FACILITY MORTGAGES. 49 Section 19.1 Landlord May Grant Lien..........................................................49
FACILITY MORTGAGES. 55 20.1 Landlord May Grant Liens...........................55 20.2
FACILITY MORTGAGES. (a) Without the consent of Tenant, Landlord may, subject to the terms and conditions set forth below in this Article, from time to time, directly or indirectly, create or otherwise cause to exist any mortgage, deed of trust or lien (“Encumbrance”) upon the Property, or any portion thereof or interest therein, whether to secure any borrowing or other means of financing or refinancing. Except as otherwise expressly stated herein, any such Encumbrance shall provide that it is subject to the rights of Tenant under this Lease; provided, however, that Tenant agrees that its interest under this Lease is subordinate to any mortgage or deed of trust that may hereafter from time to time be recorded on the Property, and to any and all advances made or to be made thereunder, and to renewals, replacements and extensions thereof. Any such subordination, however, shall be subject to the condition precedent that the mortgagee under such mortgage or the beneficiary under such deed of trust enter into a written non-disturbance and attornment agreement with Tenant, in form and content reasonably satisfactory to such lender and Tenant, or in a form customarily used by institutional lenders, whereunder it is agreed that in the event of a sale or foreclosure under such mortgage or deed of trust, the purchaser of the Facilities (including the mortgagee or beneficiary under such mortgage or deed of trust), shall acquire or hold the Facilities subject to this Lease and Tenant’s rights hereunder so long as no Event of Default exists. Tenant hereby agrees to recognize such purchaser as the landlord under this Lease and agrees to attorn to such purchaser and, if instructed to do so by such purchaser, to make rental payments directly to it. Such subordination agreement may also include an acknowledgment by Tenant that any purported cancellation of this Lease, reduction in its effective rate of rent, shortening of its term or extension of its term at a reduced effective rate of rent, shall not be binding upon any encumbrancer or any other person, firm or corporation acquiring the Property at any sale or other proceedings, or pursuant to the exercise of any rights, powers or remedies under any Encumbrance, without such encumbrancer’s prior written consent.
FACILITY MORTGAGES. 54 19.1 Subordination........................................................................................54 19.2 Attornment...........................................................................................55 19.3 Rights of Mortgagees and Assignees...................................................................55
FACILITY MORTGAGES. 55 (a) Cooperation in Obtaining Facility Mortgages ................................................ 55 (b) Compliance With Facility Mortgages ......................................................... 55 (c) Escrow Reserve Accounts Under Facility Mortgages ........................................... 56 55. Escrows Held by Facility Mortgagee ............................................................. 56 56.
FACILITY MORTGAGES. 59 19.1 Subordination...................................................................................................59 19.2 Attornment......................................................................................................60 19.3
FACILITY MORTGAGES. 55 (a) Cooperation in Obtaining Replacement Facility Mortgages.........55 (b)
FACILITY MORTGAGES. (a) Cooperation in Obtaining Replacement Facility Mortgages. Tenant agrees to reasonably cooperate with Landlord to assist Landlord in obtaining a Facility Mortgage with respect to Landlord's fee interest in the Leased Property [leasehold interest: Ponce de Leone]. Subject to the execution of a reasonably satisfactorx xxxxxxxxxxxxity agreement, and provided there is no violation of (i) any security, health, safety, or confidentiality requirements of any Governmental Agency or imposed by applicable law or regulations and/or (ii) Tenant's ordinary business practices and standard resident agreements, if any requiring Tenant to maintain the confidential nature of certain personal information relating to individual residents living in the Facility, Tenant agrees to provide such information as is reasonably requested by Landlord or any proposed Facility Mortgagee with respect to Tenant, Guarantor, the Facility or the operation of the Leased Property to facilitate in obtaining such Facility Mortgage. Tenant agrees to allow prospective Facility Mortgagees and their contractors and agents access to the property in connection with their due diligence and underwriting.
FACILITY MORTGAGES. 55 19.1Subordination.......................................................55 ------------- 19.2Attornment..........................................................56 ---------- 19.3Rights of Mortgagees and Assignees..................................56 ----------------------------------
FACILITY MORTGAGES. 55 (a) Cooperation in Obtaining Replacement Facility Mortgages......................55 (b) Compliance With Facility Mortgages...........................................55 (c) Escrow Reserve Accounts Under Facility Mortgages.............................56 55. Escrows Held by Facility Mortgagee..................................................56 EXHIBITS: --------- Exhibit A Legal Description Exhibit B Memorandum of Lease Exhibit C Subordination Agreement Exhibit D Lease Guaranty PROPERTY LEASE AGREEMENT ------------------------ THIS PROPERTY LEASE AGREEMENT (the "Lease") is made as of this ___ day of _________ 2004, by and between PSLT-BLC ________________________, LLC, a Delaware limited liability company, as landlord ("Landlord") and BLC-_________________, LLC, a Delaware limited liability company, as tenant ("Tenant"), and is joined into for certain limited purposes by BROOKDALE PROVIDENT MANAGEMENT, LLC, a Delaware limited liability company ("Manager"). In consideration of the mutual promises and agreements herein contained, the parties agree as follows:
