.

Appears in 3 contracts

Samples: Office Lease (Blue Water Acquisition Corp.), Office Lease (Clarus Therapeutics Inc), Office Lease (Clarus Therapeutics Inc)

Attornment. If LandlordNotwithstanding anything to the contrary contained in the Lease, should title to the leased premises and the landlord’s interest in the Property is acquired by mortgagee Lease be transferred to Lender or purchaser at a any other person or entity (“New Owner”) by, or in-lieu of judicial or non-judicial foreclosure saleof the Mortgage, Tenant shallagrees, at for the election benefit of New Owner and effective immediately and automatically upon the occurrence of any such mortgagee or purchasertransfer, attorn that: (a) Tenant shall pay to New Owner all rental payments required to be made by Tenant pursuant to the transferee of or successor to Landlord’s interest in the Property and recognize it as Landlord under this Lease. Tenant waives the protection of any statute or rule of law which gives Tenant any right to terminate this Lease or surrender possession terms of the Premises upon Lease for the transfer remainder of Landlord’s interest. Upon such attornment, this the Lease term; (b) Tenant shall continue be bound to New Owner in full force and effect as a direct lease between the mortgagee and Tenant upon accordance with all of the termsprovisions of the Lease for the remainder of the Lease term; (c) Tenant hereby attorns to New Owner as its landlord, conditions such attornment to be effective and covenants as are set forth in this Lease, except that self-operative without the mortgagee execution of any further instrument; (d) New Owner shall not be (i) liable in any way to Tenant for any act or omissiondefault of any prior landlord under the Lease, neglect or including, without limitation, Owner, except where such default on is continuing at the part of Landlord under this Lease (nothing in this clause (i) being deemed to relieve any mortgagee succeeding time New Owner acquires title to the interest of Landlord hereunder of its continuing obligations as landlord under this Lease from leased premises and New Owner fails to cure same after the date of such succession), receiving notice thereof; (iie) responsible for any monies owing by or on deposit with Landlord to the credit of Tenant (except to the extent any such deposit is actually received by such mortgagee), (iii) New Owner shall not be subject to any counterclaim offsets or setoff defenses which theretofore accrued to Tenant may have against Landlordany prior landlord under the Lease, (iv) bound by any amendment including, without limitation, Owner, except where such offsets or modification defenses arise out of this Lease subsequent to such mortgage, or by any previous prepayment of Rent for more than one (1) month, which was not approved in writing by the mortgagee, or bound by the indemnity set forth in Section 9.04, (v) liable beyond mortgagee’s interest in the Property, (vi) responsible for the performance of any work to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant or the payment a default of the Finish Work Allowance, or prior landlord which is continuing at the time New Owner acquires title to the leased premises and New Owner fails to cure same after receiving notice thereof; and (viif) required to remove New Owner shall not be liable for any person occupying the Premises or any part thereof, except if such person claims obligations of landlord arising under the mortgagee. Tenant agrees that Lease following any present or future mortgagee may at its option unilaterally elect to subordinate, in whole or in part and by instrument in form and substance satisfactory to such mortgagee alone, subsequent transfer of the lien of its mortgagee (or the priority of its ground lease) to some or all provisions of this Lease. Nothing in the preceding sentences of this Section 15.02 shall prohibit Tenant from exercising its right to terminate this Lease pursuant to Section 3.01(c) and clause (x) of Section 3.01(e) of this Lease on the conditions set forth therein. Notwithstanding the foregoing, in the event that mortgagee or, other than an entity controlling, controlled by or under common control with Landlord, a purchaser at a foreclosure sale (a “Successor”) succeeds title to the interest of Landlord prior to the completion of Building (including Base Building and Finish Work), such Successor shall have thirty (30) days to send written notice to Tenant stating whether or not it intends to be bound to perform work remaining to be done leased premises by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant and agrees to advance the Finish Work Allowance. For the purposes of the immediately preceding sentence, control shall have the meaning set forth in Section 13.01(b). In the event in such notice it states that it intends to be so bound, then such provisions of this Lease shall be binding on the Successor. In the event the Successor states that it does not intend to be so bound or fails to timely provide notice to Tenant within such thirty (30) day period, then (A) prior to the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by written notice to the Successor (a “Succession Election Notice”) within sixty (60) days following notice of such acquisition, to either (I) terminate this Lease, or (II) continue this Lease, deposit such Excess Costs in escrow with the Successor to be held and disbursed against the costs to construct the Finish Work as they are incurred on behalf of Tenant in the manner provided under the Work Letter, and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor) reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; or (B) from and after the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by giving a Succession Election Notice to the Successor within sixty (60) days following notice of such acquisition, to either (X) terminate this Lease, or (Y) continue this Lease and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; provided, however, that the Successor can render any Succession Election Notice pursuant to clause (A) or (B), above, null and void and of no force and effect if, within thirty (30) days after the giving of such notice by Tenant, the Successor agrees to be bound by the applicable provisions of this Lease. Tenant’s failure to give a Succession Election Notice in the time period(s) required above shall be deemed to be an election pursuant to the clause (II) or (Y) of the immediately preceding sentence, as applicableNew Owner.

Appears in 3 contracts

Samples: Commercial Lease (Mersana Therapeutics, Inc.), Commercial Lease (Mersana Therapeutics, Inc.), Lease (Netscout Systems Inc)

Attornment. If Landlord’s interest in (a) In the Property is acquired event that Beneficiary acquires or succeeds to the interests of Landlord under the Lease by mortgagee reason of a foreclosure, deed-in-lieu of foreclosure or purchaser at otherwise (collectively, a foreclosure sale"Foreclosure"), Tenant shall, at the election of such mortgagee or purchaser, attorn shall be ----------- bound to the transferee of or successor to Landlord’s interest in the Property and recognize it as Landlord Beneficiary under this Lease. Tenant waives the protection of any statute or rule of law which gives Tenant any right to terminate this Lease or surrender possession of the Premises upon the transfer of Landlord’s interest. Upon such attornment, this Lease shall continue in full force and effect as a direct lease between the mortgagee and Tenant upon all of the terms, covenants and conditions and covenants as are set forth in this of the Lease, except that as provided in this Agreement, for the mortgagee shall not be balance of the term thereof remaining, with the same force and effect as if Beneficiary were Landlord. Tenant hereby agrees in such event to (i) liable attorn to Beneficiary as its landlord on such terms, (ii) affirm its obligations under the Lease, and (iii) make payments of all sums thereafter becoming due under the Lease to Beneficiary. Said attornment, affirmation and agreement is to be effective and self-operative without the execution of any further instruments upon Beneficiary succeeding to the interests of Landlord under the Lease. (b) Tenant agrees to execute and deliver at any time and from time to time, upon the request of Landlord or Beneficiary, any instrument or certificate deemed to be necessary or appropriate to evidence such attornment. (c) If any act or omission of Landlord would give Tenant the right, immediately or after the lapse of a period of time, to cancel or terminate the Lease or xxxxx the rent payable thereunder or to claim a partial or total eviction, Tenant shall not exercise such right until (i) it has given written notice of such act or omission to Landlord and Beneficiary, (ii) Landlord fails to remedy such act or omission within the applicable time period stated in any way the Lease for effecting such remedy and (iii) a reasonable period for remedying such act or omission shall have elapsed following the failure of Landlord to effect such remedy and following the time when Beneficiary shall have become entitled under the Mortgage to remedy the same (which reasonable period shall in no event be less than the period to which Landlord is entitled under the Lease or otherwise, after similar notice, to effect such remedy, plus two additional weeks). In the case of an act or omission which Beneficiary undertakes to remedy but which cannot practicably be remedied by Beneficiary without taking possession of the Premises [and provided that Beneficiary notifies Tenant in writing that Beneficiary will in fact cure that default as soon as reasonably practicable after Beneficiary has taken possession, then] (i) such reasonable period shall not commence until Beneficiary has possession of the Premises and (ii) Beneficiary shall proceed with reasonable diligence to obtain possession of the Premises, and upon obtaining such possession shall with reasonable diligence remedy such act or omission. (d) From and after such attornment, Beneficiary shall be bound to Tenant under all the terms, covenants and conditions of the Lease; provided, however, Beneficiary shall not be: (1) obligated to cure any defaults under the Lease of any prior landlord (including Landlord) which occurred prior to the date Beneficiary obtained title to or possession of the Property; (2) liable for any act or omission, neglect or default on the part omission of Landlord under this Lease any prior landlord (nothing in this clause (iincluding Landlord) being deemed to relieve any mortgagee succeeding which occurred prior to the interest date Beneficiary obtained title or possession of Landlord hereunder of its continuing obligations as landlord under this Lease from and after the date of such succession), Property; (ii3) responsible for obligated to fund any monies owing by or on security deposit with Landlord to the credit of Tenant (except to the extent any such deposit is unless actually received by Beneficiary; (4) bound by any amendment, modification or termination of the Lease unless such mortgagee)amendment, modification or termination was consented to in writing by Beneficiary; (iii5) subject to any counterclaim offsets or setoff defenses which theretofore accrued to Tenant might have against any prior landlord (including Landlord, ); or (iv6) bound by any amendment base rental or modification additional rental or advance payment of this Lease subsequent to such mortgage, or by any previous prepayment of Rent rent which Tenant paid for more than one the current month to any prior landlord (1including Landlord). (e) month, which was not approved in writing by the mortgagee, Anything herein or bound by the indemnity set forth in Section 9.04, (v) liable beyond mortgagee’s interest in the Property, (vi) responsible for the performance of any work to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant or the payment of the Finish Work Allowance, or (vii) required to remove any person occupying the Premises or any part thereof, except if such person claims under the mortgagee. Tenant agrees that any present or future mortgagee may at its option unilaterally elect to subordinate, in whole or in part and by instrument in form and substance satisfactory to such mortgagee alone, the lien of its mortgagee (or the priority of its ground lease) to some or all provisions of this Lease. Nothing in the preceding sentences of this Section 15.02 shall prohibit Tenant from exercising its right to terminate this Lease pursuant to Section 3.01(c) and clause (x) of Section 3.01(e) of this Lease on the conditions set forth therein. Notwithstanding the foregoingcontrary notwithstanding, in the event that mortgagee orBeneficiary shall acquire title to the Premises by reason of a Foreclosure, other than an entity controllingBeneficiary shall have no obligation, controlled by nor incur any liability, beyond Beneficiary's then interest, if any, in the Property (including any title and casualty insurance proceeds and condemnation awards actually paid to Beneficiary), and Tenant shall look exclusively to such interest of Beneficiary in the Property for the payment and discharge of any obligations which may be imposed upon Beneficiary hereunder or under common control with Landlord, a purchaser at a foreclosure sale (a “Successor”) succeeds to the interest of Landlord prior to the completion of Building (including Base Building and Finish Work), such Successor shall have thirty (30) days to send written notice to Tenant stating whether or not it intends to be bound to perform work remaining to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant and agrees to advance the Finish Work Allowance. For the purposes of the immediately preceding sentence, control shall have the meaning set forth in Section 13.01(b). In the event in such notice it states that it intends to be so bound, then such provisions of this Lease shall be binding on the Successor. In the event the Successor states that it does not intend to be so bound or fails to timely provide notice to Tenant within such thirty (30) day period, then (A) prior to the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by written notice to the Successor (a “Succession Election Notice”) within sixty (60) days following notice of such acquisition, to either (I) terminate this Lease, or (II) continue this Lease, deposit such Excess Costs in escrow with the Successor to be held and disbursed against the costs to construct the Finish Work as they are incurred on behalf of Tenant in the manner provided under the Work Letter, and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor) reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; or (B) from and after the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by giving a Succession Election Notice to the Successor within sixty (60) days following notice of such acquisition, to either (X) terminate this Lease, or (Y) continue this Lease and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; provided, however, that the Successor can render any Succession Election Notice pursuant to clause (A) or (B), above, null and void and of no force and effect if, within thirty (30) days after the giving of such notice by Tenant, the Successor agrees to be bound by the applicable provisions of this Lease. Tenant’s failure to give a Succession Election Notice in the time period(s) required above shall be deemed to be an election pursuant to the clause (II) or (Y) of the immediately preceding sentence, as applicable.

Appears in 3 contracts

Samples: Lease Agreement (Equinix Inc), Lease Agreement (Equinix Inc), Lease Agreement (Equinix Inc)

Attornment. If Landlord’s 's interest in the Property is acquired by mortgagee any ground Landlord, beneficiary under a deed of trust, mortgagee, or purchaser at a foreclosure sale, Tenant shall, at the election of such mortgagee or purchaser, shall attorn to the transferee of or successor to Landlord’s 's interest in the Property and recognize it such transferee or successor as Landlord under this Lease. Tenant waives the protection of any statute or rule of law which gives or purports to give Tenant any right to terminate this Lease or surrender possession of the Premises Property upon the transfer of Landlord’s interest. Upon such attornment, this Lease shall continue in full force and effect as a direct lease between the mortgagee and Tenant upon all of the terms, conditions and covenants as are set forth in this Lease, except that the mortgagee shall not be (i) liable in any way to Tenant for any act or omission, neglect or default on the part of Landlord under this Lease (nothing in this clause (i) being deemed to relieve any mortgagee succeeding to the interest of Landlord hereunder of its continuing obligations as landlord under this Lease from and after the date of such succession), (ii) responsible for any monies owing by or on deposit with Landlord to the credit of Tenant (except to the extent any such deposit is actually received by such mortgagee), (iii) subject to any counterclaim or setoff which theretofore accrued to Tenant against Landlord, (iv) bound by any amendment or modification of this Lease subsequent to such mortgage, or by any previous prepayment of Rent for more than one (1) month, which was not approved in writing by the mortgagee, or bound by the indemnity set forth in Section 9.04, (v) liable beyond mortgagee’s interest in the Property, (vi) responsible for the performance of any work to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant or the payment of the Finish Work Allowance, or (vii) required to remove any person occupying the Premises or any part thereof, except if such person claims under the mortgagee. Tenant agrees that any present or future mortgagee may at its option unilaterally elect to subordinate, in whole or in part and by instrument in form and substance satisfactory to such mortgagee alone, the lien of its mortgagee (or the priority of its ground lease) to some or all provisions of this Lease. Nothing in the preceding sentences of this Section 15.02 shall prohibit Tenant from exercising its right to terminate this Lease pursuant to Section 3.01(c) and clause (x) of Section 3.01(e) of this Lease on the conditions set forth therein's interests. Notwithstanding the foregoing, in the event that mortgagee or, other than an entity controlling, controlled by or under common control with Landlord, as a purchaser at a foreclosure sale (a “Successor”) succeeds condition precedent to the interest of Landlord prior to the completion of Building (including Base Building and Finish Work), such Successor shall have thirty (30) days to send written notice to Tenant stating whether or not it intends Tenant's agreement to be bound to perform work remaining to by Section 11.2 of this Lease, Landlord shall provide Tenant with commercially reasonable non-disturbance agreements in favor of Tenant from any ground lessors, mortgage holders or lien holders then in existence. Said non-disturbance agreements shall be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant in recordable form and agrees to advance the Finish Work Allowance. For the purposes of the immediately preceding sentence, control shall have the meaning set forth in Section 13.01(b)may be recorded at Tenant's election and expense. In the event in such notice it states that it intends to be so bound, then such provisions of this Lease shall be binding on the Successor. In the event the Successor states that it does not intend to be so bound or Landlord fails to timely provide notice to Tenant within such thirty (30) day period, then (A) prior to the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by written notice to the Successor (a “Succession Election Notice”) within sixty (60) days following notice of such acquisition, to either (I) terminate this Lease, or (II) continue this Lease, deposit such Excess Costs in escrow with the Successor to be held and disbursed against the costs to construct the Finish Work as they are incurred on behalf of Tenant in the manner provided under the Work Letter, and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor) reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; or (B) from and after the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by giving a Succession Election Notice to the Successor within sixty (60) days following notice of such acquisition, to either (X) terminate this Lease, or (Y) continue this Lease and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; provided, however, that the Successor can render any Succession Election Notice pursuant to clause (A) or (B), above, null and void and of no force and effect if, commercially reasonable non-disturbance agreements within thirty (30) days after the giving mutual execution of any subordination agreement affecting this Lease, Tenant shall have the right, exercisable at any time thereafter to give ten (10) business days' written notice to Landlord terminating this Lease. In the event Landlord does not provide Tenant with the applicable non-disturbance agreements within such notice by Tenantten (10) day period, the Successor agrees to be bound by Lease shall terminate and Landlord shall reimburse Tenant a proportionate share of all of Tenant's out-of-pocket costs incurred in connection with the applicable provisions design and construction of any tenant improvements and Tenant's reasonable legal fees incurred in connection with the review and negotiation of this Lease. Tenant’s failure to give a Succession Election Notice in the time period(s) required above Upon such termination, neither party shall be deemed to be an election pursuant have any further liability thereunder to the clause (II) or (Y) of the immediately preceding sentence, as applicable.other. Landlord shall also provide Tenant with commercially reasonable

Appears in 3 contracts

Samples: Office Lease (Imanage Inc), Office Lease (Imanage Inc), Office Lease (Imanage Inc)

Attornment. If Landlord’s interest in (a) In the Property is acquired by mortgagee event that Lender or purchaser at any other person or entity shall succeed to the rights of Landlord under the Lease, whether through possession or foreclosure action or delivery of a foreclosure salenew lease or deed, Tenant shall, then at the election request of such mortgagee or purchaser, attorn to the transferee of or successor party so succeeding to Landlord’s interest in the Property rights (hereinafter sometimes called a “successor landlord”), Tenant shall attorn to and recognize it such successor landlord as Landlord its new landlord under this the Lease, and Tenant shall promptly execute and deliver such instruments that such successor landlord may reasonably request to evidence such attornment. Tenant hereby waives the protection provisions of any statute or rule of law which gives Tenant now or hereafter in effect that may give or purport to give it any right or election to terminate this or otherwise adversely affect the Lease or surrender possession the obligations of Tenant thereunder by reason of any foreclosure or other action whatsoever in enforcement of the Premises upon the transfer of Landlord’s interest. Mortgage. (b) Upon such attornmentattornment as provided in subparagraph 3(a) above, this provided a Termination Event has not occurred, the Lease shall continue in full force and effect as, and as if it were, a direct lease between the mortgagee Tenant and Tenant such successor landlord upon all of the terms, covenants, conditions and covenants agreements as are set forth in this the Lease, except that and Tenant shall, from and after the mortgagee shall not be (i) liable in any way to Tenant for any act or omission, neglect or default on the part of Landlord under this Lease (nothing in this clause (i) being deemed to relieve any mortgagee succeeding successor landlord’s succession to the interest of Landlord hereunder under the Lease, have the same remedies against such successor landlord for the breach of its continuing obligations as landlord under this Lease from and after the date of such succession), (ii) responsible for any monies owing by or on deposit with Landlord to the credit of Tenant (except to the extent any such deposit is actually received by such mortgagee), (iii) subject to any counterclaim or setoff which theretofore accrued to Tenant against Landlord, (iv) bound by any amendment or modification of this Lease subsequent to such mortgage, or by any previous prepayment of Rent for more than one (1) month, which was not approved in writing by the mortgagee, or bound by the indemnity set forth in Section 9.04, (v) liable beyond mortgagee’s interest agreement contained in the Property, (vi) responsible for the performance of any work to be done by the Landlord under this Lease to render the Premises ready for occupancy by the that Tenant or the payment of the Finish Work Allowance, or (vii) required to remove any person occupying the Premises or any part thereof, except if such person claims might have had under the mortgagee. Tenant agrees that any present or future mortgagee may at its option unilaterally elect to subordinate, in whole or in part and by instrument in form and substance satisfactory to such mortgagee alone, Lease against Landlord if the lien of its mortgagee (or the priority of its ground lease) to some or all provisions of this Lease. Nothing in the preceding sentences of this Section 15.02 shall prohibit Tenant from exercising its right to terminate this Lease pursuant to Section 3.01(c) and clause (x) of Section 3.01(e) of this Lease on the conditions set forth therein. Notwithstanding the foregoing, in the event that mortgagee or, other than an entity controlling, controlled by or under common control with Landlord, a purchaser at a foreclosure sale (a “Successor”) succeeds successor landlord had not succeeded to the interest of Landlord prior to the completion of Building (including Base Building and Finish Work), such Successor shall have thirty (30) days to send written notice to Tenant stating whether or not it intends to be bound to perform work remaining to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant and agrees to advance the Finish Work Allowance. For the purposes of the immediately preceding sentence, control shall have the meaning set forth in Section 13.01(b). In the event in such notice it states that it intends to be so bound, then such provisions of this Lease shall be binding on the Successor. In the event the Successor states that it does not intend to be so bound or fails to timely provide notice to Tenant within such thirty (30) day period, then (A) prior to the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by written notice to the Successor (a “Succession Election Notice”) within sixty (60) days following notice of such acquisition, to either (I) terminate this Lease, or (II) continue this Lease, deposit such Excess Costs in escrow with the Successor to be held and disbursed against the costs to construct the Finish Work as they are incurred on behalf of Tenant in the manner provided under the Work Letter, and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor) reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; or (B) from and after the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by giving a Succession Election Notice to the Successor within sixty (60) days following notice of such acquisition, to either (X) terminate this Lease, or (Y) continue this Lease and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annumLandlord; provided, however, that the Successor can render successor landlord shall not be: (i) liable for any Succession Election Notice pursuant accrued obligation or previous act or omission of any prior landlord under the Lease (including Landlord); (ii) subject to clause any credits, claims, offsets or defenses which Tenant might have against any prior landlord (Aincluding Landlord) or to the payment of rent or other performance under the Lease; (B)iii) required to account for any security deposit other than any security deposit actually delivered to the successor landlord; (iv) bound by any previous material modification of the Lease or by any previous prepayment of more than one month’s rent, above, null and void and unless such material modification or prepayment shall have been expressly approved in writing by Lender or such successor landlord; or (v) obligated to commence or complete any construction or to make any contribution toward construction or installation of no force and effect if, within thirty (30) days after any improvements upon the giving Premises required under the Lease or any expansion or rehabilitation of such notice by Tenantexisting improvements thereon. Nevertheless, the Successor agrees duties arising under the Lease to be bound maintain and repair the Premises are not affected by the applicable provisions of this Lease. Tenant’s failure to give a Succession Election Notice in the time period(s) required above shall be deemed to be an election pursuant to the clause (II) or (Y) of the immediately preceding sentence, as applicableinstrument.

Appears in 3 contracts

Samples: Lease Agreement, Lease Agreement, Lease Agreement

Attornment. If (a) In the event of Master Lease Termination (as hereinafter defined) prior to the termination of the Sublease, at Landlord’s interest option, Subtenant agrees to attorn to Landlord and to recognize Landlord as Subtenant’s landlord under the Sublease, upon the terms and conditions and at the rental rate specified in the Property is acquired by mortgagee or purchaser at a foreclosure saleSublease, Tenant shall, at and for the election of such mortgagee or purchaser, attorn to the transferee of or successor to Landlord’s interest in the Property and recognize it as Landlord under this Lease. Tenant waives the protection of any statute or rule of law which gives Tenant any right to terminate this Lease or surrender possession then remaining term of the Premises upon the transfer of Landlord’s interest. Upon such attornment, this Lease shall continue in full force and effect as a direct lease between the mortgagee and Tenant upon all of the terms, conditions and covenants as are set forth in this LeaseSublease, except that the mortgagee Landlord shall not be bound by any provision of the Sublease which in any way increases Landlord’s duties, obligations or liabilities to Subtenant beyond those owed to Tenant under the Master Lease. Subtenant agrees to execute and deliver at any time and from time to time, upon request of Landlord, any instruments which may be necessary or appropriate to evidence such attornment. Landlord shall not (i) be liable in any way to Tenant Subtenant for any act act, omission or omission, neglect or default on breach of the part of Landlord under this Lease (nothing in this clause (i) being deemed to relieve any mortgagee succeeding to the interest of Landlord hereunder of its continuing obligations as landlord under this Lease from and after the date of such succession)Sublease by Tenant, (ii) responsible for be subject to any monies owing offsets or defenses which Subtenant might have against Tenant, (iii) be bound by any rent or on additional rent which Subtenant might have paid in advance to Tenant, (iv) be bound to honor any rights of Subtenant in any security deposit made with Landlord to the credit of Tenant (except to the extent any Tenant has turned over such security deposit is actually received by such mortgagee), (iii) subject to any counterclaim or setoff which theretofore accrued to Tenant against Landlord, (iv) bound by any amendment or modification of this Lease subsequent to such mortgage, or by any previous prepayment of Rent for more than one (1) month, which was not approved in writing by the mortgagee, or bound by the indemnity set forth in Section 9.04, (v) liable beyond mortgagee’s interest be obligated in any manner with respect to the transfer, delivery, use or condition of any furniture, equipment or other personal property in the Property, Sublease Premises which Tenant agreed would be transferred to Subtenant or which Tenant agreed could be used by the Subtenant during the term of the Sublease or (vi) responsible be liable for the performance of any work to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant or the payment of any improvement allowance or to otherwise modify the Finish Work Allowance, or (vii) required to remove any person occupying the Premises or any part thereof, except if such person claims under the mortgageeSublease Premises. Tenant hereby agrees that any present or future mortgagee may at its option unilaterally elect to subordinate, in whole or in part and by instrument in form and substance satisfactory to such mortgagee alone, the lien of its mortgagee (or the priority of its ground lease) to some or all provisions of this Lease. Nothing in the preceding sentences of this Section 15.02 shall prohibit Tenant from exercising its right to terminate this Lease pursuant to Section 3.01(c) and clause (x) of Section 3.01(e) of this Lease on the conditions set forth therein. Notwithstanding the foregoing, in the event that mortgagee or, other than an entity controlling, controlled by or under common control with Landlord, a purchaser at a foreclosure sale (a “Successor”) succeeds to the interest of Landlord prior to the completion of Building (including Base Building and Finish Work), such Successor shall have thirty (30) days to send written notice to Tenant stating whether or not it intends to be bound to perform work remaining to be done by the Landlord under this Master Lease to render the Premises ready for occupancy by the Tenant and agrees to advance the Finish Work Allowance. For the purposes of the immediately preceding sentence, control shall have the meaning set forth in Section 13.01(b). In the event in such notice it states that it intends to be so bound, then such provisions of this Lease shall be binding on the Successor. In the event the Successor states that it does not intend to be so bound or fails to timely provide notice to Tenant within such thirty (30) day period, then (A) prior to the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work LetterTermination, Tenant shall immediately pay or transfer to Landlord any security deposit, rent or other sums then held by Tenant. Landlord shall have the right, by written notice to the Successor (a “Succession Election Notice”) within sixty (60) days following notice of such acquisitionin Landlord’s sole discretion, to either (I) terminate elect not to have Subtenant attorn to Landlord and, in this Lease, or (II) continue this Lease, deposit such Excess Costs in escrow with the Successor to be held and disbursed against the costs to construct the Finish Work as they are incurred on behalf of Tenant in the manner provided under the Work Letter, and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor) reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; or (B) from and after the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by giving a Succession Election Notice to the Successor within sixty (60) days following notice of such acquisition, to either (X) terminate this Lease, or (Y) continue this Lease and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; provided, however, that the Successor can render any Succession Election Notice pursuant to clause (A) or (B), above, null and void and of no force and effect if, within thirty (30) days after the giving of such notice by Tenantevent, the Successor agrees to be bound by the applicable provisions of this Lease. Tenant’s failure to give a Succession Election Notice in the time period(s) required above Sublease shall be deemed terminated on the date of Master Lease Termination and, Landlord shall have no obligation to be an election pursuant permit Subtenant to continue to occupy the clause (II) or (Y) of the immediately preceding sentence, as applicablePremises.

Appears in 3 contracts

Samples: Consent to Sublease (NeoVolta Inc.), Standard Industrial Lease (Intuity Medical, Inc.), Consent to Sublease (Capnia, Inc.)

Attornment. If Landlordthe Lease or Sublandlord’s interest in right to possession thereunder terminates for any reason prior to expiration of the Property is acquired by mortgagee or purchaser at a foreclosure saleSublease, Tenant shallSubtenant agrees, at the written election of such mortgagee or purchaserLandlord, to attorn to Landlord upon the transferee then executory terms and conditions of or successor to Landlord’s interest in the Property and recognize it as Landlord under this LeaseSublease for the remainder of the term of the Sublease. Tenant waives In the protection event of any statute or rule of law which gives Tenant any right to terminate this Lease or surrender possession of the Premises upon the transfer of such election by Landlord’s interest. Upon such attornment, this Lease shall continue in full force and effect as a direct lease between the mortgagee and Tenant upon all of the terms, conditions and covenants as are set forth in this Lease, except that the mortgagee shall Landlord will not be (ia) liable for any rent paid by Subtenant to Sublandlord more than one month in advance, or any way security deposit paid by Subtenant to Tenant Sublandlord, unless same has been transferred to Landlord by Sublandlord; (b) liable for any act or omissionomission of Sublandlord under the Lease, neglect Sublease or any other agreement between Sublandlord and Subtenant or for any default on the part of Landlord Sublandlord under this Lease (nothing in this clause (i) being deemed to relieve any mortgagee succeeding such documents which occurred prior to the interest of Landlord hereunder of its continuing obligations as landlord under this Lease from and after the effective date of such succession), the attornment; (ii) responsible for any monies owing by or on deposit with Landlord to the credit of Tenant (except to the extent any such deposit is actually received by such mortgagee), (iiic) subject to any counterclaim defenses or setoff offsets that Subtenant may have against Sublandlord which theretofore accrued arose prior to Tenant against Landlord, the effective date of the attornment; (ivd) bound by any amendment changes or modification modifications made to the Sublease without the written consent of this Lease subsequent Landlord, (e) obligated in any manner with respect to such mortgagethe transfer, delivery, use or condition of any furniture, equipment or other personal property in the Sublet Premises which Sublandord agreed would be transferred to Subtenant or which Sublandlord agreed could be used by the Subtenant during the term of the Sublease, or by any previous prepayment of Rent for more than one (1) month, which was not approved in writing by the mortgagee, or bound by the indemnity set forth in Section 9.04, (vf) liable beyond mortgagee’s interest in the Property, (vi) responsible for the performance of any work to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant or the payment of the Finish Work Allowanceany improvement allowance, or (vii) required any other payment, credit, offset or amount due from Sublandlord to remove any person occupying the Premises or any part thereof, except if such person claims Subtenant under the mortgageeSublease. Tenant agrees that any present or future mortgagee may at its option unilaterally If Landlord does not elect to subordinate, in whole or in part and by instrument in form and substance satisfactory have Subtenant attorn to such mortgagee aloneLandlord as described above, the lien Sublease and all rights of its mortgagee (or the priority of its ground lease) to some or all provisions of this Lease. Nothing Subtenant in the preceding sentences Sublet Premises shall terminate upon the date of termination of the Lease or Sublandlord’s right to possession thereunder. The terms of this Section 15.02 shall prohibit Tenant from exercising its right to terminate this Lease pursuant to Section 3.01(c) and clause (x) of Section 3.01(e) of this Lease on the conditions set forth therein. Notwithstanding the foregoing, 9 supercede any contrary provisions in the event that mortgagee or, other than an entity controlling, controlled by or under common control with Landlord, a purchaser at a foreclosure sale (a “Successor”) succeeds to the interest of Landlord prior to the completion of Building (including Base Building and Finish Work), such Successor shall have thirty (30) days to send written notice to Tenant stating whether or not it intends to be bound to perform work remaining to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant and agrees to advance the Finish Work Allowance. For the purposes of the immediately preceding sentence, control shall have the meaning set forth in Section 13.01(b). In the event in such notice it states that it intends to be so bound, then such provisions of this Lease shall be binding on the Successor. In the event the Successor states that it does not intend to be so bound or fails to timely provide notice to Tenant within such thirty (30) day period, then (A) prior to the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by written notice to the Successor (a “Succession Election Notice”) within sixty (60) days following notice of such acquisition, to either (I) terminate this Lease, or (II) continue this Lease, deposit such Excess Costs in escrow with the Successor to be held and disbursed against the costs to construct the Finish Work as they are incurred on behalf of Tenant in the manner provided under the Work Letter, and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor) reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; or (B) from and after the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by giving a Succession Election Notice to the Successor within sixty (60) days following notice of such acquisition, to either (X) terminate this Lease, or (Y) continue this Lease and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; provided, however, that the Successor can render any Succession Election Notice pursuant to clause (A) or (B), above, null and void and of no force and effect if, within thirty (30) days after the giving of such notice by Tenant, the Successor agrees to be bound by the applicable provisions of this Lease. Tenant’s failure to give a Succession Election Notice in the time period(s) required above shall be deemed to be an election pursuant to the clause (II) or (Y) of the immediately preceding sentence, as applicableSublease.

Appears in 3 contracts

Samples: Sublease (Conceptus Inc), Landlord Consent to Sublease (Digital Music Group, Inc.), Landlord Consent to Sublease (Conceptus Inc)

Attornment. If Tenant covenants and agrees that, in the event of any foreclosure under any mortgage or deed of trust, or any renewal, modification, consolidation, replacement or extension thereof, or in the event of any acceptance of any deed in lieu of foreclosure, which may now or hereafter affect the real property of which the Demised Premises are a part, Tenant shall attorn to the party secured by such mortgage or deed of trust, or any renewal, modification, consolidation, replacement or extension thereof, and to any purchaser at any foreclosure sale or party taking a deed in lieu of foreclosure. Tenant covenants and agrees to attorn to any successor to Landlord’s 's interest in the Property is acquired by mortgagee any ground or underlying Lease. In any case, such landlord or successor under such ground or underlying Lease or such secured party or purchaser at foreclosure sale or party taking a deed in lieu of foreclosure sale, Tenant shall, at the election of such mortgagee or purchaser, attorn to the transferee of or successor to Landlord’s interest in the Property and recognize it as Landlord under this Lease. Tenant waives the protection of any statute or rule of law which gives Tenant any right to terminate this Lease or surrender possession of the Premises upon the transfer of Landlord’s interest. Upon such attornment, this Lease shall continue in full force and effect as a direct lease between the mortgagee and Tenant upon all of the terms, conditions and covenants as are set forth in this Lease, except that the mortgagee shall not be (i) bound by any prepayment on the part of Tenant of any rent for more than one month in advance, so that rent shall be payable under this Lease in accordance with its terms, from the date of the termination or transfer of the ground or underlying Lease or the foreclosure under such mortgage or deed of trust, or the date of foreclosure sale or transfer by deed in lieu of foreclosure, as if such prepayment had not been made. Further, such landlord or successor in interest shall not be liable in any way to Tenant for damages for any act or omission, neglect or default on the part omission of Landlord under this Lease (nothing in this clause (i) being deemed to relieve or any mortgagee succeeding to the interest of Landlord hereunder of its continuing obligations as prior landlord under this Lease from and after the date of such succession), (ii) responsible for any monies owing by or on deposit with Landlord to the credit of Tenant (except to the extent any such deposit is actually received by such mortgagee), (iii) be subject to any counterclaim offsets or setoff defenses which theretofore accrued to Tenant may have against Landlord, (iv) bound by any amendment or modification of this Lease subsequent to such mortgage, or by any previous prepayment of Rent for more than one (1) month, which was not approved in writing by the mortgagee, or bound by the indemnity set forth in Section 9.04, (v) liable beyond mortgagee’s interest in the Property, (vi) responsible for the performance of any work to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant or the payment of the Finish Work Allowance, or (vii) required to remove any person occupying the Premises or any part thereof, except if such person claims under the mortgageeprior landlord. Tenant agrees that any present or future mortgagee may at its option unilaterally elect to subordinateshall, in whole or in part and by instrument in form and substance satisfactory to such mortgagee alone, the lien of its mortgagee (or the priority of its ground lease) to some or all provisions of this Lease. Nothing in the preceding sentences of this Section 15.02 shall prohibit Tenant from exercising its right to terminate this Lease pursuant to Section 3.01(c) and clause (x) of Section 3.01(e) of this Lease on the conditions set forth therein. Notwithstanding the foregoing, in the event that mortgagee or, other than an entity controlling, controlled by or under common control with Landlord, a purchaser at a foreclosure sale (a “Successor”) succeeds to the interest of Landlord prior to the completion of Building (including Base Building and Finish Work), such Successor shall have thirty (30) days to send written notice to Tenant stating whether or not it intends to be bound to perform work remaining to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant and agrees to advance the Finish Work Allowance. For the purposes of the immediately preceding sentence, control shall have the meaning set forth in Section 13.01(b). In the event in such notice it states that it intends to be so bound, then such provisions of this Lease shall be binding on the Successor. In the event the Successor states that it does not intend to be so bound or fails to timely provide notice to Tenant within such thirty (30) day period, then (A) prior to the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by written notice to the Successor (a “Succession Election Notice”) within sixty (60) days following notice upon request of such acquisitionlandlord or successor landlord, to either (I) terminate this Lease, execute and deliver an instrument or (II) continue this Lease, deposit such Excess Costs in escrow with the Successor to be held and disbursed against the costs to construct the Finish Work as they are incurred on behalf of Tenant in the manner provided under the Work Letter, and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor) reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; or (B) from and after the date that Tenant has made instruments confirming Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by giving a Succession Election Notice to the Successor within sixty (60) days following notice of such acquisition, to either (X) terminate this Lease, or (Y) continue this Lease and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; provided, however, that the Successor can render any Succession Election Notice pursuant to clause (A) or (B), above, null and void and of no force and effect if, within thirty (30) days after the giving of such notice by Tenant, the Successor agrees to be bound by the applicable provisions of this Lease. Tenant’s failure to give a Succession Election Notice in the time period(s) required above shall be deemed to be an election pursuant to the clause (II) or (Y) of the immediately preceding sentence, as applicable's attornment.

Appears in 3 contracts

Samples: Office Building Lease (Otg Software Inc), Office Building Lease (Techteam Global Inc), Office Building Lease (Template Software Inc)

Attornment. If Landlord’s interest Tenant covenants and agrees that, in the Property is acquired event any ground lessor, lessor of any underlying lease or subsequent purchaser of the Building so requests or in the event of any foreclosure under any mortgage, or any renewal, modification, consolidation, replacement or extension thereof, or in the event of a sale at foreclosure, or in the event of any acceptance of any deed in lieu of foreclosure, which may now or hereafter affect the real property of which the Demised Premises are a part, Tenant shall attorn to any ground lessor, lessor of any underlying lease or subsequent purchaser of the Building or to the party secured by mortgagee such mortgage, or any renewal, modification, consolidation, replacement or extension thereof, and to any purchaser at any foreclosure sale or party taking a foreclosure saledeed in lieu of foreclosure, Tenant shall, and at the election sole option of such mortgagee party, which option may be exercised in said party's reasonable or purchaser, attorn to the transferee of or successor to Landlord’s interest in the Property and recognize it as Landlord under this Lease. Tenant waives the protection of any statute or rule of law which gives Tenant any right to terminate this Lease or surrender possession of the Premises upon the transfer of Landlord’s interest. Upon such attornmentunreasonable discretion, this Lease shall continue in full force and effect as a direct lease between the mortgagee Tenant herein and Tenant upon all such landlord or its successor. In any case, such landlord or successor under such ground or underlying lease or such secured party or purchaser at foreclosure sale or party taking a deed in lieu of the terms, conditions and covenants as are set forth in this Lease, except that the mortgagee foreclosure shall not be (i) liable in bound by any way to Tenant for any act or omission, neglect or default prepayment on the part of Landlord under this Lease (nothing in this clause (i) being deemed to relieve any mortgagee succeeding to Tenant of the interest of Landlord hereunder of its continuing obligations as landlord under this Lease from and after the date of such succession), (ii) responsible for any monies owing by Base Annual Rent or on deposit with Landlord to the credit of Tenant (except to the extent any such deposit is actually received by such mortgagee), (iii) subject to any counterclaim or setoff which theretofore accrued to Tenant against Landlord, (iv) bound by any amendment or modification of this Lease subsequent to such mortgage, or by any previous prepayment of Additional Rent for more than one (1) monthmonth in advance, which was not approved in writing by the mortgagee, or bound by the indemnity set forth in Section 9.04, (v) liable beyond mortgagee’s interest in the Property, (vi) responsible for the performance of any work to so that Base Annual Rent and Additional Rent shall be done by the Landlord payable under this Lease to render the Premises ready for occupancy by the Tenant or the payment of the Finish Work Allowance, or (vii) required to remove any person occupying the Premises or any part thereof, except if such person claims under the mortgagee. Tenant agrees that any present or future mortgagee may at its option unilaterally elect to subordinate, in whole or in part and by instrument in form and substance satisfactory to such mortgagee alone, the lien of its mortgagee (or the priority of its ground lease) to some or all provisions of this Lease. Nothing in the preceding sentences of this Section 15.02 shall prohibit Tenant from exercising its right to terminate this Lease pursuant to Section 3.01(c) and clause (x) of Section 3.01(e) of this Lease on the conditions set forth therein. Notwithstanding the foregoing, in the event that mortgagee or, other than an entity controlling, controlled by or under common control with Landlord, a purchaser at a foreclosure sale (a “Successor”) succeeds to the interest of Landlord prior to the completion of Building (including Base Building and Finish Work), such Successor shall have thirty (30) days to send written notice to Tenant stating whether or not it intends to be bound to perform work remaining to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant and agrees to advance the Finish Work Allowance. For the purposes of the immediately preceding sentence, control shall have the meaning set forth in Section 13.01(b). In the event in such notice it states that it intends to be so bound, then such provisions of this Lease shall be binding on the Successor. In the event the Successor states that it does not intend to be so bound or fails to timely provide notice to Tenant within such thirty (30) day period, then (A) prior to the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by written notice to the Successor (a “Succession Election Notice”) within sixty (60) days following notice of such acquisition, to either (I) terminate this Lease, or (II) continue this Lease, deposit such Excess Costs in escrow with the Successor to be held and disbursed against the costs to construct the Finish Work as they are incurred on behalf of Tenant in the manner provided under the Work Letter, and complete the Finish Work itself at its expense and otherwise in accordance with its terms, from the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor) reduce the Rent by the amount date of the unadvanced Finish Work Allowance amortized over termination or transfer of the Term with interest at ground or underlying lease or the rate of 8% per annum; foreclosure under such mortgage, or (B) from and after the date that of foreclosure sale or transfer by deed in lieu of foreclosure, as if such prepayment had not been made. Further, such landlord or successor in interest shall not be liable for damages for any act or omission of Landlord or any prior landlord or be subject to any recoupments, offsets, counterclaims or defenses which Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Lettermay have against Landlord or any prior landlord. Tenant shall, Tenant shall have the right, by giving a Succession Election Notice to the Successor within sixty (60) days following notice upon request of such acquisitionlandlord or successor landlord, to either (X) terminate this Lease, execute and deliver an instrument or (Y) continue this Lease and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; provided, however, that the Successor can render any Succession Election Notice pursuant to clause (A) or (B), above, null and void and of no force and effect if, within thirty (30) days after the giving of such notice by instruments confirming Tenant, the Successor agrees to be bound by the applicable provisions of this Lease. Tenant’s failure to give a Succession Election Notice in the time period(s) required above shall be deemed to be an election pursuant to the clause (II) or (Y) of the immediately preceding sentence, as applicable's attornment.

Appears in 3 contracts

Samples: Office Building Lease (Net2000 Communications Inc), Office Building Lease (Quadramed Corp), Office Building Lease (Otg Software Inc)

Attornment. If A. This Lease is subject and subordinate to the lien, provisions, operation and effect of the ground lease, the first mortgage, deed of trust, or other security instrument which may now or hereafter encumber the Building or the Land, to all funds and indebtedness intended to be secured thereby, and to all renewals, extensions, modifications, recastings or refinancings thereof. The ground lessor and the holder of any deed of trust to which this Lease is subordinate shall have the right at any time to declare this Lease to be superior to the lien, provisions, operation and effect of such ground lease or deed of trust and Tenant shall execute, acknowledge and deliver all confirming documents required by such holder. In the event of (a) a transfer of Landlord’s interest in the Property is acquired by mortgagee land or purchaser Building, (b) the termination of any ground or underlying lease of the land or Building, or (c) the purchase of the Building or Landlord’s interest therein at a foreclosure salesale or by deed in lieu of foreclosure under any first mortgage or pursuant to a power of sale contained in any first mortgage, Tenant shallthen in any of such events Tenant, at the election request of such mortgagee or purchaserthe Transferee, shall attorn to and recognize the transferee or purchaser of or successor to Landlord’s interest in or the Property and recognize it lessor under the terminated ground or underlying lease, as the case may be, as Landlord under this LeaseLease for the balance of the then remainder of the term, and thereafter this Lease shall continue as a direct lease between such person, as Landlord, and Tenant, and such lessor, transferee or purchaser shall not be liable for any act or omission of Landlord prior to such person’s succession to title, nor be subject to any offset, defense or counterclaim, accruing prior to such lease termination or prior to such person’s succession to title, nor be bound by any amendment of this Lease made without the consent of the ground lessor or the holder of any deed of trust existing as of the date of such amendment, nor be bound by any payment of fixed monthly rental or additional rental prior to such lease termination or prior to such person’s succession to title for more than one (1) month in advance. Tenant agrees that, within five (5) days after written request therefor, it will, from time to time, execute and deliver any instrument or other document required by any mortgagee, transferee, purchaser or other interested person to confirm such attornment and/or such obligation to attorn. If Tenant fails to execute same within ten (10) days after request therefor, and such failure continues for a period of five (5) days following a second notice thereof from Landlord, Tenant appoints Landlord as Tenant’s attorney-in-fact to execute any such document for Tenant if Tenant fails to execute same within ten (10) days after request therefor. Tenant waives the protection provisions of any statute or rule of law now or hereafter in effect which gives may give or purport to give Tenant any right to terminate or otherwise adversely affect this Lease or surrender possession of the Premises upon the transfer of LandlordTenant’s interest. Upon such attornment, this Lease shall continue in full force and effect as a direct lease between the mortgagee and Tenant upon all of the terms, conditions and covenants as are set forth in this Lease, except that the mortgagee shall not be (i) liable in any way to Tenant for any act or omission, neglect or default on the part of Landlord under this Lease (nothing in this clause (i) being deemed to relieve any mortgagee succeeding to the interest of Landlord hereunder of its continuing obligations as landlord under this Lease from and after the date of such succession), (ii) responsible for any monies owing by or on deposit with Landlord to the credit of Tenant (except to the extent any such deposit is actually received by such mortgagee), (iii) subject to any counterclaim or setoff which theretofore accrued to Tenant against Landlord, (iv) bound by any amendment or modification of this Lease subsequent to such mortgage, or by any previous prepayment of Rent for more than one (1) month, which was not approved in writing by the mortgagee, or bound by the indemnity set forth in Section 9.04, (v) liable beyond mortgagee’s interest in the Property, (vi) responsible for the performance of any work to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant or the payment of the Finish Work Allowance, or (vii) required to remove any person occupying the Premises or any part thereof, except if such person claims under the mortgagee. Tenant agrees that any present or future mortgagee may at its option unilaterally elect to subordinate, in whole or in part and by instrument in form and substance satisfactory to such mortgagee alone, the lien of its mortgagee (or the priority of its ground lease) to some or all provisions of this Lease. Nothing in the preceding sentences of this Section 15.02 shall prohibit Tenant from exercising its right to terminate this Lease pursuant to Section 3.01(c) and clause (x) of Section 3.01(e) of this Lease on the conditions set forth therein. Notwithstanding the foregoing, in the event that mortgagee orany such foreclosure proceeding is prosecuted or completed or in the event the Land, other than an entity controlling, controlled by the Building or under common control with Landlord, a purchaser ’s interest therein is sold at a foreclosure sale (or by deed in lieu of foreclosure. B. Notwithstanding the provisions of Section 22.A above, it shall be a “Successor”) succeeds condition to the interest subordination of Landlord prior to the completion of Building (including Base Building and Finish Work), such Successor shall have thirty (30) days to send written notice to Tenant stating whether or not it intends to be bound to perform work remaining to be done by the Landlord under this Lease to render any deed of trust that encumbers the Demised Premises ready for occupancy that Landlord shall have delivered to Tenant a subordination, non-disturbance and attornment agreement, executed and acknowledged by the Tenant and agrees to advance the Finish Work Allowance. For the purposes of the immediately preceding sentence, control shall have the meaning set forth in Section 13.01(b). In the event in such notice it states that it intends to be so bound, then such provisions of this Lease shall be binding on the Successor. In the event the Successor states that it does not intend to be so bound or fails to timely provide notice to Tenant within such thirty (30) day period, then (A) prior to the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by written notice to the Successor (a “Succession Election Notice”) within sixty (60) days following notice holder of such acquisitiondeed of trust, to either (I) terminate this Leaseas lender, or (II) continue this Leasein favor of Tenant, deposit such Excess Costs in escrow with the Successor to be held and disbursed against the costs to construct the Finish Work as they are incurred on behalf of Tenant in the manner provided under the Work Letter, and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor) reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; or (B) from and after the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by giving a Succession Election Notice to the Successor within sixty (60) days following notice of such acquisition, to either (X) terminate this Lease, or (Y) continue this Lease and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; provided, however, that the Successor can render any Succession Election Notice pursuant to clause (A) or (B), above, null and void and of no force and effect if, within thirty (30) days after the giving of such notice commercially reasonable form approved by Tenant, the Successor agrees to which approval shall not be bound by the applicable provisions of this Lease. Tenant’s failure to give a Succession Election Notice in the time period(s) required above shall be deemed to be an election pursuant to the clause (II) unreasonably withheld, conditioned or (Y) of the immediately preceding sentence, as applicabledelayed.

Appears in 2 contracts

Samples: Lease Agreement (Intelsat S.A.), Purchase and Sale Agreement (Intelsat S.A.)

Attornment. If Landlord’s interest in Tenant agrees to attorn to and recognize as its landlord under the Lease each party acquiring legal title to the Property is acquired by mortgagee foreclosure (whether judicial or purchaser at a foreclosure salenonjudicial) of the Security Instrument, Tenant shalldeed-in-lieu of foreclosure, at or other sale in connection with enforcement of the election Security Instrument or otherwise in satisfaction of such mortgagee the Loan ("Successor Owner"). In no event will any Successor Owner be: (a) liable for any default, act or purchaser, attorn to the transferee of or successor to Landlord’s interest in the Property and recognize it as Landlord under this Lease. Tenant waives the protection omission of any statute or rule prior landlord under the Lease, provided that the foregoing shall not limit Successor Owner's obligations under the Lease to correct any conditions of law which gives Tenant any right to terminate this Lease or surrender possession a continuing nature that (x) existed as of the Premises upon date Successor Owner became the transfer of Landlord’s interest. Upon such attornment, this Lease shall continue in full force and effect as a direct lease between the mortgagee and Tenant upon all owner of the termsProperty, conditions and covenants as are set forth in this Lease, except that the mortgagee shall not be (iy) liable in any way to Tenant for any act or omission, neglect or default on the part of Landlord under this Lease (nothing in this clause (i) being deemed to relieve any mortgagee succeeding to the interest of Landlord hereunder of its continuing violate Successor Owner's obligations as landlord under this Lease from and after the date of such succession), Lease; (ii) responsible for any monies owing by or on deposit with Landlord to the credit of Tenant (except to the extent any such deposit is actually received by such mortgagee), (iiib) subject to any counterclaim offset or setoff defense which theretofore accrued to Tenant may have against Landlord, any prior landlord under the Lease; (ivc) bound by any payment of rent or additional rent (other than first month’s rent) made by Tenant to Landlord more than 30 days in advance; (d) bound by any modification or supplement to the Lease, or waiver of Lease terms, made without Agent's written consent thereto, except for: (i) any amendment or modification of this the Lease subsequent that is provided for or contemplated in the Lease in connection with Tenant's exercise of any renewal or extension rights with respect to the term, including any provision thereof that sets rental amounts or other economic terms for the extension term, so long as such mortgagerental amounts or other economic terms are specified in the Lease, or by any previous prepayment of Rent for more than one (1) month, which was not approved in writing by the mortgagee, determined pursuant to appraisal or bound by the indemnity arbitration procedures set forth in the Lease (and provided that any rental amounts and other economic terms for the extension term that are voluntarily agreed-to between Landlord and Tenant are subject to Agent's approval rights set forth below in this Section 9.043), and so long as such amendment or modification is otherwise consistent with the terms of such renewal or extension rights; (vii) writings that establish the Lease Commencement Date (as that term is defined in the Lease); (iii) documentation confirming approvals or consents in accordance with the Lease and this Agreement (such as consents to subleases or assignments); and (iv) execution of estoppel certificates; or (e) liable beyond mortgagee’s for the return of any security deposit or other prepaid charge paid by Tenant under the Lease, except to the extent such amounts were actually received by Agent. Although the foregoing provisions of this Agreement are self-operative, Tenant agrees to execute and deliver to Agent or any Successor Owner such further instruments as Agent or a Successor Owner may from time to time reasonably request in order to confirm this Agreement. If any liability of Successor Owner does arise pursuant to this Agreement, such liability shall be limited to Successor Owner's interest in the Property, (vi) responsible for the performance of any work to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant or the payment of the Finish Work Allowance, or (vii) required to remove any person occupying the Premises or any part thereof, except if such person claims under the mortgagee. Tenant agrees that any present or future mortgagee may at its option unilaterally elect to subordinate, in whole or in part and by instrument in form and substance satisfactory to such mortgagee alone, the lien of its mortgagee (or the priority of its ground lease) to some or all provisions of this Lease. Nothing in the preceding sentences of this Section 15.02 shall prohibit Tenant from exercising its right to terminate this Lease pursuant to Section 3.01(c) and clause (x) of Section 3.01(e) of this Lease on the conditions set forth therein. Notwithstanding the foregoing, in the event that mortgagee or, other than an entity controlling, controlled by or under common control with Landlord, a purchaser at a foreclosure sale (a “Successor”) succeeds to the interest of Landlord prior to the completion of Building (including Base Building and Finish Work), such Successor shall have thirty (30) days to send written notice to Tenant stating whether or not it intends to be bound to perform work remaining to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant and agrees to advance the Finish Work Allowance. For the purposes of the immediately preceding sentence, control shall have the meaning set forth in Section 13.01(b). In the event in such notice it states that it intends to be so bound, then such provisions of this Lease shall be binding on the Successor. In the event the Successor states that it does not intend to be so bound or fails to timely provide notice to Tenant within such thirty (30) day period, then (A) prior to the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by written notice to the Successor (a “Succession Election Notice”) within sixty (60) days following notice of such acquisition, to either (I) terminate this Lease, or (II) continue this Lease, deposit such Excess Costs in escrow with the Successor to be held and disbursed against the costs to construct the Finish Work as they are incurred on behalf of Tenant in the manner provided under the Work Letter, and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor) reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; or (B) from and after the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by giving a Succession Election Notice to the Successor within sixty (60) days following notice of such acquisition, to either (X) terminate this Lease, or (Y) continue this Lease and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; provided, however, that the Successor can render any Succession Election Notice pursuant to clause (A) or (B), above, null and void and of no force and effect if, within thirty (30) days after the giving of such notice by Tenant, the Successor agrees to be bound by the applicable provisions of this Lease. Tenant’s failure to give a Succession Election Notice in the time period(s) required above shall be deemed to be an election pursuant to the clause (II) or (Y) of the immediately preceding sentence, as applicable.

Appears in 2 contracts

Samples: Sublease Agreement (Kodiak Sciences Inc.), Sublease Agreement (Kodiak Sciences Inc.)

Attornment. If Landlord’s interest in Upon the Property is acquired by mortgagee or purchaser at a foreclosure sale, Tenant shall, at the election of such mortgagee or purchaser, attorn to the transferee of or successor to Landlord’s interest in the Property and recognize it as Landlord under this Lease. Tenant waives the protection written request of any statute person or rule of law which gives Tenant any right to terminate this Lease or surrender possession of the Premises upon the transfer of Landlord’s interest. Upon such attornment, this Lease shall continue in full force and effect as a direct lease between the mortgagee and Tenant upon all of the terms, conditions and covenants as are set forth in this Lease, except that the mortgagee shall not be (i) liable in any way to Tenant for any act or omission, neglect or default on the part of Landlord under this Lease (nothing in this clause (i) being deemed to relieve any mortgagee party succeeding to the interest of Landlord hereunder of its continuing obligations as landlord under this Lease from Lease, Tenant shall automatically become the tenant of and after attorn to such successor in interest without any change in any of the date terms of such succession), this Lease. No successor in interest shall be (ii) responsible for any monies owing by or on deposit with Landlord to the credit of Tenant (except to the extent any such deposit is actually received by such mortgagee), (iii) subject to any counterclaim or setoff which theretofore accrued to Tenant against Landlord, (iva) bound by any amendment or modification of this Lease subsequent to such mortgage, or by any previous prepayment payment of Rent for more than one (1) monthmonth in advance, which was not approved in writing by the mortgagee, or bound by the indemnity set forth in Section 9.04, (v) liable beyond mortgagee’s interest in the Property, (vi) responsible except payments of security for the performance by Tenant of any work to be done by the Landlord Tenant’s obligations under this Lease to render the Premises ready for occupancy by the Tenant or the payment of the Finish Work AllowanceLease, or (viib) required subject to remove any person occupying the Premises offset, defense or damages arising out of a default or any part thereofobligations of any preceding Landlord. Neither Landlord’s Mortgagee nor its successor in interest shall be bound by any amendment of this Lease entered into after Tenant has been given written notice of the name and address of Landlord’s Mortgagee and without the written consent of Landlord’s Mortgagee or such successor in interest, not to be unreasonably withheld or delayed. Any transferee or successor-in-interest shall not be liable for any acts, omissions or defaults of Landlord that occurred before the sale or conveyance, or the return of any security deposit except if such person claims under for deposits actually paid to the mortgageesuccessor or transferee. Tenant agrees that to give written notice of any present default by Landlord to the holder of any Mortgage. Tenant further agrees that, before it exercises any rights or future mortgagee may at its option unilaterally elect to subordinate, in whole or in part and by instrument in form and substance satisfactory to such mortgagee alone, remedies under the lien of its mortgagee (or the priority of its ground lease) to some or all provisions of this Lease. Nothing in the preceding sentences of this Section 15.02 shall prohibit Tenant from exercising its right to terminate this Lease pursuant to Section 3.01(c) and clause (x) of Section 3.01(e) of this Lease on the conditions set forth therein. Notwithstanding the foregoing, in the event that mortgagee or, other than an entity controllingRent abatement as expressly provided herein, controlled by the holder of any Mortgage or under common control with Landlord, a purchaser at a foreclosure sale (a “Successor”) succeeds to the other successor-in-interest of Landlord prior to the completion of Building (including Base Building and Finish Work), such Successor shall have thirty (30) days to send written notice to Tenant stating whether or not it intends to be bound to perform work remaining to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant and agrees to advance the Finish Work Allowance. For the purposes of the immediately preceding sentence, control shall have the meaning set forth in Section 13.01(b). In the event in such notice it states that it intends to be so bound, then such provisions of this Lease shall be binding on the Successor. In the event the Successor states that it does not intend to be so bound or fails to timely provide notice to Tenant within such thirty (30) day period, then (A) prior to the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by written notice to but not the Successor (a “Succession Election Notice”) within sixty (60) days following notice of such acquisitionobligation, to either (I) terminate this Leasecure the default within the same time, or (II) continue this Leaseif any, deposit such Excess Costs in escrow with given to Landlord to cure the Successor to be held and disbursed against the costs to construct the Finish Work as they are incurred on behalf of Tenant in the manner provided under the Work Letterdefault, and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor) reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; or (B) from and after the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by giving a Succession Election Notice to the Successor within sixty (60) days following notice of such acquisition, to either (X) terminate this Lease, or (Y) continue this Lease and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; provided, however, that the Successor can render any Succession Election Notice pursuant to clause (A) or (B), above, null and void and of no force and effect if, within plus an additional thirty (30) days after days. The subordination, attornment and mortgagee protection clauses of this Section 16 shall be self-operative and no further instruments of subordination, attornment or mortgagee protection need be required by any Landlord’s Mortgagee or successor in interest thereto. Nevertheless, upon the giving of such notice by written request therefor and without any compensation or consideration being payable to Tenant, the Successor Tenant agrees to be bound execute, have acknowledged and deliver such instruments substantially in the form of Exhibit H hereto to confirm the same. Tenant shall from time to time, if so requested by the applicable provisions of Landlord and if doing so will not materially and adversely affect Tenant’s economic interests under this Lease. Tenant’s failure , join with Landlord in amending this Lease so as to give meet the needs or requirements of any lender that is considering making or that has made a Succession Election Notice in the time period(s) required above shall be deemed to be an election pursuant to the clause (II) loan secured by all or (Y) any portion of the immediately preceding sentence, as applicableComplex.

Appears in 2 contracts

Samples: Lease Agreement (Skullcandy, Inc.), Lease Agreement (Alliance Data Systems Corp)

Attornment. If In the event of (a) a transfer of Landlord’s 's interest in the Property Leased Premises, (b) the termination of any ground or underlying lease of the Building or the land on which it is acquired by mortgagee constructed, or purchaser at both, or (c) the purchase of the Building or Landlord's interest therein in a foreclosure salesale or by deed in lieu of foreclosure under any Mortgage or pursuant to a power of sale contained in any Mortgage, then in any of such events Tenant shall, at the election of such mortgagee or purchaserLandlord's request, attorn to and recognize the transferee or purchaser of Landlord's interest or successor to Landlord’s interest in the Property and recognize it lessor under the terminated ground or underlying lease, as the case may be, as Landlord under this LeaseLease for the balance then remaining of the Term, and thereafter this Lease shall continue as a direct lease between such person, as "Landlord," and Tenant, as "Tenant," except that such lessor, transferee or purchaser shall not be liable for any act or omission of Landlord prior to such lease termination or prior to such person's succession to title, nor be subject to any offset, defense or counterclaim accruing prior to such lease termination or prior to such person's succession to title, nor be bound by any payment of Basic Rent or Additional Charges prior to such lease termination or prior to such person's succession to title for more than one month in advance. Tenant shall, upon request by Landlord or the transferee or purchaser of Landlord's interest or the lessor under the terminated ground or underlying lease, as the case may be, execute and deliver an instrument or instruments confirming the foregoing provisions of this Section. Tenant hereby waives the protection provisions of any statute present or rule of future law or regulation which gives or purports to give Tenant any right to terminate this Lease or surrender possession of the Premises upon the transfer of Landlord’s interest. Upon such attornment, this Lease shall continue in full force and effect as a direct lease between the mortgagee and Tenant upon all of the terms, conditions and covenants as are set forth in this Lease, except that the mortgagee shall not be (i) liable in any way to Tenant for any act or omission, neglect or default on the part of Landlord under this Lease (nothing in this clause (i) being deemed to relieve any mortgagee succeeding to the interest of Landlord hereunder of its continuing obligations as landlord under this Lease from and after the date of such succession), (ii) responsible for any monies owing by or on deposit with Landlord to the credit of Tenant (except to the extent any such deposit is actually received by such mortgagee), (iii) subject to any counterclaim or setoff which theretofore accrued to Tenant against Landlord, (iv) bound by any amendment or modification of this Lease subsequent to such mortgage, or by any previous prepayment of Rent for more than one (1) month, which was not approved in writing by the mortgagee, or bound by the indemnity set forth in Section 9.04, (v) liable beyond mortgagee’s interest in the Property, (vi) responsible for the performance of any work to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant or the payment of the Finish Work Allowance, or (vii) required to remove any person occupying the Premises or any part thereof, except if such person claims under the mortgagee. Tenant agrees that any present or future mortgagee may at its option unilaterally elect to subordinate, in whole or in part and by instrument in form and substance satisfactory to such mortgagee alone, the lien of its mortgagee (or the priority of its ground lease) to some or all provisions of this Lease. Nothing in the preceding sentences of this Section 15.02 shall prohibit Tenant from exercising its right to terminate this Lease pursuant to Section 3.01(c) and clause (x) of Section 3.01(e) of this Lease on the conditions set forth therein. Notwithstanding the foregoing, in the event that mortgagee or, other than an entity controlling, controlled by or under common control with Landlord, a purchaser at a foreclosure sale (a “Successor”) succeeds to the interest of Landlord prior to the completion of Building (including Base Building and Finish Work), such Successor shall have thirty (30) days to send written notice to Tenant stating whether or not it intends to be bound to perform work remaining to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant and agrees to advance the Finish Work Allowance. For the purposes of the immediately preceding sentence, control shall have the meaning set forth in Section 13.01(b). In the event in such notice it states that it intends to be so bound, then such provisions of this Lease shall be binding on the Successor. In the event the Successor states that it does not intend to be so bound or fails to timely provide notice to Tenant within such thirty (30) day period, then (A) prior to the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by written notice to the Successor (a “Succession Election Notice”) within sixty (60) days following notice of such acquisition, to either (I) terminate otherwise adversely affect this Lease, or (II) continue this Lease, deposit such Excess Costs in escrow with the Successor to be held and disbursed against the costs to construct the Finish Work as they are incurred on behalf obligations of Tenant in the manner provided under the Work Letterhereunder, and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor) reduce the Rent by the amount upon or as a result of the unadvanced Finish Work Allowance amortized over termination of any such ground or underlying lease or the Term with interest at the rate completion of 8% per annum; or (B) from any such foreclosure and after the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by giving a Succession Election Notice to the Successor within sixty (60) days following notice of such acquisition, to either (X) terminate this Lease, or (Y) continue this Lease and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; provided, however, that the Successor can render any Succession Election Notice pursuant to clause (A) or (B), above, null and void and of no force and effect if, within thirty (30) days after the giving of such notice by Tenant, the Successor agrees to be bound by the applicable provisions of this Lease. Tenant’s failure to give a Succession Election Notice in the time period(s) required above shall be deemed to be an election pursuant to the clause (II) or (Y) of the immediately preceding sentence, as applicablesale.

Appears in 2 contracts

Samples: Deed of Lease (Icf Kaiser International Inc), Deed of Lease (Icf Kaiser International Inc)

Attornment. If Landlord’s interest (a) Tenant covenants and agrees that in the event of foreclosure of the Deed of Trust, whether by power of sale or by court action, or upon a transfer of the Property is acquired by mortgagee or conveyance in lieu of foreclosure (the purchaser at a foreclosure saleor the transferee in lieu of foreclosure, including Lender if it is such purchaser or transferee, being herein called "New Owner"), Tenant shall, at the election of such mortgagee or purchaser, shall attorn to New Owner as Tenant's new landlord, and agrees that the transferee of or successor to Landlord’s interest in the Property and recognize it as Landlord under this Lease. Tenant waives the protection of any statute or rule of law which gives Tenant any right to terminate this Lease or surrender possession of the Premises upon the transfer of Landlord’s interest. Upon such attornment, this Lease shall continue in full force and effect as a direct lease between the mortgagee Tenant and Tenant New Owner upon all of the terms, covenants, conditions and covenants as are agreements set forth in the Lease and this LeaseAgreement, except for provisions which are impossible for New Owner to perform; provided, however, that the mortgagee in no event shall not be New Owner be: (i) liable in for any way act, omission, default, misrepresentation or breach of warranty of any previous landlord (including Landlord) or obligations accruing prior to Tenant for New Owner's actual ownership of the Property or any act or omission, neglect or default on the part of Landlord under this Lease (nothing in this clause (i) being deemed failure to relieve act by any mortgagee succeeding to the interest of Landlord hereunder of its continuing obligations as landlord under this Lease from and after the date of such succession), party other than New Owner; (ii) responsible for any monies owing by or on deposit with Landlord to the credit of Tenant (except to the extent any such deposit is actually received by such mortgagee), (iii) subject to any credit, offset, defense, claim or counterclaim or setoff which theretofore accrued Tenant might be entitled to Tenant assert against any previous landlord (including Landlord, ); (iviii) bound by any amendment or modification of this Lease subsequent to such mortgageby, or required to credit Tenant with, any payment of rent, additional rent or other payments made by Tenant to any previous prepayment of Rent landlord (including Landlord) for more than one (1) monthmonth in advance; (iv) bound by any amendment, which was not approved in writing by modification, renewal or extension of the mortgageeLease hereafter made, or bound consent or acquiescence by any previous landlord (including Landlord) under the indemnity set forth in Section 9.04Lease to any assignment or sublease hereafter granted, without the written consent of Lender; (v) liable beyond mortgagee’s interest in the Propertyfor, or required to credit Tenant with, any deposit (including, without limitation, any security deposit) that Tenant may have given to any previous landlord (including Landlord) which has not, as such, been transferred to New Owner; (vi) responsible for the performance of bound by any work to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant amendment, renewal or the payment extension of the Finish Work Allowance, or (vii) required to remove any person occupying the Premises or any part thereof, except if such person claims under the mortgagee. Tenant agrees Lease that any present or future mortgagee may at its option unilaterally elect to subordinate, in whole or in part and by instrument in form and substance satisfactory to such mortgagee alone, the lien of its mortgagee (or the priority of its ground lease) to some or all provisions of this Lease. Nothing in the preceding sentences of this Section 15.02 shall prohibit Tenant from exercising its right to terminate this Lease pursuant to Section 3.01(c) and clause (x) of Section 3.01(e) of this Lease on the conditions set forth therein. Notwithstanding the foregoing, in the event that mortgagee or, other than an entity controlling, controlled by or under common control with Landlord, a purchaser at a foreclosure sale (a “Successor”) succeeds to the interest of Landlord prior to the completion of Building (including Base Building and Finish Work), such Successor shall have thirty (30) days to send written notice to Tenant stating whether or not it intends to be bound to perform work remaining to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant and agrees to advance the Finish Work Allowance. For the purposes of the immediately preceding sentence, control shall have the meaning set forth in Section 13.01(b). In the event in such notice it states that it intends to be so bound, then such provisions of this Lease shall be binding on the Successor. In the event the Successor states that it does not intend to be so bound or fails to timely provide notice to Tenant within such thirty (30) day period, then (A) prior to the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by written notice to the Successor (a “Succession Election Notice”) within sixty (60) days following notice of such acquisition, to either (I) terminate this Lease, or (II) continue this Lease, deposit such Excess Costs in escrow with the Successor to be held and disbursed against the costs to construct the Finish Work as they are incurred on behalf of Tenant in the manner provided under the Work Letter, and complete the Finish Work itself at its expense and otherwise in accordance is inconsistent with the terms of this Agreement or is not in writing and signed both by Tenant and Landlord; (vii) bound by any reduction of any rent or additional rent payable under the Lease, unless the reduction is in connection with an extension or renewal of the Lease and at prevailing market terms or was made with Lender's prior consent; (viii) bound by any reduction of the term of the Lease or any termination, cancellation or surrender of the Lease unless the reduction, termination, cancellation or surrender occurred during the last six months of the Term of the Lease or was made with Lender's prior consent; or (ix) bound by any obligation to make improvements to the extent Property, including the Finish Work Allowance is not disbursed by Premises, to make any payment or give any credit or allowance to Tenant provided for in the Successor) reduce the Rent by the amount Lease or pay any leasing commissions arising out of the unadvanced Finish Work Allowance amortized over Lease, except that new Owner will be: (A) bound by any such obligations provided for in the Term with interest at the rate of 8% per annum; or Lender-approved form Lease; (B) from bound by any such obligations if the overall economic terms of the Lease (including the economic terms of any renewal options) represented market terms for similar space in properties comparable to the Property when the Lease was executed; and (C) bound to comply with the casualty and after condemnation restoration provisions included in the date Lease provided (and to the extent) that Tenant has made Tenant’s first payment towards New Owner received the Excess Costs insurance or condemnation proceeds; or (D) liable for obligations under the FW Contract under Lease with respect to any off-site property or facilities for the Work Letter, use of Tenant shall have (such as off-site leased space or parking) unless New Owner acquires in the same foreclosure action the right, by giving a Succession Election Notice title or interest to the Successor within sixty off-site property. (60b) days following notice of such acquisition, to either (X) terminate this Lease, or (Y) continue this Lease and complete the Finish Work itself at its expense and otherwise in accordance with the terms The provisions of this Lease Agreement regarding attornment by Tenant shall be self-operative and (to effective without the extent necessity of execution of any new lease or other document on the Finish Work Allowance is not disbursed by part of any party hereto or the Successor reduce the Rent by the amount respective heirs, legal representatives, successors or assigns of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; providedany such party. Tenant agrees, however, that to execute and deliver upon the Successor can render request of New Owner, any Succession Election Notice pursuant to clause (A) instrument or (B), above, null and void and of no force and effect if, within thirty (30) days after the giving of such notice by Tenant, the Successor agrees to be bound by the applicable provisions of this Lease. Tenant’s failure to give a Succession Election Notice certificate which in the time period(s) required above shall reasonable judgment of New Owner may be deemed necessary or appropriate to be an election pursuant to the clause (II) or (Y) evidence such attornment, including a new lease of the immediately preceding sentence, Premises on the same terms and conditions as applicablethe Lease for the unexpired term of the Lease.

Appears in 2 contracts

Samples: Lease Agreement (Handspring Inc), Lease Agreement (Handspring Inc)

Attornment. If In the event of (i) a transfer of Landlord’s 's interest in the Property Premises, (ii) the termination of any ground or underlying lease of the Building or the land on which it is acquired by mortgagee constructed, or purchaser at both, or (iii) the purchase of the Building or Landlord's interest therein in a foreclosure salesale or by deed in lieu of foreclosure under any Mortgage or pursuant to a power of sale contained in any Mortgage, then in any of such events Tenant shall, at the election request of such mortgagee Landlord or purchaserLandlord's successor in interest, attorn to and recognize the transferee or purchaser of Landlord's interest or successor to Landlord’s interest in the Property and recognize it lessor under the terminated ground or underlying lease, as the case may be, as Landlord under this LeaseLease for the balance then remaining of the Term, and thereafter this Lease shall continue as a direct lease between such lessor, transferee or purchaser, as "Landlord," and Tenant, as "Tenant," except that such lessor, transferee or purchaser shall not be liable for any act or omission of Landlord prior to such lease termination or prior to its succession to title, nor be subject to any offset, defense or counterclaim accruing prior to such lease termination or prior to such succession to title, nor be bound by any payment of Base Rent or Additional Rent prior to such lease termination or prior to such succession to title for more than one month in advance. Tenant shall, upon request by Landlord or the transferee or purchaser of Landlord's interest or the lessor under the termination ground or underlying lease, as the case may be, execute and deliver an instrument or instruments confirming the foregoing provisions of this Section. Tenant hereby waives the protection provisions of any statute present or rule of future law or regulation which gives or purports to give Tenant any right to terminate this Lease or surrender possession of the Premises upon the transfer of Landlord’s interest. Upon such attornment, this Lease shall continue in full force and effect as a direct lease between the mortgagee and Tenant upon all of the terms, conditions and covenants as are set forth in this Lease, except that the mortgagee shall not be (i) liable in any way to Tenant for any act or omission, neglect or default on the part of Landlord under this Lease (nothing in this clause (i) being deemed to relieve any mortgagee succeeding to the interest of Landlord hereunder of its continuing obligations as landlord under this Lease from and after the date of such succession), (ii) responsible for any monies owing by or on deposit with Landlord to the credit of Tenant (except to the extent any such deposit is actually received by such mortgagee), (iii) subject to any counterclaim or setoff which theretofore accrued to Tenant against Landlord, (iv) bound by any amendment or modification of this Lease subsequent to such mortgage, or by any previous prepayment of Rent for more than one (1) month, which was not approved in writing by the mortgagee, or bound by the indemnity set forth in Section 9.04, (v) liable beyond mortgagee’s interest in the Property, (vi) responsible for the performance of any work to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant or the payment of the Finish Work Allowance, or (vii) required to remove any person occupying the Premises or any part thereof, except if such person claims under the mortgagee. Tenant agrees that any present or future mortgagee may at its option unilaterally elect to subordinate, in whole or in part and by instrument in form and substance satisfactory to such mortgagee alone, the lien of its mortgagee (or the priority of its ground lease) to some or all provisions of this Lease. Nothing in the preceding sentences of this Section 15.02 shall prohibit Tenant from exercising its right to terminate this Lease pursuant to Section 3.01(c) and clause (x) of Section 3.01(e) of this Lease on the conditions set forth therein. Notwithstanding the foregoing, in the event that mortgagee or, other than an entity controlling, controlled by or under common control with Landlord, a purchaser at a foreclosure sale (a “Successor”) succeeds to the interest of Landlord prior to the completion of Building (including Base Building and Finish Work), such Successor shall have thirty (30) days to send written notice to Tenant stating whether or not it intends to be bound to perform work remaining to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant and agrees to advance the Finish Work Allowance. For the purposes of the immediately preceding sentence, control shall have the meaning set forth in Section 13.01(b). In the event in such notice it states that it intends to be so bound, then such provisions of this Lease shall be binding on the Successor. In the event the Successor states that it does not intend to be so bound or fails to timely provide notice to Tenant within such thirty (30) day period, then (A) prior to the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by written notice to the Successor (a “Succession Election Notice”) within sixty (60) days following notice of such acquisition, to either (I) terminate otherwise adversely affect this Lease, or (II) continue this Lease, deposit such Excess Costs in escrow with the Successor to be held and disbursed against the costs to construct the Finish Work as they are incurred on behalf obligations of Tenant in the manner provided under the Work Letterhereunder, and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor) reduce the Rent by the amount upon or as a result of the unadvanced Finish Work Allowance amortized over termination of any such ground or underlying lease or the Term with interest at the rate completion of 8% per annum; or (B) from any such foreclosure and after the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by giving a Succession Election Notice to the Successor within sixty (60) days following notice of such acquisition, to either (X) terminate this Lease, or (Y) continue this Lease and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; provided, however, that the Successor can render any Succession Election Notice pursuant to clause (A) or (B), above, null and void and of no force and effect if, within thirty (30) days after the giving of such notice by Tenant, the Successor agrees to be bound by the applicable provisions of this Lease. Tenant’s failure to give a Succession Election Notice in the time period(s) required above shall be deemed to be an election pursuant to the clause (II) or (Y) of the immediately preceding sentence, as applicablesale.

Appears in 2 contracts

Samples: Deed of Lease (Versatility Inc), Deed of Lease (Proxicom Inc)

Attornment. If the interest of Landlord is transferred to any person (a “Successor Landlord’s interest ”) by reason of the termination or foreclosure, or proceedings for enforcement, of an Encumbrance, or by delivery of a deed in the Property is acquired by mortgagee lieu of such foreclosure or purchaser at a foreclosure saleproceedings, Tenant shall, upon demand and at the election of such mortgagee or purchaserSuccessor Landlord, attorn to the transferee of or successor to Successor Landlord’s interest in the Property and recognize it as Landlord under this Lease. Tenant waives the protection of any statute or rule of law which gives Tenant any right to terminate this Lease or surrender possession of the Premises upon the transfer of Landlord’s interest. Upon such attornment, attornment this Lease shall continue in full force and effect as a direct lease between the mortgagee Successor Landlord and Tenant Tenant, upon all of the same terms, conditions and covenants as are set forth stated in this Lease, Lease except that the mortgagee a Successor Landlord shall not be (ia) liable in any way to Tenant for any previous act or omission, neglect omission or default on the part negligence of Landlord under this Lease (nothing in this clause (i) being deemed to relieve any mortgagee succeeding to the interest of Landlord hereunder of its continuing obligations as landlord under this Lease from and after the date of such succession)Lease, (ii) responsible for any monies owing by or on deposit with Landlord to the credit of Tenant (except to the extent any such deposit is actually received by such mortgagee), (iiib) subject to any counterclaim counterclaim, defense or setoff offset not expressly provided for in this Lease and asserted with reasonable promptness, which theretofore therefore shall have accrued to Tenant against Landlord, (ivc) bound by any an previous modification or amendment or modification of this Lease subsequent to such mortgage, or by any previous prepayment of Rent for more than one (1) month’s rent, which was not unless such modification or prepayment shall have been approved in writing by the mortgagee, or bound by the indemnity set forth in Section 9.04, (v) liable beyond mortgagee’s interest in the Property, (vi) responsible for the performance holder of any work Encumbrance through or by reason of which the Successor Landlord shall have succeeded to be done by the rights of Landlord under this Lease to render the Premises ready for occupancy by the Tenant or the payment of the Finish Work Allowance, or (viid) required obligated to remove perform any person occupying the Premises repairs or any part thereof, except if such person claims other work beyond Landlord’s obligations under the mortgagee. Tenant agrees that any present or future mortgagee may at its option unilaterally elect to subordinate, in whole or in part and by instrument in form and substance satisfactory to such mortgagee alone, the lien of its mortgagee (or the priority of its ground lease) to some or all provisions of this Lease. Nothing in the preceding sentences of this Section 15.02 shall prohibit Tenant from exercising its right to terminate this Lease pursuant to Section 3.01(c) agrees, upon request by and clause (x) of Section 3.01(e) of this Lease on the conditions set forth therein. Notwithstanding the foregoing, in the event that mortgagee or, other than an entity controlling, controlled by or under common control with Landlord, a purchaser at a foreclosure sale (a “Successor”) succeeds to the interest of Landlord prior to the completion of Building (including Base Building and Finish Work), such Successor shall have thirty (30) days to send written notice to Tenant stating whether or not it intends to be bound to perform work remaining to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant and agrees to advance the Finish Work Allowance. For the purposes of the immediately preceding sentence, control shall have the meaning set forth in Section 13.01(b). In the event in such notice it states that it intends to be so bound, then such provisions of this Lease shall be binding on the Successor. In the event the Successor states that it does not intend to be so bound or fails to timely provide notice to Tenant within such thirty (30) day period, then (A) prior to the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by written notice without cost to the Successor (a “Succession Election Notice”) within sixty (60) days following notice of such acquisitionLandlord, to either (I) terminate this Lease, or (II) continue this Lease, deposit such Excess Costs in escrow with the Successor to be held promptly execute and disbursed against the costs to construct the Finish Work as they are incurred on behalf of Tenant in the manner provided under the Work Letter, and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor) reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; or (B) from and after the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by giving a Succession Election Notice deliver to the Successor within sixty (60Landlord such instrument(s) days following notice of as may be reasonably required by Successor Landlord to evidence such acquisition, to either (X) terminate this Lease, or (Y) continue this Lease and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; provided, however, that the Successor can render any Succession Election Notice pursuant to clause (A) or (B), above, null and void and of no force and effect if, within thirty (30) days after the giving of such notice by Tenant, the Successor agrees to be bound by the applicable provisions of this Lease. Tenant’s failure to give a Succession Election Notice in the time period(s) required above shall be deemed to be an election pursuant to the clause (II) or (Y) of the immediately preceding sentence, as applicableattornment.

Appears in 2 contracts

Samples: Office Lease (GrubHub Inc.), Office Lease (Cra International, Inc.)

Attornment. If Landlord’s interest (a) Tenant covenants and agrees that in the event of foreclosure of the Mortgage, whether by power of sale or by court action, or upon a transfer of the Property is acquired by mortgagee or conveyance in lieu of foreclosure (the purchaser at a foreclosure saleor the transferee in lieu of foreclosure, including Mortgagee if it is such purchaser or transferee, being herein called "NEW OWNER"), Tenant shall, at the election of such mortgagee or purchaser, shall attorn to the transferee of or successor to Landlord’s interest in New Owner as Tenant's new landlord, and agrees that the Property and recognize it as Landlord under this Lease. Tenant waives the protection of any statute or rule of law which gives Tenant any right to terminate this Lease or surrender possession of the Premises upon the transfer of Landlord’s interest. Upon such attornment, this Lease shall continue in full force and effect as a direct lease between the mortgagee Tenant and Tenant New Owner upon all of the terms, covenants, conditions and covenants as are agreements set forth in the Lease and this LeaseAgreement, except for provisions which are impossible for New Owner to perform; provided, however, that in no event shall the mortgagee shall not be New Owner be: (i) liable in any way to Tenant for any act or act, omission, neglect default, misrepresentation, or default on breach of warranty, of any previous landlord (including Landlord) or obligations accruing prior to New Owner's actual ownership of the part of Landlord under this Lease (nothing in this clause (i) being deemed to relieve any mortgagee succeeding to the interest of Landlord hereunder of its continuing obligations as landlord under this Lease from and after the date of such succession), Property; (ii) responsible for any monies owing by or on deposit with Landlord to the credit of Tenant (except to the extent any such deposit is actually received by such mortgagee), (iii) subject to any offset, defense, claim or counterclaim or setoff which theretofore accrued Tenant might be entitled to Tenant assert against any previous landlord (including Landlord, ); (iviii) bound by any amendment payment of rent, additional rent or modification of this Lease subsequent other payments, made by Tenant to such mortgage, or by any previous prepayment of Rent landlord (including Landlord) for more than one (1) month, which was not approved month in writing advance; (iv) bound by the mortgageeany amendment, or bound modification of the Lease hereafter made, or consent, or acquiescence by any previous landlord (including Landlord) under the indemnity set forth in Section 9.04Lease to any assignment or sublease hereafter granted, without the written consent of Mortgagee; or (v) liable beyond mortgagee’s interest in the Propertyfor any deposit that Tenant may have given to any previous landlord (including Landlord) which has not, as such, been transferred to New Owner. (vib) responsible for the performance of any work to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant or the payment of the Finish Work Allowance, or (vii) required to remove any person occupying the Premises or any part thereof, except if such person claims under the mortgagee. Tenant agrees that any present or future mortgagee may at its option unilaterally elect to subordinate, in whole or in part and by instrument in form and substance satisfactory to such mortgagee alone, the lien of its mortgagee (or the priority of its ground lease) to some or all The provisions of this Lease. Nothing in Agreement regarding attornment by Tenant shall be self-operative and effective without the preceding sentences necessity of this Section 15.02 shall prohibit Tenant from exercising its right to terminate this Lease pursuant to Section 3.01(c) and clause (x) execution of Section 3.01(e) of this Lease any new lease or other document on the conditions set forth thereinpart of any party hereto or the respective heirs, legal representatives, successors or assigns of any such party. Notwithstanding the foregoing, in the event that mortgagee or, other than an entity controlling, controlled by or under common control with Landlord, a purchaser at a foreclosure sale (a “Successor”) succeeds to the interest of Landlord prior to the completion of Building (including Base Building and Finish Work), such Successor shall have thirty (30) days to send written notice to Tenant stating whether or not it intends to be bound to perform work remaining to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant and agrees to advance the Finish Work Allowance. For the purposes of the immediately preceding sentence, control shall have the meaning set forth in Section 13.01(b). In the event in such notice it states that it intends to be so bound, then such provisions of this Lease shall be binding on the Successor. In the event the Successor states that it does not intend to be so bound or fails to timely provide notice to Tenant within such thirty (30) day period, then (A) prior to the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by written notice to the Successor (a “Succession Election Notice”) within sixty (60) days following notice of such acquisition, to either (I) terminate this Lease, or (II) continue this Lease, deposit such Excess Costs in escrow with the Successor to be held and disbursed against the costs to construct the Finish Work as they are incurred on behalf of Tenant in the manner provided under the Work Letter, and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor) reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; or (B) from and after the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by giving a Succession Election Notice to the Successor within sixty (60) days following notice of such acquisition, to either (X) terminate this Lease, or (Y) continue this Lease and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; providedagrees, however, that to execute and deliver upon the Successor can render request of New Owner, any Succession Election Notice pursuant to clause (A) instrument or (B), above, null and void and of no force and effect if, within thirty (30) days after the giving of such notice by Tenant, the Successor agrees to be bound by the applicable provisions of this Lease. Tenant’s failure to give a Succession Election Notice certificate which in the time period(s) required above shall reasonable judgment of New Owner may be deemed necessary or appropriate to be an election pursuant to the clause (II) or (Y) evidence such attornment, including a new lease of the immediately preceding sentence, Premises on the same terms and conditions as applicablethe Lease for the unexpired term of the Lease.

Appears in 2 contracts

Samples: Lease (Texas Roadhouse, Inc.), Lease (Texas Roadhouse, Inc.)

Attornment. If Landlordthe Lease or Sublandlord’s interest in right to possession thereunder terminates for any reason prior to expiration of the Property is acquired by mortgagee or purchaser at a foreclosure saleSublease, Tenant shallSubtenant agrees, at the written election of such mortgagee or purchaserLandlord, to attorn to Landlord upon the transferee then executory terms and conditions of or successor to Landlord’s interest in the Property and recognize it as Landlord under this LeaseSublease for the remainder of the term of the Sublease. Tenant waives In the protection event of any statute or rule of law which gives Tenant any right to terminate this Lease or surrender possession of the Premises upon the transfer of such election by Landlord’s interest. Upon such attornment, this Lease shall continue in full force and effect as a direct lease between the mortgagee and Tenant upon all of the terms, conditions and covenants as are set forth in this Lease, except that the mortgagee shall Landlord will not be (ia) liable for any rent paid by Subtenant to Sublandlord more than one month in advance, or any way security deposit paid by Subtenant to Tenant Sublandlord, unless same has been transferred to Landlord by Sublandlord; (b) liable for any act or omissionomission of Sublandlord under the Lease, neglect Sublease or any other agreement between Sublandlord and Subtenant or for any default on the part of Landlord Sublandlord under this Lease (nothing in this clause (i) being deemed to relieve any mortgagee succeeding such documents which occurred prior to the interest of Landlord hereunder of its continuing obligations as landlord under this Lease from and after the effective date of such succession), the attornment; (ii) responsible for any monies owing by or on deposit with Landlord to the credit of Tenant (except to the extent any such deposit is actually received by such mortgagee), (iiic) subject to any counterclaim defenses or setoff offsets that Subtenant may have against Sublandlord which theretofore accrued arose prior to Tenant against Landlord, the effective date of the attornment; (ivd) bound by any amendment changes or modification modifications made to the Sublease without the written consent of this Lease subsequent Landlord, (e) obligated in any manner with respect to such mortgagethe transfer, delivery, use or condition of any furniture, equipment or other personal property in the Sublet Premises which Sublandlord agreed would be transferred to Subtenant or which Sublandlord agreed could be used by the Subtenant during the term of the Sublease, or by any previous prepayment of Rent for more than one (1) month, which was not approved in writing by the mortgagee, or bound by the indemnity set forth in Section 9.04, (vf) liable beyond mortgagee’s interest in the Property, (vi) responsible for the performance of any work to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant or the payment of the Finish Work Allowanceany improvement allowance, or (vii) required any other payment, credit, offset or amount due from Sublandlord to remove any person occupying the Premises or any part thereof, except if such person claims Subtenant under the mortgageeSublease. Tenant agrees that any present or future mortgagee may at its option unilaterally If Landlord does not elect to subordinate, in whole or in part and by instrument in form and substance satisfactory have Subtenant attorn to such mortgagee aloneLandlord as described above, the lien Sublease and all rights of its mortgagee (or the priority of its ground lease) to some or all provisions of this Lease. Nothing Subtenant in the preceding sentences Sublet Premises shall terminate upon the date of termination of the Lease or Sublandlord’s right to possession thereunder. The terms of this Section 15.02 shall prohibit Tenant from exercising its right to terminate this Lease pursuant to Section 3.01(c) and clause (x) of Section 3.01(e) of this Lease on the conditions set forth therein. Notwithstanding the foregoing, 9 supercede any contrary provisions in the event that mortgagee or, other than an entity controlling, controlled by or under common control with Landlord, a purchaser at a foreclosure sale (a “Successor”) succeeds to the interest of Landlord prior to the completion of Building (including Base Building and Finish Work), such Successor shall have thirty (30) days to send written notice to Tenant stating whether or not it intends to be bound to perform work remaining to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant and agrees to advance the Finish Work Allowance. For the purposes of the immediately preceding sentence, control shall have the meaning set forth in Section 13.01(b). In the event in such notice it states that it intends to be so bound, then such provisions of this Lease shall be binding on the Successor. In the event the Successor states that it does not intend to be so bound or fails to timely provide notice to Tenant within such thirty (30) day period, then (A) prior to the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by written notice to the Successor (a “Succession Election Notice”) within sixty (60) days following notice of such acquisition, to either (I) terminate this Lease, or (II) continue this Lease, deposit such Excess Costs in escrow with the Successor to be held and disbursed against the costs to construct the Finish Work as they are incurred on behalf of Tenant in the manner provided under the Work Letter, and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor) reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; or (B) from and after the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by giving a Succession Election Notice to the Successor within sixty (60) days following notice of such acquisition, to either (X) terminate this Lease, or (Y) continue this Lease and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; provided, however, that the Successor can render any Succession Election Notice pursuant to clause (A) or (B), above, null and void and of no force and effect if, within thirty (30) days after the giving of such notice by Tenant, the Successor agrees to be bound by the applicable provisions of this Lease. Tenant’s failure to give a Succession Election Notice in the time period(s) required above shall be deemed to be an election pursuant to the clause (II) or (Y) of the immediately preceding sentence, as applicableSublease.

Appears in 2 contracts

Samples: Sublease Agreement (Concentric Medical Inc), Landlord Consent to Sublease (Primal Solutions Inc)

Attornment. If Landlorda Mortgagee or any other Person shall succeed to the rights of Landlord under this Lease, whether through possession or foreclosure action, or the delivery of a new lease or deed, then at the request of the successor landlord and upon such successor landlord’s written agreement to accept Tenant’s attornment and to recognize Tenant’s interest in the Property is acquired by mortgagee or purchaser at a foreclosure saleunder this Lease, Tenant shall, at the election of shall be deemed to have attorned to and recognized such mortgagee or purchaser, attorn to the transferee of or successor to Landlord’s interest in the Property and recognize it landlord as Landlord under this Lease. The provisions of this Article 32 are self-operative and require no further instruments to give effect hereto; provided, however, that Tenant waives shall promptly execute and deliver any instrument that such successor landlord may reasonably request (1) evidencing such attomment, (2) setting forth the protection terms and conditions of any statute Tenant’s tenancy, and (3) containing such other terms and conditions as may be required by such Mortgagee, provided such terms and conditions do not increase the Rent, materially increase Tenant’s non-monetary obligations or rule of law which gives Tenant any right to terminate materially and adversely affect Tenant’s rights under this Lease or surrender possession of the Premises upon the transfer of Landlord’s interestLease. Upon such attornment, this Lease shall continue in full force and effect as a direct lease between the mortgagee such successor landlord and Tenant upon all of the terms, conditions and covenants as are set forth in this Lease, Lease except that the mortgagee such successor landlord shall not be be: (i) liable in any way to Tenant for any act or omission, neglect or default on the part omission of Landlord under this Lease (nothing in this clause (i) being deemed to relieve any mortgagee succeeding to the interest of Landlord hereunder of its continuing obligations as landlord under this Lease from and after the date of such succession), (ii) responsible for any monies owing by or on deposit with Landlord to the credit of Tenant (except to the extent any such deposit act or omission is actually received by a default under this Lease and continues beyond the date when such mortgageesuccessor landlord succeeds to Landlord’s interest and Tenant gives notice of such act or omission to such successor landlord), ; (iiiii) subject to any counterclaim defense, claim, counterclaim, set-off or setoff offset which theretofore accrued to Tenant may have against Landlord, ; (iviii) bound by any amendment or modification of this Lease subsequent to such mortgage, or by any previous prepayment of Rent for more than one (1) month, ’s Rent to any prior landlord; (iv) bound by any obligation to make any payment to Tenant which was not approved in writing by required to be made prior to the mortgagee, or bound by the indemnity set forth in Section 9.04, time such successor landlord succeeded to Landlord’s interest; (v) liable beyond mortgagee’s interest in bound by any modification, amendment or renewal of this Lease made without the Property, consent of any Mortgagee of which Tenant has been provided notice; or (vi) responsible for the performance of obligated to return any work to be done security deposit not actually received by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant or the payment of the Finish Work Allowance, or (vii) required to remove any person occupying the Premises or any part thereof, except if such person claims under the mortgagee. Tenant agrees that any present or future mortgagee may at its option unilaterally elect to subordinate, in whole or in part and by instrument in form and substance satisfactory to such mortgagee alone, the lien of its mortgagee (or the priority of its ground lease) to some or all provisions of this Lease. Nothing in the preceding sentences of this Section 15.02 shall prohibit Tenant from exercising its right to terminate this Lease pursuant to Section 3.01(c) and clause (x) of Section 3.01(e) of this Lease on the conditions set forth therein. Notwithstanding the foregoing, in the event that mortgagee or, other than an entity controlling, controlled by or under common control with Landlord, a purchaser at a foreclosure sale (a “Successor”) succeeds to the interest of Landlord prior to the completion of Building (including Base Building and Finish Work), such Successor shall have thirty (30) days to send written notice to Tenant stating whether or not it intends to be bound to perform work remaining to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant and agrees to advance the Finish Work Allowance. For the purposes of the immediately preceding sentence, control shall have the meaning set forth in Section 13.01(b). In the event in such notice it states that it intends to be so bound, then such provisions of this Lease shall be binding on the Successor. In the event the Successor states that it does not intend to be so bound or fails to timely provide notice to Tenant within such thirty (30) day period, then (A) prior to the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by written notice to the Successor (a “Succession Election Notice”) within sixty (60) days following notice of such acquisition, to either (I) terminate this Lease, or (II) continue this Lease, deposit such Excess Costs in escrow with the Successor to be held and disbursed against the costs to construct the Finish Work as they are incurred on behalf of Tenant in the manner provided under the Work Letter, and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor) reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; or (B) from and after the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by giving a Succession Election Notice to the Successor within sixty (60) days following notice of such acquisition, to either (X) terminate this Lease, or (Y) continue this Lease and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; provided, however, that the Successor can render any Succession Election Notice pursuant to clause (A) or (B), above, null and void and of no force and effect if, within thirty (30) days after the giving of such notice by Tenant, the Successor agrees to be bound by the applicable provisions of this Lease. Tenant’s failure to give a Succession Election Notice in the time period(s) required above shall be deemed to be an election pursuant to the clause (II) or (Y) of the immediately preceding sentence, as applicablesuccessor landlord.

Appears in 2 contracts

Samples: Lease Agreement (Angion Biomedica Corp.), Lease Agreement (Angion Biomedica Corp.)

Attornment. If Landlord’s interest in In the Property is acquired event of the enforcement by mortgagee or purchaser at a foreclosure salethe holder of any Mortgage, Tenant shallwill, at the election of such mortgagee or purchaser, attorn to the transferee of or successor to Landlord’s interest in the Property and recognize it as Landlord under this Lease. Tenant waives the protection upon request of any statute person or rule of law which gives Tenant any right to terminate this Lease or surrender possession of the Premises upon the transfer of Landlord’s interest. Upon such attornment, this Lease shall continue in full force and effect as a direct lease between the mortgagee and Tenant upon all of the terms, conditions and covenants as are set forth in this Lease, except that the mortgagee shall not be (i) liable in any way to Tenant for any act or omission, neglect or default on the part of Landlord under this Lease (nothing in this clause (i) being deemed to relieve any mortgagee party succeeding to the interest of Landlord hereunder of its continuing obligations said holder, as landlord under this Lease from and after the date a result of such succession)enforcement, automatically become the Tenant of such successor in interest without change in the terms or provisions of this Lease; provided, however, that such successor in interest shall not be (a) bound by any prepayment by Tenant to Landlord of Base Rent or additional rent or advance rent for a period of more than one month in advance, and all such rent shall remain due and owing notwithstanding such advance payment, (iib) responsible for bound by any monies owing by or on security deposit with Landlord which Tenant may have paid to the credit of Tenant (except to the extent any prior Landlord, including Landlord, unless such deposit is actually received by available to the party who was the holder of such mortgagee)Mortgage at the time of such enforcement; (c) liable for any act or omission of any prior Landlord, (iii) including Landlord, or be subject to any counterclaim offsets, defenses or setoff which theretofore accrued to Tenant against Landlord, termination rights of Tenant; (ivd) bound by any amendment or modification of this Lease subsequent made without the written consent of such holder; or (e) personally liable for monetary damages arising from a breach under the Lease after such enforcement, the sole recourse of Tenant against such successor in interest on account of such breach being limited, to the extent of any judgment obtained for monetary damages, to such mortgage, or by any previous prepayment of Rent for more than one (1) month, which was not approved successor in writing by the mortgagee, or bound by the indemnity set forth in Section 9.04, (v) liable beyond mortgageeinterest’s interest in the Property. Upon request by such successor in interest, (vi) responsible Tenant shall execute and deliver an instrument or instruments confirming the attornment herein provided for the performance of any work in a form reasonably acceptable to be done by the Landlord under such successor in interest. Notwithstanding anything contained in this Lease to render the Premises ready for occupancy by the Tenant or the payment of the Finish Work Allowance, or (vii) required to remove any person occupying the Premises or any part thereof, except if such person claims under the mortgagee. Tenant agrees that any present or future mortgagee may at its option unilaterally elect to subordinatecontrary, in whole the event of any default by Landlord in performing its covenants or in part and by instrument in form and substance satisfactory to such mortgagee alone, obligations hereunder which would give Tenant the lien of its mortgagee (or the priority of its ground lease) to some or all provisions of this Lease. Nothing in the preceding sentences of this Section 15.02 shall prohibit Tenant from exercising its right to terminate this Lease pursuant to Section 3.01(c) and clause (x) of Section 3.01(e) of this Lease on the conditions set forth therein. Notwithstanding the foregoing, in the event that mortgagee or, other than an entity controlling, controlled by or under common control with Landlord, a purchaser at a foreclosure sale (a “Successor”) succeeds to the interest of Landlord prior to the completion of Building (including Base Building and Finish Work), such Successor shall have thirty (30) days to send written notice to Tenant stating whether or not it intends to be bound to perform work remaining to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant and agrees to advance the Finish Work Allowance. For the purposes of the immediately preceding sentence, control shall have the meaning set forth in Section 13.01(b). In the event in such notice it states that it intends to be so bound, then such provisions of this Lease shall be binding on the Successor. In the event the Successor states that it does not intend to be so bound or fails to timely provide notice to Tenant within such thirty (30) day period, then (A) prior to the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work LetterLease, Tenant shall have the right, by not exercise such right unless and until (i) Tenant gives written notice to the Successor (a “Succession Election Notice”) within sixty (60) days following notice of such acquisitiondefault, which notice shall specify the exact nature of said default and how the same may be cured, to either (Iany holder(s) terminate this Lease, or (II) continue this Lease, deposit of any such Excess Costs Mortgage who has theretofore notified Tenant in escrow with writing of its interest and the Successor address to which notices are to be held and disbursed against the costs to construct the Finish Work as they are incurred on behalf of Tenant in the manner provided under the Work Lettersent, and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (ii) said holder(s) fail to the extent the Finish Work Allowance is not disbursed by the Successor) reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; or undertake action to cure said default within forty-five (B) from and after the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by giving a Succession Election Notice to the Successor within sixty (6045) days following notice of such acquisition, to either (X) terminate this Lease, or (Y) continue this Lease and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; provided, however, that the Successor can render any Succession Election Notice pursuant to clause (A) or (B), above, null and void and of no force and effect if, within thirty (30) days after from the giving of such notice by Tenant, the Successor agrees to be bound by the applicable . The provisions of this Lease. Tenant’s failure to give a Succession Election Notice in Section 20 shall govern the time period(s) required above shall be deemed manner and effective date of any notice to be an election pursuant given by Tenant to the clause (II) or (Y) of the immediately preceding sentence, as applicableany such parties.

Appears in 2 contracts

Samples: Lease Agreement (Roberts Realty Investors Inc), Lease Agreement (Roberts Realty Investors Inc)

Attornment. If Landlord’s interest A. Tenant covenants and agrees that in the event of foreclosure of the Mortgage, whether by power of sale or by court action, or upon a transfer of the Property is acquired by mortgagee or conveyance in lieu of foreclosure (the purchaser at a foreclosure saleor the transferee in lieu of foreclosure, including Mortgagee if it is such purchaser or transferee, being herein called “New Owner”), Tenant shall, at the election of such mortgagee or purchaser, shall attorn to the transferee of or successor to LandlordNew Owner as Tenant’s interest in new landlord, and agrees that the Property and recognize it as Landlord under this Lease. Tenant waives the protection of any statute or rule of law which gives Tenant any right to terminate this Lease or surrender possession of the Premises upon the transfer of Landlord’s interest. Upon such attornment, this Lease shall continue in full force and effect as a direct lease between the mortgagee Tenant and Tenant New Owner upon all of the terms, covenants, conditions and covenants as are agreements set forth in the Lease and this LeaseAgreement, except for provisions which are impossible for New Owner to perform; provided, however, that in no event shall the mortgagee shall not be (i) New Owner be: 1. liable in any way to Tenant for any act or act, omission, neglect default, misrepresentation, or default on breach of warranty, of any previous landlord (including Landlord) or obligations accruing prior to New Owner’s actual ownership of the part of Landlord under this Lease (nothing in this clause (i) being deemed to relieve any mortgagee succeeding to the interest of Landlord hereunder of its continuing obligations as landlord under this Lease from and after the date of such succession), (ii) responsible for any monies owing by or on deposit with Landlord to the credit of Tenant (except to the extent any such deposit is actually received by such mortgagee), (iii) subject to any counterclaim or setoff which theretofore accrued to Tenant against Landlord, (iv) Property; 2. bound by any amendment payment of rent, additional rent or modification of this Lease subsequent other payments, made by Tenant to such mortgage, or by any previous prepayment of Rent landlord (including Landlord) for more than one (1) month, which was not approved month in writing advance; 3. bound by the mortgageeany amendment, or bound modification of the Lease hereafter made, or consent, or acquiescence by any previous landlord (including Landlord) under the indemnity set forth in Section 9.04, (v) liable beyond mortgagee’s interest in the Property, (vi) responsible for the performance of any work to be done by the Landlord under this Lease to render any assignment or sublease hereafter granted, without the Premises ready written consent of Mortgagee; or 4. liable for occupancy by the any deposit that Tenant or the payment of the Finish Work Allowancemay have given to any previous landlord (including Landlord) which has not, or (vii) required as such, been transferred to remove any person occupying the Premises or any part thereof, except if such person claims under the mortgagee. Tenant agrees that any present or future mortgagee may at its option unilaterally elect to subordinate, in whole or in part and by instrument in form and substance satisfactory to such mortgagee alone, the lien of its mortgagee (or the priority of its ground lease) to some or all New Owner. B. The provisions of this Lease. Nothing in Agreement regarding attornment by Tenant shall be self-operative and effective without the preceding sentences necessity of this Section 15.02 shall prohibit Tenant from exercising its right to terminate this Lease pursuant to Section 3.01(c) and clause (x) execution of Section 3.01(e) of this Lease any new lease or other document on the conditions set forth thereinpart of any party hereto or the respective heirs, legal representatives, successors or assigns of any such party. Notwithstanding the foregoing, in the event that mortgagee or, other than an entity controlling, controlled by or under common control with Landlord, a purchaser at a foreclosure sale (a “Successor”) succeeds to the interest of Landlord prior to the completion of Building (including Base Building and Finish Work), such Successor shall have thirty (30) days to send written notice to Tenant stating whether or not it intends to be bound to perform work remaining to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant and agrees to advance the Finish Work Allowance. For the purposes of the immediately preceding sentence, control shall have the meaning set forth in Section 13.01(b). In the event in such notice it states that it intends to be so bound, then such provisions of this Lease shall be binding on the Successor. In the event the Successor states that it does not intend to be so bound or fails to timely provide notice to Tenant within such thirty (30) day period, then (A) prior to the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by written notice to the Successor (a “Succession Election Notice”) within sixty (60) days following notice of such acquisition, to either (I) terminate this Lease, or (II) continue this Lease, deposit such Excess Costs in escrow with the Successor to be held and disbursed against the costs to construct the Finish Work as they are incurred on behalf of Tenant in the manner provided under the Work Letter, and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor) reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; or (B) from and after the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by giving a Succession Election Notice to the Successor within sixty (60) days following notice of such acquisition, to either (X) terminate this Lease, or (Y) continue this Lease and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; providedagrees, however, that to execute and deliver upon the Successor can render request of New Owner, any Succession Election Notice pursuant to clause (A) instrument or (B), above, null and void and of no force and effect if, within thirty (30) days after the giving of such notice by Tenant, the Successor agrees to be bound by the applicable provisions of this Lease. Tenant’s failure to give a Succession Election Notice certificate which in the time period(s) required above shall reasonable judgment of New Owner may be deemed necessary or appropriate to be an election pursuant to the clause (II) or (Y) evidence such attornment, including a new lease of the immediately preceding sentence, Premises on the same terms and conditions as applicablethe Lease for the unexpired term of the Lease.

Appears in 2 contracts

Samples: Sublease Agreement, Sublease Agreement (Nabriva Therapeutics AG)

Attornment. a) If Landlord’s interest in the Property Premises is acquired by mortgagee any ground lessor, beneficiary under a deed of trust, mortgagee, or purchaser at a foreclosure sale, sale or in acquiring Landlord’s interest in the Premises in lieu of foreclosure Tenant shall, at the election of such mortgagee or purchaser, shall attorn to the transferee of or successor to Landlord’s interest in the Property Premises and recognize it such transferee or successor as Landlord under this Lease, provided however, that such transferee or successor agrees in writing not to disturb Tenant’s tenancy hereunder and agrees to be bound by and assume the terms, conditions and obligations of Landlord under this Lease, except that such assumption shall not be deemed of itself an acknowledgment by such purchaser or successor of the validity of any then-existing claims of Tenant against any prior landlord (including Landlord). Tenant shall execute such further commercially reasonable documents and assurances as such lender or such purchaser or successor may require. Tenant’s failure to do so within twenty (20) business days after written request shall at the sole option of Landlord constitute a default hereunder. Tenant waives the protection of any statute or rule of law which gives or purports to give Tenant any right to terminate this Lease or surrender possession of the Premises upon the transfer of Landlord’s interest. Upon such attornment, . b) Notwithstanding the foregoing or anything in this Lease to the contrary, neither any such lender nor such other purchaser or successor shall continue in full force and effect as a direct lease between the mortgagee and Tenant upon all of the terms, conditions and covenants as are set forth in this Lease, except that the mortgagee shall not be any event be: (i) liable in any way to Tenant Liable for any act acts or omission, neglect omissions of any prior landlord (including Landlord); (ii) Obligated to cure any defaults of any prior landlord (including Landlord) which occurred prior to the time that such lender or default on the part of Landlord under this Lease (nothing in this clause (i) being deemed to relieve any mortgagee succeeding such other purchaser or successor succeeded to the interest of Landlord hereunder of its continuing obligations as such prior landlord under this Lease from and after the date of Lease, unless such succession), (ii) responsible for any monies owing by or on deposit with Landlord to the credit of Tenant (except to the extent any such deposit default is actually received by such mortgagee), ongoing; (iii) subject Subject to any counterclaim offsets or setoff defenses which theretofore accrued Tenant may be entitled to Tenant assert against any prior landlord (including Landlord, ); (iv) bound Bound by any payment of Rent by Tenant to any prior landlord (including Landlord) for more than one month in advance unless actually received; (v) Bound by any amendment or modification of this the Lease subsequent to made without the written consent of such mortgage, lender or by any previous prepayment of Rent for more than one (1) month, which was not approved in writing by the mortgagee, such other purchaser or bound by the indemnity set forth in Section 9.04, (v) liable beyond mortgagee’s interest in the Property, successor; or (vi) Liable or responsible for for, or with respect to, the performance retention, application and/or return to Tenant of any work security deposit paid to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant or the payment of the Finish Work Allowance, or (vii) required to remove any person occupying the Premises or any part thereof, except if such person claims under the mortgagee. Tenant agrees that any present or future mortgagee may at its option unilaterally elect to subordinate, in whole or in part and by instrument in form and substance satisfactory to such mortgagee alone, the lien of its mortgagee (or the priority of its ground lease) to some or all provisions of this Lease. Nothing in the preceding sentences of this Section 15.02 shall prohibit Tenant from exercising its right to terminate this Lease pursuant to Section 3.01(c) and clause (x) of Section 3.01(e) of this Lease on the conditions set forth therein. Notwithstanding the foregoing, in the event that mortgagee or, other than an entity controlling, controlled by or under common control with Landlord, a purchaser at a foreclosure sale (a “Successor”) succeeds to the interest of Landlord prior to the completion of Building landlord (including Base Building and Finish WorkLandlord), such Successor shall have thirty (30) days to send written notice to Tenant stating whether or not it intends to be bound to perform work remaining to be done still held by such prior landlord, unless and until such lender or such other purchaser or successor has actually received for its own account as landlord the Landlord under this Lease to render the Premises ready for occupancy by the Tenant and agrees to advance the Finish Work Allowance. For the purposes of the immediately preceding sentence, control shall have the meaning set forth in Section 13.01(b). In the event in such notice it states that it intends to be so bound, then such provisions of this Lease shall be binding on the Successor. In the event the Successor states that it does not intend to be so bound or fails to timely provide notice to Tenant within such thirty (30) day period, then (A) prior to the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by written notice to the Successor (a “Succession Election Notice”) within sixty (60) days following notice full amount of such acquisition, to either (I) terminate this Lease, or (II) continue this Lease, deposit such Excess Costs in escrow with the Successor to be held and disbursed against the costs to construct the Finish Work as they are incurred on behalf of Tenant in the manner provided under the Work Letter, and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor) reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; or (B) from and after the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by giving a Succession Election Notice to the Successor within sixty (60) days following notice of such acquisition, to either (X) terminate this Lease, or (Y) continue this Lease and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; provided, however, that the Successor can render any Succession Election Notice pursuant to clause (A) or (B), above, null and void and of no force and effect if, within thirty (30) days after the giving of such notice by Tenant, the Successor agrees to be bound by the applicable provisions of this Lease. Tenant’s failure to give a Succession Election Notice in the time period(s) required above shall be deemed to be an election pursuant to the clause (II) or (Y) of the immediately preceding sentence, as applicablesecurity deposit.

Appears in 2 contracts

Samples: Lease Agreement (Blue Apron Holdings, Inc.), Lease Agreement (Blue Apron Holdings, Inc.)

Attornment. If Landlord’s interest (a) Tenant covenants and agrees that in the event of foreclosure of the Mortgage, whether by power of sale or by court action, or upon a transfer of the Property is acquired by mortgagee or conveyance in lieu of foreclosure (the purchaser at a foreclosure saleor the transferee in lieu of foreclosure, including Mortgagee if it is such purchaser or transferee, being herein called “New Owner”), Tenant shall, at the election of such mortgagee or purchaser, shall attorn to the transferee of or successor to LandlordNew Owner as Tenant’s interest in new landlord, and agrees that the Property and recognize it as Landlord under this Lease. Tenant waives the protection of any statute or rule of law which gives Tenant any right to terminate this Lease or surrender possession of the Premises upon the transfer of Landlord’s interest. Upon such attornment, this Lease shall continue in full force and effect as a direct lease between the mortgagee Tenant and Tenant New Owner upon all of the terms, covenants, conditions and covenants as are agreements set forth in the Lease and this LeaseAgreement, except for provisions which are impossible for Mortgagee to perform; provided, however, that in no event shall the mortgagee shall not be New Owner be: (i) liable in any way to Tenant for any act or act, omission, neglect default, misrepresentation, or default on breach of warranty, of any previous landlord (including Landlord) or obligations accruing prior to New Owner’s actual ownership of the part of Landlord under this Lease (nothing in this clause (i) being deemed to relieve any mortgagee succeeding to the interest of Landlord hereunder of its continuing obligations as landlord under this Lease from and after the date of such succession), property; (ii) responsible for any monies owing by or on deposit with Landlord to the credit of Tenant (except to the extent any such deposit is actually received by such mortgagee), (iii) subject to any offset, defense, claim or counterclaim which Tenant might be entitled to assert against any previous landlord (including Landlord); (iii) bound by any payment of rent, additional rent or setoff which theretofore accrued other payments, made by Tenant to Tenant against any previous landlord (including Landlord, ) for more than (1) month in advance; (iv) bound by any amendment amendment, or modification of this the Lease subsequent to such mortgagehereafter made, or consent by any previous prepayment landlord (including Landlord) under the Lease to any assignment or sublease hereafter granted, without the written consent of Rent for more than one (1) month, which was not approved in writing by the mortgagee, or bound by the indemnity set forth in Section 9.04, Mortgagee; or (v) liable beyond mortgagee’s interest in the Propertyfor any deposit that Tenant may have given to any previous landlord (including Landlord) which has not, as such, been transferred to New Owner. (vib) responsible for the performance of any work to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant or the payment of the Finish Work Allowance, or (vii) required to remove any person occupying the Premises or any part thereof, except if such person claims under the mortgagee. Tenant agrees that any present or future mortgagee may at its option unilaterally elect to subordinate, in whole or in part and by instrument in form and substance satisfactory to such mortgagee alone, the lien of its mortgagee (or the priority of its ground lease) to some or all The provisions of this Lease. Nothing in Agreement regarding attornment by Tenant shall be self-operative and effective without the preceding sentences necessity of this Section 15.02 shall prohibit Tenant from exercising its right to terminate this Lease pursuant to Section 3.01(c) and clause (x) execution of Section 3.01(e) of this Lease any new lease or other document on the conditions set forth therein. Notwithstanding part of any party hereto or the foregoingrespective heirs, in the event that mortgagee orlegal representatives, other than an entity controlling, controlled by successors or under common control with Landlord, a purchaser at a foreclosure sale (a “Successor”) succeeds to the interest assigns of Landlord prior to the completion of Building (including Base Building and Finish Work), any such Successor shall have thirty (30) days to send written notice to Tenant stating whether or not it intends to be bound to perform work remaining to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant and agrees to advance the Finish Work Allowance. For the purposes of the immediately preceding sentence, control shall have the meaning set forth in Section 13.01(b). In the event in such notice it states that it intends to be so bound, then such provisions of this Lease shall be binding on the Successor. In the event the Successor states that it does not intend to be so bound or fails to timely provide notice to Tenant within such thirty (30) day period, then (A) prior to the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by written notice to the Successor (a “Succession Election Notice”) within sixty (60) days following notice of such acquisition, to either (I) terminate this Lease, or (II) continue this Lease, deposit such Excess Costs in escrow with the Successor to be held and disbursed against the costs to construct the Finish Work as they are incurred on behalf of Tenant in the manner provided under the Work Letter, and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor) reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; or (B) from and after the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by giving a Succession Election Notice to the Successor within sixty (60) days following notice of such acquisition, to either (X) terminate this Lease, or (Y) continue this Lease and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; provided, however, that the Successor can render any Succession Election Notice pursuant to clause (A) or (B), above, null and void and of no force and effect if, within thirty (30) days after the giving of such notice by Tenant, the Successor agrees to be bound by the applicable provisions of this Lease. Tenant’s failure to give a Succession Election Notice in the time period(s) required above shall be deemed to be an election pursuant to the clause (II) or (Y) of the immediately preceding sentence, as applicableparty.

Appears in 2 contracts

Samples: Office Lease Agreement (Mammoth Energy Services, Inc.), Office Lease Agreement (Diamondback Energy, Inc.)

Attornment. If Landlord’s interest in After any transfer of the Property is acquired by mortgagee or purchaser at pursuant to a foreclosure saleForeclosure Event, the terms of the Lease will be recognized as a new and direct lease from Successor Landlord (as defined below) to Tenant, and Tenant shallhereby attorns to Successor Landlord as its landlord, at such attornment to be effective and self-operative without the election of such mortgagee or purchaser, attorn to the transferee of or successor to Landlord’s interest in the Property and recognize it as Landlord under this Lease. Tenant waives the protection execution of any statute or rule further instrument immediately upon such Foreclosure Event. Notwithstanding any other provision of law which gives Tenant any right to terminate this Lease or surrender possession of the Premises upon the transfer of Landlord’s interest. Upon such attornmentAgreement, this Lease shall continue in full force and effect as a direct lease between the mortgagee and Tenant upon all of the terms, conditions and covenants as are set forth in this Lease, except that the mortgagee shall Successor Landlord will not be (i) liable in any way to Tenant for any act or omission, neglect or default on the part of Landlord under this Lease (nothing in this clause (i) being deemed to relieve any mortgagee succeeding to the interest of Landlord hereunder of its continuing obligations as landlord under this Lease from and after the date of such succession), (ii) responsible for any monies owing by or on deposit with Landlord to the credit of Tenant (except to the extent any such deposit is actually received by such mortgagee), (iii) subject to any counterclaim or setoff which theretofore accrued to Tenant against Landlord, (iv) bound by any amendment of the following: (a) any act, omission, breach of the Lease, representation or modification warranty of Borrower or any other prior landlord (other than defaults of a continuing nature which Lender has notice of prior to commencing a Foreclosure Event and an opportunity to cure in accordance with this Agreement); (b) any offset or credit Tenant may have against Borrower or any other prior landlord (other than offsets or credits provided for in the Lease subsequent or arising from defaults of a continuing nature which Lender has notice of prior to such mortgage, or by commencing a Foreclosure Event and an opportunity to cure in accordance with this Agreement); (c) any previous prepayment of Rent obligation with respect to any prepaid rent for more greater than one (1) month, which was not unless such payment is required under the Lease; (d) any obligation to return or give credit for any security deposit under the Lease, unless such security deposit has actually been delivered to Successor Landlord; (e) unless previously approved in writing by the mortgagee, or bound by the indemnity set forth in Section 9.04Lender, (va) liable beyond mortgagee’s interest in any modification or waiver of any provision of the PropertyLease relating to (i) rent or other sums due Borrower or Tenant, (viii) responsible for the performance of any work to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant or the payment of the Finish Work Allowance, or (vii) required to remove any person occupying the Premises term or any part thereof, except if such person claims under options to renew the mortgagee. Tenant agrees that any present or future mortgagee may at its option unilaterally elect to subordinate, in whole or in part and by instrument in form and substance satisfactory to such mortgagee alone, the lien of its mortgagee (or the priority of its ground lease) to some or all provisions of this Lease. Nothing in the preceding sentences of this Section 15.02 shall prohibit Tenant from exercising its right to terminate this Lease pursuant to Section 3.01(c) and clause (x) of Section 3.01(e) of this Lease on the conditions set forth therein. Notwithstanding the foregoing, in the event that mortgagee or, other than an entity controlling, controlled by or under common control with Landlord, a purchaser at a foreclosure sale (a “Successor”) succeeds to the interest of Landlord prior to the completion of Building (including Base Building and Finish Work), such Successor shall have thirty (30) days to send written notice to Tenant stating whether or not it intends to be bound to perform work remaining to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant and agrees to advance the Finish Work Allowance. For the purposes of the immediately preceding sentence, control shall have the meaning set forth in Section 13.01(b). In the event in such notice it states that it intends to be so bound, then such provisions of this Lease shall be binding on the Successor. In the event the Successor states that it does not intend to be so bound or fails to timely provide notice to Tenant within such thirty (30) day period, then (A) prior to the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by written notice to the Successor (a “Succession Election Notice”) within sixty (60) days following notice of such acquisition, to either (I) terminate this Lease, or (IIiii) continue this LeaseLease termination, deposit such Excess Costs in escrow with sublease or assignment; (b) any other modification of the Successor to be held Lease that materially and disbursed against adversely affects the costs to construct economics of the Finish Work as they are incurred on behalf of Tenant in the manner provided under the Work Letter, and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor) reduce the Rent by the amount detriment of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annumlandlord; or (Bc) from and after any termination, sublease or assignment of the date that Tenant has made Tenant’s first payment towards the Excess Costs Lease unless permitted under the FW Contract Lease; (f) any payment of rent by Tenant to Borrower in violation of Section 5 below; or (g) any purchase option or right of first refusal with respect to the Property granted under the Work Letter, Tenant shall have the right, by giving a Succession Election Notice to the Successor within sixty (60) days following notice of such acquisition, to either (X) terminate this Lease, Lease or (Y) continue this Lease and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; provided, however, that the Successor can render any Succession Election Notice pursuant to clause (A) or (B), above, null and void and of no force and effect if, within thirty (30) days after the giving of such notice held by Tenant, the Successor agrees to be bound by the applicable provisions of this Lease. Tenant’s failure to give a Succession Election Notice in the time period(s) required above shall be deemed to be an election pursuant to the clause (II) or (Y) of the immediately preceding sentence, as applicable.

Appears in 2 contracts

Samples: Lease Agreement (Cardiodx Inc), Lease Agreement (Cardiodx Inc)

Attornment. If Landlord’s interest In the event of a cancellation or termination of the Lease prior to the expiration date thereof and prior to the expiration date of this Sublease, or in the Property is acquired event of the surrender, whether voluntary, involuntary or by mortgagee operation of law, or purchaser at a foreclosure saleof the Lease, Tenant Subtenant shall, at the election option of such mortgagee or purchaserLandlord, attorn make full and complete attornment to Landlord of the Subleased Premises for the remainder of the Sublease Term, to the transferee of or successor extent the same apply to Landlord’s interest in the Property and recognize it as Landlord under this Lease. Tenant waives the protection of any statute or rule of law which gives Tenant any right to terminate this Lease or surrender possession of the Premises Subleased Premises, upon the transfer same covenants and conditions that are contained in this Sublease in order to establish direct privity of Landlord’s interest. Upon such attornment, this Lease shall continue in full estate and contract between Landlord and Subtenant and with the same force and effect as a direct lease though this Sublease was originally made directly between Landlord and Subtenant; provided, however, that in such event, notwithstanding the mortgagee and Tenant upon all terms of the terms, conditions and covenants as are set forth in this Lease, except that the mortgagee shall not be (i) liable in any way to Tenant for any act or omission, neglect or default on the part of Landlord under this Lease (nothing in this clause (i) being deemed to relieve any mortgagee succeeding Sublease to the interest contrary, Subtenant will be responsible for paying to Landlord Monthly Base Rent and Subtenant’s share of Landlord hereunder of its continuing obligations as landlord under this Lease Operating Expenses for the Security Deposit Refund Months occurring from and after the date of such succession)attornment. Subtenant and Sublandlord acknowledge and agree that upon written notification from Landlord, (ii) responsible for any monies Subtenant shall pay all base rent and additional rent then due and owing by or on deposit with Landlord directly to the credit of Tenant (except to Landlord. To the extent any such deposit is actually received by such mortgagee), (iii) subject to any counterclaim or setoff which theretofore accrued to Tenant against Landlord, (iv) bound by any amendment or modification of this Lease subsequent to such mortgage, or by any previous prepayment of Rent for more than one (1) month, which was not approved in writing by the mortgagee, or bound by the indemnity set forth in Section 9.04, (v) liable beyond mortgagee’s interest in the Property, (vi) responsible for the performance of any work to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant or the payment of the Finish Work Allowance, or (vii) required to remove any person occupying the Premises or any part thereof, except if such person claims under the mortgagee. Tenant agrees that any present or future mortgagee may at its option unilaterally elect to subordinate, in whole or in part and by instrument in form and substance satisfactory to such mortgagee alone, the lien of its mortgagee (or the priority of its ground lease) to some or all provisions of this Lease. Nothing in the preceding sentences of this Section 15.02 shall prohibit Tenant from exercising its right to terminate this Lease pursuant to Section 3.01(c) and clause (x) of Section 3.01(e) of this Lease on the conditions set forth therein. Notwithstanding the foregoing, in the event that mortgagee or, other than an entity controlling, controlled by or under common control with Landlord, a purchaser at a foreclosure sale (a “Successor”) succeeds to the interest of Landlord prior to the completion of Building (including Base Building and Finish Work), such Successor shall have thirty (30) days to send written notice to Tenant stating whether or not it intends to be bound to perform work remaining to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant and agrees to advance the Finish Work Allowance. For the purposes of the immediately preceding sentence, control shall have the meaning set forth in Section 13.01(b). In the event in such notice it states that it intends to be so bound, then such provisions of this Lease shall be binding on the Successor. In the event the Successor states that it does not intend to be so bound or fails to timely provide notice to Tenant within such thirty (30) day period, then (A) prior to the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by written notice to the Successor (a “Succession Election Notice”) within sixty (60) days following notice of such acquisition, to either (I) terminate this Lease, or (II) continue this Lease, deposit such Excess Costs in escrow with the Successor to be held and disbursed against the costs to construct the Finish Work as they are incurred on behalf of Tenant in the manner provided under the Work Letter, and complete the Finish Work itself at its expense and otherwise in accordance with conflict between the terms of this Lease Sublease and (the terms of the Lease, Landlord shall be bound only to the extent set forth in the Finish Work Allowance is not disbursed by the Successor) reduce the Rent by the amount express terms of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; or (B) from and after the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by giving a Succession Election Notice to the Successor within sixty (60) days following notice of such acquisition, to either (X) terminate this Lease, or (Y) continue this Lease and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; provided, however, that the Successor can render any Succession Election Notice pursuant to clause (A) or (B), above, null and void and of no force and effect if, within thirty (30) days after the giving of such notice by Tenant, the Successor agrees to be bound by the applicable provisions of this Lease. Tenant’s failure Landlord shall not be liable for any defaults on the part of Sublandlord or any offsets, claims, defenses, abatements or other concession to give a Succession Election Notice in which Subtenant may be entitled against the time period(s) required above shall be deemed to be an election pursuant to the clause (II) or (Y) of the immediately preceding sentence, as applicableSublandlord under this Sublease.

Appears in 2 contracts

Samples: Sublease Agreement (FibroBiologics Inc.), Sublease Agreement (FibroBiologics Inc.)

Attornment. If Landlord’s interest in the Property is acquired by mortgagee Lessor of a Superior Lease or purchaser at the Holder of a foreclosure sale, Tenant shall, at the election of such mortgagee or purchaser, attorn Superior Mortgage shall succeed to the transferee rights of or successor to Landlord’s interest in the Property and recognize it as Landlord under this Lease. , whether through possession or foreclosure action or delivery of a new lease or deed, then at the request of such party so succeeding to Landlord’s rights or other person having or acquiring title by virtue of such foreclosure or termination (herein sometimes referred to as “Successor Landlord”) and upon such Successor Landlord’s written agreement to accept Tenant’s attornment, Tenant waives the protection of any statute or rule of law which gives Tenant any right shall attorn to terminate and recognize such Successor Landlord as Tenant’s landlord under this Lease or surrender possession and shall promptly execute and deliver any instrument that such Successor Landlord may reasonably request to evidence such attornment, so long as such instrument provides for nondisturbance of Tenant’s use and occupancy of the Premises upon in the transfer absence of Landlord’s interestmaterial default. Upon such attornment, attornment this Lease shall continue in full force and effect as a direct lease between the mortgagee Successor Landlord and Tenant upon all of the terms, conditions conditions, and covenants as are set forth in this Lease, except that as follows: (a) the mortgagee Successor Landlord shall not be (i) liable in any way to Tenant for any previous act or omission, neglect or default on the part omission of Landlord under this Lease Lease; (nothing in this clause (ib) being deemed to relieve any mortgagee succeeding to the interest of Successor Landlord hereunder of its continuing obligations as landlord under this Lease from and after the date of such succession), (ii) responsible for any monies owing by or on deposit with Landlord to the credit of Tenant (except to the extent any such deposit is actually received by such mortgagee), (iii) shall not be subject to any counterclaim or setoff offset (unless expressly provided for in this Lease) which shall have theretofore accrued to Tenant against Landlord, ; (ivc) the Successor Landlord shall not be bound by any amendment or previous modification of this Lease subsequent to such mortgageLease, unless expressly provided for in this Lease, or by any previous prepayment of Rent for more than one (1) month’s Base Rent, which was not unless such modification or prepayment shall have been expressly approved in writing by the mortgagee, Lessor of the Superior Lease or bound the Holder of the Superior Mortgage through or by reason of which the indemnity set forth in Section 9.04, (v) liable beyond mortgagee’s interest in Successor Landlord shall have succeeded to the Property, (vi) responsible for the performance rights of any work to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant or the payment of the Finish Work Allowance, or (vii) required to remove any person occupying the Premises or any part thereof, except if such person claims under the mortgagee. Tenant agrees that any present or future mortgagee may at its option unilaterally elect to subordinate, in whole or in part and by instrument in form and substance satisfactory to such mortgagee alone, the lien of its mortgagee (or the priority of its ground lease) to some or all provisions of this Lease. Nothing in the preceding sentences of this Section 15.02 shall prohibit Tenant from exercising its right to terminate this Lease pursuant to Section 3.01(c) and clause (x) of Section 3.01(e) of this Lease on the conditions set forth therein. Notwithstanding the foregoing, in the event that mortgagee or, other than an entity controlling, controlled by or under common control with Landlord, a purchaser at a foreclosure sale (a “Successor”) succeeds to the interest of Landlord prior to the completion of Building (including Base Building and Finish Work), such Successor shall have thirty (30) days to send written notice to Tenant stating whether or not it intends to be bound to perform work remaining to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant and agrees to advance the Finish Work Allowance. For the purposes of the immediately preceding sentence, control shall have the meaning set forth in Section 13.01(b). In the event in such notice it states that it intends to be so bound, then such provisions of this Lease shall be binding on the Successor. In the event the Successor states that it does not intend to be so bound or fails to timely provide notice to Tenant within such thirty (30) day period, then (A) prior to the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by written notice to the Successor (a “Succession Election Notice”) within sixty (60) days following notice of such acquisition, to either (I) terminate this Lease, or (II) continue this Lease, deposit such Excess Costs in escrow with the Successor to be held and disbursed against the costs to construct the Finish Work as they are incurred on behalf of Tenant in the manner provided under the Work Letter, and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor) reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; or (B) from and after the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by giving a Succession Election Notice to the Successor within sixty (60) days following notice of such acquisition, to either (X) terminate this Lease, or (Y) continue this Lease and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; provided, however, that the Successor can render any Succession Election Notice pursuant to clause (A) or (B), above, null and void and of no force and effect if, within thirty (30) days after the giving of such notice by Tenant, the Successor agrees to be bound by the applicable provisions of this Lease. Tenant’s failure to give a Succession Election Notice in the time period(s) required above shall be deemed to be an election pursuant to the clause (II) or (Y) of the immediately preceding sentence, as applicable.

Appears in 2 contracts

Samples: Commercial Sublease Agreement (Sunesis Pharmaceuticals Inc), Commercial Sublease Agreement (Sunesis Pharmaceuticals Inc)

Attornment. If Landlord’s interest Each New Real Property Lease entered into from and after the Closing Date shall, unless otherwise consented to by the Administrative Agent in its commercially reasonable discretion (which consent shall not be unreasonably withheld, delayed or conditioned), provide that in the event of the enforcement by the Administrative Agent of any remedy under this Agreement or the Mortgages, the Tenant under such Real Property is acquired by mortgagee or purchaser at a foreclosure sale, Tenant Lease shall, at the election option of such mortgagee the Administrative Agent or purchaser, attorn to the transferee of or successor to Landlord’s interest in the Property and recognize it as Landlord under this Lease. Tenant waives the protection of any statute or rule of law which gives Tenant any right to terminate this Lease or surrender possession of the Premises upon the transfer of Landlord’s interest. Upon such attornment, this Lease shall continue in full force and effect as a direct lease between the mortgagee and Tenant upon all of the terms, conditions and covenants as are set forth in this Lease, except that the mortgagee shall not be (i) liable in any way to Tenant for any act or omission, neglect or default on the part of Landlord under this Lease (nothing in this clause (i) being deemed to relieve any mortgagee other Person succeeding to the interest of Landlord hereunder the Administrative Agent as a result of its continuing obligations such enforcement, attorn to the Administrative Agent or to such Person and shall recognize the Administrative Agent or such successor in the interest as landlord lessor under this such Real Property Lease from and after without change in the provisions thereof; provided, however, the Administrative Agent or such successor in interest shall not be liable for or bound by (i) any payment of an installment of rent or additional rent made more than thirty (30) days before the due date of such succession)installment, (ii) responsible for any monies owing act or omission of or default by the Borrower or on deposit with Landlord any Restricted Subsidiary under any such Real Property Lease (but the Administrative Agent, or such successor, shall be subject to the credit continuing obligations of Tenant (except the landlord to the extent any arising from and after such deposit is actually received by succession to the extent of the Administrative Agent’s, or such mortgageesuccessor’s, interest in the applicable Mortgaged Property), (iii) subject to any counterclaim credits, claims, setoffs or setoff defenses which theretofore accrued to any Tenant may have against Landlordthe Borrower or any Restricted Subsidiary, (iv) bound by any amendment obligation on the part of the Borrower or modification of this Lease subsequent any Restricted Subsidiary, pursuant to such mortgageReal Property Lease, to perform any tenant improvement work, or by any previous prepayment of Rent for more than one (1) month, which was not approved in writing by the mortgagee, or bound by the indemnity set forth in Section 9.04, (v) liable beyond mortgagee’s interest in any obligation on the Property, (vi) responsible for the performance of any work to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant or the payment part of the Finish Work Allowance, or (vii) required to remove any person occupying the Premises Borrower or any part thereofRestricted Subsidiary, except if such person claims under the mortgagee. Tenant agrees that any present or future mortgagee may at its option unilaterally elect to subordinate, in whole or in part and by instrument in form and substance satisfactory pursuant to such mortgagee alone, the lien of its mortgagee (or the priority of its ground lease) to some or all provisions of this Real Property Lease. Nothing in the preceding sentences of this Section 15.02 shall prohibit Tenant from exercising its right to terminate this Lease pursuant to Section 3.01(c) and clause (x) of Section 3.01(e) of this Lease on the conditions set forth therein. Notwithstanding the foregoing, in the event that mortgagee or, other than an entity controlling, controlled by or under common control with Landlord, a purchaser at a foreclosure sale (a “Successor”) succeeds to the interest of Landlord prior to the completion of Building (including Base Building and Finish Work), such Successor shall have thirty (30) days to send written notice to Tenant stating whether or not it intends to be bound to perform work remaining to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant and agrees to advance the Finish Work Allowance. For the purposes of the immediately preceding sentence, control shall have the meaning set forth in Section 13.01(b). In the event in such notice it states that it intends to be so bound, then such provisions of this Lease shall be binding on the Successor. In the event the Successor states that it does not intend to be so bound or fails to timely provide notice to Tenant within such thirty (30) day period, then (A) prior to the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by written notice to the Successor (a “Succession Election Notice”) within sixty (60) days following notice of such acquisition, to either (I) terminate this Lease, or (II) continue this Lease, deposit such Excess Costs in escrow with the Successor pay any sum of money to be held and disbursed against the costs to construct the Finish Work as they are incurred on behalf of any Tenant in the manner provided under the Work Letter, and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (but only to the extent that the Finish Work Allowance Administrative Agent or such successor in interest is not disbursed in receipt of any such funds provided for the purpose of covering (i) through (v) above. In addition, each such New Real Property Lease shall, unless otherwise consented to by the Successor) reduce Administrative Agent in its commercially reasonable discretion (which consent shall not be unreasonably withheld, delayed or conditioned), provide that, upon the Rent reasonable request by the amount of Administrative Agent or such successor in interest, the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; or (B) from and after the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by giving a Succession Election Notice to the Successor within sixty (60) days following notice of execute and deliver an instrument or instruments confirming such acquisition, to either (X) terminate this Lease, or (Y) continue this Lease and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; provided, however, that the Successor can render any Succession Election Notice pursuant to clause (A) or (B), above, null and void and of no force and effect if, within thirty (30) days after the giving of such notice by Tenant, the Successor agrees to be bound by the applicable provisions of this Lease. Tenant’s failure to give a Succession Election Notice in the time period(s) required above shall be deemed to be an election pursuant to the clause (II) or (Y) of the immediately preceding sentence, as applicableattornment.

Appears in 2 contracts

Samples: Credit Agreement (Station Casinos LLC), Credit Agreement (Station Casinos LLC)

Attornment. (a) If Landlord’s 's interest in the Property Demised Premises is encumbered by a Fee Mortgage and such Fee Mortgage is foreclosed, or Landlord's interest in the Demised Premises is acquired by mortgagee deed in lieu of foreclosure or purchaser at a foreclosure sale, Tenant shall, at the election of such mortgagee or purchaser, attorn to the transferee of or successor to if Landlord’s 's interest in the Property and recognize it as Landlord Demised Premises is sold pursuant to such foreclosure or by reason of a default under this Lease. Tenant waives said Fee Mortgage, then notwithstanding such foreclosure, such acquisition by deed in lieu of foreclosure, such sale, or such default, but subject to the protection provisions of any statute or rule of law which gives Subordination and Non-Disturbance Agreement with such Fee Mortgagee (i) Tenant any right to terminate shall not disaffirm this Lease or surrender possession any of the Premises upon the transfer of Landlord’s interest. Upon such attornmentits obligations hereunder, and (ii) this Lease shall continue in full force and effect as a direct lease between such applicable Fee Mortgagee, transferee by deed in lieu of foreclosure or purchaser at such foreclosure, as the mortgagee landlord under this Lease, and Tenant, as the tenant under this Lease. (b) If Landlord's interest in the Demised Premises is a leasehold interest, at any time, and if Landlord's leasehold interest is terminated for any reason, then, notwithstanding such termination, the dispossession of Landlord from the Improvements, or any default by Landlord, as tenant, under any ground lease or xxxxxxxxx, but subject to the provisions of any Subordination and Non-Disturbance Agreement with such ground lessor, (i) Tenant upon shall not disaffirm this Lease or any of its obligations hereunder, and (ii) this Lease shall continue as a direct lease between such ground lessor or overlandlord, as the landlord under this Lease, and Tenant, as the tenant under this Lease, but at the request of such ground lessor or overlandlord, Tenant shall attorn to the applicable ground lessor and execute a new lease for the Demised Premises setting forth all of the terms, conditions and covenants as are set forth in provisions of this Lease, lease except that the mortgagee shall not be (i) liable in any way to Tenant for any act or omission, neglect or default on the part of Landlord under this Lease (nothing in this clause (i) being deemed to relieve any mortgagee succeeding to the interest of Landlord hereunder of its continuing obligations as landlord under this Lease from and after the date term of such succession), (ii) responsible for any monies owing by or on deposit with Landlord to the credit of Tenant (except to the extent any such deposit is actually received by such mortgagee), (iii) subject to any counterclaim or setoff which theretofore accrued to Tenant against Landlord, (iv) bound by any amendment or modification of this Lease subsequent to such mortgage, or by any previous prepayment of Rent for more than one (1) month, which was not approved in writing by the mortgagee, or bound by the indemnity set forth in Section 9.04, (v) liable beyond mortgagee’s interest in the Property, (vi) responsible new lease shall be for the performance of any work to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant or the payment balance of the Finish Work Allowance, or (vii) required to remove any person occupying the Premises or any part thereof, except if such person claims under the mortgagee. Tenant agrees that any present or future mortgagee may at its option unilaterally elect to subordinate, in whole or in part and by instrument in form and substance satisfactory to such mortgagee alone, the lien of its mortgagee (or the priority of its ground lease) to some or all provisions term of this Lease. Nothing in the preceding sentences of this Section 15.02 shall prohibit Tenant from exercising its right to terminate this Lease pursuant to Section 3.01(c) and clause (x) of Section 3.01(e) of this Lease on the conditions set forth therein. Notwithstanding the foregoing, in the event that mortgagee or, other than an entity controlling, controlled by or under common control with Landlord, a purchaser at a foreclosure sale (a “Successor”) succeeds to the interest of Landlord prior to the completion of Building (including Base Building and Finish Work), such Successor shall have thirty (30) days to send written notice to Tenant stating whether or not it intends to be bound to perform work remaining to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant and agrees to advance the Finish Work Allowance. For the purposes of the immediately preceding sentence, control shall have the meaning set forth in Section 13.01(b). In the event in such notice it states that it intends to be so bound, then such provisions of this Lease shall be binding on the Successor. In the event the Successor states that it does not intend to be so bound or fails to timely provide notice to Tenant within such thirty (30) day period, then (A) prior to the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by written notice to the Successor (a “Succession Election Notice”) within sixty (60) days following notice of such acquisition, to either (I) terminate this Lease, or (II) continue this Lease, deposit such Excess Costs in escrow with the Successor to be held and disbursed against the costs to construct the Finish Work as they are incurred on behalf of Tenant in the manner provided under the Work Letter, and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor) reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; or (B) from and after the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by giving a Succession Election Notice to the Successor within sixty (60) days following notice of such acquisition, to either (X) terminate this Lease, or (Y) continue this Lease and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; provided, however, that the Successor can render any Succession Election Notice pursuant to clause (A) or (B), above, null and void and of no force and effect if, within thirty (30) days after the giving of such notice by Tenant, the Successor agrees to be bound by the applicable provisions of this Lease. Tenant’s failure to give a Succession Election Notice in the time period(s) required above shall be deemed to be an election pursuant to the clause (II) or (Y) of the immediately preceding sentence, as applicable.

Appears in 2 contracts

Samples: Lease Agreement (Credit Suisse First Boston Usa Inc), Lease (Credit Suisse First Boston Usa Inc)

Attornment. If Landlord’s interest in Tenant agrees to attorn to and recognize as its landlord under the Lease each party acquiring legal title to the Property is acquired by mortgagee foreclosure (whether judicial or purchaser at a foreclosure sale, Tenant shall, at the election of such mortgagee or purchaser, attorn to the transferee of or successor to Landlord’s interest in the Property and recognize it as Landlord under this Lease. Tenant waives the protection of any statute or rule of law which gives Tenant any right to terminate this Lease or surrender possession nonjudicial) of the Premises upon the transfer Security Instrument, deed-in-lieu of Landlord’s interest. Upon such attornmentforeclosure, this Lease shall continue or other sale in full force and effect as a direct lease between the mortgagee and Tenant upon all connection with enforcement of the terms, Security Instrument or otherwise in satisfaction of the underlying loan ("Successor Owner"). Provided that the conditions and covenants as are set forth in this LeaseSection 2 above are met at the time Successor Owner becomes owner of the Property, except that Successor Owner shall perform all obligations of the mortgagee shall not be (i) liable in any way to Tenant for any act or omission, neglect or default on the part of Landlord under this Lease (nothing in this clause (i) being deemed to relieve any mortgagee succeeding to the interest of Landlord hereunder of its continuing obligations as landlord under this the Lease arising from and after the date of such succession)title to the Property was transferred to Successor Owner. In no event, however, will any Successor Owner be: (iia) responsible liable for any monies owing default, act or omission of any prior landlord under the Lease (except that Successor Owner shall not be relieved from the obligation to cure any defaults which are non-monetary and continuing in nature, and such that Successor Owner's failure to cure would constitute a continuing default under the Lease; for the avoidance of doubt, defaults which are non-monetary include repair and maintenance defaults even though curing such defaults may require the expenditure of money); (b) subject to any offset or defense which Tenant may have against any prior landlord under the Lease; (c) bound by any payment of rent or on deposit with additional rent made by Tenant to Landlord more than 30 days in advance; (d) bound by any modification or supplement to the credit Lease, or waiver of Lease terms, which revise Tenant's or Landlord's monetary obligations under the Lease, modifies the term of the Lease, the parties' termination rights or the description of the Leased Space, made without Lender's written consent thereto; (e) liable for the return of any security deposit or other prepaid charge paid by Tenant (under the Lease, except to the extent any such deposit is amounts were actually received by such mortgagee), Lender; (iiif) subject to any counterclaim liable or setoff which theretofore accrued to Tenant against Landlord, (iv) bound by any amendment right of first refusal or modification option to purchase all or any portion of this Lease subsequent to such mortgage, or by any previous prepayment of Rent for more than one (1) month, which was not approved in writing by the mortgagee, or bound by the indemnity set forth in Section 9.04, (v) liable beyond mortgagee’s interest in the Property, (vi) responsible for the performance of any work to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant or the payment of the Finish Work Allowance, or (vii) required to remove any person occupying the Premises or any part thereof, except if such person claims under the mortgagee. Tenant agrees that any present or future mortgagee may at its option unilaterally elect to subordinate, in whole or in part and by instrument in form and substance satisfactory to such mortgagee alone, the lien of its mortgagee (or the priority of its ground lease) to some or all provisions of this Lease. Nothing in the preceding sentences of this Section 15.02 shall prohibit Tenant from exercising its right to terminate this Lease pursuant to Section 3.01(c) and clause (x) of Section 3.01(e) of this Lease on the conditions set forth therein. Notwithstanding the foregoing, in the event that mortgagee or, other than an entity controlling, controlled by or under common control with Landlord, a purchaser at a foreclosure sale (a “Successor”) succeeds to the interest of Landlord prior to the completion of Building (including Base Building and Finish Work), such Successor shall have thirty (30) days to send written notice to Tenant stating whether or not it intends to be bound to perform work remaining to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant and agrees to advance the Finish Work Allowance. For the purposes of the immediately preceding sentence, control shall have the meaning set forth in Section 13.01(b). In the event in such notice it states that it intends to be so bound, then such provisions of this Lease shall be binding on the Successor. In the event the Successor states that it does not intend to be so bound or fails to timely provide notice to Tenant within such thirty (30) day period, then (A) prior to the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by written notice to the Successor (a “Succession Election Notice”) within sixty (60) days following notice of such acquisition, to either (I) terminate this Lease, or (II) continue this Lease, deposit such Excess Costs in escrow with the Successor to be held and disbursed against the costs to construct the Finish Work as they are incurred on behalf of Tenant in the manner provided under the Work Letter, and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor) reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; or (Bg) from and after liable for construction, completion or payment to Tenant for any improvements to the date that Tenant has made Tenant’s first payment towards the Excess Costs Property or as required under the FW Contract under the Work Letter, Tenant shall have the right, by giving a Succession Election Notice to the Successor within sixty Lease for Tenant's use and occupancy (60) days following notice of such acquisition, to either (X) terminate this Lease, or (Y) continue this Lease and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annumwhenever arising); provided, however, that the Successor can render any Succession Election Notice pursuant to this clause (Ag) shall in no way modify, limit or (B)impair any obligation of Successor Owner to perform maintenance and repair obligations to existing improvements and provided further, abovethat if Successor Owner fails to perform any such maintenance and repair obligations, null then Tenant shall have all rights and void remedies available to it in the Lease, at law, and of no force and effect if, within thirty (30) days after in equity. Although the giving of such notice by Tenant, the Successor agrees to be bound by the applicable foregoing provisions of this LeaseAgreement are self-operative, Tenant agrees to execute and deliver to Lender or any Successor Owner such further instruments as Lender or a Successor Owner may from time to time request in order to confirm this Agreement. Tenant’s failure If any liability of Successor Owner does arise pursuant to give a Succession Election Notice this Agreement, such liability shall be limited to Successor Owner's interest in the time period(s) required above shall be deemed to be an election pursuant to the clause (II) or (Y) of the immediately preceding sentence, as applicableProperty.

Appears in 2 contracts

Samples: Lease Agreement, Lease Agreement (TherapeuticsMD, Inc.)

Attornment. If Landlord’s interest in any proceedings are brought for the foreclosure of the Deed of Trust, or if the Property is acquired sold pursuant to a trustee's sale under the Deed of Trust, or if Lender becomes owner of the Property by mortgagee acceptance of a deed or purchaser at a assignment in lieu of foreclosure saleor otherwise, Tenant shall, at shall attorn to the election of such mortgagee Lender or purchaser, attorn as the case may be, upon any such foreclosure sale or trustee's sale, or acceptance by Lender of a deed or assignment in lieu of foreclosure, and Tenant shall recognize Lender or such purchaser, as the case may be, as the Landlord under the Lease. Such attornment shall be effective and self-operative without the execution of any further instrument on the part of any of the parties hereto. Tenant agrees, however, to execute and deliver at any time, and from time to time, within five (5) business days after the transferee request of Landlord, any holder(s) of any of the indebtedness or successor to Landlord’s interest other obligations secured by the Deed of Trust, or any such purchaser, all instruments or certificates which, in the Property and recognize it as Landlord under this Leasereasonable judgment of Landlord, such holder(s) or such purchaser, may be necessary or appropriate in any such foreclosure proceeding or otherwise to evidence such attornment. Tenant hereby irrevocably appoints Lender and any other or future holder(s) of the indebtedness or other obligations secured by the Deed of Trust or any such purchaser, jointly and severally, the agent and attorney-in-fact of Tenant to execute and deliver for and on behalf of Tenant any such instrument or certificate if Tenant fails to do so within the allotted time. Such power of attorney shall not terminate on disability of the principal. In the event of any such attornment, Tenant further waives the protection provisions of any statute or rule of law law, now or hereafter in effect, which gives may give or purport to give Tenant any right or election to terminate this or otherwise adversely affect the Lease or surrender possession and the obligation of the Premises upon the transfer of Landlord’s interest. Upon such attornment, this Lease shall continue in full force and effect Tenant thereunder as a direct lease between the mortgagee and Tenant upon all result of the terms, conditions and covenants as are set forth in this Lease, except that the mortgagee shall not be (i) liable in any way to Tenant for any act or omission, neglect or default on the part of Landlord under this Lease (nothing in this clause (i) being deemed to relieve any mortgagee succeeding to the interest of Landlord hereunder of its continuing obligations as landlord under this Lease from and after the date of such succession), (ii) responsible for any monies owing by or on deposit with Landlord to the credit of Tenant (except to the extent any such deposit is actually received by such mortgagee), (iii) subject to any counterclaim foreclosure proceeding or setoff which theretofore accrued to Tenant against Landlord, (iv) bound by any amendment or modification of this Lease subsequent to such mortgage, or by any previous prepayment of Rent for more than one (1) month, which was not approved in writing by the mortgagee, or bound by the indemnity set forth in Section 9.04, (v) liable beyond mortgagee’s interest in the Property, (vi) responsible for the performance of any work to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant or the payment of the Finish Work Allowance, or (vii) required to remove any person occupying the Premises or any part thereof, except if such person claims under the mortgagee. Tenant agrees that any present or future mortgagee may at its option unilaterally elect to subordinate, in whole or in part and by instrument in form and substance satisfactory to such mortgagee alone, the lien of its mortgagee (or the priority of its ground lease) to some or all provisions of this Lease. Nothing in the preceding sentences of this Section 15.02 shall prohibit Tenant from exercising its right to terminate this Lease pursuant to Section 3.01(c) and clause (x) of Section 3.01(e) of this Lease on the conditions set forth therein. Notwithstanding the foregoing, in the event that mortgagee or, other than an entity controlling, controlled by or under common control with Landlord, a purchaser at a foreclosure sale (a “Successor”) succeeds to the interest of Landlord prior to the completion of Building (including Base Building and Finish Work), such Successor shall have thirty (30) days to send written notice to Tenant stating whether or not it intends to be bound to perform work remaining to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant and agrees to advance the Finish Work Allowance. For the purposes of the immediately preceding sentence, control shall have the meaning set forth in Section 13.01(b). In the event in such notice it states that it intends to be so bound, then such provisions of this Lease shall be binding on the Successor. In the event the Successor states that it does not intend to be so bound or fails to timely provide notice to Tenant within such thirty (30) day period, then (A) prior to the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by written notice to the Successor (a “Succession Election Notice”) within sixty (60) days following notice of such acquisition, to either (I) terminate this Lease, or (II) continue this Lease, deposit such Excess Costs in escrow with the Successor to be held and disbursed against the costs to construct the Finish Work as they are incurred on behalf of Tenant in the manner provided under the Work Letter, and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor) reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; or (B) from and after the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by giving a Succession Election Notice to the Successor within sixty (60) days following notice of such acquisition, to either (X) terminate this Lease, or (Y) continue this Lease and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; provided, however, that the Successor can render any Succession Election Notice pursuant to clause (A) or (B), above, null and void and of no force and effect if, within thirty (30) days after the giving of such notice by Tenant, the Successor agrees to be bound by the applicable provisions of this Lease. Tenant’s failure to give a Succession Election Notice in the time period(s) required above shall be deemed to be an election pursuant to the clause (II) or (Y) of the immediately preceding sentence, as applicabletrustee's sale.

Appears in 2 contracts

Samples: Lease Agreement (Displaytech Inc), Lease Agreement (Displaytech Inc)

Attornment. If Landlord’s interest After any transfer of the Property pursuant to a Foreclosure Event, the terms of the Lease will be recognized as a new and direct lease from Successor Landlord (as defined below) to Tenant, and Tenant hereby attars to Successor Landlord as its landlord, such attornment to be effective and self-operative without the execution of any further instrument immediately upon such Foreclosure Event. Notwithstanding any other provision of this Agreement, Successor Landlord will not be liable for or hound by any of the following: (a) any act, omission, breach of the Lease, representation or warranty of Borrower or any other prior landlord (other than defaults of a continuing nature which Lender has notice of prior to commencing a Foreclosure Event and an opportunity to cure in accordance with this Agreement); (b) any offset or credit Tenant may have against Borrower or any other prior landlord (other than offsets or credits provided for in the Property is acquired by mortgagee or purchaser at a foreclosure sale, Tenant shall, at the election of such mortgagee or purchaser, attorn to the transferee of or successor to Landlord’s interest in the Property and recognize it as Landlord under this Lease. Tenant waives the protection of any statute or rule of law which gives Tenant any right to terminate this Lease or surrender possession arising from defaults of the Premises upon the transfer a continuing nature which Lender has notice of Landlord’s interest. Upon such attornment, prior to commencing a Foreclosure Event and an opportunity to cure in accordance with this Lease shall continue in full force and effect as a direct lease between the mortgagee and Tenant upon all of the terms, conditions and covenants as are set forth in this Lease, except that the mortgagee shall not be Agreement); (ic) liable in any way to Tenant for any act or omission, neglect or default on the part of Landlord under this Lease (nothing in this clause (i) being deemed to relieve any mortgagee succeeding to the interest of Landlord hereunder of its continuing obligations as landlord under this Lease from and after the date of such succession), (ii) responsible for any monies owing by or on deposit obligation with Landlord to the credit of Tenant (except to the extent any such deposit is actually received by such mortgagee), (iii) subject respect to any counterclaim or setoff which theretofore accrued to Tenant against Landlord, (iv) bound by any amendment or modification of this Lease subsequent to such mortgage, or by any previous prepayment of Rent prepaid rent for more greater than one (1) month, which was not unless such payment is required under the Lease; (d) any obligation to return or give credit for any security deposit under the Lease, unless such security deposit has actually been delivered to Successor Landlord; (e) unless previously approved in writing by the mortgagee, or bound by the indemnity set forth in Section 9.04Lender, (va) liable beyond mortgagee’s interest in any modification or waiver of any provision of the PropertyLease relating to (i) rent or other sums due Borrower or Tenant, (viii) responsible for the performance of any work to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant or the payment of the Finish Work Allowance, or (vii) required to remove any person occupying the Premises term or any part thereof, except if such person claims under options to renew the mortgagee. Tenant agrees that any present or future mortgagee may at its option unilaterally elect to subordinate, in whole or in part and by instrument in form and substance satisfactory to such mortgagee alone, the lien of its mortgagee (or the priority of its ground lease) to some or all provisions of this Lease. Nothing in the preceding sentences of this Section 15.02 shall prohibit Tenant from exercising its right to terminate this Lease pursuant to Section 3.01(c) and clause (x) of Section 3.01(e) of this Lease on the conditions set forth therein. Notwithstanding the foregoing, in the event that mortgagee or, other than an entity controlling, controlled by or under common control with Landlord, a purchaser at a foreclosure sale (a “Successor”) succeeds to the interest of Landlord prior to the completion of Building (including Base Building and Finish Work), such Successor shall have thirty (30) days to send written notice to Tenant stating whether or not it intends to be bound to perform work remaining to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant and agrees to advance the Finish Work Allowance. For the purposes of the immediately preceding sentence, control shall have the meaning set forth in Section 13.01(b). In the event in such notice it states that it intends to be so bound, then such provisions of this Lease shall be binding on the Successor. In the event the Successor states that it does not intend to be so bound or fails to timely provide notice to Tenant within such thirty (30) day period, then (A) prior to the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by written notice to the Successor (a “Succession Election Notice”) within sixty (60) days following notice of such acquisition, to either (I) terminate this Lease, or (IIiii) continue this LeaseLease termination, deposit such Excess Costs in escrow with sublease or assignment; (b) any other modification of the Successor to be held Lease that materially and disbursed against adversely affects the costs to construct economics of the Finish Work as they are incurred on behalf of Tenant in the manner provided under the Work Letter, and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor) reduce the Rent by the amount detriment of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annumlandlord; or (Bc) from and after any termination, sublease or assignment of the date that Tenant has made Tenant’s first payment towards the Excess Costs Lease unless permitted under the FW Contract Lease; (f) any payment of rent by Tenant to Borrower in violation of Section 5 below; or (g) any purchase option or right of first refusal with respect to the Property granted under the Work Letter, Tenant shall have the right, by giving a Succession Election Notice to the Successor within sixty (60) days following notice of such acquisition, to either (X) terminate this Lease, Lease or (Y) continue this Lease and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; provided, however, that the Successor can render any Succession Election Notice pursuant to clause (A) or (B), above, null and void and of no force and effect if, within thirty (30) days after the giving of such notice held by Tenant, the Successor agrees to be bound by the applicable provisions of this Lease. Tenant’s failure to give a Succession Election Notice in the time period(s) required above shall be deemed to be an election pursuant to the clause (II) or (Y) of the immediately preceding sentence, as applicable.

Appears in 2 contracts

Samples: Lease Agreement (Cardiodx Inc), Lease Agreement (Cardiodx Inc)

Attornment. If In the event of (i) a transfer of Landlord’s 's interest in the Property is acquired by mortgagee Premises, (ii) the termination of any ground or purchaser at underlying lease of the Complex, the Building or the Land, or (iii) the purchase of the Complex, the Building or Landlord's interest therein in a foreclosure salesale or by deed in lieu of foreclosure under any Mortgage or pursuant to a power of sale contained in any Mortgage, then in any of such events Tenant shall, at the election request of such mortgagee Landlord or purchaserLandlord's successor in interest, attorn to and recognize the transferee or purchaser of Landlord's interest or successor to Landlord’s interest in the Property and recognize it lessor under the terminated ground or underlying lease, as the case may be, as Landlord under this LeaseLease for the balance then remaining of the Term, and thereafter this Lease shall continue as a direct lease between such lessor, transferee or purchaser, as "Landlord," and Tenant, as "Tenant," except that such lessor, transferee or purchaser shall not be liable for any act or omission of Landlord prior to such lease termination or prior to its succession to title, nor be subject to any offset, defense or counterclaim accruing prior to such lease termination or prior to such succession to title, nor be bound by any payment of Base Rent or Additional Rent prior to such lease termination or prior to such succession to title for more than one month in advance. Tenant shall, upon request by Landlord or the transferee or purchaser of Landlord's interest or the lessor under the termination ground or underlying lease, as the case may be, execute and deliver an instrument or instruments confirming the foregoing provisions of this Article. Tenant hereby waives the protection provisions of any statute present or rule of future law or regulation which gives or purports to give Tenant any right to terminate this Lease or surrender possession of the Premises upon the transfer of Landlord’s interest. Upon such attornment, this Lease shall continue in full force and effect as a direct lease between the mortgagee and Tenant upon all of the terms, conditions and covenants as are set forth in this Lease, except that the mortgagee shall not be (i) liable in any way to Tenant for any act or omission, neglect or default on the part of Landlord under this Lease (nothing in this clause (i) being deemed to relieve any mortgagee succeeding to the interest of Landlord hereunder of its continuing obligations as landlord under this Lease from and after the date of such succession), (ii) responsible for any monies owing by or on deposit with Landlord to the credit of Tenant (except to the extent any such deposit is actually received by such mortgagee), (iii) subject to any counterclaim or setoff which theretofore accrued to Tenant against Landlord, (iv) bound by any amendment or modification of this Lease subsequent to such mortgage, or by any previous prepayment of Rent for more than one (1) month, which was not approved in writing by the mortgagee, or bound by the indemnity set forth in Section 9.04, (v) liable beyond mortgagee’s interest in the Property, (vi) responsible for the performance of any work to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant or the payment of the Finish Work Allowance, or (vii) required to remove any person occupying the Premises or any part thereof, except if such person claims under the mortgagee. Tenant agrees that any present or future mortgagee may at its option unilaterally elect to subordinate, in whole or in part and by instrument in form and substance satisfactory to such mortgagee alone, the lien of its mortgagee (or the priority of its ground lease) to some or all provisions of this Lease. Nothing in the preceding sentences of this Section 15.02 shall prohibit Tenant from exercising its right to terminate this Lease pursuant to Section 3.01(c) and clause (x) of Section 3.01(e) of this Lease on the conditions set forth therein. Notwithstanding the foregoing, in the event that mortgagee or, other than an entity controlling, controlled by or under common control with Landlord, a purchaser at a foreclosure sale (a “Successor”) succeeds to the interest of Landlord prior to the completion of Building (including Base Building and Finish Work), such Successor shall have thirty (30) days to send written notice to Tenant stating whether or not it intends to be bound to perform work remaining to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant and agrees to advance the Finish Work Allowance. For the purposes of the immediately preceding sentence, control shall have the meaning set forth in Section 13.01(b). In the event in such notice it states that it intends to be so bound, then such provisions of this Lease shall be binding on the Successor. In the event the Successor states that it does not intend to be so bound or fails to timely provide notice to Tenant within such thirty (30) day period, then (A) prior to the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by written notice to the Successor (a “Succession Election Notice”) within sixty (60) days following notice of such acquisition, to either (I) terminate otherwise adversely affect this Lease, or (II) continue this Lease, deposit such Excess Costs in escrow with the Successor to be held and disbursed against the costs to construct the Finish Work as they are incurred on behalf obligations of Tenant in the manner provided under the Work Letterhereunder, and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor) reduce the Rent by the amount upon or as a result of the unadvanced Finish Work Allowance amortized over termination of any such ground or underlying lease or the Term with interest at the rate completion of 8% per annum; or (B) from any such foreclosure and after the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by giving a Succession Election Notice to the Successor within sixty (60) days following notice of such acquisition, to either (X) terminate this Lease, or (Y) continue this Lease and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; provided, however, that the Successor can render any Succession Election Notice pursuant to clause (A) or (B), above, null and void and of no force and effect if, within thirty (30) days after the giving of such notice by Tenant, the Successor agrees to be bound by the applicable provisions of this Lease. Tenant’s failure to give a Succession Election Notice in the time period(s) required above shall be deemed to be an election pursuant to the clause (II) or (Y) of the immediately preceding sentence, as applicablesale.

Appears in 2 contracts

Samples: Lease Agreement (Crosswalk Com), Lease Agreement (Exigent International Inc)

Attornment. If LandlordIn the event of a transfer of Borrower’s interest in the Property is acquired by mortgagee or purchaser at to a foreclosure salePurchaser (as defined below), Tenant shall, at the election of such mortgagee or purchaser, attorn to the transferee of or successor to Landlord’s interest in the Property and recognize it as Landlord under this Lease. Tenant waives the protection of any statute or rule of law which gives Tenant any right to terminate this Lease or surrender possession of the Premises upon the transfer of Landlord’s interest. Upon such attornment, this Lease shall continue in full force and effect as a direct lease between the mortgagee and Tenant upon agrees to attorn to the Purchaser as its landlord under the Lease and to be bound by all of the terms, conditions and covenants as are set forth in this Lease, except provisions of the Lease for the balance of the term thereof; provided that the mortgagee Purchaser shall not be be: (ia) liable in any way to Tenant Liable for any act or omissionomission of any Prior Landlord (as defined below) or subject to any offsets or defenses which Tenant might have against any Prior Landlord; (b) Liable for the return of any rental security deposit, neglect or default on the part bound by any payment of Landlord under this Lease (nothing rents, additional rents or other sums which Tenant may have paid more than one month in this clause (i) being deemed advance to relieve any mortgagee succeeding to the interest of Landlord hereunder of its continuing obligations as landlord under this Lease from and after the date of such succession)Prior Landlord, (ii) responsible for any monies owing by or on deposit with Landlord to the credit of Tenant (except to the extent any such deposit is sums are actually received by such mortgagee), Purchaser; (iiic) subject to any counterclaim or setoff which theretofore accrued to Tenant against Landlord, (iv) bound Bound by any amendment or modification to the Lease made without the prior written consent of this Lease subsequent to such mortgageLender; (d) Liable for obligations under the Lease, or by any previous prepayment the cost of Rent for more than one (1) month, which was not approved in writing by exceed the mortgagee, or bound by the indemnity set forth in Section 9.04, (v) liable beyond mortgagee’s value of its interest in the Property, or for obligations which first accrue after Purchaser has sold or otherwise transferred its interest in the Property; (vie) responsible Obligated to install, construct or pay for the performance of any work tenant or other improvements or alterations to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant or the payment of the Finish Work Allowance, or (vii) required to remove any person occupying on the Premises or Property; bound to restore the Premises or Property after a casualty for a cost in excess of any part insurance proceeds received by Lender with respect to such casualty; or bound to restore the Premises or Property after a taking in condemnation for a cost in excess of the portion of any condemnation award made specifically for that purpose; bound by any restriction on competition beyond the Property; (f) Bound by any notice of termination, cancellation or surrender of the Lease made without the prior written consent of Lender; (g) Bound by any option to purchase, right of first offer to purchase or right of first refusal to purchase with respect to the Property or any portion thereof; (h) Liable for the breach of any representation or warranty made by Prior Landlord in the Lease; or (i) Liable for any indemnity obligation of Prior Landlord contained in the Lease, except if such person claims under the mortgagee. Tenant agrees that any present or future mortgagee may at its option unilaterally elect to subordinate, in whole or in part and by instrument in form and substance satisfactory to such mortgagee alone, the lien of its mortgagee (or the priority of its ground lease) to some or all provisions of this Lease. Nothing in the preceding sentences of this Section 15.02 shall prohibit Tenant from exercising its right to terminate this Lease pursuant to Section 3.01(c) and clause (x) of Section 3.01(e) of this Lease on the conditions set forth therein. Notwithstanding the foregoing, in the event that mortgagee or, other than an entity controlling, controlled by or under common control with Landlord, a purchaser at a foreclosure sale (a “Successor”) succeeds respect to the interest of Landlord prior to the completion of Building (including Base Building and Finish Work), such Successor shall have thirty (30) days to send written notice to Tenant stating whether Purchaser’s acts or not it intends to be bound to perform work remaining to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant and agrees to advance the Finish Work Allowance. For the purposes of the immediately preceding sentence, control shall have the meaning set forth in Section 13.01(b). In the event in such notice it states that it intends to be so bound, then such provisions of this Lease shall be binding on the Successor. In the event the Successor states that it does not intend to be so bound or fails to timely provide notice to Tenant within such thirty (30) day period, then (A) prior to the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by written notice to the Successor (a “Succession Election Notice”) within sixty (60) days following notice of such acquisition, to either (I) terminate this Lease, or (II) continue this Lease, deposit such Excess Costs in escrow with the Successor to be held and disbursed against the costs to construct the Finish Work as they are incurred on behalf of Tenant in the manner provided under the Work Letter, and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor) reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; or (B) from and after the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by giving a Succession Election Notice to the Successor within sixty (60) days following notice of such acquisition, to either (X) terminate this Lease, or (Y) continue this Lease and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; provided, however, that the Successor can render any Succession Election Notice pursuant to clause (A) or (B), above, null and void and of no force and effect if, within thirty (30) days after the giving of such notice by Tenant, the Successor agrees to be bound by the applicable provisions of this Lease. Tenant’s failure to give a Succession Election Notice in the time period(s) required above shall be deemed to be an election pursuant to the clause (II) or (Y) of the immediately preceding sentence, as applicableomissions.

Appears in 2 contracts

Samples: Lease Agreement (GigOptix, Inc.), Lease Agreement (Endwave Corp)

Attornment. If Landlord’s interest in Xxxxxx agrees to attorn to and recognize as its landlord under the Lease each party acquiring legal title to the Property is acquired by mortgagee foreclosure (whether judicial or purchaser at a foreclosure sale, Tenant shall, at the election of such mortgagee or purchaser, attorn to the transferee of or successor to Landlord’s interest in the Property and recognize it as Landlord under this Lease. Tenant waives the protection of any statute or rule of law which gives Tenant any right to terminate this Lease or surrender possession nonjudicial) of the Premises upon the transfer Security Instrument, deed-in-lieu of Landlord’s interest. Upon such attornmentforeclosure, this Lease shall continue or other sale in full force and effect as a direct lease between the mortgagee and Tenant upon all connection with enforcement of the terms, Security Instrument or otherwise in satisfaction of the Loan (“Successor Owner”). Provided that the conditions and covenants as are set forth in this LeaseSection 2 above are met at the time Successor Owner becomes owner of the Property, except that Successor Owner shall perform all obligations of the mortgagee shall not be (i) liable in any way to Tenant for any act or omission, neglect or default on the part of Landlord under this Lease (nothing in this clause (i) being deemed to relieve any mortgagee succeeding to the interest of Landlord hereunder of its continuing obligations as landlord under this the Lease arising from and after the date of such succession)title to the Property is transferred to Successor Owner. In no event, however, will any Successor Owner be: (iia) responsible liable for any monies owing default, act or omission of any prior landlord under the Lease; (b) subject to any offset or defense which Tenant may have against any prior landlord under the Lease; (c) bound by any payment of rent or on deposit with additional rent made by Tenant to Landlord more than 30 days in advance; (d) bound by any modification or supplement to the credit Lease, or waiver of Lease terms, made without Administrative Agent’s written consent thereto; (e) liable for the return of any security deposit or other prepaid charge paid by Tenant (under the Lease, except to the extent any such deposit is amounts were actually received by such mortgagee), Administrative Agent; (iiif) subject to any counterclaim liable or setoff which theretofore accrued to Tenant against Landlord, (iv) bound by any amendment right of first refusal or modification option to purchase all or any portion of the Property; or (g) liable for construction or completion of any improvements to the Property or as required under the Lease for Tenant’s use and occupancy (whenever arising). Although the foregoing provisions of this Lease subsequent Agreement are self-operative, Xxxxxx agrees to execute and deliver to Administrative Agent or any Successor Owner such mortgagefurther instruments as Administrative Agent or a Successor Owner may from time to time request in order to confirm this Agreement. If any liability of Successor Owner does arise pursuant to this Agreement, or by any previous prepayment of Rent for more than one (1) month, which was not approved in writing by the mortgagee, or bound by the indemnity set forth in Section 9.04, (v) liable beyond mortgageesuch liability shall be limited to Successor Owner’s interest in the Property, (vi) responsible for the performance of any work to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant or the payment of the Finish Work Allowance, or (vii) required to remove any person occupying the Premises or any part thereof, except if such person claims under the mortgagee. Tenant agrees that any present or future mortgagee may at its option unilaterally elect to subordinate, in whole or in part and by instrument in form and substance satisfactory to such mortgagee alone, the lien of its mortgagee (or the priority of its ground lease) to some or all provisions of this Lease. Nothing in the preceding sentences of this Section 15.02 shall prohibit Tenant from exercising its right to terminate this Lease pursuant to Section 3.01(c) and clause (x) of Section 3.01(e) of this Lease on the conditions set forth therein. Notwithstanding the foregoing, in the event that mortgagee or, other than an entity controlling, controlled by or under common control with Landlord, a purchaser at a foreclosure sale (a “Successor”) succeeds to the interest of Landlord prior to the completion of Building (including Base Building and Finish Work), such Successor shall have thirty (30) days to send written notice to Tenant stating whether or not it intends to be bound to perform work remaining to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant and agrees to advance the Finish Work Allowance. For the purposes of the immediately preceding sentence, control shall have the meaning set forth in Section 13.01(b). In the event in such notice it states that it intends to be so bound, then such provisions of this Lease shall be binding on the Successor. In the event the Successor states that it does not intend to be so bound or fails to timely provide notice to Tenant within such thirty (30) day period, then (A) prior to the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by written notice to the Successor (a “Succession Election Notice”) within sixty (60) days following notice of such acquisition, to either (I) terminate this Lease, or (II) continue this Lease, deposit such Excess Costs in escrow with the Successor to be held and disbursed against the costs to construct the Finish Work as they are incurred on behalf of Tenant in the manner provided under the Work Letter, and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor) reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; or (B) from and after the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by giving a Succession Election Notice to the Successor within sixty (60) days following notice of such acquisition, to either (X) terminate this Lease, or (Y) continue this Lease and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; provided, however, that the Successor can render any Succession Election Notice pursuant to clause (A) or (B), above, null and void and of no force and effect if, within thirty (30) days after the giving of such notice by Tenant, the Successor agrees to be bound by the applicable provisions of this Lease. Tenant’s failure to give a Succession Election Notice in the time period(s) required above shall be deemed to be an election pursuant to the clause (II) or (Y) of the immediately preceding sentence, as applicable.

Appears in 2 contracts

Samples: Lease Agreement (Ibotta, Inc.), Lease Agreement (Ibotta, Inc.)

Attornment. If Landlord’s interest Subject to the terms of any SNDA (as hereinafter defined) in effect, if the Property is acquired by mortgagee lessor of a superior lease or purchaser at the holder of a superior mortgage shall succeed to the rights of Landlord under this Lease, whether through possession or foreclosure saleaction or delivery of a new lease or deed, Tenant shallor if a superior lease shall terminate or be terminated for any reason, then, at the election and upon demand of such mortgagee or purchaser, attorn to the transferee of or successor party so succeeding to Landlord’s interest rights, as the successor owner of the property of which the Premises is a part, or as the mortgagee in possession thereof, or otherwise (such party, owner or mortgagee being herein sometimes called the Property “successor landlord”), Tenant shall attorn to and recognize it such successor landlord as Landlord Tenant’s landlord under this Lease, and shall promptly execute and deliver any instrument that such successor landlord may reasonably request to evidence such attornment. Tenant waives Subject to the protection terms of any statute or rule of law which gives Tenant any right to terminate this Lease or surrender possession of the Premises SNDA in effect, upon the transfer of Landlord’s interest. Upon such attornment, this Lease shall continue in full force and effect as, or as if it were, a direct lease between the mortgagee successor landlord and Tenant Tenant, upon all of the executory terms, conditions and covenants as are set forth in this Lease and shall be applicable after such attornment, except that the successor landlord shall not be: (a) liable for any previous act or omission of Landlord (or any of its predecessors-in-interest) under this Lease, except that the mortgagee successor landlord shall not be (i) liable in obligated to cure any way to Tenant for any act or omission, neglect or default on the part defaults of Landlord under this Lease (nothing in this clause (i) being deemed to relieve any mortgagee succeeding which continue following the date such successor landlord succeeds to the interest of Landlord hereunder and which are reasonably susceptible of being cured by such successor landlord; (b) subject to any credits, offsets, claims, counterclaims, demands or defenses which Tenant may have against Landlord (or any of its continuing predecessors in interest), except for credits or offsets specifically provided for in this Lease; (c) bound by any previous modification of this Lease or by any previous prepayment of more than one month’s Base Rent, unless such modification or prepayment shall have been expressly approved in writing by the lessor of the superior lease or the holder of the superior mortgage through or by reason of which the successor landlord shall have succeeded to the rights of Landlord under this Lease; (d) bound by any covenant to undertake or complete any construction of the Premises, the Building or any portion thereof or pay for or reimburse Tenant for any costs incurred in connection with such construction; (e) required to account for any security deposit of Tenant other than any security deposit actually delivered to the successor landlord by Landlord; (f) liable for the obligations as landlord of Landlord under this Lease from and after the date for any period of time other than such succession), period as such successor landlord holds such interest; (iig) responsible for any monies owing by or on deposit with Landlord to the credit of Tenant Tenant; and (except to the extent any such deposit is actually received by such mortgagee), (iii) subject to any counterclaim or setoff which theretofore accrued to Tenant against Landlord, (ivh) bound by any amendment obligation to make any payment to Tenant that Landlord (or modification any of this Lease subsequent its predecessors-in-interest) was then obligated to such mortgagepay, or by grant or be subject to any previous prepayment of Rent credits except for more than one (1) month, which was not approved in writing by the mortgagee, or bound by the indemnity those expressly set forth in Section 9.04, (v) liable beyond mortgagee’s interest in this Lease. The foregoing provisions shall inure to the Property, (vi) responsible for the performance benefit of any work successor landlord, shall apply to be done by the Landlord under tenancy of Tenant notwithstanding that this Lease to render may terminate upon the Premises ready for occupancy by the Tenant or the payment termination of the Finish Work Allowancesuperior lease, or (vii) required and shall be self-operative upon any such demand, without requiring any further instrument to remove give effect to said provisions. Tenant, however, upon demand of any person occupying the Premises or any part thereofsuccessor landlord, except if such person claims under the mortgagee. Tenant agrees that any present or future mortgagee may at its option unilaterally elect to subordinateexecute, in whole or in part and by from time to time, an instrument in form and substance confirmation of the foregoing provisions, satisfactory to such mortgagee alonesuccessor landlord, the lien of its mortgagee (or the priority of its ground lease) to some or all provisions of this Leasein which Tenant shall acknowledge such attornment. Nothing contained in the preceding sentences of this Section 15.02 shall prohibit Tenant from exercising its right to terminate this Lease pursuant to Section 3.01(c) and clause (x) of Section 3.01(e) of this Lease on the conditions set forth therein. Notwithstanding the foregoing, in the event that mortgagee or, other than an entity controlling, controlled by or under common control with Landlord, a purchaser at a foreclosure sale (a “Successor”) succeeds to the interest of Landlord prior to the completion of Building (including Base Building and Finish Work), such Successor shall have thirty (30) days to send written notice to Tenant stating whether or not it intends to be bound to perform work remaining to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant and agrees to advance the Finish Work Allowance. For the purposes of the immediately preceding sentence, control shall have the meaning set forth in Section 13.01(b). In the event in such notice it states that it intends to be so bound, then such provisions of this Lease shall be binding on the Successor. In the event the Successor states that it does not intend construed to be so bound or fails to timely provide notice to Tenant within such thirty (30) day period, then (A) prior to the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the impair any right, by written notice to the Successor (a “Succession Election Notice”) within sixty (60) days following notice privilege or option of such acquisition, to either (I) terminate this Lease, or (II) continue this Lease, deposit such Excess Costs in escrow with the Successor to be held and disbursed against the costs to construct the Finish Work as they are incurred on behalf of Tenant in the manner provided under the Work Letter, and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor) reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; or (B) from and after the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by giving a Succession Election Notice to the Successor within sixty (60) days following notice of such acquisition, to either (X) terminate this Lease, or (Y) continue this Lease and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; provided, however, that the Successor can render any Succession Election Notice pursuant to clause (A) or (B), above, null and void and of no force and effect if, within thirty (30) days after the giving of such notice by Tenant, the Successor agrees to be bound by the applicable provisions of this Lease. Tenant’s failure to give a Succession Election Notice in the time period(s) required above shall be deemed to be an election pursuant to the clause (II) or (Y) of the immediately preceding sentence, as applicablesuccessor landlord.

Appears in 1 contract

Samples: Lease Agreement (Yelp Inc)

Attornment. If Landlord’s interest Upon request of the holder of any note secured by a mortgage or deed of trust on the Building or Property, Exhibitor will agree in writing that no action taken by such holder to enforce said mortgage or deed of trust shall terminate this Agreement or invalidate or constitute a breach of any of the Property is acquired by mortgagee or purchaser at a foreclosure sale, Tenant shall, at the election of provisions hereof and Exhibitor will attorn to such mortgagee or purchaserholder, attorn or to any purchaser of the transferee Property or Building, at any foreclosure sale or sale in lieu of or successor to Landlord’s interest foreclosure, for the balance of the Term and on all other terms and conditions herein set forth. Exhibitor by entering into this Agreement, covenants and agrees that (a) upon the written direction of Lender it shall pay all rents arising under this Agreement as directed by such Lender; and (b) in the Property event such Xxxxxx enforces its rights under the mortgage or deed of trust due to a default by Show Management, and recognize it as Landlord under this LeaseAgreement is not extinguished by a foreclosure of the mortgage or deed of trust. Tenant waives the protection Exhibitor will, upon request of any statute or rule of law which gives Tenant any right to terminate this Lease or surrender possession of the Premises upon the transfer of Landlord’s interest. Upon such attornment, this Lease shall continue in full force and effect as a direct lease between the mortgagee and Tenant upon all of the terms, conditions and covenants as are set forth in this Lease, except that the mortgagee shall not be (i) liable in any way to Tenant for any act or omission, neglect or default on the part of Landlord under this Lease (nothing in this clause (i) being deemed to relieve any mortgagee person succeeding to the interest of Landlord hereunder Show Management in the Property (“successor in interest”) as the result of its continuing obligations as landlord said enforcement, automatically attorn to such successor in interest, without any change in terms or other provisions of this Agreement; provided, however, that said successor in interest shall not be: (i) liable for any previous act or omission of any prior landlord, including Show Management, under this Lease from and after the date of such succession), Agreement; (ii) responsible bound by any payment of rent or additional rent for any monies owing by or on deposit with Landlord to more than one month in advance, except payments in the credit nature of Tenant (except security but only to the extent any such deposit is actually received by payments have been delivered to such mortgagee), successor in interest; (iii) subject bound by any modifications to the Agreement (including any counterclaim agreement providing to early termination or setoff which theretofore accrued to Tenant against Landlord, cancellation of the Agreement made without any requisite consent of the Lender or any such successor in interest; (iv) bound by any amendment covenant or modification obligation of this Lease subsequent Show Management to such mortgageperform, undertake or by complete any previous prepayment of Rent work in the Premises or to prepare it for more than one (1) month, which was not approved in writing by the mortgagee, or bound by the indemnity set forth in Section 9.04, occupancy; (v) liable beyond mortgageebound by any obligation to make any payment to Exhibitor or to grant any credits, except for service, repairs, maintenance and restoration provided for under this Agreement to be performed by Show Management after the date of Exhibitor’s interest in the Property, attornment; (vi) responsible for the performance of any work funds, including security deposits, owing to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant or the payment of the Finish Work Allowance, Exhibitor or (vii) required subject to remove any person occupying the Premises demands, claims, counterclaims, offsets or defenses which Exhibitor might have against any part thereofprior landlord, except if such person claims under the mortgagee. Tenant agrees that any present or future mortgagee may at its option unilaterally elect to subordinate, in whole or in part and by instrument in form and substance satisfactory to such mortgagee alone, the lien of its mortgagee (or the priority of its ground lease) to some or all provisions of this Lease. Nothing in the preceding sentences of this Section 15.02 shall prohibit Tenant from exercising its right to terminate this Lease pursuant to Section 3.01(c) and clause (x) of Section 3.01(e) of this Lease on the conditions set forth therein. Notwithstanding the foregoing, in the event that mortgagee or, other than an entity controlling, controlled by or under common control with Landlord, a purchaser at a foreclosure sale (a “Successor”) succeeds to the interest of Landlord prior to the completion of Building (including Base Building and Finish Work), such Successor shall have thirty (30) days to send written notice to Tenant stating whether or not it intends to be bound to perform work remaining to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant and agrees to advance the Finish Work Allowance. For the purposes of the immediately preceding sentence, control shall have the meaning set forth in Section 13.01(b). In the event in such notice it states that it intends to be so bound, then such provisions of this Lease shall be binding on the Successor. In the event the Successor states that it does not intend to be so bound or fails to timely provide notice to Tenant within such thirty (30) day period, then (A) prior to the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by written notice to the Successor (a “Succession Election Notice”) within sixty (60) days following notice of such acquisition, to either (I) terminate this Lease, or (II) continue this Lease, deposit such Excess Costs in escrow with the Successor to be held and disbursed against the costs to construct the Finish Work as they are incurred on behalf of Tenant in the manner provided under the Work Letter, and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor) reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; or (B) from and after the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by giving a Succession Election Notice to the Successor within sixty (60) days following notice of such acquisition, to either (X) terminate this Lease, or (Y) continue this Lease and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; provided, however, that the Successor can render any Succession Election Notice pursuant to clause (A) or (B), above, null and void and of no force and effect if, within thirty (30) days after the giving of such notice by Tenant, the Successor agrees to be bound by the applicable provisions of this Lease. Tenant’s failure to give a Succession Election Notice in the time period(s) required above shall be deemed to be an election pursuant to the clause (II) or (Y) of the immediately preceding sentence, as applicableShow Management.

Appears in 1 contract

Samples: Space Application and Contract (Interactive Health, Inc.)

Attornment. If Landlord’s interest in Upon the Property is acquired by mortgagee or purchaser at a foreclosure sale, Tenant shall, at the election of such mortgagee or purchaser, attorn to the transferee of or successor to Landlord’s interest in the Property and recognize it as Landlord under this Lease. Tenant waives the protection written request of any statute person or rule of law which gives Tenant any right to terminate this Lease or surrender possession of the Premises upon the transfer of Landlord’s interest. Upon such attornment, this Lease shall continue in full force and effect as a direct lease between the mortgagee and Tenant upon all of the terms, conditions and covenants as are set forth in this Lease, except that the mortgagee shall not be (i) liable in any way to Tenant for any act or omission, neglect or default on the part of Landlord under this Lease (nothing in this clause (i) being deemed to relieve any mortgagee party succeeding to the interest of Landlord hereunder of its continuing obligations as landlord under this Lease from Lease, Tenant shall automatically become the tenant of and after attorn to such successor in interest without any change in any of the date terms of such succession), this Lease. No successor in interest shall be (ii) responsible for any monies owing by or on deposit with Landlord to the credit of Tenant (except to the extent any such deposit is actually received by such mortgagee), (iii) subject to any counterclaim or setoff which theretofore accrued to Tenant against Landlord, (iva) bound by any amendment or modification of this Lease subsequent to such mortgage, or by any previous prepayment payment of Rent for more than one (1) monthmonth in advance, which was not approved in writing by the mortgagee, or bound by the indemnity set forth in Section 9.04, (v) liable beyond mortgagee’s interest in the Property, (vi) responsible except payments of security for the performance by Tenant of any work to be done by the Landlord Tenant's obligations under this Lease to render the Premises ready for occupancy by the Tenant or the payment of the Finish Work Allowance, or (vii) required to remove any person occupying the Premises or any part thereof, except if such person claims under the mortgagee. Tenant agrees that any present or future mortgagee may at its option unilaterally elect to subordinate, in whole or in part and by instrument in form and substance satisfactory to such mortgagee alone, the lien of its mortgagee (or the priority of its ground lease) to some or all provisions of this Lease. Nothing in the preceding sentences of this Section 15.02 shall prohibit Tenant from exercising its right to terminate this Lease pursuant to Section 3.01(c) and clause (x) of Section 3.01(e) of this Lease on the conditions set forth therein. Notwithstanding the foregoing, in the event that mortgagee or, other than an entity controlling, controlled by or under common control with Landlord, a purchaser at a foreclosure sale (a “Successor”) succeeds to the interest of Landlord prior to the completion of Building (including Base Building and Finish Work), such Successor shall have thirty (30) days to send written notice to Tenant stating whether or not it intends to be bound to perform work remaining to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant and agrees to advance the Finish Work Allowance. For the purposes of the immediately preceding sentence, control shall have the meaning set forth in Section 13.01(b). In the event in such notice it states that it intends to be so bound, then such provisions of this Lease shall be binding on the Successor. In the event the Successor states that it does not intend to be so bound or fails to timely provide notice to Tenant within such thirty (30) day period, then (A) prior to the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by written notice to the Successor (a “Succession Election Notice”) within sixty (60) days following notice of such acquisition, to either (I) terminate this Lease, or (IIb) continue subject to any offset, defense or damages arising out of a default or any obligations of any preceding Landlord. Neither Landlord's Mortgagee nor its successor in interest shall be bound by any amendment of this Lease entered into after Tenant has been given written notice of the name and address of Landlord's Mortgagee and without the written consent of Landlord's Mortgagee or such successor in interest. The subordination, attornment and mortgagee protection clauses of this Article XVI shall be self-operative and no further instruments of subordination attornment or mortgagee protection need be required by any Landlord's Mortgagee or successor in interest thereto. Nevertheless, upon the written request therefor and without any compensation or consideration being payable to Tenant, Tenant agrees to execute, have acknowledged and deliver such instruments as may be requested to confirm the same. Tenant shall from time to time, if so requested by Landlord and if doing so will not materially and adversely affect Tenant's economic interests under this Lease, deposit such Excess Costs join with Landlord in escrow with the Successor to be held and disbursed against the costs to construct the Finish Work as they are incurred on behalf of Tenant in the manner provided under the Work Letter, and complete the Finish Work itself at its expense and otherwise in accordance with the terms of amending this Lease and (so as to meet the extent the Finish Work Allowance needs or requirements of any lender that is not disbursed considering making or that has made a loan secured by the Successor) reduce the Rent by the amount all or any portion of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; or (B) from and after the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by giving a Succession Election Notice to the Successor within sixty (60) days following notice of such acquisition, to either (X) terminate this Lease, or (Y) continue this Lease and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; provided, however, that the Successor can render any Succession Election Notice pursuant to clause (A) or (B), above, null and void and of no force and effect if, within thirty (30) days after the giving of such notice by Tenant, the Successor agrees to be bound by the applicable provisions of this Lease. Tenant’s failure to give a Succession Election Notice in the time period(s) required above shall be deemed to be an election pursuant to the clause (II) or (Y) of the immediately preceding sentence, as applicableComplex.

Appears in 1 contract

Samples: Lease Agreement (Caldera Systems Inc)

Attornment. If Landlord’s If, under any mortgage or deed of trust encumbering the land on which the Premises is located, any foreclosure or power of sale proceedings are brought or a conveyance by deed in lieu of foreclosure occurs, or if Landlord sells, conveys or otherwise transfers its interest in the Property is acquired by mortgagee Building or purchaser at a foreclosure sale, Tenant shall, at any portion thereof containing the election of such mortgagee or purchaser, attorn to the transferee of or successor to Landlord’s interest in the Property and recognize it as Landlord under this Lease. Tenant waives the protection of any statute or rule of law which gives Tenant any right to terminate this Lease or surrender possession of the Premises upon the transfer of Landlord’s interest. Upon such attornmentPremises, this Lease shall continue remain in full force and effect as a direct lease between the mortgagee effect, and Tenant upon all of shall attorn to and recognize such successor in interest as the terms, conditions and covenants as are set forth in landlord under this Lease, except that the mortgagee shall not be (i) liable and Tenant covenants to execute an instrument in any way to Tenant for any act or omission, neglect or default on the part of Landlord under this Lease (nothing in this clause (i) being deemed to relieve any mortgagee succeeding writing reasonably satisfactory to the interest of Landlord hereunder of its continuing obligations as landlord under new owner evidencing such attornment. If Tenant is required to attorn pursuant to this Lease from and after the date of such succession)Section, (ii) responsible for any monies owing by or on deposit with Landlord to the credit of Tenant (except to the extent any such deposit is actually received by such mortgagee), (iii) subject to any counterclaim or setoff which theretofore accrued to Tenant against Landlord, (iv) bound by any amendment or modification of this Lease subsequent to such mortgage, or by any previous prepayment of Rent for not more than one (1) monthmonths’ rent (including the security deposit, if any) theretofore actually prepaid by Tenant to Landlord will be recognized or allowed as a credit against any rental or other sums which was the party to whom Tenant attorns is entitled to receive or recover from Tenant. At Tenant’s written request, Xxxxxxxx shall request that the holder of any then existing deed of trust execute a written “non-disturbance agreement” in favor of Tenant providing that if Tenant is not approved in writing default under this Lease beyond any applicable grace period, such party will recognize this Lease and Xxxxxx’s rights hereunder and will not disturb Tenant’s possession hereunder, and if this Lease is by operation of law terminated in a foreclosure, that a new lease will be entered into on the mortgagee, or bound by the indemnity set forth in Section 9.04, (v) liable beyond mortgagee’s interest in the Property, (vi) responsible same terms as this Lease for the performance of any work remaining term hereof. Provided Landlord shall make such request as provided above, Landlord shall have no liability under this Lease if Landlord is unable to be done obtain such a non-disturbance agreement for Tenant, nor shall such failure constitute a default by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant or the payment of the Finish Work Allowance, or (vii) required to remove any person occupying the Premises or any part thereof, except if such person claims under the mortgagee. Tenant agrees that any present or future mortgagee may at its option unilaterally elect to subordinate, in whole or in part and by instrument in form and substance satisfactory to such mortgagee alone, the lien of its mortgagee (or the priority of its ground lease) to some or all provisions of this Lease. Nothing in the preceding sentences of this Section 15.02 shall prohibit Tenant from exercising its right to terminate this Lease pursuant to Section 3.01(c) and clause (x) of Section 3.01(e) of this Lease on the conditions set forth therein. Notwithstanding the foregoing, in the event that mortgagee or, other than an entity controlling, controlled by or under common control with Landlord, a purchaser at a foreclosure sale (a “Successor”) succeeds to the interest of Landlord prior to the completion of Building (including Base Building and Finish Work), such Successor shall have thirty (30) days to send written notice to Tenant stating whether or not it intends to be bound to perform work remaining to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant and agrees to advance the Finish Work Allowance. For the purposes of the immediately preceding sentence, control shall have the meaning set forth in Section 13.01(b). In the event in such notice it states that it intends to be so bound, then such provisions of this Lease shall be binding on the Successor. In the event the Successor states that it does not intend to be so bound or fails to timely provide notice to Tenant within such thirty (30) day period, then (A) prior to the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by written notice to the Successor (a “Succession Election Notice”) within sixty (60) days following notice of such acquisition, to either (I) terminate this Lease, or (II) continue this Lease, deposit such Excess Costs in escrow with the Successor to be held and disbursed against the costs to construct the Finish Work as they are incurred on behalf of Tenant in the manner provided under the Work Letter, and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor) reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; or (B) from and after the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by giving a Succession Election Notice to the Successor within sixty (60) days following notice of such acquisition, to either (X) terminate this Lease, or (Y) continue this Lease and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; provided, however, that the Successor can render any Succession Election Notice pursuant to clause (A) or (B), above, null and void and of no force and effect if, within thirty (30) days after the giving of such notice by Tenant, the Successor agrees to be bound by the applicable provisions of this Lease. Tenant’s failure to give a Succession Election Notice in the time period(s) required above shall be deemed to be an election pursuant to the clause (II) or (Y) of the immediately preceding sentence, as applicable.

Appears in 1 contract

Samples: Lease Agreement

Attornment. If Landlord’s interest To the extent expressly required under the leases in existence on the Issue Date, the Trustee, on behalf of the Holders of the Notes, hereby acknowledges and agrees that the Liens granted pursuant to the Security Agreements are subject to the rights of certain lessees under such leases (and expressly required thereunder) and will be subject to the rights of lessees under any leases entered into by the Company or any Subsidiary Guarantor after the date hereof which are permitted pursuant to this Indenture (collectively, the "Leases") subject to the express rights contained in the Property is acquired by mortgagee or purchaser at a foreclosure sale, Tenant shall, at applicable lease. The rights of the election of such mortgagee or purchaser, attorn tenants under the leases to the transferee of or successor to Landlord’s interest in the Property and recognize it as Landlord under this Lease. Tenant waives the protection of any statute or rule of law which gives Tenant any right to terminate this Lease or surrender possession of the Premises upon the transfer of Landlord’s interest. Upon such attornment, this Lease shall continue in full force and effect as a direct lease between the mortgagee and Tenant upon all of the terms, conditions and covenants as are set forth in this Lease, except that the mortgagee leased premises shall not be (i) liable in any way to Tenant for any act or omission, neglect or default on the part of Landlord under this Lease (nothing in this clause (i) being deemed to relieve any mortgagee succeeding to the interest of Landlord hereunder of its continuing obligations as landlord under this Lease from and after the date of such succession), (ii) responsible for any monies owing by or on deposit with Landlord to the credit of Tenant (except to the extent any such deposit is actually received by such mortgagee), (iii) subject to any counterclaim or setoff which theretofore accrued to Tenant against Landlord, (iv) bound by any amendment or modification of this Lease subsequent to such mortgage, or by any previous prepayment of Rent for more than one (1) month, which was not approved in writing unreasonably affected by the mortgagee, or bound exercise by the indemnity set forth in Section 9.04, (v) liable beyond mortgagee’s interest in the Property, (vi) responsible for the performance of any work to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant or the payment of the Finish Work Allowance, or (vii) required to remove any person occupying the Premises or any part thereof, except if such person claims under the mortgagee. Tenant agrees that any present or future mortgagee may at its option unilaterally elect to subordinate, in whole or in part and by instrument in form and substance satisfactory to such mortgagee alone, the lien of its mortgagee Trustee (or the priority Collateral Agent or other representative of the Holders under any Security Agreement) of any of their rights under this Indenture or any of the Security Agreements, nor shall any such tenant be in any other way deprived of its ground rights under the applicable lease except in accordance with the terms of such lease) to some or all provisions of this Lease. Nothing in the preceding sentences of this Section 15.02 shall prohibit Tenant from exercising its right to terminate this Lease pursuant to Section 3.01(c) and clause (x) of Section 3.01(e) of this Lease on the conditions set forth therein. Notwithstanding the foregoing, in In the event that mortgagee or, the Trustee (or any Collateral Agent or other than an entity controlling, controlled by or representative of the Holders under common control with Landlord, a purchaser at a foreclosure sale (a “Successor”any Security Agreement) succeeds to the interest of Landlord prior to the completion of Building (including Base Building and Finish Work)Company or any Subsidiary Guarantor under a Lease, such Successor lease shall have thirty (30) days to send written notice to Tenant stating whether not be terminated or not it intends to be bound to perform work remaining to be done affected thereby except as set forth herein or therein, and any sale of the applicable leased premises by the Landlord under this Lease to render Trustee (or the Premises ready for occupancy by the Tenant and agrees to advance the Finish Work Allowance. For the purposes Collateral Agent or other representative of the immediately preceding sentence, control shall have the meaning set forth in Section 13.01(b). In the event in such notice it states that it intends to be so bound, then such provisions of this Lease shall be binding on the Successor. In the event the Successor states that it does not intend to be so bound Holders under any Security Agreement) under or fails to timely provide notice to Tenant within such thirty (30) day period, then (A) prior to the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by written notice to the Successor (a “Succession Election Notice”) within sixty (60) days following notice of such acquisition, to either (I) terminate this Lease, or (II) continue this Lease, deposit such Excess Costs in escrow with the Successor to be held and disbursed against the costs to construct the Finish Work as they are incurred on behalf of Tenant in the manner provided under the Work Letter, and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor) reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; or (B) from and after the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by giving a Succession Election Notice to the Successor within sixty (60) days following notice of such acquisition, to either (X) terminate this Lease, or (Y) continue this Lease and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; provided, however, that the Successor can render any Succession Election Notice pursuant to clause (A) or (B), above, null and void and of no force and effect if, within thirty (30) days after the giving of such notice by Tenant, the Successor agrees to be bound by the applicable provisions of this Lease. Tenant’s failure to give a Succession Election Notice in the time period(s) required above shall be deemed to be an election pursuant to the clause (II) judgment of any court in an action to enforce the remedies provided for in the Indenture or (Y) any of the immediately preceding sentence, as applicable.Security Agreements shall be made subject to such lease and the rights of such tenant expressly set forth thereunder. If the Trustee (or the Collateral Agent or other representative of the Holders under any

Appears in 1 contract

Samples: Indenture (Sterling Chemical Inc)

Attornment. If Landlord’s interest In the event of the foreclosure of the lien of the Deed of Trust or if the Demised Premises are conveyed to Lender by deed in the Property is acquired by mortgagee or purchaser at a foreclosure salelieu of foreclosure, Tenant shall, at the election of such mortgagee or purchaser, shall attorn to Lender or the transferee of purchaser upon any such conveyance or successor to foreclosure sale and shall recognize Lender or such purchaser as the lessor under the Lease and Lender or such purchaser shall have the same rights and remedies under the Lease as Landlord’s interest in . Such attornment shall be effective and self-operative without the Property and recognize it as Landlord under this Lease. Tenant waives the protection execution of any statute or rule further instrument on the part of law which gives Tenant any right to terminate this Lease or surrender possession of the Premises upon the transfer of Landlord’s interestparties hereto. Upon From and after any such attornment, this Lease Lender or such purchaser shall continue in full force and effect as a direct lease between the mortgagee and be bound to Tenant upon under all of the terms, covenants and conditions and covenants as are set forth in this of the Lease; provided, except however, that the mortgagee Lender or such purchaser shall not be be: (ia) liable in any way to Tenant for any act action or omission, neglect or omission of any prior lessor (including Landlord) except for the right of the Tenant to recoup its damages for a prior lessor's default on which have been reduced to a final judgment against the part of Landlord Rent owed under this Lease the Lease; (nothing in this clause (ib) being deemed to relieve bound by any mortgagee succeeding to rent which Tenant might have paid for more than the interest of Landlord hereunder of its continuing obligations as landlord under this Lease from and after the date of such succession), (ii) responsible for any monies owing by or on deposit with Landlord to the credit of Tenant (except to the extent any such deposit is actually received by such mortgagee), (iii) subject current month to any counterclaim prior lessor (including Landlord); (c) liable for the return or setoff which theretofore accrued application of any security deposits unless Landlord delivers such deposits to Tenant against Landlord, Lender or such purchaser; (ivd) bound by any amendment or modification of this the Lease subsequent to such mortgage, or by any previous prepayment of Rent for more than one (1) monthmade without Lender's written consent, which was consent shall not approved in writing by the mortgagee, be unreasonably withheld; or (e) subject to any offsets or bound by the indemnity set forth in Section 9.04, deficiencies which Tenant might be entitled to assert against any prior lessor (vincluding Landlord) liable beyond mortgagee’s interest in the Property, (vi) responsible except for the performance of any work right to be done by recoup its damages for a prior Lessor default which have been reduced to a final judgment against the Landlord under this Lease to render the Premises ready for occupancy by the Tenant or the payment of the Finish Work Allowance, or (vii) required to remove any person occupying the Premises or any part thereof, except if such person claims Rent owed under the mortgagee. Tenant agrees that any present or future mortgagee may at its option unilaterally elect to subordinate, in whole or in part and by instrument in form and substance satisfactory to such mortgagee alone, the lien of its mortgagee (or the priority of its ground lease) to some or all provisions of this Lease. Nothing in the preceding sentences of this Section 15.02 shall prohibit Tenant from exercising its right to terminate this Lease pursuant to Section 3.01(c) and clause (x) of Section 3.01(e) of this Lease on the conditions set forth therein. Notwithstanding the foregoing, in the event that mortgagee or, other than an entity controlling, controlled by or under common control with Landlord, a purchaser at a foreclosure sale (a “Successor”) succeeds to the interest of Landlord prior to the completion of Building (including Base Building and Finish Work), such Successor shall have thirty (30) days to send written notice to Tenant stating whether or not it intends to be bound to perform work remaining to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant and agrees to advance the Finish Work Allowance. For the purposes of the immediately preceding sentence, control shall have the meaning set forth in Section 13.01(b). In the event in such notice it states that it intends to be so bound, then such provisions of this Lease shall be binding on the Successor. In the event the Successor states that it does not intend to be so bound or fails to timely provide notice to Tenant within such thirty (30) day period, then (A) prior to the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by written notice to the Successor (a “Succession Election Notice”) within sixty (60) days following notice of such acquisition, to either (I) terminate this Lease, or (II) continue this Lease, deposit such Excess Costs in escrow with the Successor to be held and disbursed against the costs to construct the Finish Work as they are incurred on behalf of Tenant in the manner provided under the Work Letter, and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor) reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; or (B) from and after the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by giving a Succession Election Notice to the Successor within sixty (60) days following notice of such acquisition, to either (X) terminate this Lease, or (Y) continue this Lease and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; provided, however, that the Successor can render any Succession Election Notice pursuant to clause (A) or (B), above, null and void and of no force and effect if, within thirty (30) days after the giving of such notice by Tenant, the Successor agrees to be bound by the applicable provisions of this Lease. Tenant’s failure to give a Succession Election Notice in the time period(s) required above shall be deemed to be an election pursuant to the clause (II) or (Y) of the immediately preceding sentence, as applicable.

Appears in 1 contract

Samples: Office Lease (Savvis Communications Corp)

Attornment. If Landlord’s the interest of Landlord is transferred to any person (a “Transferee”) by reason of the termination or foreclosure, or proceedings for enforcement, of an Encumbrance, or by delivery of a deed in the Property is acquired by mortgagee lieu of such foreclosure or purchaser at a foreclosure saleproceedings, Tenant shall, at the election of such mortgagee or purchaser, will immediately and automatically attorn to the transferee of or successor to Landlord’s interest in the Property and recognize it as Landlord under this LeaseTransferee. Tenant waives the protection of any statute or rule of law which gives Tenant any right to terminate Upon attornment this Lease or surrender possession of the Premises upon the transfer of Landlord’s interest. Upon such attornment, this Lease shall will continue in full force and effect as a direct lease between the mortgagee Transferee and Tenant Tenant, upon all of the same terms, conditions and covenants as are set forth stated in this Lease, except that the mortgagee shall Transferee will not be be: (ia) liable in any way to Tenant for any act or omissionomission of any prior landlord, neglect or default on including Landlord (but such exemption will not excuse the part Transferee from the performance of Landlord under this Lease (nothing in this clause (i) being deemed to relieve any mortgagee succeeding to obligations of the interest of Landlord hereunder of its continuing obligations as landlord under this Lease from required to be performed subsequent to the transfer to the Transferee); (b) subject to any offsets or defenses which Tenant might have against any prior landlord, including Landlord (excluding any express right of abatement granted under this Lease, provided that the Lender who held the Encumbrance the enforcement of which resulted in the transfer to the Transferee (the “Foreclosing Lender”) was afforded any notice and after cure rights to which it was entitled under Section 24.1 with respect to the date matter that gave rise to such express right of abatement); (c) bound by any Rent or advance Rent not actually received by the Transferee which Tenant might have paid for more than the current month or the next succeeding month to any prior landlord, including Landlord, and all such Rent will remain due and owing, regardless of such succession)advance payment; (d) obligated for repayment to Tenant of the Security Deposit or any other security or advance rental deposit made by Tenant, (ii) responsible for any monies owing by or on deposit with Landlord to the credit of Tenant (except to the extent any such deposit the same is actually received by such mortgagee), paid over to the Transferee; or (iii) subject to any counterclaim or setoff which theretofore accrued to Tenant against Landlord, (ive) bound by any termination, amendment or modification of this Lease subsequent to such mortgage, or by any previous prepayment of Rent for more (other than one (1) month, which was not approved in writing expressly contemplated by the mortgagee, or bound by the indemnity set forth in Section 9.04, (v) liable beyond mortgagee’s interest in the Property, (vi) responsible for the performance of any work to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant or the payment of the Finish Work Allowance, or (vii) required to remove any person occupying the Premises or any part thereof, except if such person claims under the mortgagee. Tenant agrees that any present or future mortgagee may at its option unilaterally elect to subordinate, in whole or in part and by instrument in form and substance satisfactory to such mortgagee alone, the lien of its mortgagee (or the priority of its ground lease) to some or all provisions of this Lease. Nothing in the preceding sentences of this Section 15.02 shall prohibit Tenant from exercising its right to terminate this Lease pursuant to Section 3.01(c) and clause (x) of Section 3.01(e) of this Lease on the conditions set forth therein. Notwithstanding the foregoing, in the event that mortgagee or, other than an entity controlling, controlled by or under common control with Landlord, a purchaser at a foreclosure sale (a “Successor”) succeeds to the interest of Landlord prior to the completion of Building (including Base Building and Finish Work), such Successor shall have thirty (30) days to send written notice to Tenant stating whether or not it intends to be bound to perform work remaining to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant and agrees to advance the Finish Work Allowance. For the purposes of the immediately preceding sentence, control shall have the meaning set forth in Section 13.01(b). In the event in such notice it states that it intends to be so bound, then such provisions of this Lease shall be binding on the Successor. In the event the Successor states that it does not intend to be so bound or fails to timely provide notice to Tenant within such thirty (30) day period, then (A) prior to the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by written notice to the Successor (a “Succession Election Notice”) within sixty (60) days following notice of such acquisition, to either (I) terminate this Lease, or (II) continue this Lease, deposit such Excess Costs in escrow with the Successor to be held and disbursed against the costs to construct the Finish Work as they are incurred on behalf of Tenant in the manner provided under the Work Letter, and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (effected according to such express terms, such as termination by Landlord due to a Default by Tenant) made while any action or proceedings for the termination, foreclosure, or enforcement of an Encumbrance of which Tenant had notice was pending without the written consent of the Foreclosing Lender. Tenant agrees, upon request by and without cost to the extent the Finish Work Allowance is not disbursed by the Successor) reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; or (B) from Transferee, to promptly execute and after the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by giving a Succession Election Notice deliver to the Successor within sixty (60Transferee such instrument(s) days following notice of as may be reasonably required to evidence such acquisition, to either (X) terminate this Lease, or (Y) continue this Lease and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; provided, however, that the Successor can render any Succession Election Notice pursuant to clause (A) or (B), above, null and void and of no force and effect if, within thirty (30) days after the giving of such notice by Tenant, the Successor agrees to be bound by the applicable provisions of this Lease. Tenant’s failure to give a Succession Election Notice in the time period(s) required above shall be deemed to be an election pursuant to the clause (II) or (Y) of the immediately preceding sentence, as applicableattornment.

Appears in 1 contract

Samples: Lease Agreement (Encision Inc)

Attornment. If Landlord’s interest Notwithstanding the provisions of Section 14.1, in the Property is acquired by mortgagee event of the foreclosure of any Mortgage or purchaser at a foreclosure salecancellation or termination of any Master Lease, Tenant shallTenant, at the election request of the then successor to the Landlord following such mortgagee or purchaserevent, shall attorn to the transferee of or successor to Landlord’s interest in the Property and recognize it the successor (herein referred to as the “Successor Landlord”), as Landlord under this Lease. ; provided that Tenant waives the protection of any statute or rule of law which gives Tenant any right to terminate this Lease or surrender possession of the Premises upon the transfer of Landlord’s interest. Upon such attornment, this Lease shall continue in full force agrees that and effect as a direct lease between the mortgagee and Tenant upon all of the terms, conditions and covenants as are set forth in this Lease, except that the mortgagee Successor Landlord shall not be be: (ia) liable in any way to Tenant for any act or act, omission, neglect or default on of any prior Landlord (including, the part of then defaulting Landlord), except that the Successor Landlord under this Lease (nothing in this clause (i) being deemed shall be obligated to relieve cure any mortgagee succeeding continuing default, but only to the extent that such default continues after the date that the Successor Landlord succeeds to the interest of Landlord hereunder under this Lease, or (b) subject to any claim, defense, counterclaim or offsets which Tenant may have against any prior Landlord (including, the then defaulting Landlord), or (c) bound by any payment of its continuing obligations as landlord rent or additional rent which Tenant might have paid for more than one month in advance of the due date under this Lease from and after to any prior Landlord (including, the date of such successionthen defaulting Landlord), or (iid) responsible bound by any obligation to make any payment to Tenant which was required to be made prior to the time the Successor Landlord succeeded to any prior Landlord’s interest, or (e) accountable for any monies owing by or on deposit deposited with any prior Landlord to the credit of Tenant (including security deposits), except to the extent any such deposit is monies are actually received by such mortgagee), (iii) subject to any counterclaim or setoff which theretofore accrued to Tenant against the Successor Landlord, or (ivf) bound by any amendment or modification of this Lease subsequent to such mortgage, or by any previous prepayment made without the prior written consent of Rent for more than one (1) month, which was not approved in writing by the mortgagee, or bound by the indemnity set forth in Section 9.04, (v) liable beyond mortgagee’s interest in the Property, (vi) responsible for the performance of any work to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant or the payment of the Finish Work Allowance, or (vii) required to remove any person occupying the Premises or any part thereof, except if such person claims under the mortgageeeach ground lessor and lender. Tenant agrees to execute and deliver at any time upon request of any Lender or purchaser, and the successors of either, any instrument reasonably requested to further evidence such attornment. Tenant hereby waives its right, if any, to elect to terminate this Lease or to surrender possession of the Premises in the event of any Mortgage termination or foreclosure. Tenant also agrees that any present or future mortgagee may Lender may, at its option option, unilaterally elect to subordinate, in whole fully or in part and partially subordinate its Mortgage to this Lease by an instrument in form and substance satisfactory to the Lender which Tenant shall execute within ten (10) days after written request. Any failure or refusal by Tenant to execute such mortgagee aloneinstrument within the time period specified in this Section 14.2 (without additional time, the lien of its mortgagee (or the priority of its ground lease) to some or all provisions despite any other provision of this Lease. Nothing in ) shall constitute a Default hereunder, but shall not affect the preceding sentences of this Section 15.02 shall prohibit Tenant from exercising its right to terminate this Lease pursuant to Section 3.01(c) and clause (x) of Section 3.01(e) of this Lease on the conditions set forth therein. Notwithstanding the foregoing, in the event that mortgagee or, other than an entity controlling, controlled by validity or under common control with Landlord, a purchaser at a foreclosure sale (a “Successor”) succeeds to the interest of Landlord prior to the completion of Building (including Base Building and Finish Work), such Successor shall have thirty (30) days to send written notice to Tenant stating whether or not it intends to be bound to perform work remaining to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant and agrees to advance the Finish Work Allowance. For the purposes enforceability of the immediately preceding sentence, control shall have the meaning set forth in Section 13.01(b). In the event in such notice it states that it intends to be so bound, then such provisions of this Lease shall be binding on the Successor. In the event the Successor states that it does not intend to be so bound or fails to timely provide notice to Tenant within such thirty (30) day period, then (A) prior to the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by written notice to the Successor (a “Succession Election Notice”) within sixty (60) days following notice of such acquisition, to either (I) terminate this Lease, or (II) continue this Lease, deposit such Excess Costs in escrow with the Successor to be held and disbursed against the costs to construct the Finish Work as they are incurred on behalf of Tenant in the manner provided under the Work Letter, and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor) reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; or (B) from and after the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by giving a Succession Election Notice to the Successor within sixty (60) days following notice of such acquisition, to either (X) terminate this Lease, or (Y) continue this Lease and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; provided, however, that the Successor can render any Succession Election Notice pursuant to clause (A) or (B), above, null and void and of no force and effect if, within thirty (30) days after the giving of such notice by Tenant, the Successor agrees to be bound by the applicable provisions of this Lease. Tenant’s failure to give a Succession Election Notice in the time period(s) required above shall be deemed to be an election pursuant to the clause (II) or (Y) of the immediately preceding sentence, as applicablesubordination.

Appears in 1 contract

Samples: Office Lease (Pandora Media, Inc.)

Attornment. (a) If at any time any Superior Lessor, Superior Mortgagee (each a “Senior Interest Holder”) or any other person or the successors or assigns of any of the foregoing (such Senior Interest Holder and any such other person being herein collectively referred to as “Successor Landlord’s interest in ”) shall succeed to the Property is acquired by mortgagee or purchaser at a foreclosure salerights of Landlord under this lease, Tenant shallTxxxxx agrees, at the election and upon the request of any such mortgagee or purchaserSuccessor Landlord, from time to time, fully and completely to attorn to the transferee of or successor to Landlord’s interest in the Property and recognize it any such Successor Landlord as Landlord Txxxxx’s landlord under this Leaselease upon the then executory terms of this lease, provided such Successor Landlord shall agree in writing to accept Txxxxx’s attornment. Tenant waives The foregoing provisions of this Section 65.02 shall inure to the protection benefit of any statute or rule such Successor Landlord, shall apply notwithstanding that, as a matter of law which gives Tenant any right to law, this lease may terminate this Lease or surrender possession upon the termination of the Premises Superior Lease and shall be self-operative upon any such request, and no further instrument shall be required to give effect to said provisions. Upon the transfer request of any such Successor Landlord’s interest. , Txxxxx shall execute and deliver, from time to time, instruments reasonably satisfactory to any such Successor Landlord, in recordable form if requested, to evidence and confirm the foregoing provisions of this Section 65.02, acknowledging such attornment and setting forth the terms and conditions of its tenancy. (b) Upon such attornment, this Lease lease shall continue in full force and effect as a direct lease between the mortgagee such Successor Landlord and Tenant upon all of the terms, conditions and covenants as are set forth in then executory terms of this Lease, lease except that the mortgagee such Successor Landlord shall not be be: (i) liable in any way to Tenant for any act or omission, neglect omission or negligence of any prior Landlord (other than to cure any default on the part of Landlord under this Lease (nothing in this clause (i) being deemed to relieve any mortgagee succeeding to the interest of Landlord hereunder of its a continuing obligations as landlord under this Lease from and after the date of such successionnature), ; (ii) responsible subject to any counterclaim, defense or offset which theretofore shall have accrued to Tenant against any prior Landlord; (iii) bound by the payment of any rent or additional rent for any monies owing by or on deposit with Landlord to the credit of Tenant more than one month in advance (except to the extent any such deposit is unless actually received by such mortgageeSuccessor Landlord), (iii) subject to any counterclaim or setoff which theretofore accrued to Tenant against Landlord, ; (iv) bound by any modification or amendment or modification of this Lease subsequent to lease unless (A) such mortgage, modification or by any previous prepayment of Rent for more than one (1) month, which was not amendment shall have been approved in writing by the mortgageeSenior Interest Holder, of which Tenant has been given notice, through or bound by reason of which the indemnity set forth in Section 9.04, Successor Landlord shall have succeeded to the rights of Landlord under this lease or (B) the modification or amendment shall have occurred prior to the creation of such Senior Interest; (v) liable beyond mortgagee’s interest obligated to construct any improvements or to grant any credit toward the cost of any improvements; (vi) in the event of damage to the Building or the Property, (vi) responsible for by fire or other casualty, obligated to repair the performance of any work to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant demised premises or the payment Building or the Property, or any part thereof beyond such repair as may be reasonably accomplished from the net proceeds of the Finish Work Allowance, insurance actually made available to Landlord; or (vii) required in the event of partial condemnation, obligated to remove any person occupying repair the Premises demised premises or the Building or the Property, or any part thereof, except if thereof beyond such person claims under repair as may be reasonably accomplished from the mortgagee. Tenant agrees that net proceeds of any present or future mortgagee may at its option unilaterally elect award actually made available to subordinate, in whole or in Landlord as consequential damages allocable to the part and by instrument in form and substance satisfactory to such mortgagee alone, of the lien of its mortgagee (demised premises or the priority of its ground lease) to some Building or all provisions of this Leasethe Property, not taken. Nothing contained in the preceding sentences of this Section 15.02 65.02 shall prohibit Tenant from exercising its be construed to impair any right to terminate this Lease pursuant to Section 3.01(c) and clause (x) of Section 3.01(e) of this Lease on the conditions set forth therein. Notwithstanding the foregoing, in the event that mortgagee or, other than an entity controlling, controlled otherwise exercisable by or under common control with Landlord, a purchaser at a foreclosure sale (a “Successor”) succeeds to the interest of Landlord prior to the completion of Building (including Base Building and Finish Work), any such Successor shall have thirty (30) days to send written notice to Tenant stating whether or not it intends to be bound to perform work remaining to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant and agrees to advance the Finish Work Allowance. For the purposes of the immediately preceding sentence, control shall have the meaning set forth in Section 13.01(b). In the event in such notice it states that it intends to be so bound, then such provisions of this Lease shall be binding on the Successor. In the event the Successor states that it does not intend to be so bound or fails to timely provide notice to Tenant within such thirty (30) day period, then (A) prior to the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by written notice to the Successor (a “Succession Election Notice”) within sixty (60) days following notice of such acquisition, to either (I) terminate this Lease, or (II) continue this Lease, deposit such Excess Costs in escrow with the Successor to be held and disbursed against the costs to construct the Finish Work as they are incurred on behalf of Tenant in the manner provided under the Work Letter, and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor) reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; or (B) from and after the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by giving a Succession Election Notice to the Successor within sixty (60) days following notice of such acquisition, to either (X) terminate this Lease, or (Y) continue this Lease and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; provided, however, that the Successor can render any Succession Election Notice pursuant to clause (A) or (B), above, null and void and of no force and effect if, within thirty (30) days after the giving of such notice by Tenant, the Successor agrees to be bound by the applicable provisions of this Lease. Tenant’s failure to give a Succession Election Notice in the time period(s) required above shall be deemed to be an election pursuant to the clause (II) or (Y) of the immediately preceding sentence, as applicableLandlord.

Appears in 1 contract

Samples: Acknowledgement (American Defense Systems Inc)

Attornment. If Landlord’s interest To the extent expressly required under the leases in existence on the Issue Date, the Trustee, on behalf of the Holders of the Notes, hereby acknowledges and agrees that the Liens granted pursuant to the Security Documents are subject to the rights of certain lessees under such leases (and expressly required thereunder) and will be subject to the rights of lessees under any leases entered into by the Company or any Subsidiary Guarantor after the date hereof which are permitted pursuant to this Indenture (collectively, the "Leases") subject to the express rights contained in the Property is acquired by mortgagee or purchaser at a foreclosure sale, Tenant shall, at applicable lease. The rights of the election of such mortgagee or purchaser, attorn tenants under the leases to the transferee of or successor to Landlord’s interest in the Property and recognize it as Landlord under this Lease. Tenant waives the protection of any statute or rule of law which gives Tenant any right to terminate this Lease or surrender possession of the Premises upon the transfer of Landlord’s interest. Upon such attornment, this Lease shall continue in full force and effect as a direct lease between the mortgagee and Tenant upon all of the terms, conditions and covenants as are set forth in this Lease, except that the mortgagee leased premises shall not be (i) liable in any way to Tenant for any act or omission, neglect or default on the part of Landlord under this Lease (nothing in this clause (i) being deemed to relieve any mortgagee succeeding to the interest of Landlord hereunder of its continuing obligations as landlord under this Lease from and after the date of such succession), (ii) responsible for any monies owing by or on deposit with Landlord to the credit of Tenant (except to the extent any such deposit is actually received by such mortgagee), (iii) subject to any counterclaim or setoff which theretofore accrued to Tenant against Landlord, (iv) bound by any amendment or modification of this Lease subsequent to such mortgage, or by any previous prepayment of Rent for more than one (1) month, which was not approved in writing unreasonably affected by the mortgagee, or bound exercise by the indemnity set forth in Section 9.04, (v) liable beyond mortgagee’s interest in the Property, (vi) responsible for the performance of any work to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant or the payment of the Finish Work Allowance, or (vii) required to remove any person occupying the Premises or any part thereof, except if such person claims under the mortgagee. Tenant agrees that any present or future mortgagee may at its option unilaterally elect to subordinate, in whole or in part and by instrument in form and substance satisfactory to such mortgagee alone, the lien of its mortgagee Trustee (or the priority Collateral Agent or other representative of the Holders under any Security Document) of any of their rights under this Indenture or any of the Security Documents, nor shall any such tenant be in any other way deprived of its ground rights under the applicable lease except in accordance with the terms of such lease) to some or all provisions of this Lease. Nothing in the preceding sentences of this Section 15.02 shall prohibit Tenant from exercising its right to terminate this Lease pursuant to Section 3.01(c) and clause (x) of Section 3.01(e) of this Lease on the conditions set forth therein. Notwithstanding the foregoing, in In the event that mortgagee or, the Trustee (or any Collateral Agent or other than an entity controlling, controlled by or representative of the Holders under common control with Landlord, a purchaser at a foreclosure sale (a “Successor”any Security Document) succeeds to the interest of Landlord prior the Company or any Subsidiary Guarantor under a Lease, such Lease shall not be terminated or affected thereby except as set forth herein or therein, and any sale of the applicable leased premises by the Trustee (or the Collateral Agent or other representative of the Holders under any Security Document) under or pursuant to the completion judgment of Building any court in an action to enforce the remedies provided for in the Indenture, the Notes or any of the Security Documents shall be made subject to such Lease and the rights of such tenant expressly set forth thereunder. If the Trustee (including Base Building or the Collateral Agent or other representative of the Holders under any Security Document) succeeds to the interests of the Company or a Subsidiary Guarantor in and Finish Work)to the applicable leased premises or under such lease or enters into possession of such leased premises, the Trustee or such Successor Collateral Agent or other representative and such tenants shall have thirty (30) days to send written notice to Tenant stating whether or not it intends to be bound to perform work remaining to be done by the Landlord each other under this Lease to render the Premises ready for occupancy by the Tenant and agrees to advance the Finish Work Allowance. For the purposes all of the immediately preceding sentenceexpress terms, control shall have the meaning set forth in Section 13.01(b). In the event in such notice it states that it intends to be so bound, then such provisions of this Lease shall be binding on the Successor. In the event the Successor states that it does not intend to be so bound or fails to timely provide notice to Tenant within such thirty (30) day period, then (A) prior to the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by written notice to the Successor (a “Succession Election Notice”) within sixty (60) days following notice covenants and conditions of such acquisition, to either (I) terminate this Lease, or (II) continue this Lease, deposit such Excess Costs in escrow with the Successor to be held and disbursed against the costs to construct the Finish Work as they are incurred on behalf of Tenant in the manner provided under the Work Letter, and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor) reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; or (B) from and after the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by giving a Succession Election Notice to the Successor within sixty (60) days following notice of such acquisition, to either (X) terminate this Lease, or (Y) continue this Lease and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; provided, however, that the Successor can render any Succession Election Notice pursuant to clause (A) or (B), above, null and void and of no force and effect if, within thirty (30) days after the giving of such notice by Tenant, the Successor agrees to be bound by the applicable provisions of this Lease. Tenant’s failure to give a Succession Election Notice in the time period(s) required above shall be deemed to be an election pursuant to the clause (II) or (Y) of the immediately preceding sentencelease, as applicableif the Trustee or such Collateral Agent or other representative was originally the Company or such Subsidiary Guarantor as lessor thereunder.

Appears in 1 contract

Samples: Indenture (Sterling Chemical Inc)

Attornment. If Landlord’s interest in Notwithstanding the Property is acquired by generality of the foregoing provisions of Section 18.1, any mortgagee or purchaser lessor of Landlord shall have the right at a any time to subordinate any such mortgage or underlying lease to this Lease, or to any of the provisions hereof, on such terms and subject to such conditions as such mortgagee or lessor of Landlord may consider appropriate in its discretion. At any time, before or after the institution of any proceedings for the foreclosure saleof any such mortgage, or the sale of the Building under any such mortgage, or the termination of any underlying lease, Tenant shall, at the election upon request of such mortgagee or purchaser, attorn to the transferee of any person or successor to Landlord’s interest in the Property and recognize it as Landlord under this Lease. Tenant waives the protection of any statute or rule of law which gives Tenant any right to terminate this Lease or surrender possession of the Premises upon the transfer of Landlord’s interest. Upon such attornment, this Lease shall continue in full force and effect as a direct lease between the mortgagee and Tenant upon all of the terms, conditions and covenants as are set forth in this Lease, except that the mortgagee shall not be (i) liable in any way to Tenant for any act or omission, neglect or default on the part of Landlord under this Lease (nothing in this clause (i) being deemed to relieve any mortgagee entities succeeding to the interest of such mortgagee or the purchaser at any foreclosure sale (each a “Successor Landlord”), automatically become the Tenant (or if the Premises has been validly subleased, the subtenant) of such Successor Landlord, without change in the terms or other provisions of this Lease (or, in the case of a permitted sublease, without change in this Lease or in the instrument setting forth the terms of such sublease) and the Successor Landlord hereunder shall assume all obligations of its continuing obligations as landlord “Landlord” under this Lease from and after Lease. Notwithstanding the date of such succession)foregoing, in no event shall the Successor Landlord be (ii) responsible for any monies owing by or on deposit with Landlord to the credit of Tenant (except to the extent any such deposit is actually received by such mortgagee), (iii) subject to any counterclaim or setoff which theretofore accrued to Tenant against Landlord, (ivi) bound by any amendment payment made by Tenant of Rent or modification of this Lease subsequent to such mortgage, or by any previous prepayment of Additional Rent for more than one (1) monthmonth in advance, which was not approved in writing (ii) bound by any termination, modification, amendment or surrender of the mortgageeLease done without the Successor Landlord’s consent, (iii) liable for any damages or subject to any offset or defense by Tenant to the payment of Rent by reason of any act or omission of any prior landlord (including Landlord), or bound by (iv) personally or corporately liable, in any event, beyond the indemnity limitations on landlord liability set forth in Section 9.04, (v) liable beyond mortgagee’s interest in the Property, (vi) responsible for the performance of any work to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant or the payment of the Finish Work Allowance, or (vii) required to remove any person occupying the Premises or any part thereof, except if such person claims under the mortgagee. Tenant agrees that any present or future mortgagee may at its option unilaterally elect to subordinate, in whole or in part and by instrument in form and substance satisfactory to such mortgagee alone, the lien of its mortgagee (or the priority of its ground lease) to some or all provisions 25.5 of this Lease. Nothing This agreement of Tenant to attorn to a Successor Landlord shall survive any such foreclosure sale, trustee’s sale conveyance in the preceding sentences lieu thereof or termination of this Section 15.02 shall prohibit Tenant from exercising its right to terminate this Lease pursuant to Section 3.01(c) and clause (x) of Section 3.01(e) of this Lease on the conditions set forth thereinany underlying lease. Notwithstanding the foregoing, in the event that mortgagee or, other than an entity controlling, controlled by or under common control with Landlord, a purchaser at a foreclosure sale (a “Successor”) succeeds to the interest of Landlord prior to the completion of Building (including Base Building and Finish Work), such Successor shall have thirty (30) days to send written notice to Tenant stating whether or not it intends to be bound to perform work remaining to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant and agrees to advance the Finish Work Allowance. For the purposes of the immediately preceding sentence, control shall have the meaning set forth in Section 13.01(b). In the event in such notice it states that it intends to be so bound, then such provisions of this Lease shall be binding on the Successor. In the event the Successor states that it does not intend to be so bound or fails to timely provide notice to Tenant within such thirty (30) day period, then (A) prior to the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the rightupon demand at any time, by written notice before or after any such foreclosure or termination execute, acknowledge, and deliver to the Successor (a “Succession Election Notice”) within sixty (60) days following notice of Landlord any reasonable written instruments and certificates evidencing such acquisition, to either (I) terminate this Lease, or (II) continue this Lease, deposit attornment as such Excess Costs in escrow with the Successor to be held and disbursed against the costs to construct the Finish Work as they are incurred on behalf of Tenant in the manner provided under the Work Letter, and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor) reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; or (B) from and after the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by giving a Succession Election Notice to the Successor within sixty (60) days following notice of such acquisition, to either (X) terminate this Lease, or (Y) continue this Lease and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annumLandlord may reasonably require; provided, however, that Landlord shall use its reasonable efforts to require that the Successor can render any Succession Election Notice pursuant to clause (A) or (B)Landlord provide in such agreement that upon such attornment, aboveas long as Tenant is not in default hereunder, null and void and of no force and effect if, within thirty (30) days after the giving of such notice by Tenant, the Successor agrees to be bound by the applicable provisions of this Lease. Tenant’s failure to give a Succession Election Notice in the time period(s) required above shall be deemed to be an election pursuant to the clause (II) or (Y) possession of the immediately preceding sentence, as applicablePremises under this Lease shall not be disturbed.

Appears in 1 contract

Samples: Lease Agreement (Calamos Asset Management, Inc. /DE/)

Attornment. If Landlord’s interest in In the Property is acquired event that Lxxxxx acquires or succeeds to the interests of Landlord under the Lease by mortgagee reason of a foreclosure, deed-in-lieu of foreclosure or purchaser at otherwise (collectively, a foreclosure sale"Foreclosure"), Tenant shall, at the election of such mortgagee or purchaser, attorn shall be bound to the transferee of or successor to Landlord’s interest in the Property and recognize it as Landlord Lender under this Lease. Tenant waives the protection of any statute or rule of law which gives Tenant any right to terminate this Lease or surrender possession of the Premises upon the transfer of Landlord’s interest. Upon such attornment, this Lease shall continue in full force and effect as a direct lease between the mortgagee and Tenant upon all of the terms, covenants and conditions and covenants as are set forth in this of the Lease, except that as provided in this Agreement, for the mortgagee shall not be balance of the term thereof remaining, with the same force and effect as if Lender were Landlord. Tenant hereby agrees in such event to (i) liable attorn to Lender as its landlord on such terms, (ii) affirm its obligations under the Lease, and (iii) make payments of all sums thereafter becoming due under the Lease to Lender. Said attornment, affirmation and agreement is to be effective and self-operative without the execution of any further instruments upon Lxxxxx succeeding to the interests of Landlord under the Lease. Txxxxx agrees to execute and deliver at any time and from time to time, upon the request of Landlord or Lender, any instrument or certificate deemed to be necessary or appropriate to evidence such attornment. If any act or omission of Landlord would give Tenant the right, immediately or after the lapse of a period of time, to cancel or terminate the Lease or axxxx the rent payable thereunder or to claim a partial or total eviction, Tenant shall not exercise such right until (i) it has given written notice of such act or omission to Landlord and Lender, (ii) Landlord fails to remedy such act or omission within the applicable time period stated in any way the Lease for effecting such remedy and (iii) a reasonable period for remedying such act or omission shall have elapsed following the failure of Landlord to effect such remedy and following the time when Lender shall have become entitled under the Security Instrument to remedy the same (which reasonable period shall in no event be less than the period to which Landlord is entitled under the Lease or otherwise, after similar notice, to effect such remedy, plus two additional weeks). In the case of an act or omission which Lender undertakes to remedy but which cannot practicably be remedied by Lxxxxx without taking possession of the Premises (i) such reasonable period shall not commence until Lxxxxx has possession of the Premises and (ii) Lender shall proceed with reasonable diligence to obtain possession of the Premises, and upon obtaining such possession shall with reasonable diligence remedy such act or omission. From and after such attornment, Lender shall be bound to Tenant under all the terms, covenants and conditions of the Lease; provided, however, Lender shall not be: obligated to cure any defaults under the Lease of any prior landlord (including Landlord) which occurred prior to the date Lender obtained title to or possession of the Property; liable for any act or omission, neglect or default on the part omission of Landlord under this Lease any prior landlord (nothing in this clause (iincluding Landlord) being deemed to relieve any mortgagee succeeding which occurred prior to the interest date Lender obtained title or possession of Landlord hereunder of its continuing obligations as landlord under this Lease from and after the date of such succession), (ii) responsible for Property; obligated to fund any monies owing by or on security deposit with Landlord to the credit of Tenant (except to the extent any such deposit is unless actually received by Lender; bound by any amendment, modification or termination of the Lease unless such mortgagee)amendment, (iii) modification or termination was consented to in writing by Lender; subject to any counterclaim offsets or setoff defenses which theretofore accrued to Tenant might have against any prior landlord (including Landlord, (iv) ); or bound by any amendment base rental or modification additional rental or advance payment of this Lease subsequent to such mortgage, or by any previous prepayment of Rent rent which Tenant paid for more than one the current month to any prior landlord (1) month, which was not approved in writing by the mortgagee, including Landlord). Anything herein or bound by the indemnity set forth in Section 9.04, (v) liable beyond mortgagee’s interest in the Property, (vi) responsible for the performance of any work to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant or the payment of the Finish Work Allowance, or (vii) required to remove any person occupying the Premises or any part thereof, except if such person claims under the mortgagee. Tenant agrees that any present or future mortgagee may at its option unilaterally elect to subordinate, in whole or in part and by instrument in form and substance satisfactory to such mortgagee alone, the lien of its mortgagee (or the priority of its ground lease) to some or all provisions of this Lease. Nothing in the preceding sentences of this Section 15.02 shall prohibit Tenant from exercising its right to terminate this Lease pursuant to Section 3.01(c) and clause (x) of Section 3.01(e) of this Lease on the conditions set forth therein. Notwithstanding the foregoingcontrary notwithstanding, in the event that mortgagee orLender shall acquire title to the Premises by reason of a Foreclosure, other than an entity controllingLender shall have no obligation, controlled by nor incur any liability, beyond Lxxxxx's then interest, if any, in the Property (including any title and casualty insurance proceeds and condemnation awards actually paid to Lender), and Tenant shall look exclusively to such interest of Lender in the Property for the payment and discharge of any obligations which may be imposed upon Lender hereunder or under common control with Landlord, a purchaser at a foreclosure sale (a “Successor”) succeeds to the interest of Landlord prior to the completion of Building (including Base Building and Finish Work), such Successor shall have thirty (30) days to send written notice to Tenant stating whether or not it intends to be bound to perform work remaining to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant and agrees to advance the Finish Work Allowance. For the purposes of the immediately preceding sentence, control shall have the meaning set forth in Section 13.01(b). In the event in such notice it states that it intends to be so bound, then such provisions of this Lease shall be binding on the Successor. In the event the Successor states that it does not intend to be so bound or fails to timely provide notice to Tenant within such thirty (30) day period, then (A) prior to the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by written notice to the Successor (a “Succession Election Notice”) within sixty (60) days following notice of such acquisition, to either (I) terminate this Lease, or (II) continue this Lease, deposit such Excess Costs in escrow with the Successor to be held and disbursed against the costs to construct the Finish Work as they are incurred on behalf of Tenant in the manner provided under the Work Letter, and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor) reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; or (B) from and after the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by giving a Succession Election Notice to the Successor within sixty (60) days following notice of such acquisition, to either (X) terminate this Lease, or (Y) continue this Lease and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; provided, however, that the Successor can render any Succession Election Notice pursuant to clause (A) or (B), above, null and void and of no force and effect if, within thirty (30) days after the giving of such notice by Tenant, the Successor agrees to be bound by the applicable provisions of this Lease. Tenant’s failure to give a Succession Election Notice in the time period(s) required above shall be deemed to be an election pursuant to the clause (II) or (Y) of the immediately preceding sentence, as applicable.

Appears in 1 contract

Samples: Secured Indebtedness Agreement (Parkway Properties Inc)

Attornment. If Tenant shall at Landlord’s interest in request promptly execute any requisite document confirming such subordination within ten (10) business days following such request on the Property is acquired by mortgagee or purchaser at a foreclosure sale, Tenant shall, at commercially reasonable form of the election holder of such mortgagee or purchaser, attorn to the transferee of or successor to Landlord’s interest in the Property and recognize it as Landlord under this Leaseany Mortgage. Tenant waives the protection provisions of any statute or rule of law now or hereafter in effect which gives may give or purport to give Tenant any right to terminate or otherwise adversely affect this Lease and Tenant’s obligations hereunder in the event any foreclosure proceeding is prosecuted or surrender possession of completed or in the Premises upon event the transfer of Building, the Land or Landlord’s interestinterest therein is transferred by foreclosure, by deed in lieu of foreclosure or otherwise. Upon any such transfer, Tenant shall attorn to such transferee and shall recognize such transferee as the landlord under this Lease. Tenant agrees that upon any such attornment, this Lease shall continue in full force and effect as a direct lease between the mortgagee and Tenant upon all of the terms, conditions and covenants as are set forth in this Lease, except that the mortgagee such transferee shall not be (ia) liable bound by or required to credit Tenant with any prepayment of the Base Rent or additional rent more than thirty (30) days in advance or any way to Tenant for deposit, rental security or any act or omission, neglect or default on other sums deposited with any prior landlord under the part of Landlord under this Lease (nothing in this clause (iincluding Landlord) being deemed to relieve any mortgagee succeeding to the interest of Landlord hereunder of its continuing obligations as landlord under this Lease from and after the date of such succession), (ii) responsible for any monies owing by or on deposit with Landlord to the credit of Tenant (except to the extent any such deposit unless said sum is actually received by such mortgageetransferee, (b) bound by any amendment, modification or termination of this Lease made without the consent of the holder of each Mortgage existing as of the date of such amendment (except as may otherwise be unilaterally effectuated by Tenant in accordance with the terms and provisions of this Lease), (iiic) liable for any breach, act or omission of any prior landlord under the Lease (including Landlord) or any damages arising therefrom; (d) subject to any counterclaim offsets or setoff defenses which theretofore accrued to Tenant might have against any prior landlord (including Landlord), (ive) bound by any amendment or modification of this Lease subsequent to such mortgage, or by any previous prepayment of Rent for more than one (1) month, obligation which was not approved may appear in writing by the mortgagee, or bound by the indemnity set forth in Section 9.04, (v) liable beyond mortgagee’s interest in the Property, (vi) responsible for the performance of any work to be done by the Landlord under this Lease to render maintain the Amenities, if any, (f) liable for any late completion of any construction of the Premises ready or tenant improvement work to the Premises commenced or agreed to by any prior landlord under the Lease (including Landlord), (g) liable for occupancy by the Tenant or the payment of any damages or penalties payable by any prior landlord under the Finish Work AllowanceLease (including Landlord) to Tenant including but not limited to penalties for failure to deliver the Premises in a timely fashion, or (viih) required to remove bound by any person occupying the Premises or any part thereof, except if such person claims under the mortgagee. Tenant agrees that any present or future mortgagee obligation which may at its option unilaterally elect to subordinate, appear in whole or in part and by instrument in form and substance satisfactory to such mortgagee alone, the lien of its mortgagee (or the priority of its ground lease) to some or all provisions of this Lease. Nothing in the preceding sentences of this Section 15.02 shall prohibit Tenant from exercising its right to terminate this Lease pursuant to Section 3.01(c) and clause (x) of Section 3.01(e) of this Lease on the conditions set forth therein. Notwithstanding the foregoing, in the event that mortgagee or, other than an entity controlling, controlled by or under common control with Landlord, a purchaser at a foreclosure sale (a “Successor”) succeeds to the interest of Landlord prior to the completion of Building (including Base Building and Finish Work), such Successor shall have thirty (30) days to send written notice to Tenant stating whether or not it intends to be bound to perform work remaining to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant and agrees pay any sum of money to advance the Finish Work Allowance. For the purposes of the immediately preceding sentenceTenant; provided, control shall have the meaning set forth in Section 13.01(b). In the event in such notice it states however, that it intends after succeeding to be so bound, then such provisions of this Lease shall be binding on the Successor. In the event the Successor states that it does not intend to be so bound or fails to timely provide notice to Tenant within such thirty (30) day period, then (A) prior to the date that Tenant has made TenantLandlord’s first payment towards the Excess Costs interest under the FW Contract under the Work Letter, Tenant shall have the right, by written notice to the Successor (a “Succession Election Notice”) within sixty (60) days following notice of such acquisition, to either (I) terminate this Lease, or such transferee shall (IIi) continue this Lease, deposit such Excess Costs in escrow with the Successor to be held and disbursed against the costs to construct the Finish Work as they are incurred on behalf of Tenant in the manner provided under the Work Letter, and complete the Finish Work itself at its expense and otherwise perform in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor) reduce the Rent by the amount all obligations of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; or (B) from and Landlord arising after the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letterof transfer, Tenant shall have the right, by giving a Succession Election Notice to the Successor within sixty (60ii) days following notice of such acquisition, to either (X) terminate this Lease, or (Y) continue this Lease and complete the Finish Work itself at its expense and otherwise perform in accordance with the terms of this Lease any repair or maintenance obligation of Landlord (regardless of whether the need for such repair or maintenance arose prior to the date of such transfer) and (iii) be responsible for any portion of the Construction Allowance not previously paid hereunder to Tenant in accordance with the terms of Exhibit B, but not more than the amount Tenant identifies as outstanding on the estoppel certificate executed by Tenant and delivered to such transferee prior to the extent the Finish Work Allowance is not disbursed by the Successor reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; provided, however, that the Successor can render any Succession Election Notice pursuant to clause date it takes title. Within ten (A10) or (B), above, null and void and of no force and effect if, within thirty (30) business days after the giving request of such notice by Tenanttransferee, the Successor agrees Tenant shall execute, acknowledge and deliver any requisite or appropriate document submitted to be bound by the applicable provisions of this Lease. Tenant’s failure to give a Succession Election Notice in the time period(s) required above shall be deemed to be an election pursuant to the clause (II) or (Y) of the immediately preceding sentence, as applicableTenant confirming such attornment.

Appears in 1 contract

Samples: Office Lease Agreement (Qualtrics International Inc.)

Attornment. If Landlord’s interest in Upon the Property is acquired by mortgagee or purchaser at a foreclosure sale, Tenant shall, at the election of such mortgagee or purchaser, attorn to the transferee of or successor to Landlord’s interest in the Property and recognize it as Landlord under this Lease. Tenant waives the protection written request of any statute person or rule of law which gives Tenant any right to terminate this Lease or surrender possession of the Premises upon the transfer of Landlord’s interest. Upon such attornment, this Lease shall continue in full force and effect as a direct lease between the mortgagee and Tenant upon all of the terms, conditions and covenants as are set forth in this Lease, except that the mortgagee shall not be (i) liable in any way to Tenant for any act or omission, neglect or default on the part of Landlord under this Lease (nothing in this clause (i) being deemed to relieve any mortgagee party succeeding to the interest of Landlord hereunder of its continuing obligations as landlord under this Lease from Lease, Tenant shall automatically become the tenant of and after attorn to such successor in interest without any change in any of the date terms of such succession), this Lease. No successor in interest shall be (ii) responsible for any monies owing by or on deposit with Landlord to the credit of Tenant (except to the extent any such deposit is actually received by such mortgagee), (iii) subject to any counterclaim or setoff which theretofore accrued to Tenant against Landlord, (iva) bound by any amendment or modification of this Lease subsequent to such mortgage, or by any previous prepayment payment of Rent for more than one (1) monthmonth in advance, which was not approved in writing by the mortgagee, or bound by the indemnity set forth in Section 9.04, (v) liable beyond mortgagee’s interest in the Property, (vi) responsible except payments of security for the performance by Tenant of any work to be done by the Landlord Tenant’s obligations under this Lease to render the Premises ready for occupancy by the Tenant or the payment of the Finish Work AllowanceLease, or (viib) required subject to remove any person occupying the Premises offset, defense or damages arising out of a default or any part thereofobligations of any preceding Landlord. Neither Landlord’s Mortgagee nor its successor in interest shall be bound by any amendment of this Lease entered into after Tenant has been given written notice of the name and address of Landlord’s Mortgagee and without the written consent of Landlord’s Mortgagee or such successor in interest. Any transferee or successor-in-interest shall not be liable for any acts, omissions or defaults of Landlord that occurred before the sale or conveyance, or the return of any security deposit except if such person claims under for deposits actually paid to the mortgageesuccessor or transferee. Tenant agrees that to give written notice of any present default by Landlord to the holder of any Mortgage. Tenant further agrees that, before it exercises any rights or future mortgagee may at its option unilaterally elect to subordinate, in whole or in part and by instrument in form and substance satisfactory to such mortgagee aloneremedies under the Lease, the lien holder of its mortgagee (any Mortgage or the priority of its ground lease) to some or all provisions of this Lease. Nothing other successor in the preceding sentences of this Section 15.02 shall prohibit Tenant from exercising its right to terminate this Lease pursuant to Section 3.01(c) and clause (x) of Section 3.01(e) of this Lease on the conditions set forth therein. Notwithstanding the foregoing, in the event that mortgagee or, other than an entity controlling, controlled by or under common control with Landlord, a purchaser at a foreclosure sale (a “Successor”) succeeds to the interest of Landlord prior to the completion of Building (including Base Building and Finish Work), such Successor shall have thirty (30) days to send written notice to Tenant stating whether or not it intends to be bound to perform work remaining to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant and agrees to advance the Finish Work Allowance. For the purposes of the immediately preceding sentence, control shall have the meaning set forth in Section 13.01(b). In the event in such notice it states that it intends to be so bound, then such provisions of this Lease shall be binding on the Successor. In the event the Successor states that it does not intend to be so bound or fails to timely provide notice to Tenant within such thirty (30) day period, then (A) prior to the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by written notice to but not the Successor (a “Succession Election Notice”) within sixty (60) days following notice of such acquisitionobligation, to either (I) terminate this Leasecure the default within the same time, or (II) continue this Leaseif any, deposit such Excess Costs in escrow with given to Landlord to cure the Successor to be held and disbursed against the costs to construct the Finish Work as they are incurred on behalf of Tenant in the manner provided under the Work Letterdefault, and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor) reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; or (B) from and after the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by giving a Succession Election Notice to the Successor within sixty (60) days following notice of such acquisition, to either (X) terminate this Lease, or (Y) continue this Lease and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; provided, however, that the Successor can render any Succession Election Notice pursuant to clause (A) or (B), above, null and void and of no force and effect if, within plus an additional thirty (30) days after days. The subordination, attornment and mortgagee protection clauses of this paragraph 16 shall be self-operative and no further instruments of subordination, attornment or mortgagee protection need be required by any Landlord’s Mortgagee or successor in interest thereto. Nevertheless, upon the giving of such notice by written request therefor and without any compensation or consideration being payable to Tenant, the Successor Tenant agrees to be bound execute, have acknowledged and deliver such instruments substantially in the form of Exhibit “H” hereto to confirm the same. Tenant shall from time to time, if so requested by the applicable provisions of Landlord and if doing so will not materially and adversely affect Tenant’s economic interests under this Lease. Tenant’s failure , join with Landlord in amending this Lease so as to give meet the needs or requirements of any lender that is considering making or that has made a Succession Election Notice in the time period(s) required above shall be deemed to be an election pursuant to the clause (II) loan secured by all or (Y) any portion of the immediately preceding sentence, as applicableComplex.

Appears in 1 contract

Samples: Lease Agreement (Q Comm International Inc)

Attornment. If Landlord’s interest (a) Tenant covenants and agrees that in the event of foreclosure of the Deed of Trust, whether by power of sale or by court action, or upon a transfer of the Property is acquired by mortgagee or conveyance in lieu of foreclosure (the purchaser at a foreclosure saleor the transferee in lieu of foreclosure, including Administrative Agent or any Lender if they are such purchaser or transferee, being herein called "New Owner"), Tenant shall, at the election of such mortgagee or purchaser, shall attorn to New Owner as Tenant's new landlord, and agrees that the transferee of or successor to Landlord’s interest in the Property and recognize it as Landlord under this Lease. Tenant waives the protection of any statute or rule of law which gives Tenant any right to terminate this Lease or surrender possession of the Premises upon the transfer of Landlord’s interest. Upon such attornment, this Lease shall continue in full force and effect as a direct lease between the mortgagee Tenant and Tenant New Owner upon all of the terms, covenants, conditions and covenants as are agreements set forth in the Lease and this LeaseAgreement, except for provisions which are impossible for New Owner to perform; provided, however, that the mortgagee in no event shall not be New Owner be: (i) liable in any way to Tenant for any act or act, omission, neglect default, misrepresentation or default on breach of warranty of any previous landlord (including Landlord) or obligations accruing prior to New Owner's actual ownership of the part of Landlord under this Lease (nothing in this clause (i) being deemed to relieve any mortgagee succeeding to the interest of Landlord hereunder of its continuing obligations as landlord under this Lease from and after the date of such succession), Property; (ii) responsible for any monies owing by or on deposit with Landlord to the credit of Tenant (except to the extent any such deposit is actually received by such mortgagee), (iii) subject to any offset, defense, claim or counterclaim which Tenant might be entitled to assert against any previous landlord (including Landlord) (notwithstanding the foregoing, however, New Owner agrees to be bound by the terms of Sections 2.1 and 2.2 of the Addendum attached to the Lease regarding Phase I Rent Relief and Phase II Rent Relief, as Administrative Agent does not view such rights to rent relief as an offset right); (iii) bound by any payment of rent, additional rent or setoff which theretofore accrued other payments made by Tenant to Tenant against any previous landlord (including Landlord) for more than one (1) month in advance, unless actually received by New Owner; (iv) bound by any amendment or modification of this the Lease subsequent to such mortgagehereafter made which could materially affect any right of Landlord or which alters the economics of the Lease (including, without limitation, modifications that reduce rent, shorten the term, reduce the rentable area of the Premises or reduce the operating expense reimbursement obligations under the Lease, or which reduce any other charges paid by Tenant to landlord under the Lease, or any which transfer to the landlord any costs previously paid by Tenant), without the written consent of Administrative Agent; (v) bound by any consent or acquiescence by any previous prepayment of Rent for more than one landlord (1including Landlord) month, which was not approved in writing by under the mortgagee, or bound by the indemnity set forth in Section 9.04, (v) liable beyond mortgagee’s interest in the Property, (vi) responsible for the performance of any work to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant any assignment or the payment of the Finish Work Allowance, or (vii) required to remove any person occupying the Premises or any part thereof, except if such person claims under the mortgagee. Tenant agrees that any present or future mortgagee may at its option unilaterally elect to subordinate, in whole or in part and by instrument in form and substance satisfactory to such mortgagee alone, the lien of its mortgagee (or the priority of its ground lease) to some or all provisions of this Lease. Nothing in the preceding sentences of this Section 15.02 shall prohibit Tenant from exercising its right to terminate this Lease pursuant to Section 3.01(c) and clause (x) of Section 3.01(e) of this Lease on the conditions set forth therein. Notwithstanding the foregoing, in the event that mortgagee or, other than an entity controlling, controlled by or under common control with Landlord, a purchaser at a foreclosure sale (a “Successor”) succeeds to the interest of Landlord prior to the completion of Building (including Base Building and Finish Work), such Successor shall have thirty (30) days to send written notice to Tenant stating whether or not it intends to be bound to perform work remaining to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant and agrees to advance the Finish Work Allowance. For the purposes of the immediately preceding sentence, control shall have the meaning set forth in Section 13.01(b). In the event in such notice it states that it intends to be so bound, then such provisions of this Lease shall be binding on the Successor. In the event the Successor states that it does not intend to be so bound or fails to timely provide notice to Tenant within such thirty (30) day period, then (A) prior to the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by written notice to the Successor (a “Succession Election Notice”) within sixty (60) days following notice of such acquisition, to either (I) terminate this Lease, or (II) continue this Lease, deposit such Excess Costs in escrow with the Successor to be held and disbursed against the costs to construct the Finish Work as they are incurred on behalf of Tenant in the manner provided under the Work Letter, and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and sublease hereafter granted (to the extent that the Finish Work Allowance approval of landlord is not disbursed by the Successor) reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; required for such assignment or (B) from and after the date that Tenant has made Tenant’s first payment towards the Excess Costs sublease under the FW Contract under the Work Letter, Tenant shall have the right, by giving a Succession Election Notice to the Successor within sixty (60) days following notice of such acquisition, to either (X) terminate this Lease, or (Y) continue this Lease and complete the Finish Work itself at its expense and otherwise in accordance with the terms of the Lease), without the written consent of Administrative Agent; or (vi) liable for any deposit that Tenant may have given to any previous landlord (including Landlord) which has not, as such, been transferred to New Owner. (b) The provisions of this Lease Agreement regarding attornment by Tenant shall be self-operative and (to effective without the extent necessity of execution of any new lease or other document on the Finish Work Allowance is not disbursed by part of any party hereto or the Successor reduce the Rent by the amount respective heirs, legal representatives, successors or assigns of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; providedany such parry. Tenant agrees, however, that to execute and deliver upon the Successor can render request of New Owner, any Succession Election Notice pursuant to clause (A) instrument or (B), above, null and void and of no force and effect if, within thirty (30) days after the giving of such notice by Tenant, the Successor agrees to be bound by the applicable provisions of this Lease. Tenant’s failure to give a Succession Election Notice certificate which in the time period(s) required above shall reasonable judgment of New Owner may be deemed necessary or appropriate to be an election pursuant to the clause (II) or (Y) evidence such attornment, including a new lease of the immediately preceding sentence, Premises on the same terms and conditions as applicablethe Lease for the unexpired term of the Lease.

Appears in 1 contract

Samples: Modified Gross Office Lease (Bridgepoint Education Inc)

Attornment. If Tenant covenants and agrees that, in the event of any foreclosure under any mortgage or deed of trust, or any renewal, modification, consolidation, replacement or extension thereof, or in the event of any acceptance of any deed in lieu of foreclosure, which may now or hereafter affect the real property of which the Demised Premises are a part. Tenant shall attorn to the party secured by such mortgage or deed of trust, or any renewal, modification, consolidation, replacement or extension thereof, and to any purchaser at any foreclosure sale or party taking a deed in lieu of foreclosure. Tenant covenants and agrees to attorn to any successor to Landlord’s 's interest in the Property is acquired by mortgagee any ground or underlying Lease. In any case, such landlord or successor under such ground or underlying Lease or such secured party or purchaser at foreclosure sale or party taking a deed in lieu of foreclosure sale, Tenant shall, at the election of such mortgagee or purchaser, attorn to the transferee of or successor to Landlord’s interest in the Property and recognize it as Landlord under this Lease. Tenant waives the protection of any statute or rule of law which gives Tenant any right to terminate this Lease or surrender possession of the Premises upon the transfer of Landlord’s interest. Upon such attornment, this Lease shall continue in full force and effect as a direct lease between the mortgagee and Tenant upon all of the terms, conditions and covenants as are set forth in this Lease, except that the mortgagee shall not be (i) bound by any prepayment on the part of Tenant of any rent for more than one month in advance, so that rent shall be payable under this Lease in accordance with its terms, from the date of the termination or transfer of the ground or underlying Lease or the foreclosure under such mortgage or deed of trust, or the date of foreclosure sale or transfer by deed in lieu of foreclosure, as if such prepayment had not been made. Further, such landlord or successor in interest shall not be liable in any way to Tenant for damages for any act or omission, neglect or default on the part omission of Landlord under this Lease (nothing in this clause (i) being deemed to relieve or any mortgagee succeeding to the interest of Landlord hereunder of its continuing obligations as prior landlord under this Lease from and after the date of such succession), (ii) responsible for any monies owing by or on deposit with Landlord to the credit of Tenant (except to the extent any such deposit is actually received by such mortgagee), (iii) be subject to any counterclaim offsets or setoff defenses which theretofore accrued to Tenant may have against Landlord, (iv) bound by any amendment or modification of this Lease subsequent to such mortgage, or by any previous prepayment of Rent for more than one (1) month, which was not approved in writing by the mortgagee, or bound by the indemnity set forth in Section 9.04, (v) liable beyond mortgagee’s interest in the Property, (vi) responsible for the performance of any work to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant or the payment of the Finish Work Allowance, or (vii) required to remove any person occupying the Premises or any part thereof, except if such person claims under the mortgageeprior landlord. Tenant agrees that any present or future mortgagee may at its option unilaterally elect to subordinateshall, in whole or in part and by instrument in form and substance satisfactory to such mortgagee alone, the lien of its mortgagee (or the priority of its ground lease) to some or all provisions of this Lease. Nothing in the preceding sentences of this Section 15.02 shall prohibit Tenant from exercising its right to terminate this Lease pursuant to Section 3.01(c) and clause (x) of Section 3.01(e) of this Lease on the conditions set forth therein. Notwithstanding the foregoing, in the event that mortgagee or, other than an entity controlling, controlled by or under common control with Landlord, a purchaser at a foreclosure sale (a “Successor”) succeeds to the interest of Landlord prior to the completion of Building (including Base Building and Finish Work), such Successor shall have thirty (30) days to send written notice to Tenant stating whether or not it intends to be bound to perform work remaining to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant and agrees to advance the Finish Work Allowance. For the purposes of the immediately preceding sentence, control shall have the meaning set forth in Section 13.01(b). In the event in such notice it states that it intends to be so bound, then such provisions of this Lease shall be binding on the Successor. In the event the Successor states that it does not intend to be so bound or fails to timely provide notice to Tenant within such thirty (30) day period, then (A) prior to the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by written notice to the Successor (a “Succession Election Notice”) within sixty (60) days following notice upon request of such acquisitionlandlord or successor landlord, to either (I) terminate this Lease, execute and deliver an instrument or (II) continue this Lease, deposit such Excess Costs in escrow with the Successor to be held and disbursed against the costs to construct the Finish Work as they are incurred on behalf of Tenant in the manner provided under the Work Letter, and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor) reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; or (B) from and after the date that Tenant has made instruments confirming Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by giving a Succession Election Notice to the Successor within sixty (60) days following notice of such acquisition, to either (X) terminate this Lease, or (Y) continue this Lease and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; provided, however, that the Successor can render any Succession Election Notice pursuant to clause (A) or (B), above, null and void and of no force and effect if, within thirty (30) days after the giving of such notice by Tenant, the Successor agrees to be bound by the applicable provisions of this Lease. Tenant’s failure to give a Succession Election Notice in the time period(s) required above shall be deemed to be an election pursuant to the clause (II) or (Y) of the immediately preceding sentence, as applicable's attornment.

Appears in 1 contract

Samples: Office Building Lease (Template Software Inc)

Attornment. If Landlord’s interest in Tenant agrees to attorn to and recognize as its landlord under the Lease each party acquiring legal title to the Property is acquired by mortgagee foreclosure (whether judicial or purchaser at a foreclosure sale, Tenant shall, at the election of such mortgagee or purchaser, attorn to the transferee of or successor to Landlord’s interest in the Property and recognize it as Landlord under this Lease. Tenant waives the protection of any statute or rule of law which gives Tenant any right to terminate this Lease or surrender possession nonjudicial) of the Premises upon the transfer Security Instrument, deed-in-lieu of Landlord’s interest. Upon such attornmentforeclosure, this Lease shall continue or other sale in full force and effect as a direct lease between the mortgagee and Tenant upon all connection with enforcement of the terms, Security Instrument or otherwise in satisfaction of the Loan ("Successor Owner"). Provided that the conditions and covenants as are set forth in this LeaseSection 2 above are met at the time Successor Owner becomes owner of the Property, except that Successor Owner shall perform all obligations of the mortgagee shall not be (i) liable in any way to Tenant for any act or omission, neglect or default on the part of Landlord under this Lease (nothing in this clause (i) being deemed to relieve any mortgagee succeeding to the interest of Landlord hereunder of its continuing obligations as landlord under this the Lease arising from and after the date of such succession)title to the Property is transferred to Successor Owner. In no event, however, will any Successor Owner be: (iia) responsible liable for any monies owing default, act or omission of any prior landlord under the Lease; (b) subject to any offset or defense which Tenant may have against any prior landlord under the Lease; (c) bound by any payment of rent or on deposit with additional rent made by Tenant to Landlord more than 30 days in advance; (d) bound by any modification or supplement to the credit Lease, or waiver of Lease terms, made without Lender's written consent thereto; (e) liable for the return of any security deposit or other prepaid charge paid by Tenant (under the Lease, except to the extent any such deposit is amounts were actually received by such mortgagee)Lender, (iiif) subject to any counterclaim liable or setoff which theretofore accrued to Tenant against Landlord, (iv) bound by any amendment right of first refusal or modification option to purchase all or any portion of the Property; or (g) liable for construction or completion of any improvements to the Property or as required under the Lease for Tenant's use and occupancy (whenever arising). Although the foregoing provisions of this Lease subsequent Agreement are self-operative, Tenant agrees to execute and deliver to Lender or any Successor Owner such mortgagefurther instruments as Lender or a Successor Owner may from time to time request in order to confirm Agreement. If any liability of Successor Owner does arise pursuant to this Agreement, or by any previous prepayment of Rent for more than one (1) month, which was not approved in writing by the mortgagee, or bound by the indemnity set forth in Section 9.04, (v) liable beyond mortgagee’s such liability shall be limited to Successor Owner's interest in the Property, (vi) responsible for the performance of any work to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant or the payment of the Finish Work Allowance, or (vii) required to remove any person occupying the Premises or any part thereof, except if such person claims under the mortgagee. Tenant agrees that any present or future mortgagee may at its option unilaterally elect to subordinate, in whole or in part and by instrument in form and substance satisfactory to such mortgagee alone, the lien of its mortgagee (or the priority of its ground lease) to some or all provisions of this Lease. Nothing in the preceding sentences of this Section 15.02 shall prohibit Tenant from exercising its right to terminate this Lease pursuant to Section 3.01(c) and clause (x) of Section 3.01(e) of this Lease on the conditions set forth therein. Notwithstanding the foregoing, in the event that mortgagee or, other than an entity controlling, controlled by or under common control with Landlord, a purchaser at a foreclosure sale (a “Successor”) succeeds to the interest of Landlord prior to the completion of Building (including Base Building and Finish Work), such Successor shall have thirty (30) days to send written notice to Tenant stating whether or not it intends to be bound to perform work remaining to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant and agrees to advance the Finish Work Allowance. For the purposes of the immediately preceding sentence, control shall have the meaning set forth in Section 13.01(b). In the event in such notice it states that it intends to be so bound, then such provisions of this Lease shall be binding on the Successor. In the event the Successor states that it does not intend to be so bound or fails to timely provide notice to Tenant within such thirty (30) day period, then (A) prior to the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by written notice to the Successor (a “Succession Election Notice”) within sixty (60) days following notice of such acquisition, to either (I) terminate this Lease, or (II) continue this Lease, deposit such Excess Costs in escrow with the Successor to be held and disbursed against the costs to construct the Finish Work as they are incurred on behalf of Tenant in the manner provided under the Work Letter, and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor) reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; or (B) from and after the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by giving a Succession Election Notice to the Successor within sixty (60) days following notice of such acquisition, to either (X) terminate this Lease, or (Y) continue this Lease and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; provided, however, that the Successor can render any Succession Election Notice pursuant to clause (A) or (B), above, null and void and of no force and effect if, within thirty (30) days after the giving of such notice by Tenant, the Successor agrees to be bound by the applicable provisions of this Lease. Tenant’s failure to give a Succession Election Notice in the time period(s) required above shall be deemed to be an election pursuant to the clause (II) or (Y) of the immediately preceding sentence, as applicable.

Appears in 1 contract

Samples: Office Lease (Bioanalytical Systems Inc)

Attornment. If Landlord’s interest (a) Tenant covenants and agrees that in the event of foreclosure of the Mortgage, whether by power of sale or by court action, or upon a transfer of the Property is acquired by mortgagee or conveyance in lieu of foreclosure (the purchaser at a foreclosure saleor the transferee in lieu of foreclosure, including Mortgagee if it is such purchaser or transferee, being herein called “New Owner”), Tenant shall, at the election of such mortgagee or purchaser, shall attorn to the transferee of or successor to LandlordNew Owner as Tenant’s interest in new landlord, and agrees that the Property and recognize it as Landlord under this Lease. Tenant waives the protection of any statute or rule of law which gives Tenant any right to terminate this Lease or surrender possession of the Premises upon the transfer of Landlord’s interest. Upon such attornment, this Lease shall continue in full force and effect as a direct lease between the mortgagee Tenant and Tenant New Owner upon all of the terms, covenants, conditions and covenants as are agreements set forth in the Lease and this LeaseAgreement, except for provisions which are impossible for New Owner to perform; provided, however, that in no event shall the mortgagee shall not be New Owner be; (i) liable in any way to Tenant for any act or act, omission, neglect default, misrepresentation, or default on breach of warranty, of any previous landlord (including Landlord) or obligations accruing prior to New Owner’s actual ownership of the part of Landlord under this Lease (nothing in this clause (i) being deemed to relieve any mortgagee succeeding to the interest of Landlord hereunder of its continuing obligations as landlord under this Lease from and after the date of such succession), Property; (ii) responsible for any monies owing by or on deposit with Landlord to the credit of Tenant (except to the extent any such deposit is actually received by such mortgagee), (iii) subject to any offset, defense, claim or counterclaim or setoff which theretofore accrued Tenant might be entitled to Tenant assert against any previous landlord (including Landlord, ); (iviii) bound by any amendment payment of rent, additional rent or modification of this Lease subsequent other payments, made by Tenant to such mortgage, or by any previous prepayment of Rent landlord (including Landlord) for more than one (1) month, which was not approved month in writing advance; (iv) bound by the mortgageeany amendment, or bound modification of the Lease hereafter made, or consent, or acquiescence by any previous landlord (including Landlord) under the indemnity set forth in Section 9.04Lease to any assignment or sublease hereafter granted, without the written consent of Mortgagee; or (v) liable beyond mortgagee’s interest in the Propertyfor any deposit that Tenant may have given to any previous landlord (including Landlord) which has not, as such, been transferred to New Owner. (vib) responsible for the performance of any work to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant or the payment of the Finish Work Allowance, or (vii) required to remove any person occupying the Premises or any part thereof, except if such person claims under the mortgagee. Tenant agrees that any present or future mortgagee may at its option unilaterally elect to subordinate, in whole or in part and by instrument in form and substance satisfactory to such mortgagee alone, the lien of its mortgagee (or the priority of its ground lease) to some or all The provisions of this Lease. Nothing in Agreement regarding attornment by Tenant shall be self-operative and effective without the preceding sentences necessity of this Section 15.02 shall prohibit Tenant from exercising its right to terminate this Lease pursuant to Section 3.01(c) and clause (x) execution of Section 3.01(e) of this Lease any new lease or other document on the conditions set forth thereinpart of any party hereto or the respective heirs, legal representatives, successors or assigns of any such party. Notwithstanding the foregoing, in the event that mortgagee or, other than an entity controlling, controlled by or under common control with Landlord, a purchaser at a foreclosure sale (a “Successor”) succeeds to the interest of Landlord prior to the completion of Building (including Base Building and Finish Work), such Successor shall have thirty (30) days to send written notice to Tenant stating whether or not it intends to be bound to perform work remaining to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant and agrees to advance the Finish Work Allowance. For the purposes of the immediately preceding sentence, control shall have the meaning set forth in Section 13.01(b). In the event in such notice it states that it intends to be so bound, then such provisions of this Lease shall be binding on the Successor. In the event the Successor states that it does not intend to be so bound or fails to timely provide notice to Tenant within such thirty (30) day period, then (A) prior to the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by written notice to the Successor (a “Succession Election Notice”) within sixty (60) days following notice of such acquisition, to either (I) terminate this Lease, or (II) continue this Lease, deposit such Excess Costs in escrow with the Successor to be held and disbursed against the costs to construct the Finish Work as they are incurred on behalf of Tenant in the manner provided under the Work Letter, and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor) reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; or (B) from and after the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by giving a Succession Election Notice to the Successor within sixty (60) days following notice of such acquisition, to either (X) terminate this Lease, or (Y) continue this Lease and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; providedagrees, however, that to execute and deliver upon the Successor can render request of New Owner, any Succession Election Notice pursuant to clause (A) instrument or (B), above, null and void and of no force and effect if, within thirty (30) days after the giving of such notice by Tenant, the Successor agrees to be bound by the applicable provisions of this Lease. Tenant’s failure to give a Succession Election Notice certificate which in the time period(s) required above shall reasonable judgment of New Owner may be deemed necessary or appropriate to be an election pursuant to the clause (II) or (Y) evidence such attornment, including a new lease of the immediately preceding sentence, Premises on the same terms and conditions as applicablethe Lease for the unexpired term of the Lease.

Appears in 1 contract

Samples: Sublease (Demandware Inc)

Attornment. If Landlord’s interest in Tenant agrees to attorn, from time to time, to each Mortgagee, or any purchaser of the Property is acquired by mortgagee Premises, for the remainder of the Lease term, provided that such Mortgagee or such purchaser at a foreclosure sale, Tenant shall, at the election of such mortgagee or purchaser, attorn shall then be entitled to the transferee of or successor to Landlord’s interest in the Property and recognize it as Landlord under this Lease. Tenant waives the protection of any statute or rule of law which gives Tenant any right to terminate this Lease or surrender possession of the Premises upon subject to the transfer provisions of Landlord’s interestthe Lease. Upon The provisions of this Section shall inure to the benefit of such attornmentMortgagee or such purchaser, shall apply notwithstanding that, as a matter of law, this Lease may terminate upon foreclosure of the Mortgage (in which event the parties shall continue execute a new lease for the remainder of the Lease term, such new lease to be in full force the same form and substance as the Lease), shall be self-operative upon any such demand, and no further instrument shall be required to give effect to said provisions. If any Mortgage is foreclosed or Landlord's interest in the Lease is conveyed or transferred in lieu of foreclosure: (a) no person or entity which as a direct lease between result of foreclosure of a Mortgage or deed in lieu thereof has succeeded to the mortgagee and Tenant upon all interests of Landlord in the terms, conditions and covenants as are set forth Lease (a "Successor") shall be liable for any default by Landlord or any other matter which occurred prior to the date such Successor succeeded to Landlord's interests in this the Lease, except that the mortgagee nor shall not such Successor be (i) liable in any way to Tenant for any act or omission, neglect or default on the part of Landlord under this Lease (nothing in this clause (i) being deemed to relieve any mortgagee succeeding to the interest of Landlord hereunder of its continuing obligations as landlord under this Lease from and after the date of such succession), (ii) responsible for any monies owing bound by or on deposit with Landlord to the credit of Tenant (except to the extent any such deposit is actually received by such mortgagee), (iii) subject to any counterclaim offsets or setoff defenses which theretofore accrued to Tenant may have against Landlord, (iv) bound by Landlord or any amendment or modification of this Lease subsequent other predecessor in interest to such mortgage, or by Successor; (b) no Successor shall be bound to recognize any previous prepayment of Rent for rent made by Tenant more than one (1) month, which was not approved month in writing by the mortgagee, or bound by the indemnity set forth in Section 9.04, (v) liable beyond mortgagee’s interest in the Property, (vi) responsible for the performance of any work to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant or the payment advance of the Finish Work Allowance, or (vii) required to remove any person occupying the Premises or any part thereof, except if such person claims date due under the mortgagee. Tenant agrees that any present or future mortgagee may at its option unilaterally elect to subordinate, in whole or in part Lease; and by instrument in form and substance satisfactory to such mortgagee alone, the lien of its mortgagee (or the priority of its ground leasec) to some or all provisions of this Lease. Nothing in the preceding sentences of this Section 15.02 shall prohibit Tenant from exercising its right to terminate this Lease pursuant to Section 3.01(c) and clause (x) of Section 3.01(e) of this Lease on the conditions set forth therein. Notwithstanding the foregoing, in the event that mortgagee or, other than an entity controlling, controlled by or under common control with Landlord, a purchaser at a foreclosure sale (a “Successor”) succeeds to the interest of Landlord prior to the completion of Building (including Base Building and Finish Work), such no Successor shall have thirty (30) days to send written notice to Tenant stating whether or not it intends to be bound to perform work remaining to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant and agrees to advance the Finish Work Allowance. For the purposes recognize any amendment or modification of the immediately preceding sentence, control shall have Lease made without the meaning set forth in Section 13.01(b). In the event in such notice it states that it intends to be so bound, then such provisions of this Lease shall be binding on the Successor. In the event the Successor states that it does not intend to be so bound or fails to timely provide notice to Tenant within such thirty (30) day period, then (A) prior to the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by written notice to the Successor (a “Succession Election Notice”) within sixty (60) days following notice of such acquisition, to either (I) terminate this Lease, or (II) continue this Lease, deposit such Excess Costs in escrow with the Successor to be held and disbursed against the costs to construct the Finish Work as they are incurred on behalf of Tenant in the manner provided under the Work Letter, and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor) reduce the Rent by the amount consent of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; or (B) from and after the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by giving a Succession Election Notice to the Successor within sixty (60) days following notice of such acquisition, to either (X) terminate this Lease, or (Y) continue this Lease and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; provided, however, that the Successor can render any Succession Election Notice pursuant to clause (A) or (B), above, null and void and of no force and effect if, within thirty (30) days after the giving of such notice by Tenant, the Successor agrees to be bound by the applicable provisions of this Lease. Tenant’s failure to give a Succession Election Notice in the time period(s) required above shall be deemed to be an election pursuant to the clause (II) or (Y) of the immediately preceding sentence, as applicableMortgagee.

Appears in 1 contract

Samples: Industrial Building Lease (Alliance Data Systems Corp)

Attornment. If Landlord’s interest Tenant covenants and agrees that, if by reason of default ---------- under any mortgage which may now or hereafter affect the Premises, including, without limitation, the Mortgage and Security Agreement dated as of March 29, 1990, between the owner of the Premises hereunder or a successor in title or interest, as Mortgagor, and Kansallis-Osake-Pankki, New York Branch, as Mortgagee, and any amendments, supplements or modifications thereof (the "Mortgage"), the mortgagee thereunder enters into and becomes possessed of the mortgaged property of which the Premises form a part either through possession or foreclosure action or proceeding, or in the Property is acquired by mortgagee event of the sale of the said action or purchaser at proceeding, or in the event of the sale of the said mortgaged property as a foreclosure saleresult of any action or proceeding to foreclose said mortgage or as a result of a conveyance in lieu of foreclosure, the Tenant shall, at the election of such mortgagee or purchaser, will attorn to the transferee of mortgagee or successor to Landlord’s interest in the Property and recognize it such then owner as its Landlord under this Lease, unless the mortgagee or such then owner shall elect to terminate this Lease and the rights of the Tenant hereunder. The Tenant agrees to execute and deliver, at any time and from time to time, upon the request of the mortgagee or the then owner of the mortgaged property, any instrument which may be necessary or appropriate to evidence such attornment and the Tenant hereby appoints the mortgagee or the then owner of the Premises the attorney-in-fact, irrevocable, of the Tenant to execute and deliver for and on behalf of the Tenant any such instrument. The Tenant further waives the protection provision of any statute or rule of law now or hereafter in effect which gives Tenant any right to may terminate this Lease or to surrender possession of the Premises upon in the transfer event of Landlord’s interest. Upon foreclosure or any proceeding is brought by the mortgagee under any such attornmentmortgage to terminate the same, and agrees that unless and until the mortgagee, in connection with any such proceeding, shall elect to terminate this Lease and the rights of the Tenant hereunder, this Lease shall continue in full force and effect as a direct lease between the mortgagee and Tenant upon all of the terms, conditions and covenants as are set forth in this Lease, except that the mortgagee shall not be (i) liable affected in any way to Tenant for any act or omission, neglect or default on the part of Landlord under this Lease (nothing in this clause (i) being deemed to relieve any mortgagee succeeding to the interest of Landlord hereunder of its continuing obligations as landlord under this Lease from and after the date of such succession), (ii) responsible for any monies owing whatsoever by or on deposit with Landlord to the credit of Tenant (except to the extent any such deposit is actually received by such mortgagee), (iii) subject to any counterclaim or setoff which theretofore accrued to Tenant against Landlord, (iv) bound by any amendment or modification of this Lease subsequent to such mortgage, or by any previous prepayment of Rent for more than one (1) month, which was not approved in writing by the mortgagee, or bound by the indemnity set forth in Section 9.04, (v) liable beyond mortgagee’s interest in the Property, (vi) responsible for the performance of any work to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant or the payment of the Finish Work Allowance, or (vii) required to remove any person occupying the Premises or any part thereof, except if such person claims under the mortgagee. Tenant agrees that any present or future mortgagee may at its option unilaterally elect to subordinate, in whole or in part and by instrument in form and substance satisfactory to such mortgagee alone, the lien of its mortgagee (or the priority of its ground lease) to some or all provisions of this Lease. Nothing in the preceding sentences of this Section 15.02 shall prohibit Tenant from exercising its right to terminate this Lease pursuant to Section 3.01(c) and clause (x) of Section 3.01(e) of this Lease on the conditions set forth therein. Notwithstanding the foregoing, in the event that mortgagee or, other than an entity controlling, controlled by or under common control with Landlord, a purchaser at a foreclosure sale (a “Successor”) succeeds to the interest of Landlord prior to the completion of Building (including Base Building and Finish Work), such Successor shall have thirty (30) days to send written notice to Tenant stating whether or not it intends to be bound to perform work remaining to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant and agrees to advance the Finish Work Allowance. For the purposes of the immediately preceding sentence, control shall have the meaning set forth in Section 13.01(b). In the event in such notice it states that it intends to be so bound, then such provisions of this Lease shall be binding on the Successor. In the event the Successor states that it does not intend to be so bound or fails to timely provide notice to Tenant within such thirty (30) day period, then (A) prior to the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by written notice to the Successor (a “Succession Election Notice”) within sixty (60) days following notice of such acquisition, to either (I) terminate this Lease, or (II) continue this Lease, deposit such Excess Costs in escrow with the Successor to be held and disbursed against the costs to construct the Finish Work as they are incurred on behalf of Tenant in the manner provided under the Work Letter, and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor) reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; or (B) from and after the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by giving a Succession Election Notice to the Successor within sixty (60) days following notice of such acquisition, to either (X) terminate this Lease, or (Y) continue this Lease and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; provided, however, that the Successor can render any Succession Election Notice pursuant to clause (A) or (B), above, null and void and of no force and effect if, within thirty (30) days after the giving of such notice by Tenant, the Successor agrees to be bound by the applicable provisions of this Lease. Tenant’s failure to give a Succession Election Notice in the time period(s) required above shall be deemed to be an election pursuant to the clause (II) or (Y) of the immediately preceding sentence, as applicableproceeding.

Appears in 1 contract

Samples: Lease Agreement (Aastrom Biosciences Inc)

Attornment. If Landlord’s interest in Upon the Property is acquired by mortgagee or purchaser at a foreclosure sale, Tenant shall, at the election of such mortgagee or purchaser, attorn to the transferee of or successor to Landlord’s interest in the Property and recognize it as Landlord under this Lease. Tenant waives the protection written request of any statute person or rule of law which gives Tenant any right to terminate this Lease or surrender possession of the Premises upon the transfer of Landlord’s interest. Upon such attornment, this Lease shall continue in full force and effect as a direct lease between the mortgagee and Tenant upon all of the terms, conditions and covenants as are set forth in this Lease, except that the mortgagee shall not be (i) liable in any way to Tenant for any act or omission, neglect or default on the part of Landlord under this Lease (nothing in this clause (i) being deemed to relieve any mortgagee party succeeding to the interest of Landlord hereunder of its continuing obligations as landlord under this Lease from Lease, Tenant shall automatically become the tenant of and after attorn to such successor in interest without any change in any of the date terms of such succession), this Lease. No successor in interest shall be (ii) responsible for any monies owing by or on deposit with Landlord to the credit of Tenant (except to the extent any such deposit is actually received by such mortgagee), (iii) subject to any counterclaim or setoff which theretofore accrued to Tenant against Landlord, (iva) bound by any amendment or modification of this Lease subsequent to such mortgage, or by any previous prepayment payment of Rent for more than one (1) monthmonth in advance, which was not approved in writing by the mortgagee, or bound by the indemnity set forth in Section 9.04, (v) liable beyond mortgagee’s interest in the Property, (vi) responsible except payments of security for the performance by Tenant of any work to be done by the Landlord Tenant's obligations under this Lease to render the Premises ready for occupancy by the Tenant or the payment of the Finish Work AllowanceLease, or (viib) required subject to remove any person occupying the Premises offset, defense or damages arising out of a default or any part thereofobligations of any preceding Landlord. Neither Landlord's Mortgagee nor its successor in interest shall be bound by any amendment of this Lease entered into after Tenant has been given written notice of the name and address of Landlord's Mortgagee and without the written consent of Landlord's Mortgagee or such successor in interest, not to be unreasonably withheld or delayed. Any transferee or successor- in-interest shall not be liable for any acts, omissions or defaults of Landlord that occurred before the sale or conveyance, or the return of any security deposit except if such person claims under for deposits actually paid to the mortgageesuccessor or transferee. Tenant agrees that to give written notice of any present default by Landlord to the holder of any Mortgage. Tenant further agrees that, before it exercises any rights or future mortgagee may at its option unilaterally elect to subordinate, in whole or in part and by instrument in form and substance satisfactory to such mortgagee alone, remedies under the lien of its mortgagee (or the priority of its ground lease) to some or all provisions of this Lease. Nothing in the preceding sentences of this Section 15.02 shall prohibit Tenant from exercising its right to terminate this Lease pursuant to Section 3.01(c) and clause (x) of Section 3.01(e) of this Lease on the conditions set forth therein. Notwithstanding the foregoing, in the event that mortgagee or, other than an entity controllingRent abatement as expressly provided herein, controlled by the holder of any Mortgage or under common control with Landlord, a purchaser at a foreclosure sale (a “Successor”) succeeds to the other successor-in-interest of Landlord prior to the completion of Building (including Base Building and Finish Work), such Successor shall have thirty (30) days to send written notice to Tenant stating whether or not it intends to be bound to perform work remaining to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant and agrees to advance the Finish Work Allowance. For the purposes of the immediately preceding sentence, control shall have the meaning set forth in Section 13.01(b). In the event in such notice it states that it intends to be so bound, then such provisions of this Lease shall be binding on the Successor. In the event the Successor states that it does not intend to be so bound or fails to timely provide notice to Tenant within such thirty (30) day period, then (A) prior to the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by written notice to but not the Successor (a “Succession Election Notice”) within sixty (60) days following notice of such acquisitionobligation, to either (I) terminate this Leasecure the default within the same time, or (II) continue this Leaseif any, deposit such Excess Costs in escrow with given to Landlord to cure the Successor to be held and disbursed against the costs to construct the Finish Work as they are incurred on behalf of Tenant in the manner provided under the Work Letterdefault, and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor) reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; or (B) from and after the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by giving a Succession Election Notice to the Successor within sixty (60) days following notice of such acquisition, to either (X) terminate this Lease, or (Y) continue this Lease and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; provided, however, that the Successor can render any Succession Election Notice pursuant to clause (A) or (B), above, null and void and of no force and effect if, within plus an additional thirty (30) days after days. The subordination, attornment and mortgagee protection clauses of this Section 16 shall be self-operative and no further instruments of subordination, attornment or mortgagee protection need be required by any Landlord's Mortgagee or successor in interest thereto. Nevertheless, upon the giving of such notice by written request therefor and without any compensation or consideration being payable to Tenant, the Successor Tenant agrees to be bound execute, have acknowledged and deliver such instruments substantially in the form of Exhibit H hereto to confirm the same. Tenant shall from time to time, if so requested by the applicable provisions of Landlord and if doing so will not materially and adversely affect Tenant's economic interests under this Lease. Tenant’s failure , join with Landlord in amending this Lease so as to give meet the reasonable needs or requirements of any lender that is considering making or that has made a Succession Election Notice in the time period(s) required above shall be deemed to be an election pursuant to the clause (II) loan secured by all or (Y) any portion of the immediately preceding sentence, as applicableComplex.

Appears in 1 contract

Samples: Lease Agreement (Ventro Corp)

Attornment. (a) If Landlord’s interest in Landlord assigns this Lease or the Property is acquired by mortgagee or purchaser at rents hereunder to a foreclosure salecreditor as security for a debt, Tenant shall, at the election of such mortgagee or purchaser, attorn to the transferee of or successor to Landlord’s interest in the Property and recognize it as Landlord under this Lease. Tenant waives the protection of any statute or rule of law which gives Tenant any right to terminate this Lease or surrender possession of the Premises upon the transfer of Landlord’s interest. Upon such attornment, this Lease shall continue in full force and effect as a direct lease between the mortgagee and Tenant upon all of the terms, conditions and covenants as are set forth in this Lease, except that the mortgagee shall not be (i) liable in any way to Tenant for any act or omission, neglect or default on the part of Landlord under this Lease (nothing in this clause (i) being deemed to relieve any mortgagee succeeding to the interest of Landlord hereunder of its continuing obligations as landlord under this Lease from and after the date of such succession), (ii) responsible for any monies owing by or on deposit with Landlord to the credit of Tenant (except to the extent any such deposit is actually received by such mortgagee), (iii) subject to any counterclaim or setoff which theretofore accrued to Tenant against Landlord, (iv) bound by any amendment or modification of this Lease subsequent to such mortgage, or by any previous prepayment of Rent for more than one (1) month, which was not approved in writing by the mortgagee, or bound by the indemnity set forth in Section 9.04, (v) liable beyond mortgagee’s interest in the Property, (vi) responsible for the performance of any work to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant or the payment of the Finish Work Allowance, or (vii) required to remove any person occupying the Premises or any part thereof, except if such person claims under the mortgagee. Tenant agrees that any present or future mortgagee may at its option unilaterally elect to subordinate, in whole or in part and by instrument in form and substance satisfactory to such mortgagee alone, the lien of its mortgagee (or the priority of its ground lease) to some or all provisions of this Lease. Nothing in the preceding sentences of this Section 15.02 shall prohibit Tenant from exercising its right to terminate this Lease pursuant to Section 3.01(c) and clause (x) of Section 3.01(e) of this Lease on the conditions set forth therein. Notwithstanding the foregoing, in the event that mortgagee or, other than an entity controlling, controlled by or under common control with Landlord, a purchaser at a foreclosure sale (a “Successor”) succeeds to the interest of Landlord prior to the completion of Building (including Base Building and Finish Work), such Successor shall have thirty (30) days to send written notice to Tenant stating whether of such assignment and upon demand by Landlord or the assignee, Tenant shall pay all sums thereafter becoming due Tenant hereunder to such assignee. Tenant shall also, upon receipt of such notice, have all policies of insurance required hereunder endorsed so as to protect the assignee’s interest as it may appear and shall deliver such policies, or certificates thereof, to the assignee. (b) If, at any time during the term of this Lease, the Landlord of the leased premises shall be the holder of a leasehold estate covering premises which include the leased premises, and if such leasehold shall terminate or be terminated for any reason, or if, at any time during the term of Lease a mortgage to which this Lease is subordinate shall be foreclosed, Tenant agrees at the election and upon demand of any owner of the premises which include the leased premises, or of any mortgagee in possession thereof, or of any holder of a leasehold thereafter affecting premises which include the leased premises, or of any purchaser at foreclosure, to attorn, from time to time, to any such owner, mortgagee, holder or purchaser upon the terms and conditions set forth herein for the remainder of the term demised in this Lease. Provided however, that Tenant shall not it intends be obligated to attorn unless, if Tenant shall so request in writing, such holder, owner, mortgagee or purchaser shall execute and deliver to Tenant an instrument wherein said holder, owner, mortgagee or purchaser agrees that so long as Tenant performs all the terms, covenants and conditions of this Lease, on Tenant’s part to be bound to perform work remaining to be done by performed, Tenant’s possession under the Landlord under this Lease to render the Premises ready for occupancy by the Tenant and agrees to advance the Finish Work Allowance. For the purposes of the immediately preceding sentence, control shall have the meaning set forth in Section 13.01(b). In the event in such notice it states that it intends to be so bound, then such provisions of this Lease shall not be binding on the Successor. In the event the Successor states that it does not intend to be so bound disturbed by such holder, owner, mortgagee or fails to timely provide notice to Tenant within such thirty purchaser. (30c) day period, then (A) prior The foregoing provisions shall inure to the date benefit of any such owner, mortgagee, holder or purchaser and shall apply notwithstanding that Tenant has made this Lease may terminate upon the termination of any such leasehold estate or upon such foreclosure, and shall be self-operative upon any such demand, without requiring any further instrument to give effect to such provisions. Tenant’s first payment towards , however upon demand of any such owner, mortgagee, holder or purchaser, agrees to execute, from time to time an instrument in confirmation of the Excess Costs under the FW Contract under the Work Letterforegoing provisions, satisfactory to any such owner, mortgagee, holder or purchaser, in which Tenant shall have acknowledge such attornment and set forth herein and shall apply for the right, by written notice to remainder of the Successor (a “Succession Election Notice”) within sixty (60) days following notice of such acquisition, to either (I) terminate term originally demised in this Lease, or (II) continue this Lease, deposit such Excess Costs in escrow with the Successor to be held and disbursed against the costs to construct the Finish Work as they are incurred on behalf of Tenant in the manner provided under the Work Letter, and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor) reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; or (B) from and after the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by giving a Succession Election Notice to the Successor within sixty (60) days following notice of such acquisition, to either (X) terminate this Lease, or (Y) continue this Lease and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; provided, however, that the Successor can render any Succession Election Notice pursuant to clause (A) or (B), above, null and void and of no force and effect if, within thirty (30) days after the giving of such notice by Tenant, the Successor agrees to be bound by the applicable provisions of this Lease. Tenant’s failure to give a Succession Election Notice in the time period(s) required above shall be deemed to be an election pursuant to the clause (II) or (Y) of the immediately preceding sentence, as applicable.

Appears in 1 contract

Samples: Lease Agreement (Avatech Solutions Inc)

Attornment. Tenant shall at Landlord's request within ten (10) business days of request, promptly execute any requisite or appropriate document confirming the foregoing subordination. If Landlord’s interest in the Property is acquired by mortgagee Tenant fails to execute and deliver any such certificate or purchaser at a foreclosure saleother document within such ten (10) business day period, Tenant shall, at shall pay Landlord as additional rent the election sum of Five Thousand Dollars ($5,000) for each day after the tenth (10th) business day that Tenant has not executed and delivered such mortgagee or purchaser, attorn to the transferee of or successor to Landlord’s interest in the Property and recognize it as Landlord under this Leasedocument. Tenant waives the protection provisions of any statute or rule of law now or hereafter in effect which gives may give or purport to give Tenant any right to terminate or otherwise adversely affect this Lease and Tenant's obligations hereunder in the event any foreclosure proceeding is prosecuted or surrender possession completed or in the event the Building, the Project or Landlord's interest therein is transferred by foreclosure, by deed in lieu of foreclosure or otherwise. If this Lease is not extinguished upon any such transfer or by the Premises transferee following such transfer, then, at the request of such transferee, Tenant shall attorn to such transferee and shall recognize such transferee as the landlord under this Lease. Tenant agrees that upon the transfer of Landlord’s interest. Upon any such attornment, this Lease shall continue in full force and effect as a direct lease between the mortgagee and Tenant upon all of the terms, conditions and covenants as are set forth in this Lease, except that the mortgagee such transferee shall not be be: (i) liable in any way to Tenant for any act or omission, neglect or default on the part of Landlord under this Lease (nothing in this clause (i) being deemed to relieve any mortgagee succeeding to the interest of Landlord hereunder of its continuing obligations as landlord under this Lease from and after the date of such succession), (ii) responsible for any monies owing by or on deposit with Landlord to the credit of Tenant (except to the extent any such deposit is actually received by such mortgagee), (iii) subject to any counterclaim or setoff which theretofore accrued to Tenant against Landlord, (iva) bound by any amendment payment of the Base Rent or modification of this Lease subsequent to such mortgage, or by any previous prepayment of Rent for additional rent more than one (1) monthmonth in advance, which was not approved in writing by the mortgagee, or bound by the indemnity set forth in Section 9.04, (v) liable beyond mortgagee’s interest except prepayments in the Property, (vi) responsible nature of security for the performance by Tenant of its obligations under this Lease, but only to the extent such prepayments have been delivered to such transferee; (b) bound by any amendment of this Lease made without the consent of the holder of each Mortgage existing as of the date of such amendment; (c) liable for damages for any breach, act or omission of any work to be done by the Landlord under this Lease to render the Premises ready prior landlord, except for occupancy by the Tenant or the payment of the Finish Work AllowanceLandlord's Contribution and except for any breach of any prior landlord which continues after such transferee has acquired title to the Building, the Project or Landlord's interest therein; or (viid) required subject to remove any person occupying the Premises offsets or defenses which Tenant might have against any part thereofprior landlord; provided, except if such person claims however, that after succeeding to Landlord's interest under the mortgagee. Tenant agrees that any present or future mortgagee may at its option unilaterally elect to subordinate, in whole or in part and by instrument in form and substance satisfactory to such mortgagee alone, the lien of its mortgagee (or the priority of its ground lease) to some or all provisions of this Lease. Nothing in the preceding sentences of this Section 15.02 shall prohibit Tenant from exercising its right to terminate this Lease pursuant to Section 3.01(c) and clause (x) of Section 3.01(e) of this Lease on the conditions set forth therein. Notwithstanding the foregoing, in the event that mortgagee or, other than an entity controlling, controlled by or under common control with Landlord, a purchaser at a foreclosure sale (a “Successor”) succeeds to the interest of Landlord prior to the completion of Building (including Base Building and Finish Work), such Successor shall have thirty (30) days to send written notice to Tenant stating whether or not it intends to be bound to perform work remaining to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant and agrees to advance the Finish Work Allowance. For the purposes of the immediately preceding sentence, control shall have the meaning set forth in Section 13.01(b). In the event in such notice it states that it intends to be so bound, then such provisions of this Lease shall be binding on the Successor. In the event the Successor states that it does not intend to be so bound or fails to timely provide notice to Tenant within such thirty (30) day period, then (A) prior to the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by written notice to the Successor (a “Succession Election Notice”) within sixty (60) days following notice of such acquisition, to either (I) terminate this Lease, or (II) continue this Lease, deposit such Excess Costs in escrow with the Successor transferee shall agree to be held and disbursed against the costs to construct the Finish Work as they are incurred on behalf of Tenant in the manner provided under the Work Letter, and complete the Finish Work itself at its expense and otherwise perform in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor) reduce the Rent by the amount all obligations of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; or (B) from and Landlord arising after the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, of transfer and provided further Tenant shall have received the right, by giving a Succession Election Notice to the Successor within sixty Landlord's Contribution. Within five (60) days following notice of such acquisition, to either (X) terminate this Lease, or (Y) continue this Lease and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; provided, however, that the Successor can render any Succession Election Notice pursuant to clause (A) or (B), above, null and void and of no force and effect if, within thirty (305) days after the giving request of such notice by transferee, Tenant shall execute, acknowledge and deliver any requisite or appropriate document submitted to Tenant confirming such attornment. Notwithstanding anything contained herein to the contrary, should the holder of any Mortgage desire that this Lease be subordinate to such Mortgage such holder shall enter into a Subordinaton, Attornment and Non-Disturbance Agreement, incorporating the above terms with respect to any attornment, and providing that said holder shall agree that provided an Event of Default is not in existence hereunder, said holder shall terminate this Lease nor disturb Tenant, 's use and possession of the Successor agrees Premises according to be bound by the applicable provisions of this Lease. Tenant’s failure to give a Succession Election Notice in the time period(s) required above shall be deemed to be an election pursuant to the clause (II) or (Y) of the immediately preceding sentence, as applicable.

Appears in 1 contract

Samples: Lease Agreement (Praxair Inc)

Attornment. If any mortgagee shall succeed to the rights of Landlord under this Lease or to ownership of the Demised Premises, whether through possession or foreclosure or the delivery of a deed to the Demised Premises, then, upon the written request of such mortgagee so succeeding to Landlord’s rights hereunder, Tenant shall attorn to and recognize such mortgagee as Tenant’s landlord under this Lease, and shall promptly execute and deliver any instrument that such mortgagee may reasonably request to evidence such attornment (whether before or after making of the mortgage). In the event of any other transfer of Landlord’s interest in hereunder, upon the Property is acquired by mortgagee or purchaser at a foreclosure salewritten request of the transferee and Landlord, Tenant shall, at the election of such mortgagee or purchaser, shall attorn to and recognize such transferee as Tenant’s landlord under this Lease and shall promptly execute and deliver any instrument that such transferee and Landlord may reasonably request to evidence such attornrnent. Reference is made to Section 20.6 for the transferee of or successor to provisions regarding Landlord’s interest in the Property and recognize it as Landlord under this Lease. Tenant waives the protection of any statute or rule of law which gives Tenant any right to terminate this Lease or surrender possession of the Premises upon the liability following such transfer of Landlord’s interest. Upon such attornmentIt is further agreed that (a) if any Mortgage shall be foreclosed, this Lease shall continue in full force and effect as a direct lease between (i) the mortgagee and Tenant upon all holder of the termsMortgage, conditions and covenants ground lessor (or their respective grantees) or purchaser at any foreclosure sale (or grantee in a deed in lieu of foreclosure), as are set forth in this Leasethe case may be, except that the mortgagee shall not be (ix) liable in any way to Tenant for any act or omissionomission of any prior landlord (including Landlord), neglect (y) subject to any offsets or default on counterclaims which Tenant may have against a prior landlord (including Landlord), or (z) bound by any prepayment of Basic Rent or Additional Rent which Tenant may have made in excess of the part amounts then due for the next succeeding month, (ii) the liability of the mortgagee or trustee hereunder or purchaser at such foreclosure sale or the liability of a subsequent owner designated as Landlord under this Lease (nothing in this clause (i) being deemed to relieve any mortgagee succeeding to the interest of Landlord hereunder of its continuing obligations shall exist only so long as landlord under this Lease from and after the date of such succession)trustee, (ii) responsible for any monies owing by or on deposit with Landlord to the credit of Tenant (except to the extent any such deposit is actually received by such mortgagee), (iii) subject to any counterclaim or setoff which theretofore accrued to Tenant against Landlord, (iv) bound by any amendment or modification of this Lease subsequent to such mortgage, or by any previous prepayment of Rent for more than one (1) month, which was not approved in writing by the mortgagee, purchaser or bound by the indemnity set forth in Section 9.04, (v) liable beyond mortgagee’s interest in the Property, (vi) responsible for the performance of any work to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant or the payment owner of the Finish Work Allowance, Demised Premises and such liability shall not continue or (vii) required to remove any person occupying the Premises or any part thereof, except if such person claims under the mortgagee. Tenant agrees that any present or future mortgagee may at its option unilaterally elect to subordinate, in whole or in part and by instrument in form and substance satisfactory to such mortgagee alone, the lien survive after further transfer of its mortgagee (or the priority of its ground lease) to some or all provisions of this Lease. Nothing in the preceding sentences of this Section 15.02 shall prohibit Tenant from exercising its right to terminate this Lease pursuant to Section 3.01(c) and clause (x) of Section 3.01(e) of this Lease on the conditions set forth therein. Notwithstanding the foregoing, in the event that mortgagee or, other than an entity controlling, controlled by or under common control with Landlord, a purchaser at a foreclosure sale (a “Successor”) succeeds to the interest of Landlord prior to the completion of Building (including Base Building and Finish Work), such Successor shall have thirty (30) days to send written notice to Tenant stating whether or not it intends to be bound to perform work remaining to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant and agrees to advance the Finish Work Allowance. For the purposes of the immediately preceding sentence, control shall have the meaning set forth in Section 13.01(b). In the event in such notice it states that it intends to be so bound, then such provisions of this Lease shall be binding on the Successor. In the event the Successor states that it does not intend to be so bound or fails to timely provide notice to Tenant within such thirty (30) day period, then (A) prior to the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by written notice to the Successor (a “Succession Election Notice”) within sixty (60) days following notice of such acquisition, to either (I) terminate this Lease, or (II) continue this Lease, deposit such Excess Costs in escrow with the Successor to be held and disbursed against the costs to construct the Finish Work as they are incurred on behalf of Tenant in the manner provided under the Work Letter, and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor) reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; or (B) from and after the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by giving a Succession Election Notice to the Successor within sixty (60) days following notice of such acquisition, to either (X) terminate this Lease, or (Y) continue this Lease and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; provided, however, that the Successor can render any Succession Election Notice pursuant to clause (A) or (B), above, null and void and of no force and effect if, within thirty (30) days after the giving of such notice by Tenant, the Successor agrees to be bound by the applicable provisions of this Lease. Tenant’s failure to give a Succession Election Notice in the time period(s) required above shall be deemed to be an election pursuant to the clause (II) or (Y) of the immediately preceding sentence, as applicableownership.

Appears in 1 contract

Samples: Net Lease (Wells Mid-Horizon Value-Added Fund I LLC)

Attornment. If Landlord’s In the event of termination, re-entry or dispossession of Sublandlord by Landlord under the Main Lease, Landlord may, at its option, take over all of the right, title and interest in the Property is acquired by mortgagee or purchaser at a foreclosure saleof Sublandlord, Tenant as sublessor, under this Sublease, and Subtenant shall, at the election of such mortgagee or purchaserLandlord's option, attorn to Landlord pursuant to the transferee then executory provisions of or successor to Landlord’s interest in the Property and recognize it as Landlord under this Lease. Tenant waives the protection of any statute or rule of law which gives Tenant any right to terminate this Lease or surrender possession of the Premises upon the transfer of Landlord’s interest. Upon such attornment, this Lease shall continue in full force and effect as a direct lease between the mortgagee and Tenant upon all of the terms, conditions and covenants as are set forth in this LeaseSublease, except that the mortgagee Landlord shall not be (i) be liable in any way to Tenant for any act previous act, omission or omission, neglect or default on the part negligence of Landlord Sublandlord under this Lease (nothing in this clause (i) being deemed Sublease, which theretofore accrued to relieve any mortgagee succeeding to the interest of Landlord hereunder of its continuing obligations as landlord under this Lease from and after the date of such succession)Subtenant against Sublandlord, (ii) responsible be subject to any counterclaim, defense or offset not expressly provided for any monies owing by or on deposit with Landlord in this Sublease which theretofore accrued to the credit of Tenant (except to the extent any such deposit is actually received by such mortgagee)Subtenant against Sublandlord, (iii) subject to any counterclaim or setoff which theretofore accrued to Tenant against Landlord, (iv) be bound by any amendment or previous modification of this Lease subsequent Sublease not consented to such mortgage, by Landlord or by any previous prepayment of Rent for more than one (1) month, which 's Fixed Rent and Additional Rent unless such prepayment was not approved in writing actually received by the mortgagee, or bound by the indemnity set forth in Section 9.04, (v) liable beyond mortgagee’s interest in the Property, (vi) responsible for the performance of any work to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant or the payment of the Finish Work AllowanceLandlord, or (viiiv) required be bound to remove perform any person occupying the Premises work which Sublandlord is obligated to perform hereunder, or to pay Subtenant or any part thereof, except if such other person claims or entity for the same. Subtenant waives all rights under the mortgagee. Tenant agrees that any present or future mortgagee may at its option unilaterally elect laws or otherwise to subordinateelect, in whole by reason of the termination of the Main Lease, to terminate this Sublease or in part and by instrument in form and substance satisfactory to such mortgagee alone, surrender possession of the lien of its mortgagee (or the priority of its ground lease) to some or all provisions of this LeaseSublet Premises. Nothing in the preceding sentences of this Section 15.02 shall prohibit Tenant from exercising its right to terminate this Lease pursuant to Section 3.01(c) and clause (x) of Section 3.01(e) of this Lease on the conditions set forth therein. Notwithstanding the foregoing, in the event that mortgagee or, other than an entity controlling, controlled by or under common control with Landlord, a purchaser at a foreclosure sale (a “Successor”) succeeds to the interest of Landlord prior to the completion of Building (including Base Building and Finish Work), such Successor shall have thirty (30) days to send written notice to Tenant stating whether or not it intends to be bound to perform work remaining to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant and agrees to advance the Finish Work Allowance. For the purposes of the immediately preceding sentence, control shall have the meaning set forth in Section 13.01(b). In the event in such notice it states that it intends to be so bound, then such provisions of this Lease shall be binding on the Successor. In the event the Successor states that it does not intend to be so bound or fails to timely provide notice to Tenant within such thirty (30) day period, then (A) prior to the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by written notice to the Successor (a “Succession Election Notice”) within sixty (60) days following notice of such acquisition, to either (I) terminate this Lease, or (II) continue this Lease, deposit such Excess Costs in escrow with the Successor to be held and disbursed against the costs to construct the Finish Work as they are incurred on behalf of Tenant in the manner provided under the Work Letter, and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor) reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; or (B) from and after the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by giving a Succession Election Notice to the Successor within sixty (60) days following notice of such acquisition, to either (X) terminate this Lease, or (Y) continue this Lease and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; provided, however, that the Successor can render any Succession Election Notice pursuant to clause (A) or (B), above, null and void and of no force and effect if, within thirty (30) days after the giving of such notice by Tenant, the Successor agrees to be bound by the applicable provisions of this Lease. Tenant’s failure to give a Succession Election Notice in the time period(s) required above Article 12 shall be deemed to be an election affect any liability that Sublandlord may have to Subtenant pursuant to the clause (II) or (Y) of the immediately preceding sentence, as applicablethis Sublease.

Appears in 1 contract

Samples: Sublease Agreement (Taylor Ann Stores Corp)

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Attornment. (a) If Landlord’s interest in Landlord assigns this Lease or the Property is acquired by mortgagee or purchaser at rents hereunder to a foreclosure salecreditor as security for a debt, Tenant shall, at the election of such mortgagee or purchaser, attorn to the transferee of or successor to Landlord’s interest in the Property and recognize it as Landlord under this Lease. Tenant waives the protection of any statute or rule of law which gives Tenant any right to terminate this Lease or surrender possession of the Premises upon the transfer of Landlord’s interest. Upon such attornment, this Lease shall continue in full force and effect as a direct lease between the mortgagee and Tenant upon all of the terms, conditions and covenants as are set forth in this Lease, except that the mortgagee shall not be (i) liable in any way to Tenant for any act or omission, neglect or default on the part of Landlord under this Lease (nothing in this clause (i) being deemed to relieve any mortgagee succeeding to the interest of Landlord hereunder of its continuing obligations as landlord under this Lease from and after the date of such succession), (ii) responsible for any monies owing by or on deposit with Landlord to the credit of Tenant (except to the extent any such deposit is actually received by such mortgagee), (iii) subject to any counterclaim or setoff which theretofore accrued to Tenant against Landlord, (iv) bound by any amendment or modification of this Lease subsequent to such mortgage, or by any previous prepayment of Rent for more than one (1) month, which was not approved in writing by the mortgagee, or bound by the indemnity set forth in Section 9.04, (v) liable beyond mortgagee’s interest in the Property, (vi) responsible for the performance of any work to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant or the payment of the Finish Work Allowance, or (vii) required to remove any person occupying the Premises or any part thereof, except if such person claims under the mortgagee. Tenant agrees that any present or future mortgagee may at its option unilaterally elect to subordinate, in whole or in part and by instrument in form and substance satisfactory to such mortgagee alone, the lien of its mortgagee (or the priority of its ground lease) to some or all provisions of this Lease. Nothing in the preceding sentences of this Section 15.02 shall prohibit Tenant from exercising its right to terminate this Lease pursuant to Section 3.01(c) and clause (x) of Section 3.01(e) of this Lease on the conditions set forth therein. Notwithstanding the foregoing, in the event that mortgagee or, other than an entity controlling, controlled by or under common control with Landlord, a purchaser at a foreclosure sale (a “Successor”) succeeds to the interest of Landlord prior to the completion of Building (including Base Building and Finish Work), such Successor shall have thirty (30) days to send written notice to Tenant stating whether of such assignment and upon demand by Landlord or the assignee, Tenant shall pay all sums thereafter becoming due Tenant hereunder to such assignee. Tenant shall also, upon receipt of such notice, have all policies of insurance required hereunder endorsed so as to protect the assignee's interest as it may appear and shall deliver such policies, or certificates thereof, to the assignee. (b) If, at any time during the term of this Lease, the Landlord of the leased premises shall be the holder of a leasehold estate covering premises which include the leased premises, and if such leasehold shall terminate or be terminated for any reason, or if, at any time during the term of Lease a mortgage to which this Lease is subordinate shall be foreclosed, Tenant agrees at the election and upon demand of any owner of the premises which include the leased premises, or of any mortgagee in possession thereof, or of any holder of a leasehold thereafter affecting premises which include the leased premises, or of any purchaser at foreclosure, to attorn, from time to time, to any such owner, mortgagee, holder or purchaser upon the terms and conditions set forth herein for the remainder of the term demised in this Lease. Provided however, that Tenant shall not it intends be obligated to attorn unless, if Tenant shall so request in writing, such holder, owner, mortgagee or purchaser shall execute and deliver to Tenant an instrument wherein said holder, owner, mortgagee or purchaser agrees that so long as Tenant performs all the terms, covenants and conditions of this Lease, on Tenant's part to be bound to perform work remaining to be done by performed, Tenant's possession under the Landlord under this Lease to render the Premises ready for occupancy by the Tenant and agrees to advance the Finish Work Allowance. For the purposes of the immediately preceding sentence, control shall have the meaning set forth in Section 13.01(b). In the event in such notice it states that it intends to be so bound, then such provisions of this Lease shall not be binding on the Successor. In the event the Successor states that it does not intend to be so bound disturbed by such holder, owner, mortgagee or fails to timely provide notice to Tenant within such thirty purchaser. (30c) day period, then (A) prior The foregoing provisions shall inure to the date benefit of any such owner, mortgagee, holder or purchaser and shall apply notwithstanding that Tenant has made this Lease may terminate upon the termination of any such leasehold estate or upon such foreclosure, and shall be self-operative upon any such demand, without requiring any further instrument to give effect to such provisions. Tenant’s first payment towards , however upon demand of any such owner, mortgagee, holder or purchaser, agrees to execute, from time to time an instrument in confirmation of the Excess Costs under the FW Contract under the Work Letterforegoing provisions, satisfactory to any such owner, mortgagee, holder or purchaser, in which Tenant shall have acknowledge such attornment and set forth herein and shall apply for the right, by written notice to remainder of the Successor (a “Succession Election Notice”) within sixty (60) days following notice of such acquisition, to either (I) terminate term originally demised in this Lease, or (II) continue this Lease, deposit such Excess Costs in escrow with the Successor to be held and disbursed against the costs to construct the Finish Work as they are incurred on behalf of Tenant in the manner provided under the Work Letter, and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor) reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; or (B) from and after the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by giving a Succession Election Notice to the Successor within sixty (60) days following notice of such acquisition, to either (X) terminate this Lease, or (Y) continue this Lease and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; provided, however, that the Successor can render any Succession Election Notice pursuant to clause (A) or (B), above, null and void and of no force and effect if, within thirty (30) days after the giving of such notice by Tenant, the Successor agrees to be bound by the applicable provisions of this Lease. Tenant’s failure to give a Succession Election Notice in the time period(s) required above shall be deemed to be an election pursuant to the clause (II) or (Y) of the immediately preceding sentence, as applicable.

Appears in 1 contract

Samples: Lease Agreement (Tessco Technologies Inc)

Attornment. If Landlord’s interest in Upon the Property is acquired by mortgagee or purchaser at a foreclosure sale, Tenant shall, at the election of such mortgagee or purchaser, attorn to the transferee of or successor to Landlord’s interest in the Property and recognize it as Landlord under this Lease. Tenant waives the protection written request of any statute person. or rule of law which gives Tenant any right to terminate this Lease or surrender possession of the Premises upon the transfer of Landlord’s interest. Upon such attornment, this Lease shall continue in full force and effect as a direct lease between the mortgagee and Tenant upon all of the terms, conditions and covenants as are set forth in this Lease, except that the mortgagee shall not be (i) liable in any way to Tenant for any act or omission, neglect or default on the part of Landlord under this Lease (nothing in this clause (i) being deemed to relieve any mortgagee party succeeding to the interest of Landlord hereunder of its continuing obligations as landlord under this Lease from Lease, Tenant shall automatically become the tenant of and after attorn to such successor in interest without any change in any of the date terms of such succession), this Lease. No successor in interest shall be (ii) responsible for any monies owing by or on deposit with Landlord to the credit of Tenant (except to the extent any such deposit is actually received by such mortgagee), (iii) subject to any counterclaim or setoff which theretofore accrued to Tenant against Landlord, (iva) bound by any amendment or modification of this Lease subsequent to such mortgage, or by any previous prepayment payment of Rent for more than one (1) monthmonth in advance, which was not approved in writing by the mortgagee, or bound by the indemnity set forth in Section 9.04, (v) liable beyond mortgagee’s interest in the Property, (vi) responsible except payments of security for the performance by Tenant of any work to be done by the Landlord Tenant's obligations under this Lease to render the Premises ready for occupancy by the Tenant or the payment of the Finish Work Allowance, or (vii) required to remove any person occupying the Premises or any part thereof, except if such person claims under the mortgagee. Tenant agrees that any present or future mortgagee may at its option unilaterally elect to subordinate, in whole or in part and by instrument in form and substance satisfactory to such mortgagee alone, the lien of its mortgagee (or the priority of its ground lease) to some or all provisions of this Lease. Nothing in the preceding sentences of this Section 15.02 shall prohibit Tenant from exercising its right to terminate this Lease pursuant to Section 3.01(c) and clause (x) of Section 3.01(e) of this Lease on the conditions set forth therein. Notwithstanding the foregoing, in the event that mortgagee or, other than an entity controlling, controlled by or under common control with Landlord, a purchaser at a foreclosure sale (a “Successor”) succeeds to the interest of Landlord prior to the completion of Building (including Base Building and Finish Work), such Successor shall have thirty (30) days to send written notice to Tenant stating whether or not it intends to be bound to perform work remaining to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant and agrees to advance the Finish Work Allowance. For the purposes of the immediately preceding sentence, control shall have the meaning set forth in Section 13.01(b). In the event in such notice it states that it intends to be so bound, then such provisions of this Lease shall be binding on the Successor. In the event the Successor states that it does not intend to be so bound or fails to timely provide notice to Tenant within such thirty (30) day period, then (A) prior to the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by written notice to the Successor (a “Succession Election Notice”) within sixty (60) days following notice of such acquisition, to either (I) terminate this Lease, or (IIb) continue subject to any offset, defense or damages arising out of a default or any obligations of any preceding Landlord. Neither Landlord's Mortgagee nor its successor in interest shall be bound by any amendment of this Lease entered into after Tenant has been given written notice of the name and address of Landlord's Mortgagee and without the written consent of Landlord's Mortgagee or such successor in interest. The subordination, attornment and mortgagee protection clauses of this Article 16 shall be self-operative and no farther instruments of subordination attornment or mortgagee protection need be required by any Landlord's Mortgagee or successor in interest thereto. Nevertheless, upon the written request therefor and without any compensation or consideration being payable to Tenant, Tenant agrees to execute, have acknowledged and deliver such instruments as may be requested to confirm the same. Tenant shall from time to time, if so requested by Landlord and if doing so will not materially and adversely affect Tenant's economic interests under this Lease, deposit such Excess Costs join with Landlord in escrow with the Successor to be held and disbursed against the costs to construct the Finish Work as they are incurred on behalf of Tenant in the manner provided under the Work Letteramending, and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (so as to meet the extent the Finish Work Allowance needs or requirements of any lender that is not disbursed considering making or that has made a loan secured by the Successor) reduce the Rent by the amount all or any portion of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; or (B) from and after the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by giving a Succession Election Notice to the Successor within sixty (60) days following notice of such acquisition, to either (X) terminate this Lease, or (Y) continue this Lease and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; provided, however, that the Successor can render any Succession Election Notice pursuant to clause (A) or (B), above, null and void and of no force and effect if, within thirty (30) days after the giving of such notice by Tenant, the Successor agrees to be bound by the applicable provisions of this Lease. Tenant’s failure to give a Succession Election Notice in the time period(s) required above shall be deemed to be an election pursuant to the clause (II) or (Y) of the immediately preceding sentence, as applicableComplex.

Appears in 1 contract

Samples: Lease Agreement (Ziasun Technologies Inc)

Attornment. If Landlord’s interest In the event that, by reason of the foreclosure of the mortgage for any reason or due to any exercise of a power of sale or as a result of the taking of a deed in the Property is acquired by lieu of foreclosure, mortgagee or purchaser at a foreclosure sale, Tenant shall, at the election any successor or assignee of such mortgagee or purchaser, attorn succeeds to the transferee interest of or successor to Landlord’s interest in the Property and recognize it as Landlord under this Lease, then upon receipt of notice from the mortgagee or such successor or assignee that it has succeeded to the rights of the Landlord under this Lease, Tenant hereby agrees to recognize mortgagee or such successor or assignee as Tenant's landlord under this Lease and hereby agrees to attorn to mortgagee or such successor or assignee. Tenant waives Said attornment is to be effective and self-operative without the protection execution of any statute other instrument immediately upon mortgagee or rule any successor or assignee of law which gives Tenant any right mortgagee succeeding to terminate this Lease or surrender possession the rights of the Premises upon Landlord under the transfer of Landlord’s interest. Upon such attornmentLease, and this Lease shall continue in full force accordance with its terms between Tenant and effect mortgagee or any successor assignee of mortgagee, as a direct lease between the Landlord; provided, however, that mortgagee and Tenant upon all or any successor or assignee of the terms, conditions and covenants as are set forth in this Lease, except that the mortgagee shall not not: (a) be bound by any prepayment of rent more than 60 days in advance; (ib) liable in any way to Tenant for any act or omission, neglect or default on the part of Landlord under this Lease (nothing in this clause (i) being deemed to relieve any mortgagee succeeding to the interest of Landlord hereunder of its continuing obligations as landlord under this Lease from and after the date of such succession), (ii) responsible for any monies owing by or on deposit with Landlord to the credit of Tenant (except to the extent any such deposit is actually received by such mortgagee), (iii) subject to any counterclaim or setoff which theretofore accrued to Tenant against Landlord, (iv) be bound by any amendment or modification of this Lease subsequent to such mortgage, made after the succession or by any previous prepayment assignment without the consent of Rent for more than one mortgagee or its successor or assignee; (1c) month, which was not approved in writing by the mortgagee, or bound by the indemnity set forth in Section 9.04, (v) be personally liable beyond mortgagee’s interest in the Property, (vi) responsible for the performance of any work to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant Lease, and mortgagee's or the payment of the Finish Work Allowance, its successor's or (vii) required to remove any person occupying the Premises or any part thereof, except if such person claims assignee's liability under the mortgagee. Tenant agrees that any present or future mortgagee may at its option unilaterally elect to subordinate, in whole or in part and by instrument in form and substance satisfactory to such mortgagee alone, the lien of its mortgagee (or the priority of its ground lease) to some or all provisions of this Lease. Nothing in the preceding sentences of this Section 15.02 Lease shall prohibit Tenant from exercising its right to terminate this Lease pursuant to Section 3.01(c) and clause (x) of Section 3.01(e) of this Lease on the conditions set forth therein. Notwithstanding the foregoing, in the event that mortgagee or, other than an entity controlling, controlled by or under common control with Landlord, a purchaser at a foreclosure sale (a “Successor”) succeeds be limited to the interest of Landlord mortgagee or its successor or assignee in the Leased Premises; (d) be liable, except by way of set-off, for any act, omission, neglect, or default of any prior to the completion of Building (including Base Building and Finish Work), such Successor shall have thirty (30) days to send written notice to Tenant stating whether or not it intends to be bound to perform work remaining to be done by the Landlord landlord under this Lease including, without limitation, the Landlord; and (e) be subject to render any claims, credits, offsets, or defenses which Tenant might have against any prior landlord under this Lease including, without limitation, the Premises ready for occupancy by the Landlord. Tenant and agrees to advance execute and deliver within ten (10) days of Landlord's request or such successor's request an attornment agreement certifying as to the Finish Work Allowance. For the purposes of the immediately preceding sentence, control shall have the meaning matters set forth in Section 13.01(b). In the event in such notice it states that it intends to be so bound, then such provisions of this Lease shall be binding on the Successor. In the event the Successor states that it does not intend to be so bound or fails to timely provide notice to Tenant within such thirty (30) day period, then (A) prior to the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by written notice to the Successor (a “Succession Election Notice”) within sixty (60) days following notice of such acquisition, to either (I) terminate this Lease, or (II) continue this Lease, deposit such Excess Costs in escrow with the Successor to be held and disbursed against the costs to construct the Finish Work as they are incurred on behalf of Tenant in the manner provided under the Work Letter, and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor) reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; or (B) from and after the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by giving a Succession Election Notice to the Successor within sixty (60) days following notice of such acquisition, to either (X) terminate this Lease, or (Y) continue this Lease and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; provided, however, that the Successor can render any Succession Election Notice pursuant to clause (A) or (B), above, null and void and of no force and effect if, within thirty (30) days after the giving of such notice by Tenant, the Successor agrees to be bound by the applicable provisions of this Lease. Tenant’s failure to give a Succession Election Notice in the time period(s) required above shall be deemed to be an election pursuant to the clause (II) or (Y) of the immediately preceding sentence, as applicableparagraph.

Appears in 1 contract

Samples: Lease Agreement (Palweb Corp)

Attornment. If Landlord’s interest in In the Property is acquired event of the enforcement by mortgagee any Mortgagee of any remedy under any Mortgage or purchaser at a foreclosure saleMortgage loan document, Tenant shall, at the election option of such mortgagee the Mortgagee or purchaser, attorn to the transferee of or successor to Landlord’s interest in the Property and recognize it as Landlord under this Lease. Tenant waives the protection of any statute other person or rule of law which gives Tenant any right to terminate this Lease or surrender possession of the Premises upon the transfer of Landlord’s interest. Upon such attornment, this Lease shall continue in full force and effect as a direct lease between the mortgagee and Tenant upon all of the terms, conditions and covenants as are set forth in this Lease, except that the mortgagee shall not be (i) liable in any way to Tenant for any act or omission, neglect or default on the part of Landlord under this Lease (nothing in this clause (i) being deemed to relieve any mortgagee entity succeeding to the interest of Landlord hereunder the Mortgagee as a result of its continuing obligations such enforcement, attorn to the Mortgagee or to such person or entity and shall recognize the Mortgagee or such successor in the interest as landlord lessor under this the Lease from and after without change in the provisions thereof; provided, however, the Mortgagee or such successor in interest shall not be liable for or bound by (i) any payment of an installment of Rent or Additional Rent which may have been made more than 30 days before the due date of such succession)installment, (ii) responsible for any monies owing act or omission of or default by Landlord under the Lease (but the Mortgagee, or on deposit with such successor, shall be subject to the continuing obligations of Landlord to the credit of Tenant (except extent arising from and after such succession to the extent any of the Mortgagee’s, or such deposit is actually received by such mortgageesuccessor’s, interest in the Property), (iii) subject to any counterclaim credits, claims, setoffs or setoff defenses which theretofore accrued to any Tenant may have against Landlord, or (iv) bound by any amendment or modification of this obligation under the Lease subsequent to such mortgagemaintain a fitness facility at the Property. Tenant, or by any previous prepayment of Rent for more than one (1) month, which was not approved in writing upon the reasonable request by the mortgageeMortgagee or such successor in interest, shall execute and deliver a commercially reasonable instrument or bound by the indemnity set forth in Section 9.04, (v) liable beyond mortgagee’s interest in the Property, (vi) responsible for the performance of any work to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant or the payment of the Finish Work Allowance, or (vii) required to remove any person occupying the Premises or any part thereof, except if instruments confirming such person claims under the mortgagee. Tenant agrees that any present or future mortgagee may at its option unilaterally elect to subordinate, in whole or in part and by instrument in form and substance satisfactory to such mortgagee alone, the lien of its mortgagee (or the priority of its ground lease) to some or all provisions of this Lease. Nothing in the preceding sentences of this Section 15.02 shall prohibit Tenant from exercising its right to terminate this Lease pursuant to Section 3.01(c) and clause (x) of Section 3.01(e) of this Lease on the conditions set forth thereinattornment. Notwithstanding the foregoing, in the event that mortgagee orthe Mortgagee shall have entered into a separate subordination, other than an entity controlling, controlled by or under common control attornment and non-disturbance agreement directly with Landlord, a purchaser at a foreclosure sale (a “Successor”) succeeds Tenant governing Tenant’s obligation to attorn to the Mortgagee or such successor in interest as lessor, the terms and provisions of Landlord prior to such agreement shall supersede the completion of Building (including Base Building and Finish Work), such Successor shall have thirty (30) days to send written notice to Tenant stating whether or not it intends to be bound to perform work remaining to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant and agrees to advance the Finish Work Allowance. For the purposes of the immediately preceding sentence, control shall have the meaning set forth in Section 13.01(b). In the event in such notice it states that it intends to be so bound, then such provisions of this Lease shall be binding on the Successor. In the event the Successor states that it does not intend to be so bound or fails to timely provide notice to Tenant within such thirty (30) day period, then (A) prior to the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by written notice to the Successor (a “Succession Election Notice”) within sixty (60) days following notice of such acquisition, to either (I) terminate this Lease, or (II) continue this Lease, deposit such Excess Costs in escrow with the Successor to be held and disbursed against the costs to construct the Finish Work as they are incurred on behalf of Tenant in the manner provided under the Work Letter, and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor) reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; or (B) from and after the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by giving a Succession Election Notice to the Successor within sixty (60) days following notice of such acquisition, to either (X) terminate this Lease, or (Y) continue this Lease and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; provided, however, that the Successor can render any Succession Election Notice pursuant to clause (A) or (B), above, null and void and of no force and effect if, within thirty (30) days after the giving of such notice by Tenant, the Successor agrees to be bound by the applicable provisions of this Lease. Tenant’s failure to give a Succession Election Notice in the time period(s) required above shall be deemed to be an election pursuant to the clause (II) or (Y) of the immediately preceding sentence, as applicableSubsection.

Appears in 1 contract

Samples: Office Lease Agreement (Boingo Wireless Inc)

Attornment. If Landlord’s interest In the event of the foreclosure of, or exercise of the power of sale under, any Mortgage, or in the Property is acquired by mortgagee event of a deed given in lieu of foreclosure, then (a) upon the request of the purchaser in such foreclosure or purchaser at a foreclosure sale, or the grantee under such deed in lieu (any such party, the “New Owner”), Tenant shallshall attorn, without any deductions or setoffs whatsoever, to the New Owner and recognize the New Owner as the Landlord under this Lease; (b) upon the request of the New Owner, Tenant shall enter into a new lease, containing all of the terms and provisions of this Lease, with the New Owner for the remaining Term, or at the election of the New Owner, this Lease shall automatically become a new lease between Tenant and the New Owner upon the terms and provisions of this Lease for the remaining Term, and Tenant shall confirm such mortgagee attornment and new lease in writing within 10 days after the New Owner’s request therefor; (c) the New Owner shall not be liable for any act or purchaser, attorn to the transferee omission of or successor to Landlord’s interest in the Property and recognize it as Landlord under this Lease occurring prior to the New Owner stepping into the shoes of Landlord, except for the return of the Security Deposit (and all interest accrued thereon) to Tenant as provided under the terms and conditions of this Lease; and (d) the New Owner shall not be bound by any modification of this Lease that was not consented to by the New Owner or any previous payment of more than one month of Base Rent that was not consented to by the New Owner. Tenant waives the protection provisions of any statute laws that may give or rule of law which gives purport to give to Tenant any right to terminate or otherwise adversely affect this Lease or surrender possession the obligations of the Premises upon the transfer of Landlord’s interest. Upon such attornment, this Lease shall continue in full force and effect as a direct lease between the mortgagee and Tenant upon all of the terms, conditions and covenants as are set forth in this Lease, except that the mortgagee shall not be (i) liable in any way to Tenant for any act or omission, neglect or default on the part of Landlord under this Lease (nothing in this clause (i) being deemed to relieve any mortgagee succeeding to the interest of Landlord hereunder of its continuing obligations as landlord under this Lease from and after the date of such succession), (ii) responsible for any monies owing by or on deposit with Landlord to the credit of Tenant (except to the extent any such deposit is actually received by such mortgagee), (iii) subject to any counterclaim or setoff which theretofore accrued to Tenant against Landlord, (iv) bound by any amendment or modification of this Lease subsequent to such mortgage, or by any previous prepayment of Rent for more than one (1) month, which was not approved in writing by the mortgagee, or bound by the indemnity set forth in Section 9.04, (v) liable beyond mortgagee’s interest in the Property, (vi) responsible for the performance of any work to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant or the payment of the Finish Work Allowance, or (vii) required to remove any person occupying the Premises or any part thereof, except if such person claims under the mortgagee. Tenant agrees that any present or future mortgagee may at its option unilaterally elect to subordinate, in whole or in part and by instrument in form and substance satisfactory to such mortgagee alone, the lien of its mortgagee (or the priority of its ground lease) to some or all provisions of this Lease. Nothing in the preceding sentences of this Section 15.02 shall prohibit Tenant from exercising its right to terminate this Lease pursuant to Section 3.01(c) and clause (x) of Section 3.01(e) of this Lease on the conditions set forth therein. Notwithstanding the foregoing, in the event that mortgagee orof any foreclosure, other than an entity controlling, controlled by sale or under common control with Landlord, a purchaser at a foreclosure sale (a “Successor”) succeeds to the interest deed in lieu of Landlord prior to the completion of Building (including Base Building and Finish Work), such Successor shall have thirty (30) days to send written notice to Tenant stating whether or not it intends to be bound to perform work remaining to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant and agrees to advance the Finish Work Allowance. For the purposes of the immediately preceding sentence, control shall have the meaning set forth in Section 13.01(b). In the event in such notice it states that it intends to be so bound, then such provisions of this Lease shall be binding on the Successor. In the event the Successor states that it does not intend to be so bound or fails to timely provide notice to Tenant within such thirty (30) day period, then (A) prior to the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by written notice to the Successor (a “Succession Election Notice”) within sixty (60) days following notice of such acquisition, to either (I) terminate this Lease, or (II) continue this Lease, deposit such Excess Costs in escrow with the Successor to be held and disbursed against the costs to construct the Finish Work as they are incurred on behalf of Tenant in the manner provided under the Work Letter, and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor) reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; or (B) from and after the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by giving a Succession Election Notice to the Successor within sixty (60) days following notice of such acquisition, to either (X) terminate this Lease, or (Y) continue this Lease and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; provided, however, that the Successor can render any Succession Election Notice pursuant to clause (A) or (B), above, null and void and of no force and effect if, within thirty (30) days after the giving of such notice by Tenant, the Successor agrees to be bound by the applicable provisions of this Lease. Tenant’s failure to give a Succession Election Notice in the time period(s) required above shall be deemed to be an election pursuant to the clause (II) or (Y) of the immediately preceding sentence, as applicableforeclosure.

Appears in 1 contract

Samples: Purchase Agreement (Innovative Industrial Properties Inc)

Attornment. If Landlord’s interest Tenant covenants and agrees that, in the Property is acquired event any ground lessor, lessor of any underlying lease or subsequent purchasor of the Building so requests or in the event of any foreclosure under any mortgage, or any renewal, modification, consolidation, replacement or extension thereof, or in the event of a sale at foreclosure, or in the event of any acceptance of any deed in lieu of foreclosure, which may now or hereafter affect the real property of which the Demised Premises are a part. Tenant shall attorn to any ground lessor, lessor of any underlying lease or subsequent purchaser of the Building or to the party secured by mortgagee such mortgage, or any renewal, modification, consolidation, replacement or extension thereof, and to any purchaser at any foreclosure sale or party taking a foreclosure saledeed in lieu of foreclosure, Tenant shall, and at the election sole option of such mortgagee party, which option may be exercised in said party’s reasonable or purchaser, attorn to the transferee of or successor to Landlord’s interest in the Property and recognize it as Landlord under this Lease. Tenant waives the protection of any statute or rule of law which gives Tenant any right to terminate this Lease or surrender possession of the Premises upon the transfer of Landlord’s interest. Upon such attornmentunreasonable discretion, this Lease shall continue in full force and effect as a direct lease between the mortgagee Tenant herein and Tenant upon all such landlord or its successor. In any case, such landlord or successor under such ground or underlying lease or such secured party or purchaser at foreclosure sale or party taking a deed in lieu of the terms, conditions and covenants as are set forth in this Lease, except that the mortgagee foreclosure shall not be (i) liable in bound by any way to Tenant for any act or omission, neglect or default prepayment on the part of Landlord under this Lease (nothing in this clause (i) being deemed to relieve any mortgagee succeeding to Tenant of the interest of Landlord hereunder of its continuing obligations as landlord under this Lease from and after the date of such succession), (ii) responsible for any monies owing by Base Annual Rent or on deposit with Landlord to the credit of Tenant (except to the extent any such deposit is actually received by such mortgagee), (iii) subject to any counterclaim or setoff which theretofore accrued to Tenant against Landlord, (iv) bound by any amendment or modification of this Lease subsequent to such mortgage, or by any previous prepayment of Additional Rent for more than one (1) monthmonth in advance, which was not approved in writing by the mortgagee, or bound by the indemnity set forth in Section 9.04, (v) liable beyond mortgagee’s interest in the Property, (vi) responsible for the performance of any work to so that Base Annual Rent and Additional Rent shall be done by the Landlord payable under this Lease to render the Premises ready for occupancy by the Tenant or the payment of the Finish Work Allowance, or (vii) required to remove any person occupying the Premises or any part thereof, except if such person claims under the mortgagee. Tenant agrees that any present or future mortgagee may at its option unilaterally elect to subordinate, in whole or in part and by instrument in form and substance satisfactory to such mortgagee alone, the lien of its mortgagee (or the priority of its ground lease) to some or all provisions of this Lease. Nothing in the preceding sentences of this Section 15.02 shall prohibit Tenant from exercising its right to terminate this Lease pursuant to Section 3.01(c) and clause (x) of Section 3.01(e) of this Lease on the conditions set forth therein. Notwithstanding the foregoing, in the event that mortgagee or, other than an entity controlling, controlled by or under common control with Landlord, a purchaser at a foreclosure sale (a “Successor”) succeeds to the interest of Landlord prior to the completion of Building (including Base Building and Finish Work), such Successor shall have thirty (30) days to send written notice to Tenant stating whether or not it intends to be bound to perform work remaining to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant and agrees to advance the Finish Work Allowance. For the purposes of the immediately preceding sentence, control shall have the meaning set forth in Section 13.01(b). In the event in such notice it states that it intends to be so bound, then such provisions of this Lease shall be binding on the Successor. In the event the Successor states that it does not intend to be so bound or fails to timely provide notice to Tenant within such thirty (30) day period, then (A) prior to the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by written notice to the Successor (a “Succession Election Notice”) within sixty (60) days following notice of such acquisition, to either (I) terminate this Lease, or (II) continue this Lease, deposit such Excess Costs in escrow with the Successor to be held and disbursed against the costs to construct the Finish Work as they are incurred on behalf of Tenant in the manner provided under the Work Letter, and complete the Finish Work itself at its expense and otherwise in accordance with its terms, from the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor) reduce the Rent by the amount date of the unadvanced Finish Work Allowance amortized over termination or transfer of the Term with ground or underlying lease or the foreclosure under such mortgage, or the data of foreclosure sale or transfer by deed in lieu of foreclosure, as if such prepayment had not been made. Further, such landlord or successor in interest at the rate shall not be liable for damages for any act or omission of 8% per annum; Landlord or (B) from any prior landlord or be subject to any recoupments, offsets, counterclaims or defenses which Tenant may have against Landlord or any prior landlord. Tenant shall, upon request of such landlord or successor landlord, execute and after the date that Tenant has made deliver an instrument or instruments confirming Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by giving a Succession Election Notice to the Successor within sixty (60) days following notice of such acquisition, to either (X) terminate this Lease, or (Y) continue this Lease and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; provided, however, that the Successor can render any Succession Election Notice pursuant to clause (A) or (B), above, null and void and of no force and effect if, within thirty (30) days after the giving of such notice by Tenant, the Successor agrees to be bound by the applicable provisions of this Lease. Tenant’s failure to give a Succession Election Notice in the time period(s) required above shall be deemed to be an election pursuant to the clause (II) or (Y) of the immediately preceding sentence, as applicableattornment.

Appears in 1 contract

Samples: Office Building Lease (Micromet, Inc.)

Attornment. (a) If Landlord’s interest in all of the Property is acquired by mortgagee or purchaser at a foreclosure saleAttornment Conditions occur and/or are satisfied, Tenant shallthen from and after the date next succeeding the Termination Date, at the election of such mortgagee or purchaser, (x) Subtenant shall attorn to the transferee of or successor and be bound to Landlord’s interest , and Landlord shall be bound to, and accept the attornment of, Subtenant, in the Property and recognize it as Landlord each case, under this Lease. Tenant waives the protection of any statute or rule of law which gives Tenant any right to terminate this Lease or surrender possession all of the Premises upon then executory terms, covenants and conditions of the transfer Sublease for the balance of Landlord’s interest. Upon such attornmentthe term thereof remaining, this Lease with the same force and effect as if Landlord were the [sublandlord] under the Sublease, and (y) the Sublease shall continue in full force and effect as a direct lease between the mortgagee Subtenant and Tenant Landlord upon all of the then executory terms, covenants and conditions and covenants as are set forth in this Leaseof the Sublease for the balance of the term thereof remaining, except that the mortgagee Landlord shall not be be: (i) liable in any way to Tenant for any previous act or omissionomission of Tenant (or its predecessor in interest) under the Sublease; (ii) subject to any credits, neglect offsets, claims, counterclaims, demands or default on defenses which Subtenant may have against Tenant (or its predecessors in interest); (iii) bound by any previous modification or amendment of the Sublease or by any previous prepayment of more than one (1) month’s rent, additional rent or other charges, unless such modification, amendment or prepayment shall have been expressly approved in writing by Landlord, which approval to a modification or amendment of the Sublease shall not be unreasonably withheld or delayed (A) to the extent Landlord would have been obligated to have been reasonable with respect to the approval of the original Sublease had the modification or amendment in question been a part thereof, and (B) the modification or amendment in question is submitted to Landlord for its approval prior to the effective date thereof; (iv) bound by any covenant to undertake or complete any construction of the Sublet Premises or any portion thereof or to perform any other work that Tenant is obligated to perform or to pay for or reimburse the Subtenant for any costs incurred in connection with any construction or work except to the extent required to be performed by Landlord under this Lease the Lease; (nothing in this clause v) required to account for any security deposit of the Subtenant other than any security deposit actually delivered to Landlord; (ivi) being deemed to relieve liable for the obligations of Tenant under the Sublease for any mortgagee succeeding to the interest period of time other than such period as Landlord hereunder of its continuing obligations as landlord under this Lease from and after the date of holds such succession), interest; (iivii) responsible for any monies owing by or on deposit with Landlord Tenant to the credit of Tenant Subtenant; (except to the extent any such deposit is actually received by such mortgagee), (iii) subject to any counterclaim or setoff which theretofore accrued to Tenant against Landlord, (ivviii) bound by any amendment obligation to make any payment to Subtenant or modification of this Lease subsequent grant or be subject to such mortgage, or any credits; (ix) bound by any previous prepayment obligation to provide any service or furnish any utility that Landlord is not obligated to provide or furnish under the Lease to the portion of Rent for more than one the Sublet Premises; or (1x) month, which was not approved in writing by the mortgagee, or bound by any obligation to restore the indemnity Building, the Sublet Premises or any furniture, fixtures, equipment or property therein in the event of a fire, other casualty or condemnation of the Building or the Sublet Premises or any portion thereof, except as expressly set forth in Section 9.04, the Lease. (vb) liable beyond mortgagee’s interest in the Property, (vi) responsible for the performance of any work to The Sublease shall be done deemed modified by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant or the payment of the Finish Work Allowance, or (vii) required to remove any person occupying the Premises or any part thereof, except if such person claims under the mortgagee. Tenant agrees that any present or future mortgagee may at its option unilaterally elect to subordinate, in whole or in part and by instrument in form and substance satisfactory to such mortgagee alone, the lien of its mortgagee (or the priority of its ground lease) to some or all provisions of this Lease. Nothing in the preceding sentences of this Section 15.02 shall prohibit Tenant from exercising its right to terminate this Lease pursuant to Section 3.01(c) and clause (x) of Section 3.01(e) of this Lease on the conditions set forth therein. Notwithstanding the foregoing, in the event that mortgagee or, other than an entity controlling, controlled by or under common control with Landlord, a purchaser at a foreclosure sale (a “Successor”) succeeds to the interest of Landlord prior to the completion of Building (including Base Building and Finish Work), such Successor shall have thirty (30) days to send ’s written notice to Tenant stating whether or not it intends to be bound to perform work remaining to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant and agrees to advance the Finish Work Allowance. For the purposes of the immediately preceding sentence, control shall have the meaning set forth in Section 13.01(b)consent thereto. In the event in such notice it states that it intends to be so boundaddition, then such provisions of this Lease shall be binding on the Successor. In the event the Successor states that it does not intend to be so bound or fails to timely provide notice to Tenant within such thirty (30) day period, then (A) prior to the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by written notice to the Successor (a “Succession Election Notice”) within sixty (60) days following notice of such acquisition, to either (I) terminate this Lease, or (II) continue this Lease, deposit such Excess Costs in escrow with the Successor to be held and disbursed against the costs to construct the Finish Work as they are incurred on behalf of Tenant in the manner provided under the Work Letter, and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor) reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; or (B) from and after the date (the “Attornment Effective Date”) that Tenant has made Tenantthe Sublease becomes a direct lease between Landlord and Subtenant, as more particularly set forth in clause (y) of Paragraph 4(a) above, the Sublease shall be deemed modified to incorporate the provisions of Paragraph 4(a) above, and to incorporate the following: (i) If, in Landlord’s first payment towards sole and absolute judgment, (x) any of the Excess Costs under terms, covenants or conditions of the FW Contract under Lease are more favorable to Landlord than a corresponding provision of the Work LetterSublease, Tenant then the term, covenant or condition of the Lease that is more favorable to Landlord shall have be deemed incorporated into the rightSublease and shall supersede the corresponding provision of the Sublease; (y) a provision of the Lease which is favorable to Landlord is omitted from the Sublease, by giving a Succession Election Notice to then such favorable provision shall be deemed incorporated into the Successor within sixty (60) days following notice of such acquisition, to either (X) terminate this LeaseSublease, or (Yz) continue this any provision of the Sublease (A) increases Landlord’s obligations or liabilities beyond those which are set forth in the Lease as same relate to the Sublet Premises, (B) decreases Landlord’s rights or remedies below those which are set forth in the Lease as same relate to the Sublet Premises, (C) increases Subtenant’s right or remedies beyond those which are set forth in the Lease for the benefit of Tenant, or (D) decreases Subtenant’s obligations or liabilities below those which are set forth in the Lease for Tenant, then the provision of the Lease that is favorable or more favorable to Landlord shall be deemed incorporated into the Sublease and shall supersede any corresponding or inconsistent provision of the Sublease; (ii) In furtherance of subparagraph (i) above, if at any time or from time to time, from and after the Attornment Effective Date, the rent, additional rent and other charges payable under the Sublease, in the aggregate, shall be less, in the aggregate, than the sum of the Base Rent, Additional Rent and other charges that would have been payable for the corresponding period under the Lease and complete for the Finish Work itself at its expense corresponding portion of the Premises determined on a per rentable square foot basis based on the rentable area of the Sublet Premises as compared to the rentable area of the Premises (as reasonably determined by Landlord) had the Lease not been terminated (such sum being herein referred to as the “Lease Rent”), then, in such event, the rent, additional rent and otherwise other charges payable under the Sublease shall be deemed to be increased, without any further action, to the Lease Rent for the corresponding period under the Lease had the Lease not been terminated, regardless of whether such deficiency is attributable to any [***] expressly provided for in the Sublease; (iii) Subtenant shall pay the Annual Condenser Water Charge, if any, set forth in the Lease, in accordance with with, and subject to, the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor reduce the Rent by the amount applicable provisions of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annumLease; provided, however, that if the Successor can render any Succession Election Notice Sublet Premises is not the entire Premises, the Annual Condenser Water Charge, if any, shall be prorated based on tonnage of the [***] Represents material which has been redacted and filed separately with the Commission pursuant to clause (A) or (B)a request for confidential treatment pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, aboveas amended. ____________ AC Units, null if any, that service the Sublet Premises. If Landlord and void and of no force and effect ifSubtenant cannot agree on such pro-ration, within thirty (30) days after the giving of such notice by Tenant, the Successor agrees to be bound by the applicable provisions of this Lease. Tenant’s failure to give a Succession Election Notice in the time period(s) required above dispute shall be deemed to be an election resolved by arbitration pursuant to the clause (II) or (Y) provisions of Article 34 of the immediately preceding sentenceLease, as applicable.if, for the purposes of said Article 34, Subtenant were the Tenant;

Appears in 1 contract

Samples: Sublease (Jetblue Airways Corp)

Attornment. If Landlord’s interest Tenant covenants and agrees that, in the Property is acquired event any ground ----------- lessor, lessor of any underlying lease or subsequent purchaser of the Building so requests or in the event of any foreclosure under any mortgage, or any renewal, modification, consolidation, replacement or extension thereof, or in the event of a sale at foreclosure, or in the event of any acceptance of any deed in lieu of foreclosure, which may now or hereafter affect the real property of which the Demised Premises are a part, Tenant shall attorn to any ground lessor, lessor of any underlying lease or subsequent purchaser of the Building or to the party secured by mortgagee such mortgage, or any renewal, modification, consolidation, replacement or extension thereof, and to any purchaser at any foreclosure sale or party taking a foreclosure saledeed in lieu of foreclosure, Tenant shall, and at the election sole option of such mortgagee party, which option may be exercised in said party's reasonable or purchaser, attorn to the transferee of or successor to Landlord’s interest in the Property and recognize it as Landlord under this Lease. Tenant waives the protection of any statute or rule of law which gives Tenant any right to terminate this Lease or surrender possession of the Premises upon the transfer of Landlord’s interest. Upon such attornmentunreasonable discretion, this Lease shall continue in full force and effect as a direct lease between the mortgagee Tenant herein and Tenant upon all such landlord or its successor. In any case, such landlord or successor under such ground or underlying lease or such secured party or purchaser at foreclosure sale or party taking a deed in lieu of the terms, conditions and covenants as are set forth in this Lease, except that the mortgagee foreclosure shall not be (i) liable in bound by any way to Tenant for any act or omission, neglect or default prepayment on the part of Landlord under this Lease (nothing in this clause (i) being deemed to relieve any mortgagee succeeding to Tenant of the interest of Landlord hereunder of its continuing obligations as landlord under this Lease from and after the date of such succession), (ii) responsible for any monies owing by Base Annual Rent or on deposit with Landlord to the credit of Tenant (except to the extent any such deposit is actually received by such mortgagee), (iii) subject to any counterclaim or setoff which theretofore accrued to Tenant against Landlord, (iv) bound by any amendment or modification of this Lease subsequent to such mortgage, or by any previous prepayment of Additional Rent for more than one (1) monthmonth in advance, which was not approved in writing by the mortgagee, or bound by the indemnity set forth in Section 9.04, (v) liable beyond mortgagee’s interest in the Property, (vi) responsible for the performance of any work to so that Base Annual Rent and Additional Rent shall be done by the Landlord payable under this Lease to render the Premises ready for occupancy by the Tenant or the payment of the Finish Work Allowance, or (vii) required to remove any person occupying the Premises or any part thereof, except if such person claims under the mortgagee. Tenant agrees that any present or future mortgagee may at its option unilaterally elect to subordinate, in whole or in part and by instrument in form and substance satisfactory to such mortgagee alone, the lien of its mortgagee (or the priority of its ground lease) to some or all provisions of this Lease. Nothing in the preceding sentences of this Section 15.02 shall prohibit Tenant from exercising its right to terminate this Lease pursuant to Section 3.01(c) and clause (x) of Section 3.01(e) of this Lease on the conditions set forth therein. Notwithstanding the foregoing, in the event that mortgagee or, other than an entity controlling, controlled by or under common control with Landlord, a purchaser at a foreclosure sale (a “Successor”) succeeds to the interest of Landlord prior to the completion of Building (including Base Building and Finish Work), such Successor shall have thirty (30) days to send written notice to Tenant stating whether or not it intends to be bound to perform work remaining to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant and agrees to advance the Finish Work Allowance. For the purposes of the immediately preceding sentence, control shall have the meaning set forth in Section 13.01(b). In the event in such notice it states that it intends to be so bound, then such provisions of this Lease shall be binding on the Successor. In the event the Successor states that it does not intend to be so bound or fails to timely provide notice to Tenant within such thirty (30) day period, then (A) prior to the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by written notice to the Successor (a “Succession Election Notice”) within sixty (60) days following notice of such acquisition, to either (I) terminate this Lease, or (II) continue this Lease, deposit such Excess Costs in escrow with the Successor to be held and disbursed against the costs to construct the Finish Work as they are incurred on behalf of Tenant in the manner provided under the Work Letter, and complete the Finish Work itself at its expense and otherwise in accordance with its terms, from the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor) reduce the Rent by the amount date of the unadvanced Finish Work Allowance amortized over termination or transfer of the Term with interest at ground or underlying lease or the rate of 8% per annum; foreclosure under such mortgage, or (B) from and after the date that of foreclosure sale or transfer by deed in lieu of foreclosure, as if such prepayment had not been made. Further, such landlord or successor in interest shall not be liable for damages for any act or omission of Landlord or any prior landlord or be subject to any recoupments, offsets, counterclaims or defenses which Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Lettermay have against Landlord or any prior landlord. Tenant shall, Tenant shall have the right, by giving a Succession Election Notice to the Successor within sixty (60) days following notice upon request of such acquisitionlandlord or successor landlord, to either (X) terminate this Lease, execute and deliver an instrument or (Y) continue this Lease and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; provided, however, that the Successor can render any Succession Election Notice pursuant to clause (A) or (B), above, null and void and of no force and effect if, within thirty (30) days after the giving of such notice by instruments confirming Tenant, the Successor agrees to be bound by the applicable provisions of this Lease. Tenant’s failure to give a Succession Election Notice in the time period(s) required above shall be deemed to be an election pursuant to the clause (II) or (Y) of the immediately preceding sentence, as applicable's attornment.

Appears in 1 contract

Samples: Office Building Lease (Cais Internet Inc)

Attornment. If Landlord’s interest in 49.1 Tenant agrees that it will attorn to and recognize the Property is acquired by mortgagee Superior Mortgagee or (i) any purchaser at a foreclosure sale, Tenant shall, at sale under the election Superior Mortgage; (ii) any transferee who acquires possession or title to the Leased Premises by deed in lieu of foreclosure or by any other means; and (iii) the successors and assigns of such mortgagee purchasers and/or transferees, as its Landlord for the unexpired balance (and any extensions, if exercised) of the Term of the Lease upon the same terms and conditions set forth in the Lease. Such attornment shall automatically become effective, without the need for execution of any further instrument by Landlord and/or Tenant; provided, however, that Tenant will, upon request by the Superior Mortgagee, or purchaserany subsequent owner, execute a written agreement whereunder Tenant will attorn to the transferee Superior Mortgagee or any subsequent owner, affirm Tenant's obligations under the Lease, and agree to pay all rentals and charges then due or to become due as they become due to the Superior Mortgagees or such subsequent owner. 49.2 In the event that the Superior Mortgagee shall succeed to the interest of or successor to Landlord’s interest in the Property and recognize it as Landlord under this the Lease. , and/or to title to the Leased Premises, Tenant waives hereby agrees that the protection of Superior Mortgagee (or any statute or rule of law which gives Tenant any right to terminate this Lease or surrender possession of other party acquiring the Leased Premises upon a foreclosure sale or from the transfer of Landlord’s interest. Upon such attornment, this Lease shall continue in full force and effect as a direct lease between the mortgagee and Tenant upon all of the terms, conditions and covenants as are set forth in this Lease, except that the mortgagee Superior Mortgagee) shall not be (i) liable in any way to Tenant for any act or omission, neglect or default on the part omission of Landlord under this Lease any prior landlord (nothing in this clause (i) being deemed to relieve any mortgagee succeeding to the interest of Landlord hereunder of its continuing obligations as landlord under this Lease from and after the date of such successionincluding Landlord), ; (ii) responsible liable for the return of any monies owing by or on security deposit with Landlord to the credit of Tenant (except to the extent any such deposit is actually received by such mortgagee), not paid over to the Superior Mortgagee; (iii) subject to any counterclaim offsets or setoff defenses which theretofore accrued to Tenant might have against any prior landlord (including Landlord, ); (iv) bound by any Base Rent or Additional Rent which Tenant might have paid for more than the current month to any prior landlord (including Landlord) to the extent not paid over to the Superior Mortgagee; or (v) bound by any amendment or modification of this the Lease subsequent made after the date of the Superior Mortgage unless Tenant has obtained the prior express written consent of the Superior Mortgagee to such mortgage, amendment or by any previous prepayment of Rent for more than one (1) month, which was not approved in writing by the mortgagee, or bound by the indemnity set forth in Section 9.04, (v) liable beyond mortgagee’s interest in the Property, (vi) responsible for the performance of any work to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant or the payment of the Finish Work Allowance, or (vii) required to remove any person occupying the Premises or any part thereof, except if such person claims under the mortgagee. Tenant agrees that any present or future mortgagee may at its option unilaterally elect to subordinate, in whole or in part and by instrument in form and substance satisfactory to such mortgagee alone, the lien of its mortgagee (or the priority of its ground lease) to some or all provisions of this Lease. Nothing in the preceding sentences of this Section 15.02 shall prohibit Tenant from exercising its right to terminate this Lease pursuant to Section 3.01(c) and clause (x) of Section 3.01(e) of this Lease on the conditions set forth therein. Notwithstanding the foregoing, in the event that mortgagee or, other than an entity controlling, controlled by or under common control with Landlord, a purchaser at a foreclosure sale (a “Successor”) succeeds to the interest of Landlord prior to the completion of Building (including Base Building and Finish Work), such Successor shall have thirty (30) days to send written notice to Tenant stating whether or not it intends to be bound to perform work remaining to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant and agrees to advance the Finish Work Allowance. For the purposes of the immediately preceding sentence, control shall have the meaning set forth in Section 13.01(b). In the event in such notice it states that it intends to be so bound, then such provisions of this Lease shall be binding on the Successor. In the event the Successor states that it does not intend to be so bound or fails to timely provide notice to Tenant within such thirty (30) day period, then (A) prior to the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, modification. 49.3 Tenant shall have the right, by written notice no right to the Successor (a “Succession Election Notice”) within sixty (60) days following notice of such acquisition, to either (I) terminate this Lease, or (II) continue this Lease, deposit such Excess Costs appear in escrow with the Successor to be held and disbursed against the costs to construct the Finish Work as they are incurred on behalf of Tenant in the manner provided any foreclosure action under the Work Letter, and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (Superior Mortgage unless Tenant is named as a party to the extent the Finish Work Allowance is not disbursed by the Successor) reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; or (B) from and after the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by giving a Succession Election Notice to the Successor within sixty (60) days following notice of such acquisition, to either (X) terminate this Lease, or (Y) continue this Lease and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; provided, however, that the Successor can render any Succession Election Notice pursuant to clause (A) or (B), above, null and void and of no force and effect if, within thirty (30) days after the giving of such notice by Tenant, the Successor agrees to be bound by the applicable provisions of this Lease. Tenant’s failure to give a Succession Election Notice in the time period(s) required above shall be deemed to be an election pursuant to the clause (II) or (Y) of the immediately preceding sentence, as applicableforeclosure action.

Appears in 1 contract

Samples: Lease Agreement (KMC Telecom Holdings Inc)

Attornment. If Subject to Section 25.5, if any Underlying Lessor or Mortgagee, any designee of any Underlying Lessor or Mortgagee, or any other person shall succeed to the rights of Landlord under this Lease, whether through possession or foreclosure action or delivery of a new lease or deed, then at the request of such party so succeeding to Landlord’s interest in the Property is acquired by mortgagee or purchaser at a foreclosure salerights (herein called “Successor Landlord”), Tenant shall, at upon the election demand of such mortgagee or purchaserSuccessor Landlord, attorn to the transferee of or successor to Landlord’s interest in the Property and recognize it such Successor Landlord as Tenant’s landlord under this Lease and, in such event, the Successor Landlord shall recognize Tenant and Tenant’s leasehold estate under this Lease. While such attornment shall be self-operative and shall occur automatically upon such demand, Tenant waives the protection of shall promptly execute and deliver any statute or rule of law which gives Tenant any right instrument that such Successor Landlord may reasonably request to terminate this Lease or surrender possession of the Premises upon the transfer of Landlord’s interestevidence such attornment. Upon such attornment, attornment this Lease shall continue in full force and effect as a direct lease between the mortgagee Successor Landlord and Tenant upon all of the terms, conditions and covenants as are set forth in this Lease, except that a Successor Landlord which is not an Affiliated Party of the mortgagee then Landlord shall not be be: (ia) liable in any way to Tenant for any previous act or omission, neglect or default on the part omission of Landlord (or its predecessors in interest) except to the extent that such act or omission shall constitute a continuing default under this Lease Lease; (nothing in this clause (i) being deemed to relieve any mortgagee succeeding to the interest of Landlord hereunder of its continuing obligations as landlord under this Lease from and after the date of such succession), (iib) responsible for any monies owing by or on deposit with Landlord to the credit of Tenant Tenant; (except to the extent any such deposit is actually received by such mortgagee), (iiic) subject to any counterclaim credits, offsets, claims, counterclaims, demands or setoff defenses which theretofore accrued to Tenant may have against Landlord, Landlord (ivor its predecessors in interest); (d) bound by any amendment or modification of this Lease subsequent to such mortgage, or by any previous prepayment payments of Rent which Tenant might have made for more than one (1) month, month in advance to Landlord (or its predecessors in interest) except to the to which was not approved in writing by Successor Landlord shall have received the mortgagee, or same; (e) bound by the indemnity set forth in Section 9.04, (v) liable beyond mortgagee’s interest in the Property, (vi) responsible for the performance any agreement to undertake or complete any construction of any work to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant or the payment of the Finish Work Allowance, or (vii) required to remove any person occupying the Premises or any part portion thereof; (f) required to account for any security deposit other than any security deposit actually delivered to the Successor Landlord; and (g) bound by any modification of this Lease made after the date Tenant has actual notice of the existence of such Successor Landlord’s Mortgage or Underlying Lease, except if which is made without the written consent of such person claims under Successor Landlord. Notwithstanding the mortgagee. Tenant agrees that any present or future mortgagee foregoing provisions, a Successor Landlord may at its option unilaterally elect to subordinate, in whole subordinate such Mortgage or in part and by instrument in form and substance satisfactory Underlying Lease to such mortgagee alone, the lien of its mortgagee (or the priority of its ground lease) to some or all provisions of this Lease. Nothing in the preceding sentences of this Section 15.02 shall prohibit Tenant from exercising its right to terminate this Lease pursuant to Section 3.01(c) and clause (x) of Section 3.01(e) of this Lease on the conditions set forth therein. Notwithstanding the foregoing, in the event that mortgagee or, other than an entity controlling, controlled by or under common control with Landlord, a purchaser at a foreclosure sale (a “Successor”) succeeds to the interest of Landlord prior to the completion of Building (including Base Building and Finish Work), such Successor shall have thirty (30) days to send written notice to Tenant stating whether or not it intends to be bound to perform work remaining to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant and agrees to advance the Finish Work Allowance. For the purposes of the immediately preceding sentence, control shall have the meaning set forth in Section 13.01(b). In the event in such notice it states that it intends to be so bound, then such provisions of this Lease shall be binding on the Successor. In the event the Successor states that it does not intend to be so bound or fails to timely provide notice to Tenant within such thirty (30) day period, then (A) prior to the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by written notice to the Successor (a “Succession Election Notice”) within sixty (60) days following notice of such acquisition, to either (I) terminate this Lease, or (II) continue this Lease, deposit such Excess Costs in escrow with the Successor to be held and disbursed against the costs to construct the Finish Work as they are incurred on behalf of Tenant in the manner provided under the Work Letter, and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor) reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; or (B) from and after the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by giving a Succession Election Notice to the Successor within sixty (60) days following notice of such acquisition, to either (X) terminate this Lease, or (Y) continue this Lease and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; provided, however, that the Successor can render any Succession Election Notice pursuant to clause (A) or (B), above, null and void and of no force and effect if, within thirty (30) days after the giving of such notice by Tenant, the Successor agrees to be bound by the applicable provisions of this Lease. Tenant’s failure to give a Succession Election Notice in the time period(s) required above shall be deemed to be an election pursuant to the clause (II) or (Y) of the immediately preceding sentence, as applicable.

Appears in 1 contract

Samples: Office Lease (Learning Tree International Inc)

Attornment. If Landlord’s interest in the Property is acquired by mortgagee or purchaser at a foreclosure sale, Tenant shall, at the election of such mortgagee or purchaserpurchaser (except as may be required pursuant to any applicable subordination, non-disturbance and attornment agreement then in effect), attorn to the transferee of or successor to Landlord’s interest in the Property and recognize it as Landlord under this Lease. Tenant waives the protection of any statute or rule of law which gives Tenant any right to terminate this Lease or surrender possession of the Premises upon the transfer of Landlord’s interest. Upon such attornment, this Lease shall continue in full force and effect as a direct lease between the mortgagee and Tenant upon all of the terms, conditions and covenants as are set forth in this Lease, except that the mortgagee shall not (except as may be required pursuant to any applicable subordination, non-disturbance and attornment agreement then in effect) be (i) liable in any way to Tenant for any act or omission, neglect or default on the part of Landlord under this Lease (nothing in this clause (i) being deemed to relieve any mortgagee succeeding to the interest of Landlord hereunder of its continuing obligations as landlord under this Lease from and after the date of such succession), (ii) responsible for any monies owing by or on deposit with Landlord to the credit of Tenant (except to the extent any such deposit is actually received by such mortgagee), (iii) subject to any counterclaim or setoff which theretofore accrued to Tenant against Landlord, (iv) bound by any amendment or modification of this Lease subsequent to such mortgage, or by any previous prepayment of Rent for more than one (1) month, which was not approved in writing by the mortgagee, or bound by the indemnity representations set forth in Section 9.049.4, (v) liable beyond mortgagee’s interest in the Property, (vi) responsible for the performance of any work to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant or the payment of the Finish Work TI Allowance, or (vii) required to remove any person occupying the Premises or any part thereof, except if such person claims under the mortgagee. Notwithstanding the foregoing, for any subordination, non-disturbance and attornment agreement delivered prior to completion of Landlord’s construction-related obligations for the Building under Exhibit B, any such agreement shall include provisions, substantially in the form set forth in Section 4.4(a) of Exhibit H, that recognize Tenant’s rent abatement remedies, term commencement delay remedies, off-set rights, and termination rights under Paragraphs 11.2(c), 12.2, and 12.3 of Exhibit B. Tenant agrees that any present or future mortgagee may at its option unilaterally elect to subordinate, in whole or in part and by instrument in form and substance satisfactory to such mortgagee alone, the lien of its mortgagee (or the priority of its ground lease) to some or all provisions of this Lease. Nothing in the preceding sentences of this Section 15.02 shall prohibit Tenant from exercising its right to terminate this Lease pursuant to Section 3.01(c) and clause (x) of Section 3.01(e) of this Lease on the conditions set forth therein. Notwithstanding the foregoing, in the event that mortgagee or, other than an entity controlling, controlled by or under common control with Landlord, a purchaser at a foreclosure sale (a “Successor”) succeeds to the interest of Landlord prior to the completion of Building (including Base Building and Finish Work), such Successor shall have thirty (30) days to send written notice to Tenant stating whether or not it intends to be bound to perform work remaining to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant and agrees to advance the Finish Work Allowance. For the purposes of the immediately preceding sentence, control shall have the meaning set forth in Section 13.01(b). In the event in such notice it states that it intends to be so bound, then such provisions of this Lease shall be binding on the Successor. In the event the Successor states that it does not intend to be so bound or fails to timely provide notice to Tenant within such thirty (30) day period, then (A) prior to the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by written notice to the Successor (a “Succession Election Notice”) within sixty (60) days following notice of such acquisition, to either (I) terminate this Lease, or (II) continue this Lease, deposit such Excess Costs in escrow with the Successor to be held and disbursed against the costs to construct the Finish Work as they are incurred on behalf of Tenant in the manner provided under the Work Letter, and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor) reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; or (B) from and after the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by giving a Succession Election Notice to the Successor within sixty (60) days following notice of such acquisition, to either (X) terminate this Lease, or (Y) continue this Lease and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; provided, however, that the Successor can render any Succession Election Notice pursuant to clause (A) or (B), above, null and void and of no force and effect if, within thirty (30) days after the giving of such notice by Tenant, the Successor agrees to be bound by the applicable provisions of this Lease. Tenant’s failure to give a Succession Election Notice in the time period(s) required above shall be deemed to be an election pursuant to the clause (II) or (Y) of the immediately preceding sentence, as applicable.

Appears in 1 contract

Samples: Corporate Headquarters Lease (TripAdvisor, Inc.)

Attornment. If In the event of (a) a transfer of Landlord’s interest in the Property Leased Premises, (b) the termination of any ground or underlying lease of the Building or the land on which it is acquired by mortgagee constructed, or purchaser at both, or (c) the purchase of the Building or Landlord’s interest therein in a foreclosure salesale or by deed in lieu of foreclosure under any Mortgage or pursuant to a power of sale contained in any Mortgage, then in any of such events Tenant shall, at the election of such mortgagee or purchaserLandlord’s request, attorn to and recognize the transferee or purchaser of or successor to Landlord’s interest in or the Property and recognize it lessor under the terminated ground or underlying lease, as the case may be, as Landlord under this LeaseLease for the balance then remaining of the Term, and thereafter this Lease shall continued as a direct lease between such person, as “Landlord” and Tenant, as “Tenant,” except that such lessor, transferee or purchase shall not be liable for any act or omission of Landlord prior to such lease termination or prior to such person’s succession to title, nor be subject to any offset, defense or counterclaim accruing prior to such lease termination or prior to such person’s succession to title, nor be bound by any payment of Basic Rent or Additional Charges prior to such lease termination or prior to such person’s succession to title for more than one month in advance. Tenant shall, upon request by Landlord or the transferee or purchaser of Landlord’s interest or the lessor under the terminated ground or underling lease, as the case may be, execute and delivery an instrument or instruments confirming the foregoing provisions of this Section. Tenant hereby waives the protection provisions of any statute present or rule of future law or regulation which gives or purports to give Tenant any right to terminate this Lease or surrender possession of the Premises upon the transfer of Landlord’s interest. Upon such attornment, this Lease shall continue in full force and effect as a direct lease between the mortgagee and Tenant upon all of the terms, conditions and covenants as are set forth in this Lease, except that the mortgagee shall not be (i) liable in any way to Tenant for any act or omission, neglect or default on the part of Landlord under this Lease (nothing in this clause (i) being deemed to relieve any mortgagee succeeding to the interest of Landlord hereunder of its continuing obligations as landlord under this Lease from and after the date of such succession), (ii) responsible for any monies owing by or on deposit with Landlord to the credit of Tenant (except to the extent any such deposit is actually received by such mortgagee), (iii) subject to any counterclaim or setoff which theretofore accrued to Tenant against Landlord, (iv) bound by any amendment or modification of this Lease subsequent to such mortgage, or by any previous prepayment of Rent for more than one (1) month, which was not approved in writing by the mortgagee, or bound by the indemnity set forth in Section 9.04, (v) liable beyond mortgagee’s interest in the Property, (vi) responsible for the performance of any work to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant or the payment of the Finish Work Allowance, or (vii) required to remove any person occupying the Premises or any part thereof, except if such person claims under the mortgagee. Tenant agrees that any present or future mortgagee may at its option unilaterally elect to subordinate, in whole or in part and by instrument in form and substance satisfactory to such mortgagee alone, the lien of its mortgagee (or the priority of its ground lease) to some or all provisions of this Lease. Nothing in the preceding sentences of this Section 15.02 shall prohibit Tenant from exercising its right to terminate this Lease pursuant to Section 3.01(c) and clause (x) of Section 3.01(e) of this Lease on the conditions set forth therein. Notwithstanding the foregoing, in the event that mortgagee or, other than an entity controlling, controlled by or under common control with Landlord, a purchaser at a foreclosure sale (a “Successor”) succeeds to the interest of Landlord prior to the completion of Building (including Base Building and Finish Work), such Successor shall have thirty (30) days to send written notice to Tenant stating whether or not it intends to be bound to perform work remaining to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant and agrees to advance the Finish Work Allowance. For the purposes of the immediately preceding sentence, control shall have the meaning set forth in Section 13.01(b). In the event in such notice it states that it intends to be so bound, then such provisions of this Lease shall be binding on the Successor. In the event the Successor states that it does not intend to be so bound or fails to timely provide notice to Tenant within such thirty (30) day period, then (A) prior to the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by written notice to the Successor (a “Succession Election Notice”) within sixty (60) days following notice of such acquisition, to either (I) terminate otherwise adversely affect this Lease, or (II) continue this Lease, deposit such Excess Costs in escrow with the Successor to be held and disbursed against the costs to construct the Finish Work as they are incurred on behalf obligations of Tenant in the manner provided under the Work Letterhereunder, and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor) reduce the Rent by the amount upon or as a result of the unadvanced Finish Work Allowance amortized over termination of any such ground or underlying lease or the Term with interest at the rate completion of 8% per annum; or (B) from any such foreclosure and after the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by giving a Succession Election Notice to the Successor within sixty (60) days following notice of such acquisition, to either (X) terminate this Lease, or (Y) continue this Lease and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; provided, however, that the Successor can render any Succession Election Notice pursuant to clause (A) or (B), above, null and void and of no force and effect if, within thirty (30) days after the giving of such notice by Tenant, the Successor agrees to be bound by the applicable provisions of this Lease. Tenant’s failure to give a Succession Election Notice in the time period(s) required above shall be deemed to be an election pursuant to the clause (II) or (Y) of the immediately preceding sentence, as applicablesale.

Appears in 1 contract

Samples: Sublease Agreement (ICF International, Inc.)

Attornment. If Landlord’s interest in Upon the Property is acquired by mortgagee or purchaser at a foreclosure sale, Tenant shall, at the election of such mortgagee or purchaser, attorn to the transferee of or successor to Landlord’s interest in the Property and recognize it as Landlord under this Lease. Tenant waives the protection written request of any statute person or rule of law which gives Tenant any right to terminate this Lease or surrender possession of the Premises upon the transfer of Landlord’s interest. Upon such attornment, this Lease shall continue in full force and effect as a direct lease between the mortgagee and Tenant upon all of the terms, conditions and covenants as are set forth in this Lease, except that the mortgagee shall not be (i) liable in any way to Tenant for any act or omission, neglect or default on the part of Landlord under this Lease (nothing in this clause (i) being deemed to relieve any mortgagee party succeeding to the interest of Landlord hereunder of its continuing obligations as landlord under this Lease from Lease, Tenant shall automatically become the tenant of and after attorn to such successor in interest without any change in any of the date terms of such succession), this Lease. No successor in interest shall be (ii) responsible for any monies owing by or on deposit with Landlord to the credit of Tenant (except to the extent any such deposit is actually received by such mortgagee), (iii) subject to any counterclaim or setoff which theretofore accrued to Tenant against Landlord, (iva) bound by any amendment or modification of this Lease subsequent to such mortgage, or by any previous prepayment payment of Rent for more than one (1) monthmonth in advance, which was not approved in writing by the mortgagee, or bound by the indemnity set forth in Section 9.04, (v) liable beyond mortgagee’s interest in the Property, (vi) responsible except payments of security for the performance by Tenant of Tenant’s obligations under this Lease, or (b) subject to any offset, defense or damages arising out of a default of any work obligations of any preceding Landlord, except to the extent of any non-monetary default that continues after such successor-in-interest takes ownership of the Building. Any transferee or successor-in-interest of Landlord shall not be done liable for any acts, omissions or defaults of Landlord that occurred before the sale or conveyance, or the return of any security deposit (except for deposits actually paid to the successor or transferee), except with respect to any non-monetary defaults which continue after such transferee or successor-in-interest takes ownership of the Building. Tenant agrees to give written notice of any default by Landlord to the Landlord holder of any Mortgage. Tenant further agrees that, before it exercises any rights or remedies under this Lease to render the Premises ready for occupancy arising as a result of any default by the Tenant or the payment of the Finish Work Allowance, or Landlord (vii) required to remove any person occupying the Premises or any part thereof, except if such person claims under the mortgagee. Tenant agrees that any present or future mortgagee may at its option unilaterally elect to subordinate, other than Rent abatement and/or self-help rights as expressly provided in whole or in part and by instrument in form and substance satisfactory to such mortgagee alonethis Lease), the lien holder of its mortgagee (any Mortgage or the priority of its ground lease) to some or all provisions of this Lease. Nothing in the preceding sentences of this Section 15.02 shall prohibit Tenant from exercising its right to terminate this Lease pursuant to Section 3.01(c) and clause (x) of Section 3.01(e) of this Lease on the conditions set forth therein. Notwithstanding the foregoing, in the event that mortgagee or, other than an entity controlling, controlled by or under common control with Landlord, a purchaser at a foreclosure sale (a “Successor”) succeeds to the successor-in- interest of Landlord prior to the completion of Building (including Base Building and Finish Work), such Successor shall have thirty (30) days to send written notice to Tenant stating whether or not it intends to be bound to perform work remaining to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant and agrees to advance the Finish Work Allowance. For the purposes of the immediately preceding sentence, control shall have the meaning set forth in Section 13.01(b). In the event in such notice it states that it intends to be so bound, then such provisions of this Lease shall be binding on the Successor. In the event the Successor states that it does not intend to be so bound or fails to timely provide notice to Tenant within such thirty (30) day period, then (A) prior to the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by written notice to but not the Successor (a “Succession Election Notice”) within sixty (60) days following notice of such acquisitionobligation, to either (I) terminate this Leasecure the default within the same time, or (II) continue this Leaseif any, deposit such Excess Costs in escrow with given to Landlord to cure the Successor to be held and disbursed against the costs to construct the Finish Work as they are incurred on behalf of Tenant in the manner provided under the Work Letterdefault, and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor) reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; or (B) from and after the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by giving a Succession Election Notice to the Successor within sixty (60) days following notice of such acquisition, to either (X) terminate this Lease, or (Y) continue this Lease and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; provided, however, that the Successor can render any Succession Election Notice pursuant to clause (A) or (B), above, null and void and of no force and effect if, within plus an additional thirty (30) days after days. The subordination, attornment and mortgagee protection clauses of this Article 16 shall be self-operative and no further instruments of subordination, attornment or mortgagee protection need be required by any Landlord’s Mortgagee or successor in interest thereto. Nevertheless, upon the giving of written request therefor by Landlord or Landlord’s Mortgagee or any such notice by survivor, and without any compensation or consideration being payable to Tenant, the Successor Tenant agrees to be bound by the applicable provisions execute, have acknowledged and deliver such instruments of this Lease. Tenant’s failure to give a Succession Election Notice in the time period(s) required above shall be deemed to be an election pursuant to the clause (II) or (Y) of the immediately preceding sentencesubordination, attornment and/or mortgagee protection as applicablesuch party may reasonably request.

Appears in 1 contract

Samples: Lease Agreement (Fusion-Io, Inc.)

Attornment. If Landlord’s interest A. Subtenant agrees that, in the Property is acquired event of a termination or expiration of the Ground Lease or the exercise by mortgagee or purchaser at a foreclosure saleGround Landlord of any of its rights thereunder to take possession of and to operate the Premises, Tenant shall, at the election of such mortgagee or purchaser, Subtenant will attorn to the transferee of or successor to Landlord’s interest in the Property and recognize it Ground Landlord as Landlord its direct landlord under this Lease. Tenant waives the protection of any statute or rule of law which gives Tenant any right to terminate this Lease or surrender possession Sublease for the remainder of the Premises term thereof (including all extension periods which have been or are hereafter exercised) upon the transfer of Landlord’s interest. Upon such attornment, this Lease shall continue in full force same terms and effect as a direct lease between the mortgagee and Tenant upon all of the terms, conditions and covenants as are set forth in this Leasethe Sublease, and Subtenant hereby agrees to pay and perform all of the obligations of Subtenant pursuant to the Sublease. Ground Landlord agrees that, in the event of a termination or expiration of the Ground Lease or the exercise by Ground Landlord of any of its rights thereunder to take possession of and to operate the Premises, Ground Landlord shall succeed to the position of Sublandlord under the Sublease and recognize Subtenant as its direct tenant under the Sublease for the remainder of the term thereof (including all extension periods which have been or are hereafter exercised) upon the same terms and conditions as are set forth in the Sublease and shall perform all of the obligations of Sublandlord pursuant to the Sublease, except that as set forth in Section III.B below. B. Subtenant agrees that, in the mortgagee event Ground Landlord succeeds to the position of Sublandlord under the Sublease, Ground Landlord shall not be (i) be: 1. liable in any way to Tenant for any act or omissionomission of any prior Sublandlord under the Sublease (including, neglect without limitation, Ground Tenant or Subtenant); provided that, subject to Section III.B.6 below, the foregoing shall not relieve Ground Landlord of the obligation to remedy or cure any conditions at the Premises the existence of which constitutes a default on by Sublandlord under the part of Landlord under this Lease (nothing in this clause (i) being deemed to relieve any mortgagee succeeding to Sublease and which continue at the interest of Landlord hereunder of its continuing obligations as landlord under this Lease from and after the date time of such succession), (ii) responsible ; 2. liable for the return of any monies owing by or on security deposit with unless Ground Landlord to is holding the credit of Tenant (except to the extent any such deposit is actually received by such mortgagee), (iii) subject to any counterclaim or setoff which theretofore accrued to Tenant against Landlord, (iv) same; 3. bound by any amendment rent or modification of this Lease subsequent to such mortgage, or by any previous prepayment of Rent additional rent which Subtenant may have prepaid for more than one (1) month, which month under the Sublease that was not set forth in the Sublease or otherwise approved in writing by the mortgagee, or Ground Landlord; 4. bound by any amendments or modifications of the indemnity Sublease that were not set forth in the Sublease or otherwise approved in writing by Ground Landlord; 5. subject to any offsets, claims or defenses which Subtenant might have against any prior Sublandlord (including, without limitation, Ground Tenant or Subtenant), except as expressly provided in the Sublease; 6. responsible for Sublandlord’s performance of the initial construction and delivery of the Subleased Premises or any portion thereof or any improvement thereof or to indemnify Subtenant for any loss resulting from a failure to timely deliver the Subleased Premises; provided that the foregoing shall not derogate from any off-set, rent credit, and termination rights of the Subtenant that are expressly set forth in the Sublease; 7. liable to Subtenant beyond Ground Landlord’s interest in the Premises and the rents, income, receipts, revenues, issues and profits issuing from the Premises; 8. liable for or incur any obligations with respect to any breach of warranties or representations of any nature under the Sublease or otherwise including, without limitation, any warranties or representations regarding use, compliance with or applicability of zoning, title, authority or possession; or 9. liable for consequential damages. C. Ground Landlord will have the same remedies for the nonperformance of any agreement contained in the Sublease which Ground Tenant had or would have had if the ground Lease had not been terminated. Subject to Section III.B above, Subtenant will have the same remedies for the nonperformance of any agreement contained in the Sublease which Subtenant had or would have had if the Ground Lease had not been terminated. The limitations set forth in Section 9.04III.B above as to Ground Landlord shall not affect, (v) liable beyond mortgagee’s interest in the Property, (vi) responsible for the performance of any work to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant or the payment of the Finish Work Allowanceimpair, or (vii) required to remove abrogate any person occupying the Premises claims or any part thereof, except if such person claims under the mortgagee. Tenant agrees remedies that any present or future mortgagee Subtenant may at its option unilaterally elect to subordinate, in whole or in part and by instrument in form and substance satisfactory to such mortgagee alone, the lien of its mortgagee (or the priority of its ground lease) to some or all provisions of this Lease. Nothing in the preceding sentences of this Section 15.02 shall prohibit Tenant from exercising its right to terminate this Lease pursuant to Section 3.01(c) and clause (x) of Section 3.01(e) of this Lease on the conditions set forth therein. Notwithstanding the foregoing, in the event that mortgagee or, other than an entity controlling, controlled by or under common control with Landlord, a purchaser at a foreclosure sale (a “Successor”) succeeds to the interest of Landlord prior to the completion of Building (including Base Building and Finish Work), such Successor shall have thirty (30) days to send written notice to Tenant stating whether or not it intends to be bound to perform work remaining to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant and agrees to advance the Finish Work Allowance. For the purposes of the immediately preceding sentence, control shall have the meaning set forth in Section 13.01(b). In the event in such notice it states that it intends to be so bound, then such provisions of this Lease shall be binding on the Successor. In the event the Successor states that it does not intend to be so bound or fails to timely provide notice to Tenant within such thirty (30) day period, then (A) prior to the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by written notice to the Successor (a “Succession Election Notice”) within sixty (60) days following notice of such acquisition, to either (I) terminate this Lease, or (II) continue this Lease, deposit such Excess Costs in escrow with the Successor to be held and disbursed against the costs to construct the Finish Work as they are incurred on behalf of Tenant in the manner provided under the Work Letter, and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor) reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; or (B) from and after the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by giving a Succession Election Notice to the Successor within sixty (60) days following notice of such acquisition, to either (X) terminate this Lease, or (Y) continue this Lease and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; provided, however, that the Successor can render any Succession Election Notice pursuant to clause (A) or (B), above, null and void and of no force and effect if, within thirty (30) days after the giving of such notice by Tenant, the Successor agrees to be bound by the applicable provisions of this Lease. Tenant’s failure to give a Succession Election Notice in the time period(s) required above shall be deemed to be an election pursuant to the clause (II) or (Y) of the immediately preceding sentence, as applicableprior Sublandlord.

Appears in 1 contract

Samples: Industrial Real Estate Lease (Alexion Pharmaceuticals Inc)

Attornment. If In the event of (a) a transfer of Landlord’s 's interest in the Property is acquired by mortgagee Building, (b) the termination of any ground or purchaser at underlying lease of the Building or the Land, or both, or (c) the purchase or other acquisition of the Building or Landlord's interest therein in a foreclosure salesale or by deed in lieu of foreclosure under any Mortgage or pursuant to a power of sale contained in any Mortgage, then in any of such events Tenant shall, at the election request of such mortgagee Landlord or purchaserLandlord's successor in interest, attorn to and recognize the transferee or purchaser of Landlord's interest or successor to Landlord’s interest in the Property and recognize it lessor under the terminated ground or underlying lease, as the case may be, as Landlord under this LeaseLease for the balance then remaining of the Term, and thereafter this Lease shall continue as a direct lease between such Person, as "Landlord," and Tenant, as "Tenant," except that such lessor, transferee or purchaser shall not be liable for any act or omission of Landlord before such lease termination or before such Person's succession to title, nor be subject to any offset, defense or counterclaim accruing before such lease termination or before such Person's succession to title, nor be bound by any payment of Basic Rent or Additional Charges before such lease termination or before such Person's succession to title for more than one month in advance. Tenant shall, within ten days after request by Landlord or the transferee or purchaser of Landlord's interest or the lessor under the terminated ground or underlying lease, as the case may be, execute and deliver an instrument or instruments confirming the foregoing provisions of this Section. Tenant hereby waives the protection provisions of any statute present or rule of future law or regulation which gives or purports to give Tenant any right to terminate this Lease or surrender possession of the Premises upon the transfer of Landlord’s interest. Upon such attornment, this Lease shall continue in full force and effect as a direct lease between the mortgagee and Tenant upon all of the terms, conditions and covenants as are set forth in this Lease, except that the mortgagee shall not be (i) liable in any way to Tenant for any act or omission, neglect or default on the part of Landlord under this Lease (nothing in this clause (i) being deemed to relieve any mortgagee succeeding to the interest of Landlord hereunder of its continuing obligations as landlord under this Lease from and after the date of such succession), (ii) responsible for any monies owing by or on deposit with Landlord to the credit of Tenant (except to the extent any such deposit is actually received by such mortgagee), (iii) subject to any counterclaim or setoff which theretofore accrued to Tenant against Landlord, (iv) bound by any amendment or modification of this Lease subsequent to such mortgage, or by any previous prepayment of Rent for more than one (1) month, which was not approved in writing by the mortgagee, or bound by the indemnity set forth in Section 9.04, (v) liable beyond mortgagee’s interest in the Property, (vi) responsible for the performance of any work to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant or the payment of the Finish Work Allowance, or (vii) required to remove any person occupying the Premises or any part thereof, except if such person claims under the mortgagee. Tenant agrees that any present or future mortgagee may at its option unilaterally elect to subordinate, in whole or in part and by instrument in form and substance satisfactory to such mortgagee alone, the lien of its mortgagee (or the priority of its ground lease) to some or all provisions of this Lease. Nothing in the preceding sentences of this Section 15.02 shall prohibit Tenant from exercising its right to terminate this Lease pursuant to Section 3.01(c) and clause (x) of Section 3.01(e) of this Lease on the conditions set forth therein. Notwithstanding the foregoing, in the event that mortgagee or, other than an entity controlling, controlled by or under common control with Landlord, a purchaser at a foreclosure sale (a “Successor”) succeeds to the interest of Landlord prior to the completion of Building (including Base Building and Finish Work), such Successor shall have thirty (30) days to send written notice to Tenant stating whether or not it intends to be bound to perform work remaining to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant and agrees to advance the Finish Work Allowance. For the purposes of the immediately preceding sentence, control shall have the meaning set forth in Section 13.01(b). In the event in such notice it states that it intends to be so bound, then such provisions of this Lease shall be binding on the Successor. In the event the Successor states that it does not intend to be so bound or fails to timely provide notice to Tenant within such thirty (30) day period, then (A) prior to the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by written notice to the Successor (a “Succession Election Notice”) within sixty (60) days following notice of such acquisition, to either (I) terminate otherwise adversely affect this Lease, or (II) continue this Lease, deposit such Excess Costs in escrow with the Successor to be held and disbursed against the costs to construct the Finish Work as they are incurred on behalf obligations of Tenant in the manner provided under the Work Letterhereunder, and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor) reduce the Rent by the amount upon or as a result of the unadvanced Finish Work Allowance amortized over termination of any such ground or underlying lease or the Term with interest at the rate completion of 8% per annum; or (B) from any such foreclosure and after the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by giving a Succession Election Notice to the Successor within sixty (60) days following notice of such acquisition, to either (X) terminate this Lease, or (Y) continue this Lease and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; provided, however, that the Successor can render any Succession Election Notice pursuant to clause (A) or (B), above, null and void and of no force and effect if, within thirty (30) days after the giving of such notice by Tenant, the Successor agrees to be bound by the applicable provisions of this Lease. Tenant’s failure to give a Succession Election Notice in the time period(s) required above shall be deemed to be an election pursuant to the clause (II) or (Y) of the immediately preceding sentence, as applicablesale.

Appears in 1 contract

Samples: Deed of Lease (Guardian Technologies International Inc)

Attornment. If Landlord’s interest in Tenant agrees to attorn to and recognize as its landlord under the Lease each party acquiring legal title to the Property is acquired by mortgagee foreclosure (whether judicial or purchaser at a foreclosure sale, Tenant shall, at the election of such mortgagee or purchaser, attorn to the transferee of or successor to Landlord’s interest in the Property and recognize it as Landlord under this Lease. Tenant waives the protection of any statute or rule of law which gives Tenant any right to terminate this Lease or surrender possession nonjudicial) of the Premises upon the transfer Security Instrument, deed-in-lieu of Landlord’s interest. Upon such attornmentforeclosure, this Lease shall continue or other sale in full force and effect as a direct lease between the mortgagee and Tenant upon all connection with enforcement of the terms, Security Instrument or otherwise in satisfaction of the Loan (“Successor Owner”). Provided that the conditions and covenants as are set forth in this LeaseSection 2 above are met at the time Successor Owner becomes owner of the Property, except that Successor Owner shall perform all obligations of the mortgagee shall not be (i) liable in any way to Tenant for any act or omission, neglect or default on the part of Landlord under this Lease (nothing in this clause (i) being deemed to relieve any mortgagee succeeding to the interest of Landlord hereunder of its continuing obligations as landlord under this the Lease arising from and after the date of such succession)title to the Property is transferred to Successor Owner. In no event, however, will any Successor Owner be: (iia) responsible liable for any monies owing default, act or omission of any prior landlord under the Lease; (b) subject to any offset or defense which Tenant may have against any prior landlord under the Lease; (c) bound by any payment of rent or on deposit with additional rent made by Tenant to Landlord more than 30 days in advance; (d) bound by any modification or supplement to the credit Lease, or waiver of Lease terms, made without Lender’s written consent thereto; (e) liable for the return of any security deposit or other prepaid charge paid by Tenant (under the Lease, except to the extent any such deposit is amounts were actually received by such mortgagee), Lender; (iiif) subject to any counterclaim liable or setoff which theretofore accrued to Tenant against Landlord, (iv) bound by any amendment right of first refusal or modification option to purchase all or any portion of the Property; or (g) liable for construction or completion of any improvements to the Property or as required under the Lease for Tenant’s use and occupancy (whenever arising). Although the foregoing provisions of this Lease subsequent Agreement are self-operative, Tenant agrees to execute and deliver to Lender or any Successor Owner such mortgagefurther instruments as Lender or a Successor Owner may from time to time request in order to confirm this Agreement. If any liability of Successor Owner does arise pursuant to this Agreement, or by any previous prepayment of Rent for more than one (1) month, which was not approved in writing by the mortgagee, or bound by the indemnity set forth in Section 9.04, (v) liable beyond mortgageesuch liability shall be limited to Successor Owner’s interest in the Property, (vi) responsible for the performance of any work to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant or the payment of the Finish Work Allowance, or (vii) required to remove any person occupying the Premises or any part thereof, except if such person claims under the mortgagee. Tenant agrees that any present or future mortgagee may at its option unilaterally elect to subordinate, in whole or in part and by instrument in form and substance satisfactory to such mortgagee alone, the lien of its mortgagee (or the priority of its ground lease) to some or all provisions of this Lease. Nothing in the preceding sentences of this Section 15.02 shall prohibit Tenant from exercising its right to terminate this Lease pursuant to Section 3.01(c) and clause (x) of Section 3.01(e) of this Lease on the conditions set forth therein. Notwithstanding the foregoing, in the event that mortgagee or, other than an entity controlling, controlled by or under common control with Landlord, a purchaser at a foreclosure sale (a “Successor”) succeeds to the interest of Landlord prior to the completion of Building (including Base Building and Finish Work), such Successor shall have thirty (30) days to send written notice to Tenant stating whether or not it intends to be bound to perform work remaining to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant and agrees to advance the Finish Work Allowance. For the purposes of the immediately preceding sentence, control shall have the meaning set forth in Section 13.01(b). In the event in such notice it states that it intends to be so bound, then such provisions of this Lease shall be binding on the Successor. In the event the Successor states that it does not intend to be so bound or fails to timely provide notice to Tenant within such thirty (30) day period, then (A) prior to the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by written notice to the Successor (a “Succession Election Notice”) within sixty (60) days following notice of such acquisition, to either (I) terminate this Lease, or (II) continue this Lease, deposit such Excess Costs in escrow with the Successor to be held and disbursed against the costs to construct the Finish Work as they are incurred on behalf of Tenant in the manner provided under the Work Letter, and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor) reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; or (B) from and after the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by giving a Succession Election Notice to the Successor within sixty (60) days following notice of such acquisition, to either (X) terminate this Lease, or (Y) continue this Lease and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; provided, however, that the Successor can render any Succession Election Notice pursuant to clause (A) or (B), above, null and void and of no force and effect if, within thirty (30) days after the giving of such notice by Tenant, the Successor agrees to be bound by the applicable provisions of this Lease. Tenant’s failure to give a Succession Election Notice in the time period(s) required above shall be deemed to be an election pursuant to the clause (II) or (Y) of the immediately preceding sentence, as applicable.

Appears in 1 contract

Samples: Industrial Space Lease (Asyst Technologies Inc)

Attornment. If Landlord’s interest a. Tenant covenants and agrees that in the event of foreclosure of the Deed of Trust, whether by power of sale or by court action, or upon a transfer of the Property is acquired by mortgagee or conveyance in lieu of foreclosure (the purchaser at a foreclosure saleor the transferee in lieu of foreclosure, including any of the parties comprising Lender if it is such purchaser or transferee, being herein called "New Owner"), Tenant shall, at the election of such mortgagee or purchaser, shall attorn to the transferee of or successor to Landlord’s interest in New Owner as Tenant's new landlord, and agrees that the Property and recognize it as Landlord under this Lease. Tenant waives the protection of any statute or rule of law which gives Tenant any right to terminate this Lease or surrender possession of the Premises upon the transfer of Landlord’s interest. Upon such attornment, this Lease shall continue in full force and effect as a direct lease between the mortgagee Tenant and Tenant New Owner upon all of the terms, covenants, conditions and covenants as are agreements set forth in the Lease and this LeaseAgreement; provided, except however, that in no event shall the mortgagee shall not be (i) New Owner be: i. liable in any way to Tenant for any act or act, omission, neglect default, misrepresentation, or default breach of warranty, of any previous landlord (including Landlord) or obligations accruing prior to New Owner's actual ownership of the Property except for repair and maintenance obligations of a continuing nature imposed on the part of Landlord under this Lease (nothing in this clause (i) being deemed to relieve any mortgagee succeeding to the interest of Landlord hereunder of its continuing obligations as landlord under this Lease from and after the date of such succession), (Lease; ii) responsible for any monies owing by or on deposit with Landlord to the credit of Tenant (except to the extent any such deposit is actually received by such mortgagee), (iii) . subject to any offset, defense, claim or counterclaim or setoff which theretofore accrued Tenant might be entitled to Tenant assert against any previous landlord (including Landlord, (iv) except for repair and maintenance obligations of a continuing nature imposed on Landlord under the Lease; iii. bound by any amendment payment of rent, additional rent or modification of this Lease subsequent other payments, made by Tenant to such mortgage, or by any previous prepayment of Rent landlord (including Landlord) for more than one (1) month, which was not approved month in writing advance; iv. bound by the mortgageeany material amendment, or modification of the Lease hereafter made, or consent, or acquiescence by Landlord under the Lease to any assignment or sublease hereafter granted with respect to the Premises, without the written consent of Lender; for purposes of this agreement, the term "material" shall include but not be limited to changes that would increase Landlord's obligations or decrease Tenant's obligations (financial or otherwise) under the Lease; v. liable for any deposit that Tenant may have given to any previous landlord (including Landlord) which has not, as such, been transferred to New Owner; vi. bound by to commence or complete any construction or to make any contribution toward construction or installation of any improvements upon the indemnity set forth in Section 9.04Property required under the Lease or any expansion or rehabilitation of existing improvements thereon, (v) liable beyond mortgagee’s interest in or for restoration of improvements following any casualty not required to be insured under the Property, (vi) responsible Lease or for the performance costs of any work restoration in excess of any proceeds recovered under any insurance required to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant or the payment of the Finish Work Allowance, or (vii) required to remove any person occupying the Premises or any part thereof, except if such person claims carried under the mortgagee. Tenant agrees that any present or future mortgagee may at its option unilaterally elect to subordinate, in whole or in part and by instrument in form and substance satisfactory to such mortgagee alone, the lien of its mortgagee (or the priority of its ground lease) to some or all provisions of this Lease. Nothing in the preceding sentences of this Section 15.02 shall prohibit Tenant from exercising its right to terminate this Lease pursuant to Section 3.01(c) and clause (x) of Section 3.01(e) of this Lease on the conditions set forth therein. Notwithstanding the foregoing, in the event that mortgagee or, other than an entity controlling, controlled by or under common control with Landlord, a purchaser at a foreclosure sale (a “Successor”) succeeds to the interest of Landlord prior to the completion of Building (including Base Building and Finish Work), such Successor shall have thirty (30) days to send written notice to Tenant stating whether or not it intends to be bound to perform work remaining to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant and agrees to advance the Finish Work Allowance. For the purposes of the immediately preceding sentence, control shall have the meaning set forth in Section 13.01(b). In the event in such notice it states that it intends to be so bound, then such provisions of this Lease shall be binding on the Successor. In the event the Successor states that it does not intend to be so bound or fails to timely provide notice to Tenant within such thirty (30) day period, then (A) prior to the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by written notice to the Successor (a “Succession Election Notice”) within sixty (60) days following notice of such acquisition, to either (I) terminate this Lease, or (II) continue this Lease, deposit such Excess Costs in escrow with the Successor to be held and disbursed against the costs to construct the Finish Work as they are incurred on behalf of Tenant in the manner ; provided under the Work Letter, and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor) reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; or (B) from and after the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by giving a Succession Election Notice to the Successor within sixty (60) days following notice of such acquisition, to either (X) terminate this Lease, or (Y) continue this Lease and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; provided, however, that if New Owner elects not to commence, construct, contribute or restore and such action is required of Landlord under the Successor can render any Succession Election Notice pursuant to clause (A) or (B)Lease, aboveTenant may exercise its applicable rights and remedies, null and void and of no force and effect ifif any, within thirty (30) days after under the giving of such notice by Tenant, the Successor agrees to be bound by the applicable provisions of this Lease. Tenant’s failure to give a Succession Election Notice in the time period(s) required above shall be deemed to be an election pursuant to the clause (II) or (Y) of the immediately preceding sentence, as applicable.;

Appears in 1 contract

Samples: Lease Agreement (Webtrends Corp)

Attornment. If Landlord’s interest Tenant and Ground Lessor hereby agree that, in the Property is acquired event by mortgagee or purchaser at a foreclosure sale, Tenant shall, at reason of default on the election part of such mortgagee or purchaser, attorn to the transferee of or successor to Landlord’s interest in the Property and recognize it as Landlord under this Lease. Tenant waives the protection of any statute or rule of law which gives Tenant any right to terminate this Master Lease or by reason of the termination or surrender possession of the Master Lease, Ground Lessor shall enter into and become possessed of the Premises upon or shall otherwise succeed to Landlord's interest under the transfer Lease (the date of Landlord’s interest. Upon such attornmentevent shall be deemed the "Attornment Date"), this then, so long as the Nondisturb Conditions shall then be satisfied, the Lease shall continue in full force and effect as a direct lease between the mortgagee Ground Lessor and Tenant upon all of the terms, covenants, conditions and covenants agreements as are set forth in this the Lease, except and Tenant agrees to be bound thereby and to attorn to Ground Lessor and recognize Ground Lessor as its landlord and Ground Lessor agrees to be bound thereby and recognize Tenant as its tenant thereunder provided, however, that the mortgagee Ground Lessor shall not not: (a) be (i) liable in any way to Tenant for any act or omissionomission or negligence of any prior landlord under the Lease (including Landlord) except that nothing herein shall be construed to relieve Ground Lessor of liability in respect of any defaults under the Lease after the Adornment Date, neglect or default but then only as if the same first occurred on the part Attornment Date or of Landlord under this Lease (nothing liability in this clause (i) being deemed to relieve any mortgagee succeeding respect of the negligence or willful misconduct of Ground Lessor occurring prior to the interest of Landlord hereunder of its continuing obligations as landlord under this Lease from and after the date of such succession), Attornment Date; (iib) responsible for any monies owing by or on deposit with Landlord to the credit of Tenant (except to the extent any such deposit is actually received by such mortgagee), (iii) be subject to any counterclaim counterclaim, offset or setoff defense which theretofore accrued to the Tenant against Landlord, any prior Landlord under the Lease; (ivc) be bound by any amendment amendment, modification, cancellation or modification surrender of this the Lease subsequent not entered into or permitted pursuant to such mortgagethe specific terms of the Lease and entered into without the prior written consent of Landlord, or but only if the same is prohibited by the terms of the Lease; (d) be bound by any previous prepayment payment of Base Rent or Additional Rent for more than one (11)month in advance; (e) month, which was not approved in writing be liable for any security deposit given by the mortgagee, or bound by the indemnity set forth in Section 9.04, (v) liable beyond mortgagee’s interest in the Property, (vi) responsible for the performance of any work to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant or the payment of the Finish Work Allowance, or (vii) required to remove any person occupying the Premises or any part thereof, except if such person claims under the mortgagee. Tenant agrees that any present or future mortgagee may at its option unilaterally elect to subordinate, in whole or in part and by instrument in form and substance satisfactory to such mortgagee alone, the lien of its mortgagee (or the priority of its ground lease) to some or all provisions of this Lease. Nothing in the preceding sentences of this Section 15.02 shall prohibit Tenant from exercising its right to terminate this Lease pursuant to Section 3.01(c) and clause (x) of Section 3.01(e) of this Lease on the conditions set forth therein. Notwithstanding the foregoing, in the event that mortgagee or, other than an entity controlling, controlled by or under common control with Landlord, a purchaser at a foreclosure sale (a “Successor”) succeeds to the interest of Landlord prior to the completion of Building (including Base Building and Finish Work), such Successor shall have thirty (30) days to send written notice to Tenant stating whether or not it intends to be bound to perform work remaining to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant and agrees to advance the Finish Work Allowance. For the purposes of the immediately preceding sentence, control shall have the meaning set forth in Section 13.01(b). In the event in such notice it states that it intends to be so bound, then such provisions of this Lease shall be binding on the Successor. In the event the Successor states that it does not intend to be so bound or fails to timely provide notice to Tenant within such thirty (30) day period, then (A) prior to the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by written notice to the Successor (a “Succession Election Notice”) within sixty (60) days following notice of such acquisition, to either (I) terminate this Lease, or (II) continue this Lease, deposit such Excess Costs in escrow with the Successor to be held unless and disbursed against the costs to construct the Finish Work as they are incurred on behalf of Tenant in the manner provided under the Work Letter, and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent actually received by Ground Lessor. Upon the Finish Work Allowance is not disbursed by the Successor) reduce the Rent by the amount request of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; either Tenant or (B) from Ground Lessor, Ground Lessor or Tenant, respectively, shall promptly execute and after the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by giving a Succession Election Notice deliver to the Successor within sixty (60) days following notice of other an agreement or other instrument in recordable form which may be necessary or appropriate to evidence such acquisition, to either (X) terminate this Lease, or (Y) continue this Lease attornment and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; provided, however, that the Successor can render any Succession Election Notice pursuant to clause (A) or (B), above, null and void and of no force and effect if, within thirty (30) days after the giving of such notice by Tenant, the Successor agrees to be bound by the applicable provisions of this Lease. Tenant’s failure to give a Succession Election Notice in the time period(s) required above shall be deemed to be an election pursuant to the clause (II) or (Y) of the immediately preceding sentence, as applicablerecognition.

Appears in 1 contract

Samples: Net Lease (Wam Net Inc)

Attornment. If Landlord’s interest a. Tenant covenants and agrees that in the event of foreclosure of the Mortgage, whether by power of sale or by court action, or upon a transfer of the Property is acquired by mortgagee or conveyance in lieu of foreclosure (the purchaser at a foreclosure saleor the transferee in lieu of foreclosure, including Mortgagee if it is such purchaser or transferee, being herein called "New Owner"), Tenant shall, at the election of such mortgagee or purchaser, shall attorn to the transferee of or successor to Landlord’s interest in New Owner as Tenant's new landlord, and agrees that the Property and recognize it as Landlord under this Lease. Tenant waives the protection of any statute or rule of law which gives Tenant any right to terminate this Lease or surrender possession of the Premises upon the transfer of Landlord’s interest. Upon such attornment, this Lease shall continue in full force and effect as a direct lease between the mortgagee Tenant and Tenant New Owner upon all of the terms, covenants, conditions and covenants as are agreements set forth in the Lease and this LeaseAgreement, except for provisions which are impossible for New Owner to perform; provided, however, that in no event shall the mortgagee shall not be New Owner be: (i1) liable in any way to Tenant for any act or act, omission, neglect default, misrepresentation, or default on breach of warranty, of any previous landlord (including Landlord) or obligations accruing prior to New Owner's actual ownership of the part of Landlord under this Lease Property; (nothing in this clause (i) being deemed to relieve any mortgagee succeeding to the interest of Landlord hereunder of its continuing obligations as landlord under this Lease from and after the date of such succession), (ii) responsible for any monies owing by or on deposit with Landlord to the credit of Tenant (except to the extent any such deposit is actually received by such mortgagee), (iii2) subject to any offset, defense, claim or counterclaim or setoff which theretofore accrued Tenant might be entitled to Tenant assert against any previous landlord (including Landlord, ); (iv3) bound by any amendment payment of rent, additional rent or modification of this Lease subsequent other payments, made by Tenant to such mortgage, or by any previous prepayment of Rent landlord (including Landlord) for more than one (1) month, which was not approved month in writing advance; (4) bound by the mortgageeany amendment, or bound modification of the Lease hereafter made, or consent by any previous landlord (including Landlord) under the indemnity set forth in Section 9.04Lease to any assignment or sublease hereafter granted, without the written consent of Mortgagee; or (v5) liable beyond mortgagee’s interest in the Propertyfor any deposit that Tenant may have given to any previous landlord (including Landlord) which has not, (vi) responsible for the performance of any work as such, been transferred to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant or the payment of the Finish Work Allowance, or (vii) required to remove any person occupying the Premises or any part thereof, except if such person claims under the mortgagee. Tenant agrees that any present or future mortgagee may at its option unilaterally elect to subordinate, in whole or in part and by instrument in form and substance satisfactory to such mortgagee alone, the lien of its mortgagee (or the priority of its ground lease) to some or all New Owner. b. The provisions of this LeaseAgreement regarding attornment by Tenant shall be self-operative and effective without the necessity of execution of any new lease or other document on the part of any party hereto or the respective heirs, legal representatives, successors or assigns of any such party. Nothing in Tenant agrees, however, to execute and deliver at any time and from time to time, upon the preceding sentences request of this Section 15.02 shall prohibit Tenant from exercising its right to terminate this Lease pursuant to Section 3.01(c) and clause (xLandlord or of any holder(s) of Section 3.01(e) any of this Lease on the conditions set forth therein. Notwithstanding indebtedness or other obligations secured by the foregoingMortgage, any instrument or certificate which, in the event that mortgagee orreasonable judgment of Landlord or of such holder(s), other than an entity controllingmay be necessary or appropriate in any such foreclosure proceeding or otherwise to evidence such attornment, controlled by or under common control with Landlordincluding, if requested, a purchaser at a foreclosure sale (a “Successor”) succeeds to the interest new lease of Landlord prior to the completion of Building (including Base Building and Finish Work), such Successor shall have thirty (30) days to send written notice to Tenant stating whether or not it intends to be bound to perform work remaining to be done by the Landlord under this Lease to render the Premises ready on the same terms and conditions as the Lease for occupancy by the Tenant and agrees to advance the Finish Work Allowance. For the purposes then unexpired term of the immediately preceding sentence, control shall have the meaning set forth in Section 13.01(b). In the event in such notice it states that it intends to be so bound, then such provisions of this Lease shall be binding on the Successor. In the event the Successor states that it does not intend to be so bound or fails to timely provide notice to Tenant within such thirty (30) day period, then (A) prior to the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by written notice to the Successor (a “Succession Election Notice”) within sixty (60) days following notice of such acquisition, to either (I) terminate this Lease, or (II) continue this Lease, deposit such Excess Costs in escrow with the Successor to be held and disbursed against the costs to construct the Finish Work as they are incurred on behalf of Tenant in the manner provided under the Work Letter, and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor) reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; or (B) from and after the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by giving a Succession Election Notice to the Successor within sixty (60) days following notice of such acquisition, to either (X) terminate this Lease, or (Y) continue this Lease and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; provided, however, that the Successor can render any Succession Election Notice pursuant to clause (A) or (B), above, null and void and of no force and effect if, within thirty (30) days after the giving of such notice by Tenant, the Successor agrees to be bound by the applicable provisions of this Lease. Tenant’s failure to give a Succession Election Notice in the time period(s) required above shall be deemed to be an election pursuant to the clause (II) or (Y) of the immediately preceding sentence, as applicable.

Appears in 1 contract

Samples: Industrial Lease Agreement (Barnesandnoble Com Inc)

Attornment. If Landlord’s interest in the Property is acquired by mortgagee or purchaser at a foreclosure sale, Tenant shall, at the election of such mortgagee or purchaserpurchaser (except as may be required pursuant to any applicable SNDA then in effect as required under Section 15.1 above) and subject to the provisions of Section 15.1, attorn to the transferee of or successor to Landlord’s interest in the Property and recognize it as Landlord under this Lease. Tenant waives the protection of any statute or rule of law which gives Tenant any right to terminate this Lease or surrender possession of the Premises upon the transfer of Landlord’s interest. Upon such attornment, this Lease shall continue in full force and effect as a direct lease between the mortgagee and Tenant upon all of the terms, conditions and covenants as are set forth in this Lease, except that the mortgagee shall not (except as may be required pursuant to the terms and conditions of any applicable SNDA then in effect under Section 15.1 above) be (i) liable in any way to Tenant for any act or omission, neglect or default on the part of Landlord under this Lease (nothing in this clause (i) being deemed to relieve any mortgagee succeeding to the interest of Landlord hereunder of its continuing obligations as landlord under this Lease from and after the date of such succession), (ii) responsible for any monies owing by or on deposit with Landlord to the credit of Tenant (except to the extent any such deposit is actually received by such mortgagee), (iii) subject to any counterclaim or setoff which theretofore accrued to Tenant against Landlord, (iv) bound by any amendment or modification of this Lease subsequent to such mortgage, or by any previous prepayment of Rent for more than one (1) month, which was not approved in writing by the mortgagee, or bound by the indemnity set forth in Section 9.04or liable for any representations made by Landlord, (v) liable beyond mortgagee’s interest in the Property, (vi) responsible for the performance of any work to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant or the payment of the Finish Work TI Allowance, or (vii) required to remove any person occupying the Premises or any part thereof, except if such person claims under the mortgagee. Tenant agrees that any present or future mortgagee may at its option unilaterally elect to subordinate, in whole or in part and by instrument in form and substance satisfactory to such mortgagee alone, the lien of its mortgagee (or the priority of its ground lease) to some or all provisions of this Lease. Nothing in the preceding sentences of this Section 15.02 shall prohibit Tenant from exercising its right to terminate this Lease pursuant to Section 3.01(c) and clause (x) of Section 3.01(e) of this Lease on the conditions set forth therein. Notwithstanding the foregoing, in the event that mortgagee or, other than an entity controlling, controlled by or under common control with Landlord, a purchaser at a foreclosure sale (a “Successor”) succeeds to the interest of Landlord prior to the completion of Building (including Base Building and Finish Work), such Successor shall have thirty (30) days to send written notice to Tenant stating whether or not it intends to be bound to perform work remaining to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant and agrees to advance the Finish Work Allowance. For the purposes of the immediately preceding sentence, control shall have the meaning set forth in Section 13.01(b). In the event in such notice it states that it intends to be so bound, then such provisions of this Lease shall be binding on the Successor. In the event the Successor states that it does not intend to be so bound or fails to timely provide notice to Tenant within such thirty (30) day period, then (A) prior to the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by written notice to the Successor (a “Succession Election Notice”) within sixty (60) days following notice of such acquisition, to either (I) terminate this Lease, or (II) continue this Lease, deposit such Excess Costs in escrow with the Successor to be held and disbursed against the costs to construct the Finish Work as they are incurred on behalf of Tenant in the manner provided under the Work Letter, and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor) reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; or (B) from and after the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by giving a Succession Election Notice to the Successor within sixty (60) days following notice of such acquisition, to either (X) terminate this Lease, or (Y) continue this Lease and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; provided, however, that the Successor can render any Succession Election Notice pursuant to clause (A) or (B), above, null and void and of no force and effect if, within thirty (30) days after the giving of such notice by Tenant, the Successor agrees to be bound by the applicable provisions of this Lease. Tenant’s failure to give a Succession Election Notice in the time period(s) required above shall be deemed to be an election pursuant to the clause (II) or (Y) of the immediately preceding sentence, as applicable.

Appears in 1 contract

Samples: Lease Agreement (Cerevel Therapeutics Holdings, Inc.)

Attornment. (a) If Landlord’s interest in Landlord assigns this Lease or the Property is acquired by mortgagee or purchaser at rents hereunder to a foreclosure salecreditor as security for a debt, Tenant shall, after notice of such assignment and upon demand by Landlord or the assignee, pay all sums thereafter becoming due Landlord hereunder either to Landlord or such assignee. Tenant shall also, upon receipt of such notice, have all policies of insurance required hereunder endorsed so as to protect the assignee's interest as it may appear and shall deliver such policies, or certificates thereof, to the assignee. (b) If, at any time during the term of this Lease, the Landlord of the leased Premises shall be the holder of a leasehold estate covering Premises which include the leased Premises, and if such leasehold shall terminate or be terminated for any reason, or if, at any time during the term of Lease a mortgage to which this Lease is subordinate shall be foreclosed, Tenant agrees at the election and upon demand of any owner of the Premises which include the leased Premises, or of any mortgagee in possession thereof, or of any holder of a leasehold thereafter affecting Premises which include the leased Premises, or of any purchaser at foreclosure, to attorn, from time to time, to any such mortgagee owner, mortgagee, holder or purchaser, attorn to purchaser upon the transferee terms and conditions set forth herein for the remainder of or successor to Landlord’s interest the term demised in the Property and recognize it as Landlord under this Lease. Provided however, that Tenant waives the protection of any statute shall not be obligated to attorn unless, if Tenant shall so request in writing, such holder, owner, mortgage or rule of law which gives purchaser shall execute and deliver to Tenant any right to terminate this Lease an instrument wherein said holder, owner, mortgagee or surrender possession of the Premises upon the transfer of Landlord’s interest. Upon such attornment, this Lease shall continue in full force and effect purchaser agrees that so long as a direct lease between the mortgagee and Tenant upon performs all of the terms, covenants and conditions and covenants as are set forth in of this Lease, except that the mortgagee shall not be (i) liable in any way to Tenant for any act or omission, neglect or default on the Tenant's part of Landlord under this Lease (nothing in this clause (i) being deemed to relieve any mortgagee succeeding to the interest of Landlord hereunder of its continuing obligations as landlord under this Lease from and after the date of such succession), (ii) responsible for any monies owing by or on deposit with Landlord to the credit of Tenant (except to the extent any such deposit is actually received by such mortgagee), (iii) subject to any counterclaim or setoff which theretofore accrued to Tenant against Landlord, (iv) bound by any amendment or modification of this Lease subsequent to such mortgage, or by any previous prepayment of Rent for more than one (1) month, which was not approved in writing by the mortgagee, or bound by the indemnity set forth in Section 9.04, (v) liable beyond mortgagee’s interest in the Property, (vi) responsible for the performance of any work to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant or the payment of the Finish Work Allowanceperformed, or (vii) required to remove any person occupying the Premises or any part thereof, except if such person claims Tenant's possession under the mortgagee. Tenant agrees that any present or future mortgagee may at its option unilaterally elect to subordinate, in whole or in part and by instrument in form and substance satisfactory to such mortgagee alone, the lien of its mortgagee (or the priority of its ground lease) to some or all provisions of this Lease. Nothing in the preceding sentences of this Section 15.02 shall prohibit Tenant from exercising its right to terminate this Lease pursuant to Section 3.01(c) and clause (x) of Section 3.01(e) of this Lease on the conditions set forth therein. Notwithstanding the foregoing, in the event that mortgagee or, other than an entity controlling, controlled by or under common control with Landlord, a purchaser at a foreclosure sale (a “Successor”) succeeds to the interest of Landlord prior to the completion of Building (including Base Building and Finish Work), such Successor shall have thirty (30) days to send written notice to Tenant stating whether or not it intends to be bound to perform work remaining to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant and agrees to advance the Finish Work Allowance. For the purposes of the immediately preceding sentence, control shall have the meaning set forth in Section 13.01(b). In the event in such notice it states that it intends to be so bound, then such provisions of this Lease shall not be binding on the Successor. In the event the Successor states that it does not intend to be so bound disturbed by such holder, owner, mortgagee or fails to timely provide notice to Tenant within such thirty purchaser. (30c) day period, then (A) prior The foregoing provisions shall inure to the date benefit of any such owner, mortgagee, holder or purchaser and shall apply notwithstanding that Tenant has made Tenant’s first payment towards this Lease may terminate upon the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by written notice to the Successor (a “Succession Election Notice”) within sixty (60) days following notice termination of any such acquisition, to either (I) terminate this Lease, leasehold estate or (II) continue this Lease, deposit upon such Excess Costs in escrow with the Successor to be held and disbursed against the costs to construct the Finish Work as they are incurred on behalf of Tenant in the manner provided under the Work Letterforeclosure, and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor) reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; or (B) from and after the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Lettershall be self-operative upon any such demand, Tenant shall have the right, by giving a Succession Election Notice to the Successor within sixty (60) days following notice of such acquisition, to either (X) terminate this Lease, or (Y) continue this Lease and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; provided, however, that the Successor can render without requiring any Succession Election Notice pursuant to clause (A) or (B), above, null and void and of no force and effect if, within thirty (30) days after the giving of such notice by Tenant, the Successor agrees to be bound by the applicable provisions of this Lease. Tenant’s failure further instrument to give a Succession Election Notice in the time period(s) required above shall be deemed effect to be an election pursuant to the clause (II) or (Y) of the immediately preceding sentence, as applicable.such

Appears in 1 contract

Samples: Lease Agreement (Mohawk Industries Inc)

Attornment. If Landlord’s interest Secured Party (or its nominee or designee) shall succeed to the rights of Landlord under the Lease through possession or foreclosure action, deed in lieu of foreclosure or otherwise, or another person purchases the Property is acquired by mortgagee or purchaser at a foreclosure sale, Tenant shall, at the election of such mortgagee or purchaser, attorn to the transferee of or successor to Landlord’s interest in the Property and recognize it as Landlord under this Lease. Tenant waives the protection of any statute or rule of law which gives Tenant any right to terminate this Lease or surrender possession of portion thereof containing the Premises upon or following foreclosure of the transfer Mortgage or in connection with any bankruptcy case commenced by or against Landlord (the date upon which such succession occurs, the “Succession Date”), then at the request of Secured Party (or its nominee or designee) or such purchaser (Secured Party, its nominees and designees, and such purchaser, and their respective successors and assigns, each being a “Successor Landlord”), Tenant shall attorn to and recognize Successor Landlord as Tenant’s interestlandlord under the Lease and shall promptly execute and deliver any instrument that Successor Landlord may reasonably request to evidence such attornment. Upon such attornment, this the Lease shall continue in full force and effect as, or as if it were, a direct lease between the mortgagee Successor Landlord and Tenant upon all of the terms, conditions and covenants as are set forth in this Leasethe Lease except as otherwise provided below. If the Lease shall have terminated by operation of law or otherwise as a result of or in connection with a bankruptcy case commenced by or against Landlord or a foreclosure action or proceeding or delivery of a deed in lieu thereof, except that upon request of Successor Landlord, Tenant shall promptly execute and deliver a direct lease with Successor Landlord which direct lease shall be on substantially the mortgagee shall not be (i) liable in any way to Tenant for any act or omission, neglect or default on same terms and conditions as the part of Landlord under this Lease (nothing in this clause (i) being deemed to relieve any mortgagee succeeding subject, however, to the interest of Landlord hereunder of its continuing obligations as landlord under this Lease from and after the date of such succession), (ii) responsible for any monies owing by or on deposit with Landlord to the credit of Tenant (except to the extent any such deposit is actually received by such mortgagee), (iii) subject to any counterclaim or setoff which theretofore accrued to Tenant against Landlord, (iv) bound by any amendment or modification of this Lease subsequent to such mortgage, or by any previous prepayment of Rent for more than one (1) month, which was not approved in writing by the mortgagee, or bound by the indemnity set forth in Section 9.04, (v) liable beyond mortgagee’s interest in the Property, (vi) responsible for the performance of any work to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant or the payment of the Finish Work Allowance, or (vii) required to remove any person occupying the Premises or any part thereof, except if such person claims under the mortgagee. Tenant agrees that any present or future mortgagee may at its option unilaterally elect to subordinate, in whole or in part and by instrument in form and substance satisfactory to such mortgagee alone, the lien of its mortgagee (or the priority of its ground lease) to some or all provisions of this Lease. Nothing in the preceding sentences following clauses (a)-(f) of this Section 15.02 shall prohibit Tenant from exercising its right to terminate this Lease pursuant to Section 3.01(c3) and clause (x) shall be effective as of Section 3.01(e) of this the day the Lease on the conditions set forth thereinshall have terminated as aforesaid. Notwithstanding the foregoing, in the event that mortgagee or, other than an entity controlling, controlled by or under common control with Landlord, a purchaser at a foreclosure sale (a “Successor”) succeeds to the interest of Landlord prior to the completion of Building (including Base Building and Finish Work), such Successor shall have thirty (30) days to send written notice to Tenant stating whether or not it intends to be bound to perform work remaining to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant and agrees to advance the Finish Work Allowance. For the purposes continuation of the immediately preceding sentence, control shall have the meaning set forth in Section 13.01(b). In the event in such notice it states that it intends to be so bound, then such provisions of this Lease shall be binding on the Successor. In the event the Successor states that it does not intend to be so bound or fails to timely provide notice to Tenant within such thirty (30) day period, then (A) prior to the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by written notice to the Successor (a “Succession Election Notice”) within sixty (60) days following notice of such acquisition, to either (I) terminate this Lease, or (II) continue this Lease, deposit such Excess Costs in escrow with the Successor to be held and disbursed against the costs to construct the Finish Work as they are incurred on behalf attornment of Tenant in thereunder or the manner provided under the Work Letterexecution of a direct lease between Successor Landlord and Tenant as aforesaid, and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor) reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; or (B) from and after the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by giving a Succession Election Notice to the Successor within sixty (60) days following notice of such acquisition, to either (X) terminate this Lease, or (Y) continue this Lease and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; provided, however, that the Successor can render any Succession Election Notice pursuant to clause (A) or (B), above, null and void and of no force and effect if, within thirty (30) days after the giving of such notice by Tenant, the Successor agrees to be bound by the applicable provisions of this Lease. Tenant’s failure to give a Succession Election Notice in the time period(s) required above shall be deemed to be an election pursuant to the clause (II) or (Y) of the immediately preceding sentence, as applicable.Landlord shall:

Appears in 1 contract

Samples: Lease (Peloton Interactive, Inc.)

Attornment. If Landlord’s interest (a) Tenant covenants and agrees that in the event of foreclosure of the Mortgage, whether by power of sale or by court action, or upon a transfer of the Property is acquired by mortgagee or conveyance in lieu of foreclosure (the purchaser at a foreclosure saleor the transferee in lieu of foreclosure, including Administrative Agent or any other Lender if it is such purchaser or transferee, being herein called "New Owner"), Tenant shall, at the election of such mortgagee or purchaser, shall attorn to the transferee of or successor to Landlord’s interest in New Owner as Tenant's new landlord, and agrees that the Property and recognize it as Landlord under this Lease. Tenant waives the protection of any statute or rule of law which gives Tenant any right to terminate this Lease or surrender possession of the Premises upon the transfer of Landlord’s interest. Upon such attornment, this Lease shall continue in full force and effect as a direct lease between the mortgagee Tenant and Tenant New Owner upon all of the terms, covenants, conditions and covenants as are agreements set forth in the Lease and this LeaseAgreement, except for provisions which are impossible for New Owner to perform; provided, however, that in no event shall the mortgagee shall not be New Owner be: (i) liable in any way to Tenant for any act or act, omission, neglect default, misrepresentation, or default on breach of warranty, of any previous landlord (including Landlord) or obligations accruing prior to New Owner's actual ownership of the part of Landlord under this Lease (nothing in this clause (i) being deemed to relieve any mortgagee succeeding to the interest of Landlord hereunder of its continuing obligations as landlord under this Lease from and after the date of such succession), Property; (ii) responsible for any monies owing by or on deposit with Landlord to the credit of Tenant (except to the extent any such deposit is actually received by such mortgagee), (iii) subject to any offset, defense, claim or counterclaim or setoff which theretofore accrued Tenant might be entitled to Tenant assert against any previous landlord (including Landlord, ); (iviii) bound by any amendment payment of rent, additional rent or modification of this Lease subsequent other payments, made by Tenant to such mortgage, or by any previous prepayment of Rent landlord (including Landlord) for more than one (1) month, which was not approved month in writing advance; (iv) bound by the mortgageeany amendment, or bound modification of the Lease hereafter made, or consent, or acquiescence by any previous landlord (including Landlord) under the indemnity set forth in Section 9.04Lease to any assignment or sublease hereafter granted, without the written consent of Administrative Agent; or (v) liable beyond mortgagee’s interest in the Propertyfor any deposit that Tenant may have given to any previous landlord (including Landlord) which has not, as such, been transferred to New Owner. (vib) responsible for the performance of any work to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant or the payment of the Finish Work Allowance, or (vii) required to remove any person occupying the Premises or any part thereof, except if such person claims under the mortgagee. Tenant agrees that any present or future mortgagee may at its option unilaterally elect to subordinate, in whole or in part and by instrument in form and substance satisfactory to such mortgagee alone, the lien of its mortgagee (or the priority of its ground lease) to some or all The provisions of this Lease. Nothing in Agreement regarding attornment by Tenant shall be self- operative and effective without the preceding sentences necessity of this Section 15.02 shall prohibit Tenant from exercising its right to terminate this Lease pursuant to Section 3.01(c) and clause (x) execution of Section 3.01(e) of this Lease any new lease or other document on the conditions set forth thereinpart of any party hereto or the respective heirs, legal representatives, successors or assigns of any such party. Notwithstanding the foregoing, in the event that mortgagee or, other than an entity controlling, controlled by or under common control with Landlord, a purchaser at a foreclosure sale (a “Successor”) succeeds to the interest of Landlord prior to the completion of Building (including Base Building and Finish Work), such Successor shall have thirty (30) days to send written notice to Tenant stating whether or not it intends to be bound to perform work remaining to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant and agrees to advance the Finish Work Allowance. For the purposes of the immediately preceding sentence, control shall have the meaning set forth in Section 13.01(b). In the event in such notice it states that it intends to be so bound, then such provisions of this Lease shall be binding on the Successor. In the event the Successor states that it does not intend to be so bound or fails to timely provide notice to Tenant within such thirty (30) day period, then (A) prior to the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by written notice to the Successor (a “Succession Election Notice”) within sixty (60) days following notice of such acquisition, to either (I) terminate this Lease, or (II) continue this Lease, deposit such Excess Costs in escrow with the Successor to be held and disbursed against the costs to construct the Finish Work as they are incurred on behalf of Tenant in the manner provided under the Work Letter, and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor) reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; or (B) from and after the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by giving a Succession Election Notice to the Successor within sixty (60) days following notice of such acquisition, to either (X) terminate this Lease, or (Y) continue this Lease and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; providedagrees, however, that to execute and deliver upon the Successor can render request of New Owner, any Succession Election Notice pursuant to clause (A) instrument or (B), above, null and void and of no force and effect if, within thirty (30) days after the giving of such notice by Tenant, the Successor agrees to be bound by the applicable provisions of this Lease. Tenant’s failure to give a Succession Election Notice certificate which in the time period(s) required above shall reasonable judgment of New Owner may be deemed necessary or appropriate to be an election pursuant to the clause (II) or (Y) evidence such attornment, including a new lease of the immediately preceding sentence, Premises on the same terms and conditions as applicablethe Lease for the unexpired term of the Lease.

Appears in 1 contract

Samples: Lease Agreement (Hallmark Financial Services Inc)

Attornment. If Tenant covenants and agrees that, in the event of any foreclosure under any mortgage or deed of trust, or any renewals, modification, consolidation, replacement or extension thereof, or in the event of any acceptance of any deed in lieu of foreclosure, which may now or hereafter affect the real property of which the Demised Premises are a part, Tenant shall attorn to the party secured by such mortgage or deed of trust, or any renewal, modification, consolidation, replacement or extension thereof, and to any purchaser at any foreclosure sale or party taking a deed in lieu of foreclosure. Tenant covenants and agrees to attorn to any successor to Landlord’s 's interest in the Property is acquired by mortgagee any ground or underlying lease. In any case, such Landlord or successor under such ground or underlying lease or such secured party or purchaser at foreclosure sale or party taking a deed in lieu of foreclosure sale, Tenant shall, at the election of such mortgagee or purchaser, attorn to the transferee of or successor to Landlord’s interest in the Property and recognize it as Landlord under this Lease. Tenant waives the protection of any statute or rule of law which gives Tenant any right to terminate this Lease or surrender possession of the Premises upon the transfer of Landlord’s interest. Upon such attornment, this Lease shall continue in full force and effect as a direct lease between the mortgagee and Tenant upon all of the terms, conditions and covenants as are set forth in this Lease, except that the mortgagee shall not be (i) bound by any prepayment on the part of Tenant of any rent for more than one month in advance, so that rent shall be payable under this Lease in accordance with its terms, from the date of the termination or transfer of the ground or underlying lease or the foreclosure under such mortgage or deed of trust, or the date of foreclosure sale or transfer by deed in lieu of foreclosure, as if such prepayment had not been made. Further, such landlord or successor in interest shall not be liable in any way to Tenant for damages for any act or omission, neglect or default on the part omission of Landlord under this Lease (nothing in this clause (i) being deemed to relieve or any mortgagee succeeding to the interest of Landlord hereunder of its continuing obligations as prior landlord under this Lease from and after the date of such succession), (ii) responsible for any monies owing by or on deposit with Landlord to the credit of Tenant (except to the extent any such deposit is actually received by such mortgagee), (iii) be subject to any counterclaim offsets or setoff defenses which theretofore accrued to Tenant may have against Landlord or any prior Landlord. Tenant shall, upon request of such Landlord or successor Landlord, (iv) bound by any amendment execute and deliver an instrument or modification of this Lease subsequent to such mortgage, or by any previous prepayment of Rent for more than one (1) month, which was not approved in writing by the mortgagee, or bound by the indemnity set forth in Section 9.04, (v) liable beyond mortgagee’s interest in the Property, (vi) responsible for the performance of any work to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant or the payment of the Finish Work Allowance, or (vii) required to remove any person occupying the Premises or any part thereof, except if such person claims under the mortgagee. Tenant agrees that any present or future mortgagee may at its option unilaterally elect to subordinate, in whole or in part and by instrument in form and substance satisfactory to such mortgagee alone, the lien of its mortgagee (or the priority of its ground lease) to some or all provisions of this Lease. Nothing in the preceding sentences of this Section 15.02 shall prohibit Tenant from exercising its right to terminate this Lease pursuant to Section 3.01(c) and clause (x) of Section 3.01(e) of this Lease on the conditions set forth therein. Notwithstanding the foregoing, in the event that mortgagee or, other than an entity controlling, controlled by or under common control with Landlord, a purchaser at a foreclosure sale (a “Successor”) succeeds to the interest of Landlord prior to the completion of Building (including Base Building and Finish Work), such Successor shall have thirty (30) days to send written notice to Tenant stating whether or not it intends to be bound to perform work remaining to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant and agrees to advance the Finish Work Allowance. For the purposes of the immediately preceding sentence, control shall have the meaning set forth in Section 13.01(b). In the event in such notice it states that it intends to be so bound, then such provisions of this Lease shall be binding on the Successor. In the event the Successor states that it does not intend to be so bound or fails to timely provide notice to Tenant within such thirty (30) day period, then (A) prior to the date that Tenant has made instruments confirming Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by written notice to the Successor (a “Succession Election Notice”) within sixty (60) days following notice of such acquisition, to either (I) terminate this Lease, or (II) continue this Lease, deposit such Excess Costs in escrow with the Successor to be held and disbursed against the costs to construct the Finish Work as they are incurred on behalf of Tenant in the manner provided under the Work Letter, and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor) reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; or (B) from and after the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by giving a Succession Election Notice to the Successor within sixty (60) days following notice of such acquisition, to either (X) terminate this Lease, or (Y) continue this Lease and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; provided, however, that the Successor can render any Succession Election Notice pursuant to clause (A) or (B), above, null and void and of no force and effect if, within thirty (30) days after the giving of such notice by Tenant, the Successor agrees to be bound by the applicable provisions of this Lease. Tenant’s failure to give a Succession Election Notice in the time period(s) required above shall be deemed to be an election pursuant to the clause (II) or (Y) of the immediately preceding sentence, as applicable's attornment.

Appears in 1 contract

Samples: Lease Agreement (Franklin Bancorporation Inc)

Attornment. If On and after the Effective Date, Tenant shall attorn to Lender, to any receiver or similar official for the Demised Premises appointed at the instance and request, or with the consent, of Lender and to any person who acquires the Demised Premises, or the Landlord’s 's interest in the Property is Lease, or both, pursuant to Lender's exercise of any right, remedy or privilege granted by the Deed of Trust, or otherwise at law or in equity. Without limitation, Tenant shall attorn to any person or entity that acquired the Demised Premises pursuant to foreclosure of the Deed of Trust, or by mortgagee any proceeding or purchaser at a foreclosure voluntary conveyance in lieu of such foreclosure, or from Lender, whether by sale, exchange or otherwise. Any attornment to anyone other than Lender shall be conditioned upon Tenant shall, at the election of receiving a non-disturbance from such mortgagee or purchaser, attorn to the transferee of or successor to Landlord’s interest in the Property and recognize it as Landlord entity. Upon any attornment under this Lease. Tenant waives Paragraph 5, the protection of any statute or rule of law which gives Tenant any right to terminate this Lease or surrender possession of the Premises upon the transfer of Landlord’s interest. Upon such attornment, this Lease shall continue in full force and effect as a direct lease between Tenant and the mortgagee and person or entity to whom Tenant upon all of the terms, conditions and covenants as are set forth in this Leaseattorns, except that the mortgagee such person or entity shall not be be: (i) liable in any way to Tenant for any breach, act or omission, neglect or default on the part omission of Landlord under this Lease (nothing in this clause (i) being deemed to relieve any mortgagee succeeding to the interest of Landlord hereunder of its continuing obligations as landlord under this Lease from and after the date of such succession), prior landlord; (ii) responsible for any monies owing by or on deposit with Landlord to the credit of Tenant (except to the extent any such deposit is actually received by such mortgagee), (iii) subject to any counterclaim offsets, claims or setoff defenses which theretofore accrued Tenant might have against any prior landlord; (iii) bound by any rent or additional rent or other payment in lieu of rent which Tenant might have paid to Tenant against Landlord, any prior landlord more than thirty (30) days in advance of its due date under the Lease or which such person or entity has physical possession of; (iv) bound by any amendment or modification of this the Lease subsequent to made without Lender's consent, where such mortgage, or by any previous prepayment of Rent for more than one (1) month, which was not approved in writing consent is required by the mortgagee, or bound by the indemnity set forth in Section 9.04, Deed of Trust; (v) bound by any notice given by Tenant to Landlord, whether or not such notice is given pursuant to the terms of the Lease, unless a copy thereof was then also given to Lender; or (vi) be liable beyond mortgagee’s for any security deposit or other sums held by any prior landlord, unless actually received. The person or entity to whom Tenant attorns shall be liable to Tenant under the Lease only during such person or entity's period of ownership, and such liability shall not continue or survive as to the transferor after a transfer by such person or entity of its interest in the Property, (vi) responsible for the performance of any work to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant or the payment of the Finish Work Allowance, or (vii) required to remove any person occupying the Premises or any part thereof, except if such person claims under the mortgagee. Tenant agrees that any present or future mortgagee may at its option unilaterally elect to subordinate, in whole or in part and by instrument in form and substance satisfactory to such mortgagee alone, the lien of its mortgagee (or the priority of its ground lease) to some or all provisions of this Lease. Nothing in the preceding sentences of this Section 15.02 shall prohibit Tenant from exercising its right to terminate this Lease pursuant to Section 3.01(c) and clause (x) of Section 3.01(e) of this Lease on the conditions set forth therein. Notwithstanding the foregoing, in the event that mortgagee or, other than an entity controlling, controlled by or under common control with Landlord, a purchaser at a foreclosure sale (a “Successor”) succeeds to the interest of Landlord prior to the completion of Building (including Base Building and Finish Work), such Successor shall have thirty (30) days to send written notice to Tenant stating whether or not it intends to be bound to perform work remaining to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant and agrees to advance the Finish Work Allowance. For the purposes of the immediately preceding sentence, control shall have the meaning set forth in Section 13.01(b). In the event in such notice it states that it intends to be so bound, then such provisions of this Lease shall be binding on the Successor. In the event the Successor states that it does not intend to be so bound or fails to timely provide notice to Tenant within such thirty (30) day period, then (A) prior to the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by written notice to the Successor (a “Succession Election Notice”) within sixty (60) days following notice of such acquisition, to either (I) terminate this Lease, or (II) continue this Lease, deposit such Excess Costs in escrow with the Successor to be held and disbursed against the costs to construct the Finish Work as they are incurred on behalf of Tenant in the manner provided under the Work Letter, and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor) reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; or (B) from and after the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by giving a Succession Election Notice to the Successor within sixty (60) days following notice of such acquisition, to either (X) terminate this Lease, or (Y) continue this Lease and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; provided, however, that the Successor can render any Succession Election Notice pursuant to clause (A) or (B), above, null and void and of no force and effect if, within thirty (30) days after the giving of such notice by Tenant, the Successor agrees to be bound by the applicable provisions of this Lease. Tenant’s failure to give a Succession Election Notice in the time period(s) required above shall be deemed to be an election pursuant to the clause (II) or (Y) of the immediately preceding sentence, as applicableDemised Premises.

Appears in 1 contract

Samples: Lease Amendment and Novation Agreement (Maxtor Corp)

Attornment. If Landlord’s interest (a) Tenant covenants and agrees that in the event of foreclosure of the Mortgage, whether by power of sale or by court action, or upon a transfer of the Property is acquired by mortgagee or conveyance in lieu of foreclosure (the purchaser at a foreclosure saleor the transferee in lieu of foreclosure, including Mortgagee if it is such purchaser or transferee, being herein called "New Owner"), Tenant shall, at the election of such mortgagee or purchaser, shall attorn to the transferee of or successor to Landlord’s interest in New Owner as Tenants new landlord, and agrees that the Property and recognize it as Landlord under this Lease. Tenant waives the protection of any statute or rule of law which gives Tenant any right to terminate this Lease or surrender possession of the Premises upon the transfer of Landlord’s interest. Upon such attornment, this Lease shall continue in full force and effect as a direct lease between the mortgagee Tenant and Tenant New Owner upon all of the terms, covenants, conditions and covenants as are agreements set forth in the Lease and this LeaseAgreement, except for provisions which are impossible for Mortgagee to perform; provided, however, that in no event shall the mortgagee shall not be New Owner be: (i) liable in any way to Tenant for any act or act, omission, neglect default, misrepresentation, or default on breach of warranty, of any previous landlord (including Landlord) or obligations accruing prior to New Owner's actual ownership of the part of Landlord under this Lease (nothing in this clause (i) being deemed to relieve any mortgagee succeeding to the interest of Landlord hereunder of its continuing obligations as landlord under this Lease from and after the date of such succession), property; (ii) responsible for any monies owing by or on deposit with Landlord to the credit of Tenant (except to the extent any such deposit is actually received by such mortgagee), (iii) subject to any offset, defense, claim or counterclaim or setoff which theretofore accrued Tenant might be entitled to Tenant assert against any previous landlord (including Landlord, ); (iviii) bound by any amendment payment of rent, additional rent or modification of this Lease subsequent other payments, made by Tenant to such mortgage, or by any previous prepayment of Rent landlord (including Landlord) for more than one (1) month, which was not approved month in writing advance; (iv) bound by the mortgageeany amendment, or bound modification of the Lease hereafter made, or consent by any previous landlord (including Landlord) under the indemnity set forth in Section 9.04Lease to any assignment or sublease hereafter granted, without the written consent of Mortgagee; or (v) liable beyond mortgagee’s interest in the Propertyfor any deposit that Tenant may have given to any previous landlord (including Landlord) which has nor, as such, been transferred to New Owner. (vib) responsible for the performance of any work to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant or the payment of the Finish Work Allowance, or (vii) required to remove any person occupying the Premises or any part thereof, except if such person claims under the mortgagee. Tenant agrees that any present or future mortgagee may at its option unilaterally elect to subordinate, in whole or in part and by instrument in form and substance satisfactory to such mortgagee alone, the lien of its mortgagee (or the priority of its ground lease) to some or all The provisions of this LeaseAgreement regarding attornment by Tenant shall be self-operative and effective without the necessity of execution of any new lease or other document on the part of any party hereto or the respective heirs, legal representatives, successors or assigns of any such party. Nothing in Tenant agrees, however, to execute and deliver at any time and from time to time, upon the preceding sentences request of this Section 15.02 shall prohibit Tenant from exercising its right to terminate this Lease pursuant to Section 3.01(c) and clause (xLandlord or of any holder(s) of Section 3.01(e) any of this Lease on the conditions set forth therein. Notwithstanding indebtedness or other obligations secured by the foregoingMortgage, any instrument or certificate which, in the event that mortgagee orreasonable judgement of Landlord or of such holder(s), other than an entity controllingmay be necessary or appropriate in any such foreclosure proceeding or otherwise to evidence such attornment, controlled by or under common control with Landlordincluding, if requested, a purchaser at a foreclosure sale (a “Successor”) succeeds to the interest new lease of Landlord prior to the completion of Building (including Base Building and Finish Work), such Successor shall have thirty (30) days to send written notice to Tenant stating whether or not it intends to be bound to perform work remaining to be done by the Landlord under this Lease to render the Premises ready on the same terms and conditions as the Lease for occupancy by the Tenant and agrees to advance the Finish Work Allowance. For the purposes then unexpired term of the immediately preceding sentence, control shall have the meaning set forth in Section 13.01(b). In the event in such notice it states that it intends to be so bound, then such provisions of this Lease shall be binding on the Successor. In the event the Successor states that it does not intend to be so bound or fails to timely provide notice to Tenant within such thirty (30) day period, then (A) prior to the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by written notice to the Successor (a “Succession Election Notice”) within sixty (60) days following notice of such acquisition, to either (I) terminate this Lease, or (II) continue this Lease, deposit such Excess Costs in escrow with the Successor to be held and disbursed against the costs to construct the Finish Work as they are incurred on behalf of Tenant in the manner provided under the Work Letter, and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor) reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; or (B) from and after the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by giving a Succession Election Notice to the Successor within sixty (60) days following notice of such acquisition, to either (X) terminate this Lease, or (Y) continue this Lease and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; provided, however, that the Successor can render any Succession Election Notice pursuant to clause (A) or (B), above, null and void and of no force and effect if, within thirty (30) days after the giving of such notice by Tenant, the Successor agrees to be bound by the applicable provisions of this Lease. Tenant’s failure to give a Succession Election Notice in the time period(s) required above shall be deemed to be an election pursuant to the clause (II) or (Y) of the immediately preceding sentence, as applicable.

Appears in 1 contract

Samples: Lease Agreement (Mohawk Industries Inc)

Attornment. If Landlord’s interest in Tenant shall attorn to, and recognize as Tenant's landlord under the Lease, Lender or any other person who may acquire title to the Property is acquired upon foreclosure of the Deed of Trust or by mortgagee conveyance in lieu of such foreclosure. The provisions of this paragraph shall be self-executing and no further writing or purchaser at a foreclosure saleother formal act of attornment shall be required, but Tenant shall, at upon the election request of such mortgagee or purchaser, attorn any person so acquiring title to the transferee of or successor Property, execute and deliver to Landlord’s interest such person an instrument in the Property and recognize it as Landlord under this Lease. Tenant waives the protection of any statute or rule of law which gives Tenant any right to terminate this Lease or surrender possession of the Premises upon the transfer of Landlord’s interest. Upon recordable form acknowledging such attornment, this Lease but not otherwise modifying or amending Tenant's obligations under the Lease. From and after any such attornment, Lender or any other person who may acquire title to the Property upon or in lieu of a foreclosure of the Deed of Trust shall continue in full force and effect as a direct lease between the mortgagee and be bound to Tenant upon under all of the terms, covenants and conditions and covenants as are set forth in this of the Lease; provided, except however, that the mortgagee Lender or such other person shall not be (ia) liable in any way to Tenant for any act or omission, neglect or default on the part omission of Landlord under this Lease any prior landlord (nothing in this clause including Landlord); (ib) being deemed to relieve any mortgagee succeeding to the interest of Landlord hereunder of its continuing obligations as landlord under this Lease from and after the date of such succession), (ii) responsible for any monies owing bound by or on deposit with Landlord to the credit of Tenant (except to the extent any such deposit is actually received by such mortgagee), (iii) subject Tenant's payment to any counterclaim prior landlord (including Landlord) under the Lease of any rents beyond that due for the then-current rent period; (c) liable for the return or setoff which theretofore accrued application of any security deposits unless Landlord delivers such deposits to Tenant against Landlord, Lender or such other person; (ivd) bound by any amendment or modification of this to the Lease subsequent to such mortgage, or by any previous prepayment of Rent for more than one (1) monthmade without Lender's written consent, which was consent shall not approved in writing by the mortgagee, or bound by the indemnity set forth in Section 9.04, (v) liable beyond mortgagee’s interest in the Property, (vi) responsible for the performance of any work to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant or the payment of the Finish Work Allowance, or (vii) required to remove any person occupying the Premises or any part thereof, except if such person claims under the mortgagee. Tenant agrees that any present or future mortgagee may at its option unilaterally elect to subordinate, in whole or in part and by instrument in form and substance satisfactory to such mortgagee alone, the lien of its mortgagee (or the priority of its ground lease) to some or all provisions of this Lease. Nothing in the preceding sentences of this Section 15.02 shall prohibit Tenant from exercising its right to terminate this Lease pursuant to Section 3.01(c) and clause (x) of Section 3.01(e) of this Lease on the conditions set forth therein. Notwithstanding the foregoing, in the event that mortgagee or, other than an entity controlling, controlled by or under common control with Landlord, a purchaser at a foreclosure sale (a “Successor”) succeeds to the interest of Landlord prior to the completion of Building (including Base Building and Finish Work), such Successor shall have thirty (30) days to send written notice to Tenant stating whether or not it intends to be bound to perform work remaining to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant and agrees to advance the Finish Work Allowance. For the purposes of the immediately preceding sentence, control shall have the meaning set forth in Section 13.01(b). In the event in such notice it states that it intends to be so bound, then such provisions of this Lease shall be binding on the Successor. In the event the Successor states that it does not intend to be so bound or fails to timely provide notice to Tenant within such thirty (30) day period, then (A) prior to the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by written notice to the Successor (a “Succession Election Notice”) within sixty (60) days following notice of such acquisition, to either (I) terminate this Lease, or (II) continue this Lease, deposit such Excess Costs in escrow with the Successor to be held and disbursed against the costs to construct the Finish Work as they are incurred on behalf of Tenant in the manner provided under the Work Letter, and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor) reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annumunreasonably withheld; or (Be) from and after the date that subject to any offsets or deficiencies which Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by giving a Succession Election Notice might be entitled to the Successor within sixty assert against any prior landlord (60) days following notice of such acquisition, to either (X) terminate this Lease, or (Y) continue this Lease and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; provided, however, that the Successor can render any Succession Election Notice pursuant to clause (A) or (Bincluding Landlord), above, null and void and of no force and effect if, within thirty (30) days after the giving of such notice by Tenant, the Successor agrees to be bound by the applicable provisions of this Lease. Tenant’s failure to give a Succession Election Notice in the time period(s) required above shall be deemed to be an election pursuant to the clause (II) or (Y) of the immediately preceding sentence, as applicable.

Appears in 1 contract

Samples: Lease (Spectralink Corp)

Attornment. If LandlordIn the event of a transfer of Borrower’s interest in the Property is acquired by mortgagee or purchaser at to a foreclosure salePurchaser (as defined below), Tenant shall, at the election of such mortgagee or purchaser, attorn to the transferee of or successor to Landlord’s interest in the Property and recognize it as Landlord under this Lease. Tenant waives the protection of any statute or rule of law which gives Tenant any right to terminate this Lease or surrender possession of the Premises upon the transfer of Landlord’s interest. Upon such attornment, this Lease shall continue in full force and effect as a direct lease between the mortgagee and Tenant upon agrees to attorn to the Purchaser as its landlord under the Lease and to be bound by all of the terms, conditions and covenants as are set forth in this Lease, except provisions of the Lease for the balance of the term thereof; provided that the mortgagee Purchaser shall not be be: (ia) liable in any way to Tenant Liable for any act or omissionomission of any Prior Landlord (as defined below) or subject to any offsets or defenses which Tenant might have against any Prior Landlord; (b) Liable for the return of any rental security deposit, neglect or default on the part bound by any payment of Landlord under this Lease (nothing rents, additional rents or other sums which Tenant may have paid more than one month in this clause (i) being deemed advance to relieve any mortgagee succeeding to the interest of Landlord hereunder of its continuing obligations as landlord under this Lease from and after the date of such succession)Prior Landlord, (ii) responsible for any monies owing by or on deposit with Landlord to the credit of Tenant (except to the extent any such deposit is sums are actually received by such mortgagee), Purchaser; (iiic) subject to any counterclaim or setoff which theretofore accrued to Tenant against Landlord, (iv) bound Bound by any amendment or modification to the Lease made without the prior written consent of this Lease subsequent to such mortgageLender; (d) Liable for obligations under the Lease, or by any previous prepayment the cost of Rent for more than one (1) month, which was not approved in writing by exceed the mortgagee, or bound by the indemnity set forth in Section 9.04, (v) liable beyond mortgagee’s value of its interest in the Property, or for obligations which first accrue after Purchaser has sold or otherwise transferred its interest in the Property; (vie) responsible Obligated to install, construct or pay for the performance of any work tenant or other improvements or alterations to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant or the payment of the Finish Work Allowance, or (vii) required to remove any person occupying on the Premises or Property; bound to restore the Premises or Property after a casualty for a cost in excess of any part thereofinsurance proceeds received by Lender with respect to such casualty; or bound to restore the Premises or Property after a taking in condemnation for a cost in excess of the portion of any condemnation award made specifically for that purpose; bound by any restriction on competition beyond the Property; (f) Bound by any notice of termination, cancellation or surrender of the Lease made without the prior written consent of Lender, except if such person claims under the mortgagee. Tenant agrees that any present or future mortgagee may at its option unilaterally elect to subordinate, in whole or in part and by instrument in form and substance satisfactory to such mortgagee alone, the lien of its mortgagee (or the priority of its ground lease) to some or all provisions of this Lease. Nothing as otherwise provided in the preceding sentences Lease; (g) Bound by any option to purchase, right of this Section 15.02 shall prohibit Tenant from exercising its first offer to purchase or right of first refusal to terminate this Lease pursuant purchase with respect to Section 3.01(cthe Property or any portion thereof; (h) and clause (x) Liable for the breach of Section 3.01(e) of this Lease on the conditions set forth therein. Notwithstanding the foregoing, any representation or warranty made by Prior Landlord in the event that mortgagee Lease; or (i) Liable for any indemnity obligation of Prior Landlord contained in the Lease, other than an entity controlling, controlled by or under common control except with Landlord, a purchaser at a foreclosure sale (a “Successor”) succeeds respect to the interest of Landlord prior to the completion of Building (including Base Building and Finish Work), such Successor shall have thirty (30) days to send written notice to Tenant stating whether Purchaser’s acts or not it intends to be bound to perform work remaining to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant and agrees to advance the Finish Work Allowance. For the purposes of the immediately preceding sentence, control shall have the meaning set forth in Section 13.01(b). In the event in such notice it states that it intends to be so bound, then such provisions of this Lease shall be binding on the Successor. In the event the Successor states that it does not intend to be so bound or fails to timely provide notice to Tenant within such thirty (30) day period, then (A) prior to the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by written notice to the Successor (a “Succession Election Notice”) within sixty (60) days following notice of such acquisition, to either (I) terminate this Lease, or (II) continue this Lease, deposit such Excess Costs in escrow with the Successor to be held and disbursed against the costs to construct the Finish Work as they are incurred on behalf of Tenant in the manner provided under the Work Letter, and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor) reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; or (B) from and after the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by giving a Succession Election Notice to the Successor within sixty (60) days following notice of such acquisition, to either (X) terminate this Lease, or (Y) continue this Lease and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; provided, however, that the Successor can render any Succession Election Notice pursuant to clause (A) or (B), above, null and void and of no force and effect if, within thirty (30) days after the giving of such notice by Tenant, the Successor agrees to be bound by the applicable provisions of this Lease. Tenant’s failure to give a Succession Election Notice in the time period(s) required above shall be deemed to be an election pursuant to the clause (II) or (Y) of the immediately preceding sentence, as applicableomissions.

Appears in 1 contract

Samples: Lease Agreement (Vnus Medical Technologies Inc)

Attornment. (a) If at any time any Superior Lessor, Superior Mortgagee (each a "Senior Interest Holder") or any other person or the successors or assigns of any of the foregoing (such Senior Interest Holder and any such other person being herein collectively referred to as "Successor Landlord’s interest in ") shall succeed to the Property is acquired by mortgagee or purchaser at a foreclosure salerights of Landlord under this lease, Tenant shallagrees, at the election and upon the request of any such mortgagee or purchaserSuccessor Landlord, from time to time, fully and completely to attorn to the transferee of or successor to Landlord’s interest in the Property and recognize it any such Successor Landlord as Landlord Tenant's landlord under this Leaselease upon the then executory terms of this lease, ~ such Successor Landlord shall agree in writing to accept Tenant's attornment. Tenant waives The foregoing provisions of this Section 65.02 shall inure to the protection benefit of any statute or rule such Successor Landlord, shall apply notwithstanding that, as a matter of law which gives Tenant any right to law, this lease may terminate this Lease or surrender possession upon the termination of the Premises Superior Lease and shall be self-operative upon any such request, and no further instrument shall be required to give effect to said provisions. Upon the transfer request of any such Successor Landlord’s interest. , Tenant shall execute and deliver, from time to time, instruments reasonably satisfactory to any such Successor Landlord, in recordable form if requested, to evidence and confirm the foregoing provisions of this Section 65.02, acknowledging such attornment and setting forth the terms and conditions of its tenancy. (b) Upon such attornment, this Lease lease shall continue in full force and effect as a direct lease between the mortgagee such Successor Landlord and Tenant upon all of the terms, conditions and covenants as are set forth in then executory terms of this Lease, lease except that the mortgagee such Successor Landlord shall not be be: (i) liable in any way to Tenant for any act or omission, neglect omission or negligence of any prior Landlord (other than to cure any default on the part of Landlord under this Lease (nothing in this clause (i) being deemed to relieve any mortgagee succeeding to the interest of Landlord hereunder of its a continuing obligations as landlord under this Lease from and after the date of such successionnature), ; (ii) responsible subject to any counterclaim, defense or offset which theretofore shall have accrued to Tenant against any prior Landlord; (iii) bound by the payment of any rent or additional rent for any monies owing by or on deposit with Landlord to the credit of Tenant more than one month in advance (except to the extent any such deposit is unless actually received by such mortgageeSuccessor Landlord), (iii) subject to any counterclaim or setoff which theretofore accrued to Tenant against Landlord, ; (iv) bound by any modification or amendment or modification of this Lease subsequent to lease unless (A) such mortgage, modification or by any previous prepayment of Rent for more than one (1) month, which was not amendment shall have been approved in writing by the mortgageeSenior Interest Holder, of which Tenant has been given notice, through or bound by reason of which the indemnity set forth in Section 9.04, Successor Landlord shall have succeeded to the rights of Landlord under this lease or (B) the modification or amendment shall have occurred prior to the creation of such Senior Interest; (v) liable beyond mortgagee’s interest obligated to construct any improvements or to grant any credit toward the cost of any improvements; (vi) in the event of damage to the Building or the Property, (vi) responsible for by fire or other Please Initial casualty, obligated to repair the performance of any work to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant demised premises or the payment Building or the Property, or any part thereof beyond such repair as may be reasonably accomplished from the net proceeds of the Finish Work Allowance, insurance actually made available to Landlord; or (vii) required in the event of partial condemnation, obligated to remove any person occupying repair the Premises demised premises or the Building or the Property, or any part thereof, except if thereof beyond such person claims under repair as may be reasonably accomplished from the mortgagee. Tenant agrees that net proceeds of any present or future mortgagee may at its option unilaterally elect award actually made available to subordinate, in whole or in Landlord as consequential damages allocable to the part and by instrument in form and substance satisfactory to such mortgagee alone, of the lien of its mortgagee (demised premises or the priority of its ground lease) to some Building or all provisions of this Leasethe Property, not taken. Nothing contained in the preceding sentences of this Section 15.02 65.02 shall prohibit Tenant from exercising its be construed to impair any right to terminate this Lease pursuant to Section 3.01(c) and clause (x) of Section 3.01(e) of this Lease on the conditions set forth therein. Notwithstanding the foregoing, in the event that mortgagee or, other than an entity controlling, controlled otherwise exercisable by or under common control with Landlord, a purchaser at a foreclosure sale (a “Successor”) succeeds to the interest of Landlord prior to the completion of Building (including Base Building and Finish Work), any such Successor shall have thirty (30) days to send written notice to Tenant stating whether or not it intends to be bound to perform work remaining to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant and agrees to advance the Finish Work Allowance. For the purposes of the immediately preceding sentence, control shall have the meaning set forth in Section 13.01(b). In the event in such notice it states that it intends to be so bound, then such provisions of this Lease shall be binding on the Successor. In the event the Successor states that it does not intend to be so bound or fails to timely provide notice to Tenant within such thirty (30) day period, then (A) prior to the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by written notice to the Successor (a “Succession Election Notice”) within sixty (60) days following notice of such acquisition, to either (I) terminate this Lease, or (II) continue this Lease, deposit such Excess Costs in escrow with the Successor to be held and disbursed against the costs to construct the Finish Work as they are incurred on behalf of Tenant in the manner provided under the Work Letter, and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor) reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; or (B) from and after the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by giving a Succession Election Notice to the Successor within sixty (60) days following notice of such acquisition, to either (X) terminate this Lease, or (Y) continue this Lease and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; provided, however, that the Successor can render any Succession Election Notice pursuant to clause (A) or (B), above, null and void and of no force and effect if, within thirty (30) days after the giving of such notice by Tenant, the Successor agrees to be bound by the applicable provisions of this Lease. Tenant’s failure to give a Succession Election Notice in the time period(s) required above shall be deemed to be an election pursuant to the clause (II) or (Y) of the immediately preceding sentence, as applicableLandlord.

Appears in 1 contract

Samples: Office Lease (Porta Systems Corp)

Attornment. If Landlord’s If, at any time Lender (or any person, or such person's successors or assigns, who acquire the interest in of the Landlord under the Lease through foreclosure action of the Deed of Trust, or upon a transfer of the Property is acquired by mortgagee conveyance in lieu of foreclosure, or purchaser at otherwise) shall succeed to the rights of the Landlord under the Lease as a foreclosure saleresult of a default under the Lease (beyond the time permitted therein, of any, to cure such default), then (a) the Lease shall not terminate, (b) upon receipt by Tenant of written notice of such succession, Tenant shall, at the election of such mortgagee or purchaser, shall attorn to the transferee of or successor to Landlord’s interest in the Property and recognize it such person as succeeding to the rights of the Landlord under this Lease. Tenant waives the protection of any statute or rule of law which gives Tenant any right to terminate this Lease or surrender possession (herein sometimes called "Successor Landlord", upon the terms and conditions of the Premises upon Lease, and (c) Successor Landlord shall accept such attornment and recognize Tenant as the transfer of Successor Landlord’s interest's tenant under the Lease. Upon such attornmentattornment and recognition, this the Lease shall continue in full force and effect as, or as if it were, a direct lease between the mortgagee Successor Landlord and Tenant upon all of the terms, conditions and covenants (including any right under the Lease on the part of the Tenant to extend the term of the Lease) as are set forth in this Leasethe Lease and which shall be applicable after such attornment and recognition. Notwithstanding anything to the contrary set forth herein, except that the mortgagee Lender or such Successor Landlord shall not be (i) liable in any way to Tenant for any act or omissionomission of any previous landlord, neglect or default on including the part of Landlord under this Lease (nothing in this clause (i) being deemed to relieve any mortgagee succeeding to the interest of Landlord hereunder of its continuing obligations as landlord under this Lease from and after the date of such succession)Landlord, (ii) responsible for subject to any monies owing by offset, defense or on deposit with Landlord counterclaim which Tenant might be entitled to assert against any previous landlord, including the credit of Tenant (except to the extent any such deposit is actually received by such mortgagee)Landlord, (iii) subject to any counterclaim or setoff which theretofore accrued to Tenant against Landlord, (iv) bound by any amendment payment of rent or modification of this Lease subsequent additional rent made by the Tenant to such mortgage, or by any previous prepayment of Rent landlord (including the Landlord) for more than one (1) monthmonth in advance, which unless the same was not approved in writing paid to and received by Successor Landlord (iv) bound by and amendment or modification of the mortgageeLease hereafter made without the written consent of Lender, or bound by the indemnity set forth in Section 9.04, (v) liable beyond mortgagee’s for any deposit that Tenant may have given to any previous landlord (including the Landlord) which has not been transferred to the Successor Landlord. Further, notwithstanding anything to the contrary set forth herein, the liability of Lender for any obligations under the Lease shall be limited to Lender's interest in the Property, (vi) responsible for the performance of . Lender shall not have any work to be done by the Landlord liability or responsibility under this Lease to render the Premises ready for occupancy by the Tenant or the payment of the Finish Work Allowance, or (vii) required to remove any person occupying the Premises or any part thereof, except if such person claims under the mortgagee. Tenant agrees that any present or future mortgagee may at its option unilaterally elect to subordinate, in whole or in part and by instrument in form and substance satisfactory to such mortgagee alone, the lien of its mortgagee (or the priority of its ground lease) to some or all provisions of this Lease. Nothing in the preceding sentences of this Section 15.02 shall prohibit Tenant from exercising its right to terminate this Lease pursuant to Section 3.01(c) and clause (x) of Section 3.01(e) of this Lease on the conditions set forth therein. Notwithstanding the foregoing, in the event that mortgagee or, other than an entity controlling, controlled by or under common control with Landlord, a purchaser at a foreclosure sale (a “Successor”) succeeds to the interest of Landlord prior to the completion of Building (including Base Building and Finish Work), such Successor shall have thirty (30) days to send written notice to Tenant stating whether or not it intends to be bound to perform work remaining to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant and agrees to advance the Finish Work Allowance. For the purposes of the immediately preceding sentence, control shall have the meaning set forth in Section 13.01(b). In the event in such notice it states that it intends to be so bound, then such provisions of this Lease shall be binding on the Successor. In the event the Successor states that it does not intend to be so bound or fails to timely provide notice to Tenant within such thirty (30) day period, then (A) prior to the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by written notice to the Successor (a “Succession Election Notice”) within sixty (60) days following notice of such acquisition, to either (I) terminate this Lease, or (II) continue this Lease, deposit such Excess Costs in escrow with the Successor to be held and disbursed against the costs to construct the Finish Work as they are incurred on behalf of Tenant in the manner provided under the Work Letter, and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this the Lease and (after it ceases to own an interest in or to the extent the Finish Work Allowance is not disbursed by the Successor) reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; or (B) from and after the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by giving a Succession Election Notice to the Successor within sixty (60) days following notice of such acquisition, to either (X) terminate this Lease, or (Y) continue this Lease and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; provided, however, that the Successor can render any Succession Election Notice pursuant to clause (A) or (B), above, null and void and of no force and effect if, within thirty (30) days after the giving of such notice by Tenant, the Successor agrees to be bound by the applicable provisions of this Lease. Tenant’s failure to give a Succession Election Notice in the time period(s) required above shall be deemed to be an election pursuant to the clause (II) or (Y) of the immediately preceding sentence, as applicableProperty.

Appears in 1 contract

Samples: Lease Agreement (Avanex Corp)

Attornment. If Landlord’s If, at any time GECC (or any person, or such person's successors or assigns, who acquire the interest of the Landlord under the Lease through foreclosure action of the Deed of Trust, or upon a transfer of the Real Property by conveyance in lieu of foreclosure, or otherwise) shall succeed to the Property rights of the Landlord under the Lease as a result of a default or event of default under the Mortgage, and if the Tenant is acquired not then in default under the Lease (beyond the time permitted therein, if any, to cure such default), then (a) the Lease shall not terminate, (b) upon receipt by mortgagee or purchaser at a foreclosure saleTenant of written notice of such succession, Tenant shall, at the election of such mortgagee or purchaser, shall attorn to the transferee of or successor to Landlord’s interest in the Property and recognize it such person as succeeding to the rights of the Landlord under this Lease. Tenant waives the protection of any statute or rule of law which gives Tenant any right to terminate this Lease or surrender possession (herein sometimes called "Successor Landlord"), upon the terms and ------------------ conditions of the Premises upon Lease, and (c) Successor Landlord shall accept such attornment and recognize Tenant as the transfer of Successor Landlord’s interest's tenant under the Lease. Upon such attornmentattornment and recognition, this the Lease shall continue in full force and effect as, or as if it were, a direct lease between the mortgagee Successor Landlord and Tenant upon all of the terms, conditions and covenants (including any right under the Lease on the part of the Tenant to extend the term of the Lease) as are set forth in this Leasethe Lease and which shall be applicable after such attornment and recognition. Notwithstanding anything to the contrary set forth herein, except that the mortgagee GECC or such Successor Landlord shall not be (i) liable in any way to Tenant for any act or omissionomission of any previous landlord, neglect or default on including the part of Landlord, except for any continuing non-monetary defaults (such as, for example, failure to make Landlord required repairs under this Lease (nothing in this clause (i) being deemed to relieve any mortgagee succeeding to the interest of Landlord hereunder of its continuing obligations as landlord under this Lease from and after the date of such successionLease), (ii) responsible subject to any offset, defense or counterclaim which Tenant might be entitled to assert against any previous landlord, including the Landlord, except for any monies owing by or on deposit with Landlord to offset and abatement rights specifically provided in the credit of Tenant (except to the extent any such deposit is actually received by such mortgagee)Lease, (iii) subject bound by any payment of rent or additional rent made by the Tenant to any counterclaim or setoff which theretofore accrued previous landlord (including the Landlord) for more than one (1) month in advance, unless the same was paid to Tenant against and received by the Successor Landlord, (iv) bound by any material amendment or modification of this the Lease subsequent to such mortgagehereafter made without the written consent of GECC, or by any previous prepayment of Rent for more than one (1) month, which was not approved in writing by the mortgagee, or bound by the indemnity set forth in Section 9.04, (v) liable beyond mortgagee’s for any deposit that Tenant may have given to any previous landlord (including the Landlord) which has not been transferred to the Successor Landlord. Further, notwithstanding anything to the contrary set forth herein, the liability of GECC for any obligations under the Lease shall be limited to GECC's interest in the Real Property, (vi) responsible for the performance of . GECC shall not have any work to be done by the Landlord liability or responsibility under this Lease to render the Premises ready for occupancy by the Tenant or the payment of the Finish Work Allowance, or (vii) required to remove any person occupying the Premises or any part thereof, except if such person claims under the mortgagee. Tenant agrees that any present or future mortgagee may at its option unilaterally elect to subordinate, in whole or in part and by instrument in form and substance satisfactory to such mortgagee alone, the lien of its mortgagee (or the priority of its ground lease) to some or all provisions of this Lease. Nothing in the preceding sentences of this Section 15.02 shall prohibit Tenant from exercising its right to terminate this Lease pursuant to Section 3.01(c) and clause (x) of Section 3.01(e) of this Lease on the conditions set forth therein. Notwithstanding the foregoing, in the event that mortgagee or, other than an entity controlling, controlled by or under common control with Landlord, a purchaser at a foreclosure sale (a “Successor”) succeeds to the interest of Landlord prior to the completion of Building (including Base Building and Finish Work), such Successor shall have thirty (30) days to send written notice to Tenant stating whether or not it intends to be bound to perform work remaining to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant and agrees to advance the Finish Work Allowance. For the purposes of the immediately preceding sentence, control shall have the meaning set forth in Section 13.01(b). In the event in such notice it states that it intends to be so bound, then such provisions of this Lease shall be binding on the Successor. In the event the Successor states that it does not intend to be so bound or fails to timely provide notice to Tenant within such thirty (30) day period, then (A) prior to the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by written notice to the Successor (a “Succession Election Notice”) within sixty (60) days following notice of such acquisition, to either (I) terminate this Lease, or (II) continue this Lease, deposit such Excess Costs in escrow with the Successor to be held and disbursed against the costs to construct the Finish Work as they are incurred on behalf of Tenant in the manner provided under the Work Letter, and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this the Lease and (after it ceases to own an interest in or to the extent the Finish Work Allowance is not disbursed by the Successor) reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; or (B) from and after the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by giving a Succession Election Notice to the Successor within sixty (60) days following notice of such acquisition, to either (X) terminate this Lease, or (Y) continue this Lease and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; provided, however, that the Successor can render any Succession Election Notice pursuant to clause (A) or (B), above, null and void and of no force and effect if, within thirty (30) days after the giving of such notice by Tenant, the Successor agrees to be bound by the applicable provisions of this Lease. Tenant’s failure to give a Succession Election Notice in the time period(s) required above shall be deemed to be an election pursuant to the clause (II) or (Y) of the immediately preceding sentence, as applicableReal Property.

Appears in 1 contract

Samples: Office Lease (Homestore Com Inc)

Attornment. If Landlord’s Tenant covenants and agrees that, in the event of any foreclosure under any mortgage or deed of trust, or any renewal, modification, consolidation, replacement or extension thereof, or in the event of any acceptance of any deed in lieu of foreclosure, which may now or hereafter affect the real property of which the Leased Premises are a part, Tenant shall attorn to the party secured by such mortgage or deed of trust, or any renewal, modification, consolidation, replacement or extension thereof, and to any purchaser at any foreclosure sale or party taking a deed in lieu of foreclosure. Tenant covenants and agrees to attorn to any successor to Xxxxxxxx's interest in the Property is acquired by mortgagee any ground or underlying lease. In any case, such landlord or successor under such ground or underlying lease or such secured party or purchaser at foreclosure sale or party taking a deed in lieu of foreclosure sale, Tenant shall, at the election of such mortgagee or purchaser, attorn to the transferee of or successor to Landlord’s interest in the Property and recognize it as Landlord under this Lease. Tenant waives the protection of any statute or rule of law which gives Tenant any right to terminate this Lease or surrender possession of the Premises upon the transfer of Landlord’s interest. Upon such attornment, this Lease shall continue in full force and effect as a direct lease between the mortgagee and Tenant upon all of the terms, conditions and covenants as are set forth in this Lease, except that the mortgagee shall not be (i) bound by any prepayment on the part of Tenant of any rent for more than one month in advance, so that rent shall be payable under this Lease in accordance with its terms, from the date of the termination or transfer of the ground or underlying lease or the foreclosure under such mortgage or deed of trust, or the date of foreclosure sale or transfer by deed in lieu of foreclosure, as if such prepayment had not been made. Further, such landlord or successor in interest shall not be liable in any way to Tenant for damages for any act or omission, neglect or default on the part omission of Landlord under this Lease (nothing in this clause (i) being deemed or any prior landlord or be subject to relieve any mortgagee succeeding to the interest offsets or defenses which Tenant may have against Landlord or any prior landlord, so long as such act or omission is not continuing as of Landlord hereunder of its continuing obligations as landlord under this Lease from and after the date of such succession), (ii) responsible for any monies owing by or on deposit with Landlord to the credit of Tenant (except to the extent any such deposit is actually received by such mortgagee), (iii) subject to any counterclaim sale or setoff which theretofore accrued to Tenant against Landlord, (iv) bound by any amendment or modification of this Lease subsequent to such mortgage, or by any previous prepayment of Rent for more than one (1) month, which was not approved in writing by the mortgagee, or bound by the indemnity set forth in Section 9.04, (v) liable beyond mortgagee’s interest in the Property, (vi) responsible for the performance of any work to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant or the payment of the Finish Work Allowance, or (vii) required to remove any person occupying the Premises or any part thereof, except if such person claims under the mortgageetransfer. Tenant agrees that any present or future mortgagee may at its option unilaterally elect to subordinateshall, in whole or in part and by instrument in form and substance satisfactory to such mortgagee alone, the lien of its mortgagee (or the priority of its ground lease) to some or all provisions of this Lease. Nothing in the preceding sentences of this Section 15.02 shall prohibit Tenant from exercising its right to terminate this Lease pursuant to Section 3.01(c) and clause (x) of Section 3.01(e) of this Lease on the conditions set forth therein. Notwithstanding the foregoing, in the event that mortgagee or, other than an entity controlling, controlled by or under common control with Landlord, a purchaser at a foreclosure sale (a “Successor”) succeeds to the interest of Landlord prior to the completion of Building (including Base Building and Finish Work), such Successor shall have thirty (30) days to send written notice to Tenant stating whether or not it intends to be bound to perform work remaining to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant and agrees to advance the Finish Work Allowance. For the purposes of the immediately preceding sentence, control shall have the meaning set forth in Section 13.01(b). In the event in such notice it states that it intends to be so bound, then such provisions of this Lease shall be binding on the Successor. In the event the Successor states that it does not intend to be so bound or fails to timely provide notice to Tenant within such thirty (30) day period, then (A) prior to the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by written notice to the Successor (a “Succession Election Notice”) within sixty (60) days following notice upon request of such acquisitionlandlord or successor landlord, to either (I) terminate this Lease, execute and deliver an instrument or (II) continue this Lease, deposit such Excess Costs in escrow with the Successor to be held and disbursed against the costs to construct the Finish Work as they are incurred on behalf of Tenant in the manner provided under the Work Letter, and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor) reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; or (B) from and after the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by giving a Succession Election Notice to the Successor within sixty (60) days following notice of such acquisition, to either (X) terminate this Lease, or (Y) continue this Lease and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; provided, however, that the Successor can render any Succession Election Notice pursuant to clause (A) or (B), above, null and void and of no force and effect if, within thirty (30) days after the giving of such notice by Tenant, the Successor agrees to be bound by the applicable provisions of this Lease. Tenant’s failure to give a Succession Election Notice in the time period(s) required above shall be deemed to be an election pursuant to the clause (II) or (Y) of the immediately preceding sentence, as applicableinstruments confirming Xxxxxx's attornment.

Appears in 1 contract

Samples: Lease

Attornment. If Landlord’s interest in Tenant agrees to attorn to and recognize as its landlord under the Lease each party acquiring legal title to the Property is acquired by mortgagee foreclosure (whether judicial or purchaser at a foreclosure sale, Tenant shall, at the election of such mortgagee or purchaser, attorn to the transferee of or successor to Landlord’s interest in the Property and recognize it as Landlord under this Lease. Tenant waives the protection of any statute or rule of law which gives Tenant any right to terminate this Lease or surrender possession nonjudicial) of the Premises upon the transfer Security Instrument, deed-in-lieu of Landlord’s interest. Upon such attornmentforeclosure, this Lease shall continue or other sale in full force and effect as a direct lease between the mortgagee and Tenant upon all connection with enforcement of the terms, Security Instrument or otherwise in satisfaction of the underlying loan ("Successor Owner"). Provided that the conditions and covenants as are set forth in this LeaseSection 2 above are met at the time Successor Owner becomes owner of the Property, except that Successor Owner shall perform all obligations of the mortgagee shall not be (i) liable in any way to Tenant for any act or omission, neglect or default on the part of Landlord under this Lease (nothing in this clause (i) being deemed to relieve any mortgagee succeeding to the interest of Landlord hereunder of its continuing obligations as landlord under this the Lease arising from and after the date of such succession)title to the Property was transferred to Successor Owner. In no event, however, will any Successor Owner be: (iia) responsible liable for any monies owing default, act or omission of any prior landlord under the Lease (except that Successor Owner shall not be relieved from the obligation to cure any defaults which are non-monetary and continuing in nature, and such that Successor Owner’s failure to cure would constitute a continuing default under the Lease; for the avoidance of doubt, defaults which are non-monetary include repair and maintenance defaults even though curing such defaults may require the expenditure of money); (b) subject to any offset or defense which Tenant may have against any prior landlord under the Lease; (c) bound by any payment of rent or on deposit with additional rent made by Tenant to Landlord more than 30 days in advance; (d) bound by any modification or supplement to the credit Lease, or waiver of Lease terms, which revise Tenant’s or Landlord’s monetary obligations under the Lease, modifies the term of the Lease, the parties’ termination rights or the description of the Leased Space, made without Lender’s written consent thereto; (e) liable for the return of any security deposit or other prepaid charge paid by Tenant (under the Lease, except to the extent any such deposit is amounts were actually received by such mortgagee), Lender; (iiif) subject to any counterclaim liable or setoff which theretofore accrued to Tenant against Landlord, (iv) bound by any amendment right of first refusal or modification option to purchase all or any portion of this Lease subsequent to such mortgage, or by any previous prepayment of Rent for more than one (1) month, which was not approved in writing by the mortgagee, or bound by the indemnity set forth in Section 9.04, (v) liable beyond mortgagee’s interest in the Property, (vi) responsible for the performance of any work to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant or the payment of the Finish Work Allowance, or (vii) required to remove any person occupying the Premises or any part thereof, except if such person claims under the mortgagee. Tenant agrees that any present or future mortgagee may at its option unilaterally elect to subordinate, in whole or in part and by instrument in form and substance satisfactory to such mortgagee alone, the lien of its mortgagee (or the priority of its ground lease) to some or all provisions of this Lease. Nothing in the preceding sentences of this Section 15.02 shall prohibit Tenant from exercising its right to terminate this Lease pursuant to Section 3.01(c) and clause (x) of Section 3.01(e) of this Lease on the conditions set forth therein. Notwithstanding the foregoing, in the event that mortgagee or, other than an entity controlling, controlled by or under common control with Landlord, a purchaser at a foreclosure sale (a “Successor”) succeeds to the interest of Landlord prior to the completion of Building (including Base Building and Finish Work), such Successor shall have thirty (30) days to send written notice to Tenant stating whether or not it intends to be bound to perform work remaining to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant and agrees to advance the Finish Work Allowance. For the purposes of the immediately preceding sentence, control shall have the meaning set forth in Section 13.01(b). In the event in such notice it states that it intends to be so bound, then such provisions of this Lease shall be binding on the Successor. In the event the Successor states that it does not intend to be so bound or fails to timely provide notice to Tenant within such thirty (30) day period, then (A) prior to the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by written notice to the Successor (a “Succession Election Notice”) within sixty (60) days following notice of such acquisition, to either (I) terminate this Lease, or (II) continue this Lease, deposit such Excess Costs in escrow with the Successor to be held and disbursed against the costs to construct the Finish Work as they are incurred on behalf of Tenant in the manner provided under the Work Letter, and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor) reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; or (Bg) from and after liable for construction, completion or payment to Tenant for any improvements to the date that Tenant has made Tenant’s first payment towards the Excess Costs Property or as required under the FW Contract under the Work Letter, Tenant shall have the right, by giving a Succession Election Notice to the Successor within sixty Lease for Tenant's use and occupancy (60) days following notice of such acquisition, to either (X) terminate this Lease, or (Y) continue this Lease and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annumwhenever arising); provided, however, that the Successor can render any Succession Election Notice pursuant to this clause (Ag) shall in no way modify, limit or (B)impair any obligation of Successor Owner to perform maintenance and repair obligations to existing improvements and provided further, abovethat if Successor Owner fails to perform any such maintenance and repair obligations, null then Tenant shall have all rights and void remedies available to it in the Lease, at law, and of no force and effect if, within thirty (30) days after in equity. Although the giving of such notice by Tenant, the Successor agrees to be bound by the applicable foregoing provisions of this LeaseAgreement are self-operative, Tenant agrees to execute and deliver to Lender or any Successor Owner such further instruments as Lender or a Successor Owner may from time to time request in order to confirm this Agreement. Tenant’s failure If any liability of Successor Owner does arise pursuant to give a Succession Election Notice this Agreement, such liability shall be limited to Successor Owner's interest in the time period(s) required above shall be deemed to be an election pursuant to the clause (II) or (Y) of the immediately preceding sentence, as applicableProperty.

Appears in 1 contract

Samples: Office Lease Agreement (CrowdStrike Holdings, Inc.)

Attornment. If Landlord’s interest In the event of foreclosure of or other execution on the Security Instrument or conveyance in lieu of foreclosure, which foreclosure, execution or conveyance occurs prior to the Property expiration date of the Lease, including any extensions and renewals of the Lease now provided thereunder, it is acquired by mortgagee or purchaser at a foreclosure saleagreed that notwithstanding the subordination of the Lease provided for herein, Tenant shall, at the election of such mortgagee or purchaser, shall attorn to the transferee of Lender or successor to Landlord’s interest in the Property Purchaser and recognize it Lender or Purchaser as Landlord Tenant’s landlord under this the Lease. , and so long as Tenant waives the protection of any statute or rule of law which gives Tenant any right to terminate this Lease or surrender is in possession of the Premises upon premises demised under the transfer Lease and is not in default under any of Landlord’s interest. Upon such attornmentthe terms, this covenants and conditions of the Lease beyond any applicable grace or cure period, Lender or Purchaser shall recognize and accept Tenant as its tenant thereunder, whereupon the Lease shall continue continue, without further agreement, in full force and effect as a direct lease between the mortgagee Lender or Purchaser and Tenant for the remaining term thereof, together with all extensions and renewals now provided thereunder, upon all of the same terms, covenants and conditions as therein provided, subject to the provisions contained in Section 4 and covenants Section 8 below, and Tenant shall thereafter make all rent payments directly to either Lender or Purchaser, as are set forth the case may be, subject to the limitations and other provisions contained in this Lease, except that the mortgagee shall not be (i) liable in any way Section 4 and Section 8 below. Landlord hereby authorizes Tenant to make such rent payments directly to Lender or Purchaser and waives all claims against Tenant for any act sums so paid at Lender’s or omissionPurchaser’s request and direction. Such attornment as provided herein shall be self-operative without further aid or execution of further instruments by parties to this Agreement, neglect immediately upon Lender or default on the part of Landlord under this Lease (nothing in this clause (i) being deemed to relieve any mortgagee Purchaser succeeding to the interest of Landlord hereunder of its continuing obligations as landlord under this Lease from and after the date of such succession), (ii) responsible for any monies owing by or on deposit with Landlord to the credit of Tenant (except to the extent any such deposit is actually received by such mortgagee), (iii) subject to any counterclaim or setoff which theretofore accrued to Tenant against Landlord, (iv) bound by any amendment or modification of this Lease subsequent to such mortgage, or by any previous prepayment of Rent for more than one (1) month, which was not approved in writing by the mortgagee, or bound by the indemnity set forth in Section 9.04, (v) liable beyond mortgagee’s interest in the Property, (vi) responsible for the performance of any work to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant or the payment of the Finish Work Allowance, or (vii) required to remove any person occupying the Premises or any part thereof, except if such person claims under the mortgagee. Tenant agrees that any present or future mortgagee may at its option unilaterally elect to subordinate, in whole or in part and by instrument in form and substance satisfactory to such mortgagee alone, the lien of its mortgagee (or the priority of its ground lease) to some or all provisions of this Lease. Nothing in the preceding sentences of this Section 15.02 shall prohibit Tenant from exercising its right to terminate this Lease pursuant to Section 3.01(c) and clause (x) of Section 3.01(e) of this Lease on the conditions set forth therein. Notwithstanding the foregoing, in the event that mortgagee or, other than an entity controlling, controlled by or under common control with Landlord, a purchaser at a foreclosure sale (a “Successor”) succeeds to the interest of Landlord prior to the completion of Building (including Base Building and Finish Work), such Successor shall have thirty (30) days to send written notice to Tenant stating whether or not it intends to be bound to perform work remaining to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant and agrees to advance the Finish Work Allowance. For the purposes of the immediately preceding sentence, control shall have the meaning set forth in Section 13.01(b). In the event in such notice it states that it intends to be so bound, then such provisions of this Lease shall be binding on the Successor. In the event the Successor states that it does not intend to be so bound or fails to timely provide notice to Tenant within such thirty (30) day period, then (A) prior to the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by written notice to the Successor (a “Succession Election Notice”) within sixty (60) days following notice of such acquisition, to either (I) terminate this Lease, or (II) continue this Lease, deposit such Excess Costs in escrow with the Successor to be held and disbursed against the costs to construct the Finish Work as they are incurred on behalf of Tenant in the manner provided under the Work Letter, and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor) reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; or (B) from and after the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by giving a Succession Election Notice to the Successor within sixty (60) days following notice of such acquisition, to either (X) terminate this Lease, or (Y) continue this Lease and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; provided, however, that the Successor can render any Succession Election Notice pursuant to clause (A) or (B), above, null and void and of no force and effect if, within thirty (30) days after the giving of such notice by Tenant, the Successor agrees to be bound by the applicable provisions of this Lease. Tenant’s failure to give a Succession Election Notice in the time period(s) required above shall be deemed to be an election pursuant to the clause (II) or (Y) of the immediately preceding sentence, as applicable.

Appears in 1 contract

Samples: Lease (Kura Oncology, Inc.)

Attornment. If Landlord’s In the event any proceedings are brought for the foreclosure of, or in the event of the conveyance by deed in lieu of foreclosure of, or in the event of exercise of the power of sale under, any mortgage and/or deed of trust made by Landlord covering the Leased Premises, or in the event Landlord sells, conveys or otherwise transfers its interest in the Property is acquired by mortgagee Shopping Center or purchaser at a foreclosure saleany portion thereof containing the Leased Premises, Tenant shallhereby attorns to, at the election of and covenants and agrees to execute and deliver an instrument or instruments in writing whereby Tenant attorns to such mortgagee or purchaser, attorn to the transferee of or successor-in-interest and recognizes such successor to Landlord’s interest in the Property and recognize it as Landlord under this Lease. Tenant waives In such case, the protection successor to Landlord's interest under such mortgage or deed of any statute or rule of law which gives Tenant any right to terminate this Lease or surrender possession of the Premises upon the transfer of Landlord’s interest. Upon such attornment, this Lease shall continue in full force and effect as a direct lease between the mortgagee and Tenant upon all of the terms, conditions and covenants as are set forth in this Lease, except that the mortgagee trust shall not be (i) liable in bound by any way to Tenant for any act or omission, neglect or default prepayment on the part of Landlord Tenant of any rent for more than one month in advance (except prepayments in the nature of a security deposit), so that rent shall be payable under this Lease (nothing in this clause (i) being deemed to relieve any mortgagee succeeding to the interest of Landlord hereunder of accordance with its continuing obligations as landlord under this Lease terms, from and after the date of the foreclosure of such succession)mortgage or deed of trust, (ii) responsible for any monies owing by as if such prepayment had not been made. Such successor to Landlord's interest under such mortgage or on deposit with Landlord to the credit deed of Tenant (except to the extent any such deposit is actually received by such mortgagee), (iii) subject to any counterclaim or setoff which theretofore accrued to Tenant against Landlord, (iv) trust shall not be bound by any amendment or modification of this Lease subsequent unless, prior to the foreclosure of such mortgagemortgage or deed of trust, or by any previous prepayment of Rent for more than one (1) month, which was not approved such successor to Landlord's interest shall have first consented in writing to any such amendment or modification. Payment by the mortgagee, or bound by the indemnity set forth in Section 9.04, (v) liable beyond mortgagee’s interest in the Property, (vi) responsible for the performance of any work to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant or the payment of the Finish Work Allowance, or (vii) required to remove any person occupying the Premises or any part thereof, except if such person claims under the mortgagee. Tenant agrees that any present or future mortgagee may at its option unilaterally elect to subordinate, in whole or in part and by instrument in form and substance satisfactory to such mortgagee alone, the lien of its mortgagee (or the priority of its ground lease) to some or all provisions of this Lease. Nothing , by any person, firm or corporation claiming an interest in the preceding sentences of this Section 15.02 shall prohibit Tenant from exercising its right to terminate this Lease pursuant to Section 3.01(c) and clause (x) of Section 3.01(e) of or the Leased Premises by, through or under Tenant without Landlord's consent in writing shall not constitute an attornment or create any interest in this Lease on or the conditions set forth therein. Notwithstanding the foregoing, in the event that mortgagee or, other than an entity controlling, controlled by or under common control with Landlord, a purchaser at a foreclosure sale (a “Successor”) succeeds to the interest of Landlord prior to the completion of Building (including Base Building and Finish Work), such Successor shall have thirty (30) days to send written notice to Tenant stating whether or not it intends to be bound to perform work remaining to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant and agrees to advance the Finish Work Allowance. For the purposes of the immediately preceding sentence, control shall have the meaning set forth in Section 13.01(b). In the event in such notice it states that it intends to be so bound, then such provisions of this Lease shall be binding on the Successor. In the event the Successor states that it does not intend to be so bound or fails to timely provide notice to Tenant within such thirty (30) day period, then (A) prior to the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by written notice to the Successor (a “Succession Election Notice”) within sixty (60) days following notice of such acquisition, to either (I) terminate this Lease, or (II) continue this Lease, deposit such Excess Costs in escrow with the Successor to be held and disbursed against the costs to construct the Finish Work as they are incurred on behalf of Tenant in the manner provided under the Work Letter, and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor) reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; or (B) from and after the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by giving a Succession Election Notice to the Successor within sixty (60) days following notice of such acquisition, to either (X) terminate this Lease, or (Y) continue this Lease and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; provided, however, that the Successor can render any Succession Election Notice pursuant to clause (A) or (B), above, null and void and of no force and effect if, within thirty (30) days after the giving of such notice by Tenant, the Successor agrees to be bound by the applicable provisions of this Lease. Tenant’s failure to give a Succession Election Notice in the time period(s) required above shall be deemed to be an election pursuant to the clause (II) or (Y) of the immediately preceding sentence, as applicableLeased Premises.

Appears in 1 contract

Samples: Lease Agreement (Play Co Toys & Entertainment Corp)

Attornment. If In the event the holder of any Security Document (or any other person or entity) shall come into possession of or acquire title to the Project as a result of the enforcement or foreclosure (judicial or nonjudicial) of such Security Document, or by means of the delivery to such holder (or to such other person or entity) of a deed-in-lieu of foreclosure or as a result of any other means, or in the event that Landlord’s interest estate in the Property such real property is acquired conveyed or passes to a person or entity by mortgagee operation of law or purchaser at any other means (such holder, and any other such person or entity, so coming into possession of or acquiring title to such real property being sometimes collectively referred to herein in such capacity as a foreclosure sale“Successor Owner”), then in any of said events Tenant shall, at the election and upon the request of such mortgagee or purchaserSuccessor Owner, attorn to the transferee of or successor to Landlord’s interest in the Property and recognize it such Successor Owner as Landlord its landlord under this Lease. Tenant waives The foregoing attornment requirement shall be self-operative upon any such request of a Successor Owner without the protection execution of any statute or rule further instruments on the part of law which gives Tenant any right to terminate this Lease or surrender possession of the Premises parties hereto immediately upon the transfer Successor Owner coming into possession of, or acquiring title to, the Project. Tenant agrees, however, upon demand of Landlord’s interestsuch Successor Owner, to execute an instrument reasonably acceptable to Tenant in confirmation of the foregoing provisions prepared by such Successor Owner. Upon such attornment, this Lease Tenant shall continue in full force and effect as a direct lease between be bound to the mortgagee and Tenant upon Successor Owner under all of the terms, covenants and conditions of the Lease for the balance of the Term and covenants as are any extensions or renewals thereof (if any) which may be effected in accordance with any option set forth in this Lease, with the same force and effect as if the Successor Owner were the Landlord under this Lease, except that in such case neither the mortgagee shall not be holder of the related Security Document nor the Successor Owner shall: (i) be liable in any way to Tenant for any act or omissionact, neglect omission or default on the part of Landlord any prior landlord under this Lease (nothing in including, without limitation, Landlord); or (ii) be subject to any offsets or defenses which Tenant might have against any prior landlord under this clause Lease (iincluding, without limitation, Landlord) being deemed except to relieve any mortgagee succeeding the extent such act, omission or default is of a continuing nature and continues after the period the Successor Owner has succeeded to the interest of the Landlord hereunder under this Lease, and is capable of its continuing obligations as being cured, and such Successor Owner has been provided with written notice of the same; or (iii) be bound by any rent or additional rent which Tenant might have paid for more than the then current month to any prior landlord under this Lease from and after the date of such succession)(including, without limitation, Landlord) or by any security deposit, cleaning deposit or other prepaid charge which Tenant might have paid in advance to any prior landlord under this Lease (iiincluding, without limitation, Landlord) responsible for any monies owing by or on deposit with Landlord to the credit of Tenant (except to the extent the holder of such Security Document or other Successor Owner shall have actually received any such deposit is actually received by such mortgageeamounts), (iii) subject to any counterclaim ; or setoff which theretofore accrued to Tenant against Landlord, (iv) be bound by any amendment or modification of this Lease subsequent to made without the consent of the holder of such mortgage, Security Document or by any previous prepayment of Rent for more than one other such Successor Owner (1) month, which unless such consent was not approved in writing by the mortgagee, required under such Security Document); or bound by the indemnity set forth in Section 9.04, (v) liable beyond mortgagee’s interest in the Property, (vi) responsible for the performance be bound by any agreement of any work to be done by the Landlord landlord under this Lease to render the Premises ready for occupancy by the Tenant or the payment of the Finish Work Allowance(including, or (viiwithout limitation, Landlord) required to remove any person occupying the Premises or any part thereof, except if such person claims under the mortgagee. Tenant agrees that any present or future mortgagee may at its option unilaterally elect to subordinate, in whole or in part and by instrument in form and substance satisfactory to such mortgagee alone, the lien of its mortgagee (or the priority of its ground lease) to some or all provisions of this Lease. Nothing in the preceding sentences of this Section 15.02 shall prohibit Tenant from exercising its right to terminate this Lease pursuant to Section 3.01(c) and clause (x) of Section 3.01(e) of this Lease on the conditions set forth therein. Notwithstanding the foregoing, in the event that mortgagee or, other than an entity controlling, controlled by or under common control with Landlord, a purchaser at a foreclosure sale (a “Successor”) succeeds to the interest of Landlord prior respect to the completion of Building (including Base Building and Finish Work), such Successor shall have thirty (30) days to send written notice any improvements in the Premises or the real property encumbered by the Security Document or for the payment or reimbursement to Tenant stating whether or not it intends of any contribution to be bound to perform work remaining to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant and agrees to advance the Finish Work Allowance. For the purposes cost of the immediately preceding sentence, control shall have the meaning set forth in Section 13.01(b). In the event in completion of any such notice it states that it intends to be so bound, then such provisions of this Lease shall be binding on the Successor. In the event the Successor states that it does not intend to be so bound or fails to timely provide notice to Tenant within such thirty (30) day period, then (A) prior to the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by written notice to the Successor (a “Succession Election Notice”) within sixty (60) days following notice of such acquisition, to either (I) terminate this Lease, or (II) continue this Lease, deposit such Excess Costs in escrow with the Successor to be held and disbursed against the costs to construct the Finish Work as they are incurred on behalf of Tenant in the manner provided under the Work Letter, and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor) reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; or (B) from and after the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by giving a Succession Election Notice to the Successor within sixty (60) days following notice of such acquisition, to either (X) terminate this Lease, or (Y) continue this Lease and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; provided, however, that the Successor can render any Succession Election Notice pursuant to clause (A) or (B), above, null and void and of no force and effect if, within thirty (30) days after the giving of such notice by Tenant, the Successor agrees to be bound by the applicable provisions of this Lease. Tenant’s failure to give a Succession Election Notice in the time period(s) required above shall be deemed to be an election pursuant to the clause (II) or (Y) of the immediately preceding sentence, as applicableimprovements.

Appears in 1 contract

Samples: Office Lease (Fitbit Inc)

Attornment. If Landlord’s interest (a) Lessee covenants and agrees that in the event of foreclosure of the Mortgage, whether by power of sale or by court action, or upon a transfer of the Property is acquired by mortgagee or conveyance in lieu of foreclosure (the purchaser at a foreclosure saleor the transferee in lieu of foreclosure, Tenant shallincluding Mortgagee, at the election of if it is such mortgagee purchaser or purchasertransferee, and their successors and assigns, being herein called “Purchaser”), Lessee shall attorn to Purchaser as Lessee’s new Lessor, and agrees that the transferee of or successor to Landlord’s interest in the Property and recognize it as Landlord under this Lease. Tenant waives the protection of any statute or rule of law which gives Tenant any right to terminate this Lease or surrender possession of the Premises upon the transfer of Landlord’s interest. Upon such attornment, this Lease shall continue in full force and effect as a direct lease between the mortgagee Lessee and Tenant Purchaser upon all of the terms, covenants, conditions and covenants as are agreements set forth in this the Lease, except and Purchaser shall be bound to Lessee under all the terms, covenants and conditions of the Lease, and Lessee shall have the same remedies against Purchaser for the breach of an agreement contained in the Lease that Lessee might have had under the mortgagee Lease against Lessor if Purchaser had not succeeded to the interest of Lessor; provided, however, that in no event shall not be the Purchaser be: (ia) liable in any way to Tenant for any act or omission, neglect or default on the part omission of Landlord under this Lease any previous Lessor (nothing in this clause (i) being deemed to relieve any mortgagee succeeding to the interest of Landlord hereunder of its continuing obligations as landlord under this Lease from and after the date of such successionincluding Lessor), except for Lessor’s obligation to fund the Allowance in accordance with Paragraph 2.6 of Exhibit “C” of the Lease; (ii) responsible for any monies owing by or on deposit with Landlord to the credit of Tenant (except to the extent any such deposit is actually received by such mortgagee), (iiib) subject to any offset, defense or counterclaim or setoff which theretofore accrued Lessee might be entitled to Tenant assert against Landlordany previous Lessor (including Lessor), except as provided for in the Lease; (ivc) bound by any payment of more than one (1) month in advance; (d) bound by any amendment or modification of this the Lease subsequent hereafter made without the written consent of Mortgagee; or (e) liable for any deposit that Lessee may have given to such mortgage, or by any previous prepayment of Rent for more than one Lessor (1including Lessor) monthwhich has not, which was not approved in writing by the mortgageeas such, or bound by the indemnity set forth in Section 9.04, been transferred to Purchaser. (vb) liable beyond mortgagee’s interest in the Property, (vi) responsible for the performance of any work to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant or the payment of the Finish Work Allowance, or (vii) required to remove any person occupying the Premises or any part thereof, except if such person claims under the mortgagee. Tenant agrees that any present or future mortgagee may at its option unilaterally elect to subordinate, in whole or in part and by instrument in form and substance satisfactory to such mortgagee alone, the lien of its mortgagee (or the priority of its ground lease) to some or all The provisions of this Lease. Nothing in Agreement regarding attornment by Lessee shall be self-operative and effective without the preceding sentences necessity of this Section 15.02 shall prohibit Tenant from exercising its right to terminate this Lease pursuant to Section 3.01(c) and clause (x) execution of Section 3.01(e) of this Lease any new lease or other document on the conditions set forth thereinpart of any party hereto or the respective heirs, legal representatives, successors or assigns of any such party. Notwithstanding the foregoing, in the event that mortgagee or, other than an entity controlling, controlled by or under common control with Landlord, a purchaser at a foreclosure sale (a “Successor”) succeeds to the interest of Landlord prior to the completion of Building (including Base Building and Finish Work), such Successor shall have thirty (30) days to send written notice to Tenant stating whether or not it intends to be bound to perform work remaining to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant and agrees to advance the Finish Work Allowance. For the purposes of the immediately preceding sentence, control shall have the meaning set forth in Section 13.01(b). In the event in such notice it states that it intends to be so bound, then such provisions of this Lease shall be binding on the Successor. In the event the Successor states that it does not intend to be so bound or fails to timely provide notice to Tenant within such thirty (30) day period, then (A) prior to the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by written notice to the Successor (a “Succession Election Notice”) within sixty (60) days following notice of such acquisition, to either (I) terminate this Lease, or (II) continue this Lease, deposit such Excess Costs in escrow with the Successor to be held and disbursed against the costs to construct the Finish Work as they are incurred on behalf of Tenant in the manner provided under the Work Letter, and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor) reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; or (B) from and after the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by giving a Succession Election Notice to the Successor within sixty (60) days following notice of such acquisition, to either (X) terminate this Lease, or (Y) continue this Lease and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; providedLessee agrees, however, that to execute and deliver at any time and from time to time, upon the Successor can render request of Lessor or of any Succession Election Notice pursuant to clause (Aholder(s) of any of the indebtedness or (B), above, null and void and of no force and effect if, within thirty (30) days after the giving of such notice by Tenant, the Successor agrees to be bound other obligations secured by the applicable provisions of this Lease. Tenant’s failure Mortgage, any instrument necessary or appropriate in any such foreclosure proceeding or otherwise to give evidence such attornment, including, if requested, a Succession Election Notice in the time period(s) required above shall be deemed to be an election pursuant to the clause (II) or (Y) new lease of the immediately preceding sentence, Premises on the same terms and conditions as applicablethe lease for the then unexpired term of the Lease.

Appears in 1 contract

Samples: Lease Agreement (Diamondback Energy, Inc.)

Attornment. If Landlord’s interest To the extent expressly required under the leases in existence on the Issue Date, the Trustee, on behalf of the Holders of the Notes, hereby acknowledges and agrees that the Liens granted pursuant to the Security Documents are subject to the rights of certain lessees under such leases (and expressly required thereunder) and will be subject to the rights of lessees under any leases entered into by the Company or any Subsidiary Guarantor after the date hereof which are permitted pursuant to this Indenture (collectively, the "Leases") subject to the express rights contained in the Property is acquired by mortgagee or purchaser at a foreclosure sale, Tenant shall, at applicable lease. The rights of the election of such mortgagee or purchaser, attorn tenants under the leases to the transferee of or successor to Landlord’s interest in the Property and recognize it as Landlord under this Lease. Tenant waives the protection of any statute or rule of law which gives Tenant any right to terminate this Lease or surrender possession of the Premises upon the transfer of Landlord’s interest. Upon such attornment, this Lease shall continue in full force and effect as a direct lease between the mortgagee and Tenant upon all of the terms, conditions and covenants as are set forth in this Lease, except that the mortgagee leased premises shall not be (i) liable in any way to Tenant for any act or omission, neglect or default on the part of Landlord under this Lease (nothing in this clause (i) being deemed to relieve any mortgagee succeeding to the interest of Landlord hereunder of its continuing obligations as landlord under this Lease from and after the date of such succession), (ii) responsible for any monies owing by or on deposit with Landlord to the credit of Tenant (except to the extent any such deposit is actually received by such mortgagee), (iii) subject to any counterclaim or setoff which theretofore accrued to Tenant against Landlord, (iv) bound by any amendment or modification of this Lease subsequent to such mortgage, or by any previous prepayment of Rent for more than one (1) month, which was not approved in writing unreasonably affected by the mortgagee, or bound exercise by the indemnity set forth in Section 9.04, (v) liable beyond mortgagee’s interest in the Property, (vi) responsible for the performance of any work to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant or the payment of the Finish Work Allowance, or (vii) required to remove any person occupying the Premises or any part thereof, except if such person claims under the mortgagee. Tenant agrees that any present or future mortgagee may at its option unilaterally elect to subordinate, in whole or in part and by instrument in form and substance satisfactory to such mortgagee alone, the lien of its mortgagee Trustee (or the priority Collateral Agent or other representative of the Holders under any Security Document) of any of their rights under this Indenture or any of the Security Documents, nor shall any such tenant be in any other way deprived of its ground rights under the applicable lease except in accordance with the terms of such lease) to some or all provisions of this Lease. Nothing in the preceding sentences of this Section 15.02 shall prohibit Tenant from exercising its right to terminate this Lease pursuant to Section 3.01(c) and clause (x) of Section 3.01(e) of this Lease on the conditions set forth therein. Notwithstanding the foregoing, in In the event that mortgagee or, the Trustee (or any Collateral Agent or other than an entity controlling, controlled by or representative of the Holders under common control with Landlord, a purchaser at a foreclosure sale (a “Successor”any Security Document) succeeds to the interest of Landlord prior the Company or any Subsidiary Guarantor under a Lease, such Lease shall not be terminated or affected thereby except as set forth herein or therein, and any sale of the applicable leased premises by the Trustee (or the Collateral Agent or other representative of the Holders under any Security Document) under or pursuant to the completion judgment of Building any court in an action to enforce the remedies provided for in the Indenture or any of the Security Documents shall be made subject to such Lease and the rights of such tenant expressly set forth thereunder. If the Trustee (including Base Building or the Collateral Agent or other representative of the Holders under any Security Document) succeeds to the interests of the Company or a Subsidiary Guarantor in and Finish Work)to the applicable leased premises or under such lease or enters into possession of such leased premises, the Trustee or such Successor Collateral Agent or other representative and such tenants shall have thirty (30) days to send written notice to Tenant stating whether or not it intends to be bound to perform work remaining to be done by the Landlord each other under this Lease to render the Premises ready for occupancy by the Tenant and agrees to advance the Finish Work Allowance. For the purposes all of the immediately preceding sentenceexpress terms, control shall have the meaning set forth in Section 13.01(b). In the event in such notice it states that it intends to be so bound, then such provisions of this Lease shall be binding on the Successor. In the event the Successor states that it does not intend to be so bound or fails to timely provide notice to Tenant within such thirty (30) day period, then (A) prior to the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by written notice to the Successor (a “Succession Election Notice”) within sixty (60) days following notice covenants and conditions of such acquisition, to either (I) terminate this Lease, or (II) continue this Lease, deposit such Excess Costs in escrow with the Successor to be held and disbursed against the costs to construct the Finish Work as they are incurred on behalf of Tenant in the manner provided under the Work Letter, and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor) reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; or (B) from and after the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by giving a Succession Election Notice to the Successor within sixty (60) days following notice of such acquisition, to either (X) terminate this Lease, or (Y) continue this Lease and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; provided, however, that the Successor can render any Succession Election Notice pursuant to clause (A) or (B), above, null and void and of no force and effect if, within thirty (30) days after the giving of such notice by Tenant, the Successor agrees to be bound by the applicable provisions of this Lease. Tenant’s failure to give a Succession Election Notice in the time period(s) required above shall be deemed to be an election pursuant to the clause (II) or (Y) of the immediately preceding sentencelease, as applicableif the Trustee or such Collateral Agent or other representative was originally the Company or such Subsidiary Guarantor as lessor thereunder.

Appears in 1 contract

Samples: Indenture (Sterling Chemical Inc)

Attornment. If Landlord’s interest in the Property is acquired by mortgagee or purchaser at a foreclosure sale, Tenant shall, at the election of such mortgagee or purchaser, does hereby attorn to Purchaser as its lessor, said attornment to be effective and self-operative without the transferee of or successor to Landlord’s interest in the Property and recognize it as Landlord under this Lease. Tenant waives the protection execution of any statute or rule of law which gives Tenant any right to terminate this Lease or surrender possession of the Premises upon the transfer of Landlord’s interest. Upon such attornment, this Lease shall continue in full force and effect as a direct lease between the mortgagee and Tenant upon all of the terms, conditions and covenants as are set forth in this Lease, except that the mortgagee shall not be (i) liable in any way to Tenant for any act or omission, neglect or default other instruments on the part of Landlord under this Lease (nothing in this clause (i) being deemed to relieve any mortgagee either party hereto immediately upon Purchaser's succeeding to the interest of Landlord hereunder of its continuing obligations as landlord under this Lease from and after the date of such succession), (ii) responsible for any monies owing by or on deposit with Landlord to the credit of Tenant (except to the extent any such deposit is actually received by such mortgagee), (iii) subject to any counterclaim or setoff which theretofore accrued to Tenant against Landlord, (iv) bound by any amendment or modification of this Lease subsequent to such mortgage, or by any previous prepayment of Rent for more than one (1) month, which was not approved in writing by the mortgagee, or bound by the indemnity set forth in Section 9.04, (v) liable beyond mortgagee’s interest in the Property, (vi) responsible for the performance of any work to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant or the payment of the Finish Work Allowance, or (vii) required to remove any person occupying the Premises or any part thereof, except if such person claims Borrower under the mortgagee. Tenant agrees that any present or future mortgagee may at its option unilaterally elect to subordinate, in whole or in part and by instrument in form and substance satisfactory to such mortgagee alone, the lien of its mortgagee (or the priority of its ground lease) to some or all provisions of this Lease. Nothing in the preceding sentences of this Section 15.02 shall prohibit Tenant from exercising its right to terminate this Lease pursuant to Section 3.01(c) and clause (x) of Section 3.01(e) of this Lease on the conditions set forth therein. Notwithstanding the foregoing, in the event that mortgagee orupon written notice to Tenant, other than an entity controlling, controlled Tenant shall execute any instrument required by or under common control with Landlord, a purchaser at a foreclosure sale (a “Successor”) succeeds Purchaser to evidence said attornment. Upon Purchaser's succeeding to the interest of Landlord prior Borrower in the Premises, the respective rights and obligations of Tenant and the Purchaser, to the completion extent of Building the then remaining balance of the term of the Lease and any extensions or renewals, shall be and are the same as now set forth in the Lease, it being the intention of the parties hereto for this purpose to incorporate the Lease into this Agreement by reference with the same force and effect as if set forth at length herein. Any of the foregoing notwithstanding, upon Purchaser's succeeding to the interest of Borrower in the Premises, Purchaser shall not be: (a) Liable for any act or omission of any prior landlord (including Base Building and Finish WorkBorrower); or (b) Subject to any offsets or defenses which Tenant might have against any prior landlord (including Borrower); or (c) Bound by any rent or additional rent which Tenant might have paid for more than the then current month and/or the month immediately following the then current month to any prior Landlord (including Borrower); or (d) Bound by any agreement or modification of the Lease made without Lender's written consent; or (e) Bound by any notice given by Tenant to any prior landlord (including Borrower), such Successor shall have thirty (30) days to send written notice to Tenant stating whether or not it intends to be bound to perform work remaining to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant and agrees to advance the Finish Work Allowance. For the purposes of the immediately preceding sentence, control shall have the meaning set forth in Section 13.01(b). In the event in such notice it states that it intends is given pursuant to be so bound, then such provisions of this Lease shall be binding on the Successor. In the event the Successor states that it does not intend to be so bound or fails to timely provide notice to Tenant within such thirty (30) day period, then (A) prior to the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by written notice to the Successor (a “Succession Election Notice”) within sixty (60) days following notice of such acquisition, to either (I) terminate this Lease, or (II) continue this Lease, deposit such Excess Costs in escrow with the Successor to be held and disbursed against the costs to construct the Finish Work as they are incurred on behalf of Tenant in the manner provided under the Work Letter, and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this the Lease, unless a copy thereof was also given to Lender; or (f) Liable for any security deposit or other sums held by any prior landlord (including Borrower) unless the same was actually received by Lender. The person or entity to whom Tenant attorns shall be liable to Tenant under the Lease only during such person or entity's period of ownership, and such liability shall not continue or survive as to the transferor after a transfer by such person or entity of its interest in the Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor) reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; or (B) from and after the date that Tenant has made Tenant’s first payment towards the Excess Costs under the FW Contract under the Work Letter, Tenant shall have the right, by giving a Succession Election Notice to the Successor within sixty (60) days following notice of such acquisition, to either (X) terminate this Lease, or (Y) continue this Lease and complete the Finish Work itself at its expense and otherwise in accordance with the terms of this Lease and (to the extent the Finish Work Allowance is not disbursed by the Successor reduce the Rent by the amount of the unadvanced Finish Work Allowance amortized over the Term with interest at the rate of 8% per annum; provided, however, that the Successor can render any Succession Election Notice pursuant to clause (A) or (B), above, null and void and of no force and effect if, within thirty (30) days after the giving of such notice by Tenant, the Successor agrees to be bound by the applicable provisions of this Lease. Tenant’s failure to give a Succession Election Notice in the time period(s) required above shall be deemed to be an election pursuant to the clause (II) or (Y) of the immediately preceding sentence, as applicablePremises.

Appears in 1 contract

Samples: Office Lease (Scripps Financial Corp)

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