Financing Subordination. This Lease and the rights of Tenant hereunder are subject and subordinate to any first lien mortgage or deed of trust, together with all renewals, modifications, consolidations, replacements, and extensions thereof, which may now or hereafter encumber the Premises on which it is located, provided the holder of any such mortgage or deed of trust executes and delivers to tenant an agreement in a form suitable for recording pursuant to which the holder agrees that it will recognize this Lease and will not disturb Tenant's possession of the Premises in the event of foreclosure or deed-in-lieu of foreclosure of such mortgage or deed of trust so long as Tenant is not then in default under this Lease. Tenant agrees to execute such further documents as may be necessary for subordinating this Lease to any mortgage, deed of trust, as the case may be, and further agrees to execute any other document of attornment required by Landlord's mortgagee. Tenant irrevocably appoints Landlord as Tenant's attorney-in-fact to execute and deliver in the name of Tenant any such instrument or instruments in the event that Tenant fails to so deliver said instrument or instruments within ten (10) days after written demand from Landlord. Tenant agrees that it shall not undertake any act which will cause a lien to be filed against the subject property, and Tenant acknowledges that it has no power to encumber or cloud Landlord's title. Tenant further agrees that if, because of any act or omission of Tenant, any mechanic's lien or other lien, charge, or order for the payment of money shall be filed against Tenant or any portion of the Premises, or upon the right, title, and interest of Tenant created by this Lease, Tenant shall, at its own cost and expense, cause the same to be discharged of record or bonded within fifteen (15) days after written notice by Landlord to Tenant of the filing thereof; and Tenant hereby agrees to indemnify and hold Landlord harmless against and from all costs, liabilities, suits, penalties, claims, and demands therefrom.
Financing Subordination. If Franchisee or any owners of Franchisee finance any part of the sale price of the transferred interest, Franchisee or such entity owners have agreed that all obligations of transferee under any promissory notes, agreements, or security interests will be subordinate to transferee’s obligations to BRCB.
Financing Subordination. Tenant acknowledges and agrees that Owner has the right to mortgage or otherwise encumber its interest in the Farming Parcel. Tenant further agrees that upon written notice from Owner, Tenant will subordinate its interest under this lease to the lien of any mortgage or deed of trust, provided that at the same time the beneficiary of the deed of trust or mortgage, as the case may be, executes in writing in recordable form, an agreement to the effect that the rights of Tenant will not be terminated or in any way affected by the default under the mortgage, or deed of trust, or on account of the foreclosure thereof, or in the exercise of the power of sale under any such encumbrance, notwithstanding the occurrence of any of the aforementioned events Tennant shall not be disturbed in its possession and use of the Farming Parcel as long as it complies with the terms and provisions of this lease. Xxxxxx agrees that in the event this lease is subordinated to a future encumbrance, Tenant will agree to return to the purchaser upon the subject foreclosure or other sale under the encumbrance.
Financing Subordination. It is expressly stipulated and agreed that Tenant's rights, title, estate, and interest in and under this Lease and the covenants of quiet enjoyment and warranties of Landlord herein contained are and shall be at all times subordinate and subject to all valid liens and security interests now existing. Tenant agrees at any time and from time to time upon request of Landlord to execute and deliver proper recordable agreements submitted by Landlord expressly recognizing and confirming the foregoing subordination agreement with respect to any such lien or security interest. Alternatively, Tenant also agrees upon request of Landlord at any time or times to join with any line-holder or secured party holding under Landlord in recordable recognition agreements.
Financing Subordination
