Common use of Lease Subordinate to Mortgage Clause in Contracts

Lease Subordinate to Mortgage. This Lease shall be subordinate to any deed of trust, mortgage or other security instrument (a “Mortgage”), and any ground lease, master lease, or primary lease (a “Primary Lease”) that now or hereafter covers any portion of the Premises (the mortgagee under any Mortgage or the lessor under any Primary Lease is referred to herein as “Landlord’s Mortgagee”), and to increases, renewals, modifications, consolidations, replacements, and extensions thereof. However, any Landlord’s Mortgagee may elect to subordinate its Mortgage or Primary Lease (as the case may be) to this Lease by delivering written notice thereof to Tenant. The provisions of this Section 22 shall be self-operative, and no further instrument shall be required to effect such subordination; however, Tenant shall from time to time within ten (10) days after request therefor, execute any instruments that may be required by any Landlord’s Mortgagee to evidence the subordination of this Lease to any such Mortgage or Primary Lease (“Acknowledgement of Subordination”). If Tenant fails to execute the Acknowledgement of Subordination within such ten (10) day period, Landlord may execute the same as attorney-in-fact for Tenant. Further, in the event that Tenant fails to provide Landlord with such Acknowledgment of Subordination within such ten (10) day period, Landlord may provide Tenant with a second notice (the “Second Subordination Notice”) requesting Acknowledgement of Subordination, which Second Subordination Notice shall include the following wording prominently displayed on the first page of such Second Estoppel Notice:

Lease Subordinate to Mortgage. This Lease shall be subordinate to any deed of trust, mortgage or other security instrument (a “Mortgage”“), and any ground lease, master lease, or primary lease (a “Primary Lease”“) that now or hereafter covers any portion of the Premises (the mortgagee under any Mortgage or the lessor under any Primary Lease is referred to herein as “Landlord’s Mortgagee”“), and to increases, renewals, modifications, consolidations, replacements, and extensions thereof. However, any Landlord’s Mortgagee may elect to subordinate its Mortgage or Primary Lease (as the case may be) to this Lease by delivering written notice thereof to Tenant. The provisions of this Section 22 shall be self-operative, and no further instrument shall be required to effect such subordination; however, Tenant shall from time to time within ten (10) days after request therefor, execute any instruments that may be required by any Landlord’s Mortgagee to evidence the subordination of this Lease to any such Mortgage or Primary Lease (“Acknowledgement of Subordination”)Lease. If Tenant fails to execute the Acknowledgement of Subordination same within such ten (10) day period, Tenant's failure to execute such instruments shall immediately constitute an Event of Default under Section 19.5. Following a the second written notice to Tenant and a three (3) business day cure period, and in addition to Landlord's other available remedies, Tenant shall pay Landlord may execute the same as attorney-in-fact a late fee of One Hundred Dollars ($100.00) per day for Tenant. Further, in the event that Tenant fails to provide Landlord with each day such Acknowledgment of Subordination within such ten instruments are not returned past said three (103) business day period. Furthermore, Tenant shall be liable to Landlord may provide Tenant with a second notice (for any and all damages caused by Tenant's delinquency which results in delays to the “Second Subordination Notice”) requesting Acknowledgement of Subordination, which Second Subordination Notice shall include the following wording prominently displayed on the first page closing of such Second Estoppel Notice:mortgage or other financing activity.

Lease Subordinate to Mortgage. This Lease shall be subordinate to any deed of trust, mortgage or other security instrument (a “Mortgage”), and any ground lease, master lease, or primary lease (a “Primary Lease”) that now or hereafter covers any portion of the Premises (the mortgagee under any Mortgage or the lessor under any Primary Lease is referred to herein as “Landlord’s Mortgagee”), and to increases, renewals, modifications, consolidations, replacements, and extensions thereof. However, any Landlordlandlord’s Mortgagee may elect to subordinate its Mortgage or Primary Lease (as the case may be) to this Lease by delivering written notice thereof to Tenant. The provisions of this Section 22 shall be self-operative, operative and no further instrument shall be required to effect such subordination; however, Tenant shall from time to time but not more than once per year, within ten thirty (1030) days after request therefor, execute any instruments that may be required by any Landlord’s Mortgagee to evidence the subordination of this Lease to any such Mortgage or Primary Lease Lease. Following a the second written notice to Tenant and a three (“Acknowledgement 3) business day cure period, and in addition to Landlord’s other available remedies, Tenant shall pay Landlord a late fee of Subordination”). If Tenant fails to execute the Acknowledgement of Subordination within One Hundred Dollars ($100.00) per day for each day such ten instruments are not returned past said three (103) business day period. Furthermore, Tenant shall be liable to Landlord may execute for any and all damages caused by Tenant’s delinquency which results in delays to the same as attorney-in-fact for Tenant. Further, in the event that Tenant fails to provide Landlord with such Acknowledgment of Subordination within such ten (10) day period, Landlord may provide Tenant with a second notice (the “Second Subordination Notice”) requesting Acknowledgement of Subordination, which Second Subordination Notice shall include the following wording prominently displayed on the first page closing of such Second Estoppel Notice:mortgage or other financing activity.

Lease Subordinate to Mortgage. This Simultaneously with the full execution of this Lease, Landlord shall obtain a non-disturbance agreement on Tenant’s behalf from the existing mortgagee, if any, on such mortgagee’s commercially reasonable standard form (and in recordable form). Provided the applicable mortgagee delivers to Tenant a non-disturbance agreement on such form agreeing that such mortgagee or any purchaser in a foreclosure sale shall recognize and be bound by the terms of this Lease upon a foreclosure or deed in lieu thereof (or termination of any such ground lease), this Lease shall be subject and subordinate to the provisions, operation and effect of said lien. As a condition to Tenant’s subordination for all future mortgagees, Landlord shall secure for and promptly deliver to Tenant such a non-disturbance agreement recognizing Tenant’s (and its designees’, assignees’ and subtenants’) rights under this Lease from each future mortgagee hereafter encumbering the Building. Subject to the foregoing requirements of this Section 22, this Lease shall be subordinate to any deed of trust, mortgage or other security instrument (a “Mortgage”), ) and any ground lease, master lease, or primary lease (a “Primary Lease”) that now or hereafter covers any portion of the Premises (the mortgagee under any Mortgage or the lessor under any Primary Lease is referred to herein as a “Landlord’s MortgageeSuperior Party ”), and to increases, renewals, modifications, consolidations, replacements, and extensions thereof. However, subject to the terms hereof, any Landlord’s Mortgagee Superior Party may elect to subordinate its Mortgage or Primary Lease (as the case may be) to this Lease by delivering written notice thereof to Tenant. The provisions of this Section 22 shall be self-operative, and no further instrument shall be required to effect such subordination; however, Tenant shall from time to time within ten fifteen (1015) days after written request therefor, execute any instruments that may be reasonably required by any Landlord’s Mortgagee Superior Party to evidence the subordination of this Lease to any such Mortgage or Primary Lease (“Acknowledgement of Subordination”)Lease. If Tenant fails to execute the Acknowledgement of Subordination same within such ten fifteen (1015) day period, Landlord may execute the same as attorney-in-fact for Tenant. Further, in the event that Tenant fails to provide Landlord with such Acknowledgment of Subordination within such ten (10) day period, Landlord may provide Tenant with a second notice (the “Second Subordination Notice”) requesting Acknowledgement of Subordination, which Second Subordination Notice shall include the following wording prominently displayed on the first page of such Second Estoppel Notice:.

Lease Subordinate to Mortgage. This Lease shall be subordinate to any deed of trust, mortgage or other security instrument (a “Mortgage”), and any ground lease, master lease, or primary lease (a “Primary Lease”) that now or hereafter covers any portion of the Premises (the mortgagee under any Mortgage or the lessor under any Primary Lease is referred to herein as “Landlord’s Mortgagee”), and to increases, renewals, modifications, consolidations, replacements, and extensions thereof. However, any Landlord’s Mortgagee may elect to subordinate its Mortgage or Primary Lease (as the case may be) to this Lease by delivering written notice thereof to Tenant. The provisions of this Section 22 shall be self-operative, and no further instrument shall be required to effect such subordination; however, Tenant shall from time to time within ten (10) days after request therefor, execute any instruments that may be required by any Landlord’s Mortgagee to evidence the subordination of this Lease to any such Mortgage or Primary Lease (“Acknowledgement of Subordination”)Lease. If Tenant fails to execute the Acknowledgement of Subordination same within such ten (10) day period, Landlord may execute the same as attorney-in-fact for Tenant. Further, and Tenant’s failure to execute such instruments shall immediately constitute an Event of Default under Section 19.5, and in addition to Landlord’s other available remedies, Tenant shall pay Landlord a late fee of Five Hundred Dollars ($500.00) per day for each day such instruments are not returned past the event that Tenant fails to provide Landlord with such Acknowledgment of Subordination within such ten (10) day period. Furthermore, Tenant shall be liable to Landlord may provide Tenant with a second notice (for any and all damages caused by Tenant’s delinquency which results in delays to the “Second Subordination Notice”) requesting Acknowledgement of Subordination, which Second Subordination Notice shall include the following wording prominently displayed on the first page closing of such Second Estoppel Notice:mortgage or other financing activity.

Lease Subordinate to Mortgage. This Lease shall be subordinate to any deed of trust, mortgage or other security instrument (a “Mortgage”), and any ground lease, master lease, or primary lease (a “Primary Lease”) that now or hereafter covers any portion of the Premises (the mortgagee under any Mortgage or the lessor under any Primary Lease is referred to herein as “Landlord’s Mortgagee”), and to increases, renewals, modifications, consolidations, replacements, and extensions thereof. However, any Landlord’s Mortgagee may elect to subordinate its Mortgage or Primary Lease (as the case may be) to this Lease by delivering written notice thereof to Tenant. The provisions of this Section 22 shall be self-operative, and no further instrument shall be required to effect such subordination; however, Tenant shall from time to time within ten (10) days after request therefor, execute any instruments that may be reasonably required by any Landlord’s Mortgagee to evidence the subordination of this Lease to any such Mortgage or Primary Lease (“Acknowledgement of Subordination”). If Lease, provided such Mortgagee provides Tenant fails a non-disturbance and attornment agreement in a form reasonably acceptable to execute the Acknowledgement of Subordination within such ten (10) day period, Landlord may execute the same as attorney-in-fact for Tenant. Further, in the event that Tenant fails to provide Landlord with such Acknowledgment of Subordination within such ten (10) day period, Landlord may provide Tenant with a second notice (the “Second Subordination Notice”) requesting Acknowledgement of Subordination, which Second Subordination Notice shall include the following wording prominently displayed on the first page of such Second Estoppel Notice:.

Lease Subordinate to Mortgage. This The rights and interest of Tenant under ----------------------------- this Lease shall be subject and subordinate to any mortgages or deeds of trust that may hereafter be placed upon the Premises and to any and all advances to be made thereunder, and to the interest thereon, and all renewals, modifications, replacements and extensions thereof; if the mortgagee or trustee named in said mortgages or deeds of trust shall elect by written notice delivered to Tenant at the time the encumbrance is created to subject and subordinate the rights and interest of Tenant under this Lease to the lien of its mortgage or deed of trust; provided, however, that said mortgagee agrees to execute an agreement providing, in substance, that in consideration of Tenant's written agreement to continue occupancy under the same terms and conditions of this Lease and to attorn to mortgagee, the right of possession of Tenant to the Premises and Tenant's rights arising out of this Lease, shall not be disturbed by the mortgagee in the exercise of its rights under the mortgage or deed provided that Tenant shall not be in default hereunder. In the event of such election, and upon notification by such mortgagee or trustee to Tenant to that effect and delivery of a recognition and non-disturbance agreement in a form reasonably acceptable to Tenant, the rights and interest of Tenant under this Lease shall be deemed to be subordinate to the lien of said mortgage or deed of trust, whether this Lease is dated prior to or subsequent to the date of said mortgage or other security instrument (a “Mortgage”), and any ground lease, master lease, or primary lease (a “Primary Lease”) that now or hereafter covers any portion deed of the Premises (the mortgagee under any Mortgage or the lessor under any Primary Lease is referred to herein as “Landlord’s Mortgagee”), and to increases, renewals, modifications, consolidations, replacements, and extensions thereof. However, any Landlord’s Mortgagee may elect to subordinate its Mortgage or Primary Lease (as the case may be) to this Lease by delivering written notice thereof to Tenant. The provisions of this Section 22 shall be self-operativetrust, and no further instrument of subordination shall be required to effect such subordinationnecessary; provided, however, that Tenant shall from time execute and deliver whatever instruments said mortgagee or trustee may reasonably require for such purposes, and in the event Tenant fails so to time do within ten twenty (1020) days after request therefordemand in writing, execute any instruments that may be required by any Landlord’s Mortgagee to evidence the subordination of this Lease to any such Mortgage or Primary Lease (“Acknowledgement of Subordination”). If Tenant fails to execute the Acknowledgement of Subordination within such ten (10) day perioddoes hereby make, constitute and irrevocably appoint Landlord may execute the same as its attorney-in-fact for Tenant. Furtherand in its name, in the event that Tenant fails place and stead so to provide Landlord with such Acknowledgment of Subordination within such ten (10) day period, Landlord may provide Tenant with a second notice (the “Second Subordination Notice”) requesting Acknowledgement of Subordination, which Second Subordination Notice shall include the following wording prominently displayed on the first page of such Second Estoppel Notice:do.