Lease Subordinate to Mortgages Clause Samples
The "Lease Subordinate to Mortgages" clause establishes that the tenant’s leasehold interest is secondary to any current or future mortgages on the property. In practice, this means that if the landlord’s lender forecloses on the property, the mortgage holder’s rights take precedence over the tenant’s lease, and the lease may be terminated or modified as a result. This clause is commonly used to protect lenders’ interests and facilitate property financing, ensuring that the landlord can obtain or refinance mortgages without being hindered by existing leases.
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Lease Subordinate to Mortgages. Landlord represents that there is no lien of any mortgages, deeds of trust or ground lease (“Major Encumbrance” ) in effect against the Property, the Building and/or the Premises as of the Effective Date. Upon request from Landlord or any ground lessor, mortgagee or beneficiary of a deed of trust (“Senior Party”), Tenant, within ten (10) days of presentation, shall subordinate its interest under this Lease to any Major Encumbrance and all renewals, modifications, consolidations, replacements or extensions thereof, on condition that such subordination shall be effectuated by execution and delivery of a commercially reasonable subordination agreement (“SNDA” ) which grants to Tenant the right not to be disturbed in its tenancy in the event of a foreclosure or ground lease termination, and requires the Senior Party to perform the obligations of the Landlord under this Lease arising after the Senior Party takes title to and possession of the Property (subject to customary carevouts). Notwithstanding the foregoing, any Senior Party may at its sole election subordinate or cause to be subordinated its Major Encumbrance to this Lease. In the event of the foreclosure or lease termination by voluntary agreement or otherwise, or the commencement of any judicial action seeking such foreclosure or termination, Tenant will attorn to and recognize the Senior Party or any purchaser in foreclosure as Tenant’s landlord under this Lease. Upon request by such successor in interest, Tenant will execute and deliver a reasonable instrument confirming such attornment, and Senior Party’s assumption of obligations under the Lease arising thereafter (subject to any carveouts contained in the SNDA).
Lease Subordinate to Mortgages. This lease is and shall be subject and subordinate to all present mortgages of record encumbering the cooperative property at or prior to execution of this agreement, and to any and all extensions, modifications, consolidations, renewals, refinances, future advances and replacements thereof. This clause shall be self-operative and no further instrument of subordination shall be required by any such mortgagee. In confirmation of such subordination the Lessee shall at any time, and from time to time, on demand, execute any instruments that may be required by any mortgagee for the purpose of more formally subjecting this lease to the lien of any such mortgage or mortgages and the duly elected officers, for the time being, of the corporation are and each of them is hereby irrevocably appointed the attorney- ion-fact and agent of the Lessee to execute the same upon such demand, and the Lessee hereby ratifies any such instrument executed by virtue of the power of attorney of hereby given.
Lease Subordinate to Mortgages. Upon request, Tenant shall subordinate this Lease to any existing mortgages or deeds of trust which affect the Project, the Building and/or the Premises; to any first mortgages or deeds of trust hereafter affecting the Project, the Building and/or the Premises, and to all renewals, modifications, consolidations, replacements or extensions thereof; provided Tenants receives an assurance (a “Non-disturbance Agreement”) from the mortgage holder or lender that this Lease shall not be disturbed and Tenant shall have the continued enjoyment of the Premises free from any disturbance or interruption by any existing or first mortgagee or beneficiary of a deed of trust, or any purchaser at a foreclosure or private sale of the Project as a result of Landlord’s default under a mortgage or deed of trust, so long as Tenant is not then in default under the terms and conditions of this Lease. In the event of the foreclosure of a deed of trust or mortgage affecting the Project, judicially or nonjudicially, or if title to the Project is conveyed by deed in lieu of foreclosure, Tenant agrees to attorn to and accept the purchaser(s) at the foreclosure sale(s) conducted pursuant to the deed of trust or mortgage or the grantee(s) in such deed(s) in lieu of foreclosure and his or its (or their) heirs, legal representatives, successors and assigns as Landlord under this Lease for the balance then remaining of the term hereof, subject to all terms and conditions of this Lease.
Lease Subordinate to Mortgages. This Lease shall automatically be subordinate to any existing mortgages or deeds of trust which affect the Property, the Building and/or the Premises; to any first mortgages or deeds of trust hereafter affecting the Property, the Building and/or the Premises, and to all renewals, modifications, consolidations, replacements or extensions thereof. This provision shall be self-operative and no further instrument of subordination shall be required by any existing or first mortgagee or beneficiary of a deed of trust; provided, that Tenant shall have the continued enjoyment of the Premises free from any disturbance or interruption by any existing or first mortgagee or beneficiary of a deed of trust, or any purchaser at a foreclosure or private sale of the Property as a result of Landlord’s default under a mortgage or deed of trust, so long as Tenant is not then in default under the terms and conditions of this Lease.
Lease Subordinate to Mortgages. This Lease is and shall continue to be ------------------------------ subject and subordinate to any presently existing and, providing any future mortgagee agrees to execute a so-called subordination, non-disturbance and attornment agreement with Tenant in such mortgagee's then standard form, any future mortgage or mortgages secured by the Premises, and to any and all advances hereafter made thereunder, and to the interest of the holder or holders thereof in the Premises. The holder of any such presently existing mortgage shall have the election to subordinate the same to this Lease, exercisable by filing with the appropriate recording office a notice of such election, whereupon this Lease shall have priority over such mortgage. A copy of such filing shall be given to Tenant. Tenant agrees to execute and deliver any instruments of subordination necessary to carry out the agreements contained in this Section 8.2. Any such mortgage to which this Lease is subordinated may contain such terms, provisions and conditions as the holder deems usual or customary.
Lease Subordinate to Mortgages. This Lease shall be subject and subordinate at all times to the lien of any mortgage or other encumbrances(s) which may now or which may at any time hereafter be made upon the Premises of which the Leased Premises is a part or any portion thereof, or upon Landlord’s interest therein. This clause shall be self operative, and no further instrument of subordination shall be required to effect the subordination of this Lease. Nonetheless, in confirmation of such subordination, Tenant shall execute and deliver such further instrument(s) subordinating this Lease to the lien of any such mortgage thereby, within thirty (30) days of receipt of such request. If the interests of Landlord under this Lease shall be transferred by reason of foreclosure or other proceedings for enforcement of any mortgage on the Leased Premises or Building, Tenant shall be bound to the transferee, under the terms, covenants and conditions of this Lease for the remaining Term, including any extensions or renewals, with the same force and effect as if the transferee were Landlord under this Lease, and, if requested by such transferee, Tenant agrees to attorn to the transferee as its landlord. The holder of any mortgage encumbering the Premises shall have the right, unilaterally, at any time to subordinate fully or partially its mortgage or other security instrument to this Lease on such terms and subject to such conditions as such holder may consider appropriate in its discretion. Upon request Tenant shall execute and deliver an instrument confirming any such full or partial subordination.
Lease Subordinate to Mortgages. This Lease shall be subject and subordinate to the lien of any and all mortgages and deeds of trust granted by Landlord, its successors and assigns, regardless of whether such lease, mortgages or deeds of trust now exist or may hereafter be created with regard to all or any part of the Project, and to any and all advances to be made thereunder, and to the interest thereon, and all modifications, consolidations, renewals, replacements, and extensions thereof, provided that the holder of any such lien, mortgage, or deed of trust executes and delivers to Tenant a form of subordination, non-disturbance and attornment agreement ("SNDA") in the form of Exhibit J attached hereto or another form required by the Lender that is commercially reasonable. Tenant agrees that it will execute and deliver to the holder of each such lien, mortgage or deed of trust the SNDA in the form of Exhibit J attached hereto or such other commercially reasonable form required by any such holder. Tenant also agrees that any mortgagee or trustee may elect to have this Lease prior to any lien of its mortgage or deed of trust, and in the event of such election and upon notification by such mortgagee or trustee to Tenant to that effect, this Lease shall be deemed prior to said mortgage or deed of trust, whether this Lease is dated prior to or subsequent to the date of said mortgage or trust deed.
Lease Subordinate to Mortgages. This Lease and everything herein contained shall be deemed to be subordinate to any charge created by the Landlord on the Premises or the Lands and the Building, and the Tenant shall promptly at any time as required by the Landlord execute all documents and give such further assurances as may be reasonably required to postpone its rights and privileges to the holder of any charge; provided that the mortgagee shall permit the Tenant to continue in quiet possession of the Premises in accordance with the terms and conditions of this Lease as long as the Tenant is not in default hereunder. If proceedings are brought for foreclosure, or if there is exercise of the power of sale or if there is an entry into possession of the Project or any part thereof pursuant to any Mortgage, the Tenant shall attorn to the Mortgagee or the purchaser upon any such foreclosure or sale and recognize such Mortgagee or the purchaser as the Landlord under this Lease.
Lease Subordinate to Mortgages. This Lease and everything herein contained shall be deemed to be subordinate to any charge or charges from time to time created by the Landlord by mortgage or charge on the Premises and the Tenant shall promptly at any time as required by the Landlord and execute all documents as may be reasonably required.
Lease Subordinate to Mortgages. This Lease shall automatically be subordinate to any existing mortgages or deeds of trust which affect the Property, the Building and/or the Premises; to any first mortgages or deeds of trust hereafter affecting the Property, the Building and/or the Premises, and to all renewals, modifications, consolidations, replacements or extensions thereof. This provision shall be self-operative and no further instrument of subordination shall be required by any existing or first mortgagee or beneficiary of a deed of trust; provided, that Tenant shall have the continued enjoyment of the Premises tree from any disturbance or interruption by any existing or first mortgagee or beneficiary of a deed of trust, or any purchaser at a foreclosure or private sale of the Property as a result of Landlord’s default under a mortgage or deed of trust, so long as Tenant is not then in default under the terms and conditions of this Lease.