Effect of Subordination. This Lease, and any Option granted hereby, upon Landlord’s written election, shall be subject and subordinate to any ground lease, mortgage, deed of trust, or any other hypothecation or security now or hereafter placed upon the Project and to any and all advances made on the security thereof and to all renewals, modifications, consolidations, replacements and extensions thereof. Notwithstanding such subordination, Tenant’s right to quiet possession of the Premises shall not be disturbed if Tenant is not in default and so long as Tenant shall pay the rent and observe and perform all of the provisions of this Lease, unless this Lease is otherwise terminated pursuant to its terms. At the request of any mortgagee, trustee or ground lessor, Tenant shall attorn to such person or entity. If any mortgagee, trustee or ground lessor shall elect to have this Lease and any Options granted hereby prior to the lien of its mortgage, deed of trust or ground lease, and shall give written notice thereof to Tenant, this Lease and such Options shall be deemed prior to such mortgage, deed of trust or ground lease, whether this Lease or such Options are dated prior or subsequent to the date of said mortgage, deed of trust or ground lease or the date of recording thereof. In the event of the foreclosure of a security device, the new owner shall not (a) be liable for any act or omission of any prior landlord or with respect to events occurring prior to its acquisition of title, (b) be liable for the breach of this Lease by any prior landlord, (c) be subject to any offsets or defenses which Tenant may have against the prior landlord or (d) be liable to Tenant for the return of its security deposit.
Effect of Subordination. Subject to the rights, if any, of the holders of Senior Indebtedness under this Section 4 to receive cash, securities or other properties otherwise payable or deliverable to the Holder of this Note, nothing contained in this Section 4 shall impair, as between the Company and the Holder, the obligation of the Company, subject to the terms and conditions hereof, to pay to the Holder the principal hereof and interest hereon as and when the same become due and payable, or shall prevent the Holder of this Note, upon default hereunder, from exercising all rights, powers and remedies otherwise provided herein or by applicable law.
Effect of Subordination. Subject to the rights, if any, of the holders ----------------------- of Senior Indebtedness under this Section 8 to receive cash, securities or other properties otherwise payable or deliverable to the Holder of the Note, nothing contained in this Section 8 shall impair, as between the Company and the Holder, the obligation of the Company, subject to the terms and conditions of this Agreement, to pay to the Holder the principal hereof and interest hereon as and when the same become due and payable, or shall prevent the Holder of the Note, upon default hereunder, from exercising all rights, powers and remedies otherwise provided herein or by applicable law.
Effect of Subordination. This Lease, at Landlord's option, shall be subordinate to any ground lease, mortgage, deed of trust, or any other hypothecation for security now or hereafter placed upon the Premises and to any and all advances made on the security thereof and to all renewals, modifications, consolidations, replacements and extensions thereof. Notwithstanding such subordination, Tenant's right to possession of the Premises shall not be disturbed if Tenant is not in default and so long as Tenant shall pay the rent and observe and perform all of the provisions of this Lease, unless this Lease is otherwise terminated pursuant to its terms. If any mortgagee, trustee or ground lessor shall elect to have this Lease prior to the lien of its mortgage, deed of trust, or ground lease, and shall give written notice thereof to Tenant, this Lease shall be deemed prior to such mortgage, deed of trust or ground lease, whether this Lease is dated prior or subsequent to the date of said mortgage, deed of trust or ground lease or the date or recording thereof.
Effect of Subordination. Subject to the rights, if any, of the holders of Senior Indebtedness under this Section 10 to receive cash, securities or other properties otherwise payable or deliverable to the Holder of the Note, nothing contained in this Section 10 shall impair, as between the Company and the Holder, the obligation of the Company, subject to the terms and conditions hereof, to pay to the Holder the principal hereof and interest hereon as and when the same become due and payable, or shall prevent the Holder of the Note, upon default hereunder, from exercising all rights, powers and remedies otherwise provided herein or by applicable law.
Effect of Subordination. Subject to the rights of holders of Senior Indebtedness, pursuant to this Section E, to receive cash, securities or other properties otherwise payable or deliverable to Holder of this Note, nothing contained in this Section E shall impair, as between the Company and Holder, the obligation of the Company, subject to the terms and conditions hereof, to pay to Holder the outstanding principal balance of this Note and accrued but unpaid interest hereon as and when the same became due and payable, or shall prevent Holder of this Note, upon default hereunder, from exercising all right, powers and remedies otherwise provided herein or by applicable law.
Effect of Subordination. The effect of this Subordination shall be the same as if the Junior Mortgage, together with any and all modifications, amendments, supplements or restatements thereof at any time made or entered into were dated, executed, delivered and recorded after the dating execution, delivery and recording of the Senior Mortgage, together with any and all modifications, amendments, supplements, restatements or assignments thereof at any time made or entered into, including Other Advances thereunder. It is intended by the parties that this Subordination shall serve to subordinate the Junior Mortgage to the Senior Mortgage and any and all modifications, amendments, supplements, restatements or assignments thereof for all purposes; however, the Junior Mortgagee(s) hereby agree to execute any further documents, including, but not limited to, acknowledgments and/or subordinations, as may be requested by Senior Mortgagee, its successors and/or assigns.
Effect of Subordination. Notwithstanding any other provision set forth in this Note, except as provided in Section 3.4 hereof, all Subordinated Debt (including, without limitation, all interest) is and shall be subordinate and junior in right of payment to the prior Payment in Full of the Obligations. Notwithstanding the foregoing, subject to the rights, if any, of the Senior Lenders under this Section 3.2 to receive cash or other property otherwise payable or deliverable to the Noteholder, nothing contained in this Section 3.2 shall impair, as between the Borrower and the Noteholder, the obligation of the Borrower, subject to the terms and conditions hereof, to pay to the Noteholder the principal hereof and interest hereon as and when the same become due and payable.
Effect of Subordination. Pursuant to the applicable subordination agreement (as described in Section 1108 herein), any party and its successors and assigns, receiving title to the Site through a trustee's sale, judicial foreclosure sale, or deed in lieu of foreclosure of such senior deed of trust or mortgage, including a deed of trust or mortgage which is given in connection with such refinancing, and any conveyance or transfer thereafter, shall receive title free and clear of the City Deed of Trust, but subj ect to each of the Regulatory Agreement, and the Entitlements.
Effect of Subordination. Pursuant to the applicable subordination agreement (as described in Section 13.2 and 13.3 herein), any party and its successors and assigns, receiving title to the Site through a trustee's sale, judicial foreclosure sale, or deed in lieu of foreclosure of such senior deed of trust or mortgage, including a deed of trust or mortgage which is given in connection with such refinancing, and any conveyance or transfer thereafter, shall receive title free and clear of the affordable housing covenants (but not this Regulatory Agreement) as may be set forth in this Agreement, the City Deed of Trust, and the provisions of the Affordable Housing Agreement.
