Existing Security Instruments Sample Clauses

Existing Security Instruments. The Lease is subject and subordinate to all Security Instruments existing as of the Effective Date. However, if any Lender so requires, this Lease shall become prior and superior to any such Security Instrument. Landlord has informed Tenant that the Building is currently encumbered by a Security Instrument in favor of or being serviced by Solomon Brothers. Landlord shall request the beneficiary (or its servicer) of the existing Security Instrument that encumbers the Building as of the date hereof to issue its standard subordination, non-disturbance and attornment agreement (“SNDA”), pursuant to which such beneficiary agrees to recognize this Lease in the event of default under such Security Instrument or sale under such Security Instrument, so long as Tenant is not in default hereunder. Landlord’s agrees to use its good faith efforts to obtain such SNDA, but Landlord is not obligated to incur any expense or liability in connection therewith. Tenant is responsible for paying all costs and expenses for such SNDA, including, without limitation, the lender attorneys’ fees and disbursements. Obtaining the SNDA is not a condition precedent or subsequent to the Lease, nor a breach of Landlord’s obligation. The failure of such lender to issue its SNDA shall not relieve Tenant of any of its obligations under the Lease.