Common use of Fee Interest Deeds of Trust and Subordination Clause in Contracts

Fee Interest Deeds of Trust and Subordination. (a) Nothing herein contained shall limit the right of Landlord to mortgage, pledge, hypothecate, or otherwise encumber its interest in this Lease, the Land, the Parking Deck or the Premises in accordance with the terms and provisions of this paragraph. Any such deed of trust encumbering Landlord’s interest therein is hereinafter referred to as a “Mortgage” and the holder thereof is hereinafter referred to as a “Mortgagee.” Any future Mortgage shall be expressly subject to this Lease; provided, however, that any such Mortgagee shall have the right to subordinate this Lease to such Mortgage if and only if such Mortgagee enters into a subordination, non-disturbance and attornment agreement with Tenant (the “SNDA”), which SNDA shall be on a form reasonably acceptable to Tenant and its counsel, shall be recorded, and shall contain commercially reasonable provisions recognizing the rights of Tenant under this Lease and any leasehold financing permitted hereunder. If a Mortgagee requires that this Lease have priority over its deed of trust, Tenant shall, upon request of such holder, execute, acknowledge and deliver to such Mortgagee an agreement acknowledging such priority. Provided Tenant is given notice in writing of the names and addresses to which notices should be sent, Tenant shall give prompt written notice of any default by Landlord to all Mortgagees, who shall have the right to cure Landlord’s default within sixty (60) days after receipt of Tenant’s notice; and no such rights or remedies shall be exercised by Tenant until the expiration of said sixty (60) days. (b) Landlord shall obtain and record an SNDA from its current Mortgagee, which SNDA shall be on a form reasonably acceptable to Tenant and shall contain commercially reasonable provisions recognizing the rights of Tenant under this Lease and any leasehold financing permitted hereunder.