Landlord Mortgage. Tenant’s leasehold interest in the Premises will be prior to any mortgage, lien, or other encumbrance on Landlord’s interest in the Premises, subject to the Title Matters. As of the date hereof, Xxxxxxxx represents to Tenant that there is no mortgage encumbering Landlord’s interest in the Premises.
Landlord Mortgage. Landlord may mortgage its fee interest in the Premises or any portion thereof, at any time, and from time to time, in accordance with the terms hereof. Notwithstanding anything to the contrary contained herein, Landlord and Tenant agree that this Lease shall be subordinate to any Landlord Mortgage and the rights of any Landlord Mortgagee; provided, however, in the event of a foreclosure under any such Landlord Mortgage, or conveyance or assignment in lieu of foreclosure or by deed in lieu of foreclosure, such Landlord Mortgagee and its successors and assigns shall not disturb the occupancy or other rights of Tenant under the terms of this Lease so long as no Event of Default exists hereunder. If requested by Landlord, Tenant shall, promptly and in no event later than twenty (20) days after a request from Landlord, enter into a reasonable and customary subordination, non-disturbance and attornment agreement (“SNDA”) with Landlord Mortgagee to effectuate the subordination, non-disturbance and attornment rights contemplated by this Section 25.A. Landlord shall use commercially reasonable efforts to cause the current Landlord Mortgagee, if any, to deliver an SNDA on the Effective Date hereof.
Landlord Mortgage. Landlord may mortgage its fee interest in the Premises or any portion thereof, at any time, and from time to time, in accordance with the terms hereof. Notwithstanding anything to the contrary contained herein, Landlord and Tenant agree that this Lease shall be subordinate to any Landlord Mortgage and the rights of any Landlord Mortgagee; provided, however, that as a condition precedent to the effectiveness of this subordination provision, Landlord Mortgagee and Tenant shall enter into a subordination, non-disturbance, and attornment agreement (“SNDA”) with Tenant to effectuate the subordination, non-disturbance and attornment rights contemplated by this Section 26(a) in a form reasonably acceptable to Tenant and Landlord Mortgagee. The SNDA shall provide that in the event of a foreclosure under any such Landlord Mortgage, or conveyance or assignment in lieu of foreclosure or by deed in lieu of foreclosure, such Landlord Mortgagee and its successors and assigns shall not disturb the occupancy or other rights of Tenant under the terms of this Lease so long as no Event of Default exists.
Landlord Mortgage. Landlord may mortgage its fee interest in the Premises, at any time, and from time to time, in accordance with the terms hereof. Notwithstanding anything to the contrary contained herein, Landlord and Tenant agree that this Lease shall be subordinate to any Landlord Mortgage and the rights of any Landlord Mortgagee; provided, however, in the event of a foreclosure under any such Landlord Mortgage, or conveyance or assignment in lieu of foreclosure or by deed in lieu of foreclosure, such Landlord Mortgagee and its successors and assigns shall not disturb the occupancy or other rights of Tenant under the terms of this Lease so long as no Event of Default exists hereunder. Tenant shall recognize and attorn to any party succeeding to Landlord's interest in the Premises, whether by purchase, foreclosure, deed in lieu of foreclosure, power of sale, or otherwise, upon such party's request, as Tenant’s direct landlord under the Lease. Such attornment and recognition shall be self-operative without the need for further documentation; provided that Tenant shall execute such agreements and/or instruments as such successor landlord shall reasonably request to evidence such attornment and recognition. If requested by Landlord, Tenant shall, promptly and in no event later than fifteen (15) days after a request from Landlord, enter into a reasonable and customary subordination, non-disturbance and attornment agreement (“SNDA”) with Landlord Mortgagee to effectuate the subordination, non-disturbance and attornment rights contemplated by this Section 25.A.
Landlord Mortgage. In the event the Property is encumbered by a mortgage or deed of trust or other security instrument of any kind (a “Landlord Mortgage”), Landlord, within fifteen (15) days following Tenant’s request or immediately prior to the creation of any encumbrance created after the date this agreement is fully executed, will obtain from the holder of each such Landlord Mortgage a fully-executed subordination, non-disturbance and attornment agreement (a “SNDA”) in recordable form, which shall be prepared or approved by Tenant. The holder of every such Landlord Mortgage shall, in the SNDA, agree that in the event of a foreclosure, or conveyance in lieu of foreclosure of Tenant’s interest in the Premises, such Landlord Mortgage holder shall recognize and confirm the validity and existence of the Lease, as amended, and Tenant shall have the right to continue its use and occupancy of the Premises in accordance with the provisions of the Lease, as amended, provided Tenant is not in default of the Lease beyond applicable notice and cure periods.
Landlord Mortgage. Landlord may mortgage its fee interest in the Premises or any portion thereof, at any time, and from time to time. In the event of any Landlord Mortgage or anticipated Landlord Mortgage, Tenant or Landlord may request and Tenant shall promptly and in no event later than fifteen (15) days after a request from Landlord, enter into a reasonable and customary subordination, non-disturbance and attornment agreement, in a form reasonably acceptable to Tenant and Landlord Mortgagee (“SNDA”) with Landlord Mortgagee to effectuate the subordination, non-disturbance and attornment of this Lease. If requested by Landlord or Tenant, Tenant shall deliver an SNDA to Landlord on the Commencement Date in the form attached hereto as Exhibit F or such other form reasonably requested by Landlord Mortgagee and reasonably acceptable to Tenant, which SNDA shall be effective and binding upon Tenant once executed and delivered by the applicable Landlord Mortgagee.
Landlord Mortgage. Landlord may mortgage its fee interest in the Premises, at any time, and from time to time, in accordance with the terms hereof. Notwithstanding anything to the contrary contained herein, Landlord and Tenant agree that this Lease shall be subordinate to any Landlord Mortgage and the rights of any Landlord’s Mortgagee; provided, however, that as a condition precedent to the effectiveness of this subordination provision, Landlord shall cause the Landlord Mortgagee to (a) enter into a subordination, non-disturbance and attornment agreement (“SNDA”) with Tenant on the Landlord Mortgagee’s standard form of SNDA, subject to reasonable modifications requested by Tenant, and (b) expressly provide in the Landlord Mortgage or SNDA that notwithstanding the Landlord Mortgage’s priority over the Lease pursuant to this Section 31.A, for so long as Tenant is not in default under this Lease beyond any applicable grace or cure periods, neither the Landlord Mortgagee nor its successors and assigns shall have the right terminate this Lease (other than pursuant to its terms). Notwithstanding the foregoing, Tenant shall be permitted utilize all available insurance proceeds to reconstruct any improvements located at the Property, subject to and in accordance with the terms of Section 21 above.
Landlord Mortgage. The following general principles shall apply if Landlord wishes to obtain financing secured by a mortgage lien on Landlord’s interest in the Property and its rights under this Lease (a “Landlord Mortgage”). At the request of either Landlord or Tenant, the parties shall amend this Section 18.1 to set forth in greater detail the provisions relating to a Landlord Mortgage.
18.1.1 Any Landlord Mortgage must be in compliance with the Ground Lease.
18.1.2 Landlord’s mortgagee (“Landlord’s Mortgagee”) must either:
(a) subordinate its mortgage to this Lease and the rights of Tenant and its subleasehold estate, except as to (1) the right to casualty insurance proceeds to the extent relating to existing improvements owned by Landlord and (2) the right to condemnation proceeds (other than condemnation proceeds relating solely to the New Improvements, but not the land on which the New Improvements are located); or
(b) enter into a subordination, non-disturbance and attornment agreement with Tenant affording the types of protections that are customary in a tenant-landlord’s mortgagee relationship, as modified to fit the nature of this transaction.
18.1.3 Tenant is obligated to deliver an estoppel certificate to Landlord’s Mortgagee.
18.1.4 Tenant will agree to provide to Landlord’s Mortgagee notice of default and opportunity to cure, agreements not to amend or terminate this Lease (other than for an event of default) and mortgagee protective provisions similar to those in Article IV of the Ground Lease.
Landlord Mortgage. The provisions of this Article 13 with respect to the application of any condemnation or similar award shall be subject in all respects to the terms of each Mortgage and the loan documents in favor of each Landlord Mortgagee.
Landlord Mortgage
