Common use of Lease Subordinate Clause in Contracts

Lease Subordinate. This Lease shall, subject to the terms and conditions of this Lease, be subject and subordinate to the lien of any and all Mortgages and to any Ground Leases now or hereafter placed upon the Premises, the Building and/or the Land, and any and all renewals, extensions, modifications, recastings and refinancings thereof. This Article shall be self-operative, without execution of any further instrument; but if requested by Landlord or any Mortgagee, Tenant shall promptly execute a commercially reasonable certificate or other commercially reasonable document evidencing and providing for such subordination. Tenant shall attorn to any lender and any purchaser at a foreclosure sale, such attornment to be self-executing and effective upon acquisition of title to the Building by any purchaser at a foreclosure sale or by a lender in any manner. This Lease shall not be terminated by foreclosure or any other transfer of the Building and/or the Land. After a foreclosure sale of the Building and/or the Land, lender or any other purchaser at such foreclosure sale may, at lender’s or such purchaser’s option, accept or terminate this Lease. Tenant agrees that, if any Mortgage is foreclosed or Ground Lease terminated, upon request by the purchaser at the foreclosure sale or Ground Lessor, as the case may be, Tenant shall attorn to and recognize the purchaser or Ground Lessor as the landlord under this Lease and shall make all payments required hereunder to such new landlord without any deduction or set-off of any kind whatsoever except as specifically provided for in this Lease. Tenant waives the provisions of any Applicable Laws, now or hereafter in effect, which may give or purport to give Tenant any right to terminate or otherwise affect this Lease or the obligations of Tenant hereunder in the event that any such foreclosure, termination or other proceeding is filed, prosecuted or completed. Notwithstanding anything herein to the contrary, any Mortgagee may at any time subordinate the lien of its Mortgage to the operation and effect of this Lease without Tenant’s consent, by giving Tenant notice of such subordination, in which event this Lease shall be deemed to be senior to such Mortgage, and thereafter such Mortgagee shall have the same rights as it would have had if this Lease had been executed, delivered and recorded before said Mortgage.

Appears in 2 contracts

Samples: Lease Agreement (Gsi Technology Inc), Lease Agreement (Gsi Technology Inc)

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Lease Subordinate. This Lease shall, subject to the terms and conditions of this Lease, shall be subject and subordinate to the lien of any and all Mortgages and to any Ground Leases Mortgage now or hereafter placed encumbering the Premises or any portion thereof and to all advances thereunder, provided the Tenant and the Mortgagee shall have entered into a subordination, nondisturbance and attornment agreement in such form and containing such terms and conditions reasonably acceptable to Tenant, pursuant to which a Mortgagee agrees to recognize Tenant’s rights under this Lease and that Tenant shall not be disturbed in its possession of the Premises upon the Premises, the Building and/or the Land, and any and all renewals, extensions, modifications, recastings and refinancings thereof. This Article shall be self-operative, without execution exercise of any further instrument; rights under the Mortgage (including, but if requested not limited to, foreclosure or conveyance by Landlord a deed in lieu of foreclosure), provided no Event of Default is then outstanding. In the event that the Mortgagee or any Mortgagee, Tenant shall promptly execute a commercially reasonable certificate or other commercially reasonable document evidencing and providing for such subordination. Tenant shall attorn to any lender and any purchaser at a foreclosure sale, such attornment to be self-executing and effective upon acquisition of title to the Building by any purchaser at a foreclosure sale or by otherwise (a lender in any manner“Successor”) shall succeed to the interest of Landlord, then Tenant shall and does hereby agree to attorn to such Successor and to recognize such Successor as its Landlord. This Lease Landlord shall not be terminated by foreclosure or any other transfer obtain and deliver to Tenant on the Commencement Date, as a condition to the effectiveness of the Building and/or the Land. After a foreclosure sale subordination of the Building and/or the Land, lender or any other purchaser at such foreclosure sale may, at lender’s or such purchaser’s option, accept or terminate this Lease. Tenant agrees that, if any Mortgage is foreclosed or Ground Lease terminateda duly executed, upon request by the purchaser at the foreclosure sale or Ground Lessoracknowledged and recordable subordination, as the case may be, Tenant shall attorn to nondisturbance and recognize the purchaser or Ground Lessor as the landlord under this Lease and shall make all payments required hereunder to such new landlord without any deduction or set-off of any kind whatsoever except as specifically provided for in this Lease. Tenant waives the provisions of any Applicable Laws, now or hereafter in effect, which may give or purport to give Tenant any right to terminate or otherwise affect this Lease or the obligations of Tenant hereunder attornment agreement from Landlord’s mortgagee in the event that any such foreclosureform attached hereto as Exhibit E. Notwithstanding the foregoing, termination or other proceeding is filed, prosecuted or completed. Notwithstanding anything herein to the contrary, any a Mortgagee may at any time its election subordinate the lien of its Mortgage to the operation and effect of this Lease without the consent or approval of Tenant’s consent, by giving Tenant notice of . Any such subordination, in Mortgage to which event this Lease shall be deemed to be senior to subordinate may contain such Mortgageterms, provisions and thereafter such conditions as the Mortgagee shall have the same rights as it would have had if this Lease had been executed, delivered and recorded before said Mortgagereasonably deems usual or customary.

Appears in 2 contracts

Samples: Lease (Mercury Computer Systems Inc), Lease (Mercury Computer Systems Inc)

Lease Subordinate. This Lease shall, subject to the terms and conditions of this Lease, shall be subject and subordinate to the lien of any and all Mortgages and to any Ground Leases now or hereafter placed upon the Premises, the Building and/or the LandLeases, and any and all renewals, extensions, modifications, recastings and refinancings thereof. This Article clause shall be self-operative, without execution of any further instrument; but if requested by Landlord or any Mortgagee, Tenant shall promptly execute a commercially reasonable certificate or other commercially reasonable document evidencing and providing for such subordination. Landlord shall have the right to execute said document on behalf of Tenant shall attorn if Tenant fails to any lender and any purchaser at a foreclosure sale, such attornment to be self-executing and effective upon acquisition of title to the Building by any purchaser at a foreclosure sale or by a lender in any manner. This Lease shall not be terminated by foreclosure or any other transfer do so within ten (10) business days after receipt of the Building and/or the Land. After a foreclosure sale of the Building and/or the Land, lender or any other purchaser at such foreclosure sale may, at lender’s or such purchaser’s option, accept or terminate this Leaserequest. Tenant agrees that, if any Mortgage is foreclosed or Ground Lease terminated, upon request by the purchaser at the foreclosure sale or Ground Lessor, as the case may be, Tenant shall attorn to and recognize the purchaser or Ground Lessor as the landlord under this Lease and shall make all payments required hereunder to such new landlord without any deduction or set-off of any kind whatsoever except as specifically provided for in this Leasewhatsoever. Tenant waives the provisions of any Applicable Laws, now or hereafter in effect, which may give or purport to give Tenant any right to terminate or otherwise affect this Lease or the obligations of Tenant hereunder in the event that any such foreclosure, termination or other proceeding is filed, prosecuted or completed. Notwithstanding anything herein to the contrary, any Mortgagee may at any time subordinate the lien of its Mortgage to the operation and effect of this Lease without Tenant’s 's consent, by giving Tenant written notice of such subordination, in which event this Lease shall be deemed to be senior to such Mortgage, and thereafter such Mortgagee shall have the same rights as it would have had if this Lease had been executed, delivered and recorded before said Mortgage.

Appears in 2 contracts

Samples: Office Lease (Cellular Biomedicine Group, Inc.), Office Lease (Cellular Biomedicine Group, Inc.)

Lease Subordinate. This Subject to Sections 22.C. and 22.D. below, this Lease shall, subject to the terms is automatically and conditions of this Lease, be unconditionally subject and subordinate to the lien of any and all first-lien Mortgages and to any Ground Leases now or hereafter placed upon the Premises, the Building and/or the LandLeases, and any and all renewals, extensions, modifications, recastings and refinancings thereof. This Article clause shall be self-operative, without execution of any further instrument; but if requested by Landlord or any first-lien Mortgagee, Tenant shall promptly execute a commercially reasonable certificate or other commercially reasonable document evidencing and providing for such subordination. Landlord shall have the right to execute said document on behalf of Tenant shall attorn if Tenant fails to any lender and any purchaser at a foreclosure sale, such attornment to be self-executing and effective upon acquisition of title to the Building by any purchaser at a foreclosure sale or by a lender in any manner. This Lease shall not be terminated by foreclosure or any other transfer do so within ten (10) business days after receipt of the Building and/or the Land. After a foreclosure sale of the Building and/or the Land, lender or any other purchaser at such foreclosure sale may, at lender’s or such purchaser’s option, accept or terminate this Leaserequest. Tenant agrees that, if any Mortgage is foreclosed or Ground Lease terminated, upon request by the purchaser at the foreclosure sale or Ground Lessor, as the case may be, Tenant shall attorn to and recognize the purchaser or Ground Lessor as the landlord under this Lease and shall make all payments required hereunder to such new landlord without any deduction or set-off of any kind whatsoever except as specifically provided for in this Leasewhatsoever. Tenant waives the provisions of any Applicable Laws, now or hereafter in effect, which may give or purport to give Tenant any right to terminate or otherwise affect this Lease or the obligations of Tenant hereunder in the event that any such foreclosure, termination or other proceeding is filed, prosecuted or completed. Notwithstanding anything herein to the contrary, any Mortgagee may at any time subordinate the lien of its Mortgage to the operation and effect of this Lease without Tenant’s consent, by giving Tenant written notice of such subordination, in which event this Lease shall be deemed to be senior to such Mortgage, and thereafter such Mortgagee shall have the same rights as it would have had if this Lease had been executed, delivered and recorded before said Mortgage.

Appears in 2 contracts

Samples: Evolent Health, Inc., Evolent Health, Inc.

Lease Subordinate. This Lease shallAt Landlord's election, subject to the terms and conditions of this Lease, and all rights of Tenant hereunder, shall be subject and subordinate to the lien of any and all Mortgages and to any Ground Leases mortgages and/or ground leases which may now or hereafter placed upon affect the PremisesProperty whether or not such mortgages or leases shall also cover other lands and/or buildings, the Building and/or the Landto each and every advance made or hereafter to be made under such mortgages, and any and to all renewals, extensions, modifications, recastings replacements and refinancings thereof. This Article extensions of such mortgages and leases and all consolidations of such mortgages, provided that, with respect to any such mortgage or lease hereafter placed on the Property, Landlord shall deliver to Tenant an agreement, in form and substance reasonably acceptable to such holder or lessor and Tenant, by such holder or lessor to the effect that, subject to qualifications of the type set forth in the second sentence of paragraph (b) hereof, all of Tenant's rights hereunder shall be self-operativerecognized by such holder or lessor. Such subordination shall be automatic and without need for any additional action or documentation. Without derogating from the foregoing, without execution in confirmation of any further instrument; but if requested by Landlord or any Mortgageesuch subordination, and subject to the foregoing condition, Tenant shall promptly execute a commercially reasonable certificate execute, acknowledge and deliver any instrument that Landlord, the holder of any such mortgage or other commercially reasonable document evidencing and providing for the lessor under any such lease or any of their respective successors in interest may reasonably request to evidence such subordination. Landlord agrees to request the holder of the existing mortgage on the Property to deliver an agreement, in form and substance acceptable to such holder, by such holder to the effect that, subject to the qualifications of the type set forth in the second sentence of paragraph (b) hereof, that such holder recognizes all of Tenant's rights hereunder provided that Tenant shall attorn to is not in default (beyond any lender applicable notice and grace period) of any purchaser at a foreclosure saleof the terms, such attornment provisions, covenants, agreements and conditions to be self-executing observed, performed and effective upon acquisition of title to the Building complied with by any purchaser at a foreclosure sale or by a lender in any manner. This Lease shall not be terminated by foreclosure or any other transfer of the Building and/or the Land. After a foreclosure sale of the Building and/or the Land, lender or any other purchaser at such foreclosure sale may, at lender’s or such purchaser’s option, accept or terminate Tenant under this Lease. Tenant agrees thatAny mortgage to which this Lease is, if any at the time referred to, subject and subordinate, is herein called "Superior Mortgage" and the holder of a Superior Mortgage is foreclosed or Ground herein called "Superior Mortgagee"; and any lease to which this Lease terminatedis, upon request by the purchaser at the foreclosure sale or Ground Lessortime referred to, as subject and subordinate is herein called "Superior Lease" and the case may be, Tenant shall attorn to and recognize the purchaser or Ground Lessor as the landlord under this Lease and shall make all payments required hereunder to such new landlord without any deduction or set-off lessor of any kind whatsoever except as specifically provided for in this Lease. Tenant waives the provisions of any Applicable Laws, now or hereafter in effect, which may give or purport to give Tenant any right to terminate or otherwise affect this a Superior Lease or its successor in interest, at the obligations of Tenant hereunder in the event that any such foreclosuretime referred to, termination or other proceeding is filed, prosecuted or completed. Notwithstanding anything herein to the contrary, any Mortgagee may at any time subordinate the lien of its Mortgage to the operation and effect of this Lease without Tenant’s consent, by giving Tenant notice of such subordination, in which event this Lease shall be deemed to be senior to such Mortgage, and thereafter such Mortgagee shall have the same rights as it would have had if this Lease had been executed, delivered and recorded before said Mortgagecalled "Superior Lessor".

Appears in 2 contracts

Samples: Aquila Biopharmaceuticals Inc, Aquila Biopharmaceuticals Inc

Lease Subordinate. This Lease shall, subject to Provided that Tenant receives the SNDA in accordance with the terms and conditions of set forth in this LeaseSection 22, be this Lease is subject and subordinate to the lien of any and all Mortgages and to any Ground Leases now or hereafter placed upon the Premises, the Building and/or the LandLeases, and any and all renewals, extensions, modifications, recastings and refinancings thereof. This Article Upon receipt of the SNDA in accordance with the terms set forth in this Section 22, this clause shall be self-operative, without execution of any further instrument; but if requested by Landlord or any Mortgagee, Tenant shall promptly execute a commercially reasonable certificate or other commercially reasonable document evidencing and providing for such subordination. Landlord shall have the right to execute said document on behalf of Tenant shall attorn if Tenant fails to any lender and any purchaser at a foreclosure sale, such attornment to be self-executing and effective upon acquisition of title to the Building by any purchaser at a foreclosure sale or by a lender in any manner. This Lease shall not be terminated by foreclosure or any other transfer do so within five (5) days after receipt of the Building and/or request. In accordance with the Land. After a foreclosure sale terms of the Building and/or the LandSNDA, lender or any other purchaser at such foreclosure sale may, at lender’s or such purchaser’s option, accept or terminate this Lease. Tenant agrees that, if any Mortgage is foreclosed or Ground Lease terminated, upon request by the purchaser at the foreclosure sale or Ground Lessor, as the case may be, Tenant shall attorn to and recognize the purchaser or Ground Lessor as the landlord under this Lease and shall make all payments required hereunder to such new landlord without any deduction or set-off of any kind whatsoever except as specifically provided for in this Leasewhatsoever. Subject to receipt of the SNDA, Tenant waives the provisions of any Applicable Laws, now or hereafter in effect, which may give or purport to give Tenant any right to terminate or otherwise affect this Lease or the obligations of Tenant hereunder in the event that any such foreclosure, termination or other proceeding is filed, prosecuted or completed. Notwithstanding anything herein to the contrary, any Mortgagee may at any time subordinate the lien of its Mortgage to the operation and effect of this Lease without Tenant’s 's consent, by giving Tenant written notice of such subordination, in which event this Lease shall be deemed to be senior to such Mortgage, and thereafter such Mortgagee shall have the same rights as it would have had if this Lease had been executed, delivered and recorded before said Mortgage. Provided that Tenant is not in default hereunder (or, if Tenant is in default, then provided that Tenant cures same within any applicable notice and cure period set forth in this Lease), Landlord shall obtain from any future Mortgagee or Ground Lessor (it being agreed that there is no current Mortgagee or Ground Lessor as of the date of this Lease) a non-disturbance agreement (the “SNDA”) for the benefit of Tenant in such Mortgagee’s or Ground Lessor’s, as the case may be, usual form, which SNDA shall provide, at a minimum, that so long as no Default by Tenant exists under this Lease, in the event of a foreclosure or deed in lieu of foreclosure, such Mortgagee or Ground Lessor (i) shall recognize this Lease and shall agree that the tenancy of Tenant hereunder shall not be disturbed because of such foreclosure or deed in lieu of foreclosure, (ii) shall not reduce Tenant’s rights under this Lease in more than a de minimis manner or expand Tenant’s obligations under this Lease in more than a de minimis manner, except for possibly requiring notices from Tenant to such Mortgagee or Ground Lessor, (iii) specifically recognizes Tenant’s rights set forth in Sections 42 and 43 hereof and Tenant’s rights set forth in the Work Agreement, and (iv) shall not impose on Tenant increased administrative duties which are more than de minimis and which are not typical of similarly situated tenants. Notwithstanding anything to the contrary contained in this Lease, in the event that Landlord does not obtain an SNDA from any future Mortgagee or Ground Lessor, Landlord shall not be in default under this Lease; however, this Lease shall not be subject and subordinate to the lien of said Mortgage or Ground Lease, as the case may be, nor shall Tenant be obligated to attorn to and recognize the purchaser or Ground Lessor, as the case may be, as the landlord under this Lease.

Appears in 1 contract

Samples: Deed of Lease (Novavax Inc)

Lease Subordinate. This Lease shall, subject to the terms and conditions of this Lease, shall be subject and subordinate to the lien of any and all Mortgages and to any Ground Leases now or hereafter placed upon the Premises, the Building and/or the LandLeases, and any and all renewals, extensions, modifications, recastings and refinancings thereof. This Article clause shall be self-operative, without execution of any further instrument; but if requested by Landlord or any Mortgagee, Tenant shall promptly execute a commercially reasonable certificate or other commercially reasonable document evidencing and providing for such subordination. Landlord shall have the right to execute said document on behalf of Tenant shall attorn if Tenant fails to any lender and any purchaser at a foreclosure sale, such attornment to be self-executing and effective upon acquisition of title to the Building by any purchaser at a foreclosure sale or by a lender in any manner. This Lease shall not be terminated by foreclosure or any other transfer do so within five (5) days after receipt of the Building and/or the Land. After a foreclosure sale of the Building and/or the Land, lender or any other purchaser at such foreclosure sale may, at lender’s or such purchaser’s option, accept or terminate this Leaserequest. Tenant agrees that, if any Mortgage is foreclosed or Ground Lease terminated, upon request by the purchaser at the foreclosure sale or Ground Lessor, as the case may be, Tenant shall attorn to and recognize the purchaser or Ground Lessor as the landlord under this Lease and shall make all payments required hereunder to such new landlord without any deduction or set-off of any kind whatsoever except as specifically provided for in this Leasewhatsoever. Tenant waives the provisions of any Applicable Lawslaw or regulation, now or hereafter in effect, which may give or purport to give Tenant any right to terminate or otherwise affect this Lease or the obligations of Tenant hereunder in the event that any such foreclosure, termination or other proceeding is filed, prosecuted or completed. Notwithstanding anything herein to the contrary, any Mortgagee may at any time subordinate the lien of its Mortgage to the operation and effect of this Lease without Tenant’s consent, by giving Tenant written notice of such subordination, in which event this Lease shall be deemed to be senior to such Mortgage, and thereafter such Mortgagee shall have the same rights as it would have had if this Lease had been executed, delivered and recorded before said Mortgage.

Appears in 1 contract

Samples: Office Lease (Global Secure Corp.)

Lease Subordinate. This At Landlord’s election, this Lease shall, subject to the terms and conditions of this Lease, shall be subject and subordinate to any mortgage now or hereafter on the Lot or Building, or both, which are separately and together hereinafter in this Section 12.2 referred to as “the mortgaged premises”, and to each advance made or hereafter to be made under any mortgage, and to all renewals, modifications, consolidations, replacements and extensions thereof and all substitutions therefor. This Section 12.2 shall be self-operative and no further instrument of subordination shall be required. In confirmation of such subordination, Tenant shall execute and deliver promptly any certificate that Landlord or any mortgagee may request. In the event that any mortgagee or its respective successor in title shall succeed to the interest of Landlord, then, at the option of such mortgagee or successor, this Lease shall nevertheless continue in full force and effect and Tenant shall and does hereby agree to attorn to such mortgagee or successor and to recognize such mortgagee or successor as its Landlord. The word “mortgagee” as used in this Lease shall include the holder for the time being whenever the context permits. Notwithstanding anything to the contrary contained in this Section 12.2, Tenant shall not be required to subordinate this Lease to any mortgage or the lien of any and all Mortgages and to any Ground Leases now or hereafter placed upon mortgage, nor shall the Premises, the Building and/or the Land, and any and all renewals, extensions, modifications, recastings and refinancings thereof. This Article shall subordination provided herein be self-operative, without execution operative unless the holder of any further instrument; but if requested by Landlord or any Mortgagee, Tenant shall promptly execute a commercially reasonable certificate or other commercially reasonable document evidencing and providing for such subordination. Tenant shall attorn to any lender and any purchaser at a foreclosure sale, such attornment to be self-executing and effective upon acquisition of title to the Building by any purchaser at a foreclosure sale or by a lender in any manner. This Lease shall not be terminated by foreclosure or any other transfer of the Building and/or the Land. After a foreclosure sale of the Building and/or the Land, lender or any other purchaser at such foreclosure sale may, at lender’s or such purchaser’s option, accept or terminate this Lease. Tenant agrees that, if any Mortgage is foreclosed or Ground Lease terminated, upon request by the purchaser at the foreclosure sale or Ground Lessormortgage, as the case may be, Tenant shall attorn enter into an agreement with Tenant, recordable in form, to and recognize the purchaser effect that, in the event of foreclosure of, or Ground Lessor as similar action taken under such mortgage, Tenant’s possession of the landlord Premises under this Lease and shall make all payments required hereunder to not be terminated or disturbed by such new landlord without any deduction mortgage holder or set-off of any kind whatsoever except anyone claiming under such mortgage holder, as specifically provided for the case may be, so long as Tenant shall not be in default under this Lease. Tenant waives the provisions The form of any Applicable Laws, now or hereafter in effect, which may give or purport to give Tenant any right to terminate or otherwise affect this Lease or such agreement shall be the obligations of Tenant hereunder in the event that form required by any such foreclosure, termination or other proceeding is filed, prosecuted or completed. Notwithstanding anything herein to the contrary, any Mortgagee may at any time subordinate the lien of mortgagee in its Mortgage to the operation sole and effect of this Lease without Tenant’s consent, by giving Tenant notice of such subordination, in which event this Lease shall be deemed to be senior to such Mortgage, and thereafter such Mortgagee shall have the same rights as it would have had if this Lease had been executed, delivered and recorded before said Mortgageabsolute discretion.

Appears in 1 contract

Samples: Lease (GTC Biotherapeutics Inc)

Lease Subordinate. This Lease shallshall be subject and subordinate to any mortgage now or hereafter on the Property or Building, subject or both, which are separately and together hereinafter in this Article IX referred to as "the mortgaged premises", and to each advance made or hereafter to be made under any mortgage, and to all renewals, modifications, consolidation, replacements and extensions thereof and all substitutions therefor. In the event of acquisition of title by the holder of a mortgage through foreclosure proceedings or otherwise (or by anyone purchasing the Premises at any foreclosure sale), Tenant agrees to recognize the title holder as "Landlord", and upon Landlord's request shall enter into an agreement with the holder of any current or future mortgage to that effect, which agreement shall expressly bind and inure to the benefit of the successors and assigns of Tenant and of the holder and upon anyone purchasing the Premises at any foreclosure sale. Landlord shall request that the holder or any current or future mortgage enter into an agreement with Tenant by the terms of which such holder will agree to recognize the rights of Tenant under this Lease and to accept Tenant as "tenant" of the Premises under the terms and conditions of this Lease, be subject and subordinate to Lease in the lien event of any and all Mortgages and to any Ground Leases now or hereafter placed upon the Premises, the Building and/or the Land, and any and all renewals, extensions, modifications, recastings and refinancings thereof. This Article shall be self-operative, without execution of any further instrument; but if requested by Landlord or any Mortgagee, Tenant shall promptly execute a commercially reasonable certificate or other commercially reasonable document evidencing and providing for such subordination. Tenant shall attorn to any lender and any purchaser at a foreclosure sale, such attornment to be self-executing and effective upon acquisition of title by such holder through foreclosure proceedings or otherwise (or by anyone purchasing the Premises at any foreclosure sale), provided, however, that such holder (or by anyone purchasing the Premises at any foreclosure sale) shall not: (i) be liable for any previous act or omission of Landlord under this Lease; (ii) be subject to the Building any offset, defense or counterclaim which shall theretofore have accrued to Tenant against Landlord; (iii) have any obligation with respect to any security deposit unless it shall have been paid over or physically delivered to such successor; or (iv) be bound by any purchaser at a foreclosure sale or by a lender in any manner. This Lease shall not be terminated by foreclosure or any other transfer previous modification of the Building and/or the Land. After a foreclosure sale of the Building and/or the Land, lender or any other purchaser at such foreclosure sale may, at lender’s or such purchaser’s option, accept or terminate this Lease. Tenant agrees that, if any Mortgage is foreclosed or Ground Lease terminated, upon request by the purchaser at the foreclosure sale or Ground Lessor, as the case may be, Tenant shall attorn to and recognize the purchaser or Ground Lessor as the landlord under this Lease and shall make all payments required hereunder to such new landlord without any deduction or set-off of any kind whatsoever except as specifically provided for in this Lease. Tenant waives the provisions of any Applicable Laws, now or hereafter in effect, which may give or purport to give Tenant any right to terminate or otherwise affect this Lease or by any previous payment of Annual Fixed Rent for a period greater than one (1) month, made without the obligations consent of Tenant hereunder in such holder where such consent is required by the event that applicable instrument. Notwithstanding the foregoing any such foreclosure, termination or other proceeding is filed, prosecuted or completed. Notwithstanding anything herein to the contrary, any Mortgagee holder may at any time subordinate the lien of its Mortgage to the operation and effect of this Lease without Tenant’s consent, by giving Tenant notice of such subordination, in which event this Lease shall be deemed to be senior to such Mortgage, and thereafter such Mortgagee shall have the same rights as it would have had if this Lease had been executed, delivered and recorded before said Mortgage.election

Appears in 1 contract

Samples: Eroom Technology Inc

Lease Subordinate. This Lease shall, subject to the terms and conditions of this Lease, shall be subject and subordinate to the lien of any and all Mortgages and to any Ground Leases now or hereafter placed upon the Premises, the Building and/or the LandLeases, and any and all renewals, extensions, modifications, recastings and refinancings thereof. This Article clause shall be self-operative, without execution of any further instrument; but if requested by Landlord or any Mortgagee, Tenant shall promptly execute a commercially reasonable certificate or other commercially reasonable document evidencing and providing for such subordination. Landlord shall have the right to execute said document on behalf of Tenant shall attorn if Tenant fails to any lender and any purchaser at a foreclosure sale, such attornment to be self-executing and effective upon acquisition of title to the Building by any purchaser at a foreclosure sale or by a lender in any manner. This Lease shall not be terminated by foreclosure or any other transfer do so within five (5) days after receipt of the Building and/or the Land. After a foreclosure sale of the Building and/or the Land, lender or any other purchaser at such foreclosure sale may, at lender’s or such purchaser’s option, accept or terminate this Leaserequest. Tenant agrees that, if any Mortgage is foreclosed or Ground Lease terminated, upon request by the purchaser at the foreclosure sale or Ground Lessor, as the case may be, Tenant shall attorn to and recognize the purchaser or Ground Lessor as the landlord under this Lease and shall make all payments required hereunder to such new landlord without any deduction or set-off of any kind whatsoever except as specifically expressly provided for in this Lease. Tenant waives the provisions of any Applicable Lawslaw or regulation, now or hereafter in effect, which may give or purport to give Tenant any right to terminate or otherwise affect this Lease or the obligations of Tenant hereunder in the event that any such foreclosure, termination or other proceeding is filed, prosecuted or completed. Notwithstanding anything herein to the contrary, any Mortgagee may at any time subordinate the lien of its Mortgage to the operation and effect of this Lease without Tenant’s 's consent, by giving Tenant written notice of such subordination, in which event this Lease shall be deemed to be senior to such Mortgage, and thereafter such Mortgagee shall have the same rights as it would have had if this Lease had been executed, delivered and recorded before said Mortgage.

Appears in 1 contract

Samples: MCG Capital Corp

Lease Subordinate. This Lease shall, subject to the terms and conditions of this Lease, shall be subject and subordinate to the lien of any and all Mortgages and to any Ground Leases now or hereafter placed upon the Premises, the Building and/or the LandLeases, and any and all renewals, extensions, modifications, recastings and refinancings thereof. This Article clause shall be self-operative, without execution of any further instrument; but if requested by Landlord or any Mortgagee, Tenant shall promptly execute a commercially reasonable certificate or other commercially reasonable document evidencing and providing for such subordination. Landlord shall have the right to execute said document on behalf of Tenant shall attorn if Xxxxxx fails to any lender and any purchaser at a foreclosure sale, such attornment to be self-executing and effective upon acquisition of title to the Building by any purchaser at a foreclosure sale or by a lender in any manner. This Lease shall not be terminated by foreclosure or any other transfer do so within five (5) days after receipt of the Building and/or the Land. After a foreclosure sale of the Building and/or the Land, lender or any other purchaser at such foreclosure sale may, at lender’s or such purchaser’s option, accept or terminate this Leaserequest. Tenant agrees that, if any Mortgage is foreclosed or Ground Lease terminated, upon request by the purchaser at the foreclosure sale or Ground Lessor, as the case may be, Tenant shall attorn to and recognize the purchaser or Ground Lessor as the landlord under this Lease and shall make all payments required hereunder to such new landlord without any deduction or set-off of any kind whatsoever except as specifically provided for in this Leasewhatsoever. Tenant waives the provisions of any Applicable Lawslaw or regulation, now or hereafter in effect, which may give or purport to give Tenant any right to terminate or otherwise affect this Lease or the obligations of Tenant hereunder in the event that any such foreclosure, termination or other proceeding is filed, prosecuted or completed. Notwithstanding anything herein to the contrary, any Mortgagee may at any time subordinate the lien of its Mortgage to the operation and effect of this Lease without Tenant’s 's consent, by giving Tenant written notice of such subordination, in which event this Lease shall be deemed to be senior to such Mortgage, and thereafter such Mortgagee shall have the same rights as it would have had if this Lease had been executed, delivered and recorded before said Mortgage. Landlord shall obtain from any current Mortgagee or Ground Lessor a non-disturbance agreement for the benefit of Tenant in such Mortagee's or Ground Lessor's, as the case may be, usual form; provided, however, that Tenant shall pay all costs incurred by Landlord which are imposed by such Mortgagee or Ground Lessor, as the case may be, with respect to such non-disturbance agreement. Furthermore, Landlord shall obtain from any future Mortgagee or Ground Lessor a non-disturbance agreement for the benefit of Tenant in such Mortgagee's or Ground Lessor's, as the case may be, usual form; provided, however, that (i) Tenant shall pay all costs incurred by Landlord which are imposed by such Mortagee or Ground Lessor, as the case may be, with respect to such non-disturbance agreement, and (ii) in the event that either (A) Tenant's net worth is not equal to at least fifty percent (50%) of Tenant's net worth as shown on Exhibit H attached hereto and made a part hereof, or (B) Tenant's creditworthiness is not then greater than or equal to, in Landlord's sole and absolute discretion, Xxxxxx's creditworthiness as shown on said Exhibit H, Landlord shall not have any obligation to obtain such non-disturbance agreement; provided, however, that even in such circumstance(s), Landlord shall nevertheless use commercially reasonable efforts to obtain such non-disturbance agreement.

Appears in 1 contract

Samples: Equinix Inc

Lease Subordinate. This Lease shall, subject Subject to the terms and conditions of this LeaseSection 22, this Lease shall be subject and subordinate to the lien of any and all Mortgages first lien Mortgage and to any first priority Ground Leases now or hereafter placed upon the Premises, Lease which encumbers the Building and/or and the Land, and any and all renewals, extensions, modifications, recastings and refinancings thereof. This Article In the event Landlord delivers to Tenant a subordination, attornment and non-disturbance agreement required under the following terms of this Section, fully executed by Landlord and the subject Mortgagee or Ground Lease, as the case may be, with signatures acknowledged, and Tenant fails to execute and deliver same to Landlord, then: (i) this Lease shall be self-operativesubordinate to the lien of the subject Mortgage or Ground Lease, without execution of any further instrument; but (ii) if requested by Landlord or any Mortgagee, Tenant shall promptly execute a commercially reasonable certificate or other commercially reasonable document evidencing and providing for such subordination. Tenant shall attorn to any lender and any purchaser at a foreclosure sale, such attornment to be self-executing and effective upon acquisition of title to the Building by any purchaser at a foreclosure sale or by a lender in any manner. This Lease shall not be terminated by foreclosure or any other transfer of the Building and/or the Land. After a foreclosure sale of the Building and/or the Land, lender or any other purchaser at such foreclosure sale may, at lender’s or such purchaser’s option, accept or terminate this Lease. Tenant agrees that, if any subject Mortgage is foreclosed or Ground Lease is terminated, upon request by the purchaser at the foreclosure sale or Ground Lessor, as the case may be, Tenant shall attorn to and recognize the purchaser or Ground Lessor as the landlord under this Lease and shall make all payments required hereunder to such new landlord without any deduction or set-off of any kind whatsoever except as specifically provided for in this Lease. landlord; and (iii) Tenant waives shall be deemed to have waived the provisions of any Applicable Laws, Law now or hereafter in effect, which may give or purport to give Tenant any a right to terminate or otherwise affect this Lease or the obligations of Tenant hereunder in the event that with respect to any such foreclosure, termination or other proceeding is filed, prosecuted or completed. Notwithstanding anything herein to the contrary, any Mortgagee may at any time subordinate the lien of its Mortgage to the operation and effect of this Lease without Tenant’s consent, by giving Tenant notice of such subordination, in which event this Lease shall be deemed to be senior to such Mortgage, and thereafter such Mortgagee shall have the same rights as it would have had if this Lease had been executed, delivered and recorded before said Mortgage. The subordination of this Lease to any Mortgage or Ground Lease is subject to the condition that Tenant shall not be named or joined in any action or proceeding to foreclose any such Mortgage to terminate any such Ground Lease. Notwithstanding the foregoing, in consideration of, and as a condition precedent to, the subordination of this Lease to any first lien Mortgage or first priority Ground Lease and Tenant’s agreement to be bound by the terms of this Section 22.A: (a) Landlord shall obtain from the holder of the existing Mortgage which encumbers the Building and the Land, and each Mortgagee that places a lien on the Building and the Land prior to the execution and delivery of this Lease, a non-disturbance agreement for the benefit of Tenant in the form which is attached hereto as Exhibit F and made part hereof, and (b) with respect to all future Mortgages and future Ground Leases on the Building, the Land or both, Landlord shall obtain from the holder of the same a non-disturbance agreement for the benefit of Tenant which shall be in the form which is attached hereto as Exhibit F or in other commercially reasonable form which includes the substantive terms of Exhibit F attached hereto or terms which are substantively equivalent, except that, solely with respect to (i) insurance proceeds in excess of Three Million Dollars ($3,000,000.00) and (ii) any condemnation proceeds, a provision which is the substantive equivalent of Paragraph FIRST in Exhibit F may also provide that the Lease shall be subject to the terms of the Security Instrument (as defined in said Exhibit F) securing a loan by a first lien priority Mortgagee (a “First Mortgagee”) with respect to such First Mortgagee’s right set forth in the Security Instrument to determine whether any such insurance proceeds or condemnation proceeds shall be applied to the repayment of the loan which is secured by the subject Security Instrument, or shall be applied to the cost of restoration of the Building, or both, and, if both, then in what proportion such amount shall be allocable, but such First Mortgagee’s right shall not include the right to disburse or authorize the disbursement of any such proceeds to Landlord unless Landlord has fulfilled its obligations under Sections 16 or 18, as applicable, of this Lease. All non-disturbance agreements delivered to Tenant shall have an express acknowledgement by the parties thereunder of all rights of Tenant under this Lease to offset and deduct amounts owing by Landlord to Tenant against Rent payable by Tenant under this Lease to the extent provided herein, including, without limitation, the amounts of any portion of the Improvement Allowance and other inducements, if any, payable to Tenant to the extent Landlord fails to timely pay the subject amounts to Tenant, all together with interest accrued thereon at the Default Rate.

Appears in 1 contract

Samples: Deed of Lease (Watson Wyatt & Co Holdings)

Lease Subordinate. This Lease shall, subject to the terms and conditions of this Lease, shall be subject and subordinate to the lien of any and all Mortgages and to any Ground Leases now or hereafter placed upon the Premises, the Building and/or the LandLeases, and any and all renewals, extensions, modifications, recastings and refinancings thereof. This Article clause shall be self-operative, without execution of any further instrument; but if requested by Landlord or any Mortgagee, Tenant shall promptly execute a commercially reasonable certificate or other commercially reasonable document evidencing and providing for such subordination. Landlord shall have the right to execute said document on behalf of Tenant shall attorn if Tenant fails to any lender and any purchaser at a foreclosure sale, such attornment to be self-executing and effective upon acquisition of title to the Building by any purchaser at a foreclosure sale or by a lender in any manner. This Lease shall not be terminated by foreclosure or any other transfer do so within five (5) days after receipt of the Building and/or the Land. After a foreclosure sale of the Building and/or the Land, lender or any other purchaser at such foreclosure sale may, at lender’s or such purchaser’s option, accept or terminate this Leaserequest. Tenant agrees that, if any Mortgage is foreclosed or Ground Lease terminated, upon request by the purchaser at the foreclosure sale or Ground Lessor, as the case may be, Tenant shall attorn to and recognize the purchaser or Ground Lessor as the landlord under this Lease and shall make all payments required hereunder to such new landlord without any deduction or set-off of any kind whatsoever except as specifically provided for in this Leasewhatsoever. Tenant waives the provisions of any Applicable Lawslaw or regulation, now or hereafter in effect, which may give or purport to give Tenant any right to terminate or otherwise affect this Lease or the obligations of Tenant hereunder in the event that any such foreclosure, termination or other proceeding is filed, prosecuted or completed. Notwithstanding anything herein to the contrary, any Mortgagee may at any time subordinate the lien of its Mortgage to the operation and effect of this Lease without Tenant’s 's consent, . by giving Tenant written notice of such subordination, in which event this Lease shall be deemed to be senior to such Mortgage, and thereafter such Mortgagee shall have the same rights as it would have had if this Lease had been executed, delivered and recorded before said Mortgage. Upon Landlord's receipt of Tenant's written request therefor, Landlord shall use reasonable efforts to obtain a non-disturbance and quiet enjoyment agreement from each future Mortgagee and Ground Lessor, and Tenant shall pay all third party costs associated with obtaining the agreement, but in no event shall the fact that a non-disturbance agreement is not obtained from any future Mortgagee or Ground Lessor affect in any manner the subordination provided for in Section 22.A. hereof.

Appears in 1 contract

Samples: Hagler Bailly Inc

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Lease Subordinate. This Lease shall, subject to the terms and conditions of this Lease, shall be subject and subordinate to the lien of any and all Mortgages and to any Ground Leases now or hereafter placed upon the Premises, the Building and/or the LandLeases, and any and all renewals, extensions, modifications, recastings and refinancings thereof. This Article clause shall be self-operative, without execution of any further instrument; but if requested by Landlord or any Mortgagee, Tenant shall promptly execute a commercially reasonable certificate or other commercially reasonable document evidencing and providing for such subordination. Landlord shall have the right to execute said document on behalf of Tenant shall attorn if Tenant fails to any lender and any purchaser at a foreclosure sale, such attornment to be self-executing and effective upon acquisition of title to the Building by any purchaser at a foreclosure sale or by a lender in any manner. This Lease shall not be terminated by foreclosure or any other transfer do so within ten (00) days after receipt of the Building and/or the Land. After a foreclosure sale of the Building and/or the Land, lender or any other purchaser at such foreclosure sale may, at lender’s or such purchaser’s option, accept or terminate this Leaserequest. Tenant agrees that, if any Mortgage is foreclosed or Ground Lease terminated, upon request by the purchaser at the foreclosure sale or Ground Lessor, as the case may be, Tenant shall attorn to and recognize the purchaser or Ground Lessor as the landlord under this Lease and shall make all payments required hereunder to such new landlord without any deduction or set-off of any kind whatsoever except as specifically provided for in this Leasewhatsoever. Tenant waives the provisions of any Applicable Lawslaw or regulation, now or hereafter in effect, which may give or purport to give Tenant any right to terminate or otherwise affect this Lease or the obligations of Tenant hereunder in the event that any such foreclosure, termination or other proceeding is filed, prosecuted or completed. Notwithstanding anything herein to the contrary, any Mortgagee may at any time subordinate the lien of its Mortgage to the operation and effect of this Lease without Tenant’s 's consent, by giving Tenant written notice of such subordination, in which event this Lease shall be deemed to be senior to such Mortgage, and thereafter such Mortgagee shall have the same rights as it would have had if this Lease had been executed, delivered and recorded before said Mortgage. Landlord shall use reasonable efforts to obtain from any Mortgagee or Ground Lessor a non-disturbance agreement for the benefit of Tenant in such Mortgagee's or Ground Lessor's, as the case may be, usual form; provided, however, that (i) Tenant shall pay all costs incurred by Landlord which are imposed by such Mortgagee or Ground Lessor, as the case may be, with respect to such non-disturbance agreement and (ii) in the event that Landlord does not obtain such non-disturbance agreement, this Lease shall be and remain subject and subordinate to the lien of said Mortgage or Ground Lease, as the case may be, and to any and all renewals, extensions, modifications, recastings and refinancings thereof.

Appears in 1 contract

Samples: Eplus Inc

Lease Subordinate. This At Landlord's election, this Lease shall, subject to the terms and conditions of this Lease, shall be subject and subordinate to any mortgage now or hereafter on the Lot or Building, or both, which are separately and together hereinafter in this Section 12.2 referred to as "the mortgaged premises", and to each advance made or hereafter to be made under any mortgage, and to all renewals, modifications, consolidations, replacements and extensions thereof and all substitutions therefor. This Section 12.2 shall be self-operative and no further instrument of subordination shall be required. In confirmation of such subordination, Tenant shall execute and deliver promptly any certificate that Landlord or any mortgagee may request. In the event that any mortgagee or its respective successor in title shall succeed to the interest of Landlord, then, at the option of such mortgagee or successor, this Lease shall nevertheless continue in full force and effect and Tenant shall and does hereby agree to attorn to such mortgagee or successor and to recognize such mortgagee or successor as its Landlord. The word "mortgagee" as used in this Lease shall include the holder for the time being whenever the context permits. Notwithstanding anything to the contrary contained in this Section 12.2, Tenant shall not be required to subordinate this Lease to any mortgage or the lien of any and all Mortgages and to any Ground Leases now or hereafter placed upon mortgage, nor shall the Premises, the Building and/or the Land, and any and all renewals, extensions, modifications, recastings and refinancings thereof. This Article shall subordination provided herein be self-operative, without execution operative unless the holder of any further instrument; but if requested by Landlord or any Mortgagee, Tenant shall promptly execute a commercially reasonable certificate or other commercially reasonable document evidencing and providing for such subordination. Tenant shall attorn to any lender and any purchaser at a foreclosure sale, such attornment to be self-executing and effective upon acquisition of title to the Building by any purchaser at a foreclosure sale or by a lender in any manner. This Lease shall not be terminated by foreclosure or any other transfer of the Building and/or the Land. After a foreclosure sale of the Building and/or the Land, lender or any other purchaser at such foreclosure sale may, at lender’s or such purchaser’s option, accept or terminate this Lease. Tenant agrees that, if any Mortgage is foreclosed or Ground Lease terminated, upon request by the purchaser at the foreclosure sale or Ground Lessormortgage, as the case may be, Tenant shall attorn enter into an agreement with Tenant, recordable in form, to and recognize the purchaser effect that, in the event of foreclosure of, or Ground Lessor as similar action taken under such mortgage, Tenant's possession of the landlord Premises under this Lease and shall make all payments required hereunder to not be terminated or disturbed by such new landlord without any deduction mortgage holder or set-off of any kind whatsoever except anyone claiming under such mortgage holder, as specifically provided for the case may be, so long as Tenant shall not be in default under this Lease. Tenant waives the provisions The form of any Applicable Laws, now or hereafter in effect, which may give or purport to give Tenant any right to terminate or otherwise affect this Lease or such agreement shall be the obligations of Tenant hereunder in the event that form required by any such foreclosure, termination or other proceeding is filed, prosecuted or completed. Notwithstanding anything herein to the contrary, any Mortgagee may at any time subordinate the lien of mortgagee in its Mortgage to the operation sole and effect of this Lease without Tenant’s consent, by giving Tenant notice of such subordination, in which event this Lease shall be deemed to be senior to such Mortgage, and thereafter such Mortgagee shall have the same rights as it would have had if this Lease had been executed, delivered and recorded before said Mortgageabsolute discretion.

Appears in 1 contract

Samples: Disturbance and Attornment Agreement (Genzyme Transgenics Corp)

Lease Subordinate. This Lease shall, subject to the terms and conditions of this Lease, shall be subject and subordinate to the lien of any and all Mortgages and to any Ground Leases now or hereafter placed upon the Premises, the Building and/or the LandLeases, and any and all renewals, extensions, modifications, recastings and refinancings thereof. This Article clause shall be self-operative, without execution of any further instrument; but if requested by Landlord or any Mortgagee, . Tenant shall promptly execute a commercially reasonable certificate or other commercially reasonable document evidencing and providing for such subordination. Tenant shall attorn to any lender and any purchaser at a foreclosure sale, such attornment to be self-executing and effective upon acquisition of title to the Building by any purchaser at a foreclosure sale or by a lender in any manner. This Lease shall not be terminated by foreclosure or any other transfer of the Building and/or the Land. After a foreclosure sale of the Building and/or the Land, lender or any other purchaser at such foreclosure sale may, at lender’s or such purchaser’s option, accept or terminate this Lease. Tenant agrees that, if any Mortgage is foreclosed or Ground Lease terminated, upon request by the purchaser at the foreclosure sale or Ground Lessor, as the case may be, Tenant shall attorn to and recognize the purchaser or Ground Lessor as the landlord under this Lease and shall make all payments required hereunder to such new landlord without any deduction or set-off of any kind whatsoever except as specifically provided for in this Leasewhatsoever. Tenant waives the provisions of any Applicable Lawslaw or regulation, now or hereafter in effect, which may give or purport to give Tenant any right to terminate or otherwise affect this Lease or the obligations of Tenant hereunder in the event that any such foreclosure, termination or other proceeding is filed, prosecuted or completed. Notwithstanding anything herein to the contrary, any Mortgagee may at any time subordinate the lien of its Mortgage to the operation and effect of this Lease without Tenant’s consent, by giving Tenant written notice of such subordination, in which event this Lease shall be deemed to be senior to such Mortgage, and thereafter such Mortgagee shall have the same rights as it would have had if this Lease had been executed, delivered and recorded before said Mortgage. Landlord shall use reasonable efforts to obtain from any current or future Mortgagee or Ground Lessor a nondisturbance agreement for the benefit of Tenant in such Mortgagee’s or Ground Lessor’s, as the case may be, usual form; provided, however, that (i) Tenant shall pay all costs incurred by Landlord which are imposed by such Mortgagee or Ground Lessor, as the case may be, with respect to such nondisturbance agreement and (ii) in the event that Landlord does not obtain such nondisturbance agreement, this Lease shall be and remain subject and subordinate to the lien of said Mortgage or Ground Lease, as the case may be, and to any and all renewals, extensions, modifications, recastings and refinancings thereof.

Appears in 1 contract

Samples: Lease (Learning Tree International Inc)

Lease Subordinate. This Lease shallshall be subject and subordinate to any mortgage now or hereafter on the Lot or Building, subject or both, which are separately and together hereinafter in this Article IX referred to as "the mortgaged premises", and to each advance made or hereafter to be made under any mortgage, and to all renewals, modifications, consolidation, replacements and extensions thereof and all substitutions therefor, provided that the holder thereof enters into an agreement with Tenant by the terms of which such holder will agree to recognize the rights of tenant under this Lease and to accept Tenant as tenant of the Premises under the terms and conditions of this Lease in the event of acquisition of title by such holder through foreclosure proceedings or otherwise and Tenant will agree to recognize the holder of such mortgage as Landlord in such event, which agreement shall be made expressly to bind and inure to the benefit of the successors and assigns of Tenant and of the holder and upon anyone purchasing the Premises at any foreclosure sale, provided however, that such holder shall not: (i) be liable for any previous act or omission of Landlord under this Lease, ; (ii) be subject to any offset, defense or counterclaim which shall theretofore have accrued to Tenant against Landlord; (iii) have any obligation with respect to any security deposit unless it shall have been paid over or physically delivered to such successor; or (iv) be bound by any previous modification of this Lease or by any previous payment of Annual Fixed Rent for a period greater than one (1) month, made without the consent of such holder where such consent is required by the applicable instrument. Notwithstanding the foregoing any such holder may at its election subordinate its mortgage to this Lease without the consent or approval of Tenant. Tenant and subordinate Landlord agree to execute and deliver any appropriate instruments necessary to carry out the agreements contained in this Section 9.1. Tenant acknowledges that, where applicable, any consent or approval hereafter given by Landlord may be subject to the lien further consent or approval of any the holder; and all Mortgages the failure or refusal of such holder to give such consent or approval shall, notwithstanding anything to the contrary in this Lease contained, constitute reasonable justification for Landlord's withholding its consent or approval. Tenant hereby irrevocably constitutes and to any Ground Leases now or hereafter placed upon the Premises, the Building and/or the Land, and any and all renewals, extensions, modifications, recastings and refinancings thereof. This Article shall be self-operative, without execution of any further instrument; but if requested by appoints Landlord or any Mortgageeholder, Tenant shall promptly and their respective successors in interest, acting singly, Tenant's attorney-in-fact to execute a commercially reasonable and deliver any such certificate or other commercially reasonable document evidencing instrument for, on behalf and providing for in the name of Tenant, but only if Tenant fails to execute, acknowledge and deliver any such subordinationcertificate or instrument within ten (10) days after Landlord or such holder has made written request therefor. Landlord represents to Tenant shall attorn that, as of the date of this Lease, there are no mortgages affecting the Building. Landlord agrees that, as to any lender future mortgages affecting the Building, Landlord shall use reasonable efforts to obtain from the holder of such mortgage a written instrument in recordable form and any purchaser at a foreclosure salein the customary form of such mortgagee that, such attornment to be self-executing and effective upon acquisition of title to the Building by any purchaser at a foreclosure sale or by a lender in any manner. This Lease as long as Tenant shall not be terminated by foreclosure or any other transfer in terminable default of the Building and/or obligations on its part to be kept and performed under the Land. After a foreclosure sale terms of the Building and/or the Land, lender or any other purchaser at such foreclosure sale may, at lender’s or such purchaser’s option, accept or terminate this Lease. Tenant agrees that, if any Mortgage is foreclosed or Ground Lease terminated, upon request by the purchaser at the foreclosure sale or Ground Lessor, as the case may be, Tenant shall attorn to and recognize the purchaser or Ground Lessor as the landlord under this Lease will not be affected and shall make all payments required Tenant's possession hereunder to will not be disturbed by any default in and/or foreclosure of, such new landlord without any deduction or set-off of any kind whatsoever except as specifically provided for in this Lease. Tenant waives the provisions of any Applicable Laws, now or hereafter in effect, which may give or purport to give Tenant any right to terminate or otherwise affect this Lease or the obligations of Tenant hereunder in the event that any such foreclosure, termination or other proceeding is filed, prosecuted or completed. Notwithstanding anything herein to the contrary, any Mortgagee may at any time subordinate the lien of its Mortgage to the operation and effect of this Lease without Tenant’s consent, by giving Tenant notice of such subordination, in which event this Lease shall be deemed to be senior to such Mortgage, and thereafter such Mortgagee shall have the same rights as it would have had if this Lease had been executed, delivered and recorded before said Mortgagemortgage.

Appears in 1 contract

Samples: Manhattan Associates Inc

Lease Subordinate. This Lease shall, subject to the terms and conditions of this Lease, shall be subject and subordinate to the lien of any and all Mortgages and to any Ground Leases now or hereafter placed upon the Premises, the Building and/or the LandLeases, and any and all renewals, extensions, modifications, recastings and refinancings thereof. This Article clause shall be self-operative, without execution of any further instrument; but if requested by Landlord or any Mortgagee, Tenant shall promptly execute a commercially reasonable certificate or other commercially reasonable document evidencing and providing for such subordination. Landlord shall have the right to execute said document on behalf of Tenant shall attorn if Tenant fails to any lender and any purchaser at a foreclosure sale, such attornment to be self-executing and effective upon acquisition of title to the Building by any purchaser at a foreclosure sale or by a lender in any manner. This Lease shall not be terminated by foreclosure or any other transfer do so within five (5) days after receipt of the Building and/or the Land. After a foreclosure sale of the Building and/or the Land, lender or any other purchaser at such foreclosure sale may, at lender’s or such purchaser’s option, accept or terminate this Leaserequest. Tenant agrees that, if any Mortgage is foreclosed or Ground Lease terminated, upon request by the purchaser at the foreclosure sale or Ground Lessor, as the case may be, Tenant shall attorn to and recognize the purchaser or Ground Lessor as the landlord under this Lease and shall make all payments required hereunder to such new landlord without any deduction or set-off of any kind whatsoever except as specifically provided for in this Leasewhatsoever. Tenant waives the provisions of any Applicable Lawslaw or regulation, now or hereafter in effect, which may give or purport to give Tenant any right to terminate or otherwise affect this Lease or the obligations of Tenant hereunder in the event that any such foreclosure, termination or other proceeding is filed, prosecuted or completed. Notwithstanding anything herein to the contrary, any Mortgagee may at any time subordinate the lien of its Mortgage to the operation and effect of this Lease without Tenant’s 's consent, by giving Tenant written notice of such subordination, in which event this Lease shall be deemed to be senior to such Mortgage, and thereafter such Mortgagee shall have the same rights as it would have had if this Lease had been executed, delivered and recorded before said Mortgage.

Appears in 1 contract

Samples: Office Lease (Genvec Inc)

Lease Subordinate. This Lease shall, subject to the terms and conditions of this Lease, shall be subject and subordinate to the lien of any and all Mortgages and to any Ground Leases now or hereafter placed upon the Premises, the Building and/or the LandLeases, and any and all renewals, extensions, modifications, recastings and refinancings thereof. This Article clause shall be self-operative, without execution of any further instrument; , but if requested by Landlord or any Mortgagee, Tenant shall promptly execute a commercially reasonable certificate or other commercially reasonable document evidencing and providing for such subordination. Landlord shall have the right to execute said document on behalf of Tenant shall attorn if Tenant fails to any lender and any purchaser at a foreclosure sale, such attornment to be self-executing and effective upon acquisition of title to the Building by any purchaser at a foreclosure sale or by a lender in any manner. This Lease shall not be terminated by foreclosure or any other transfer do so within ten (10) days after receipt of the Building and/or the Land. After a foreclosure sale of the Building and/or the Land, lender or any other purchaser at such foreclosure sale may, at lender’s or such purchaser’s option, accept or terminate this Leaserequest. Tenant agrees that, if any Mortgage is foreclosed or Ground Lease terminated, upon request by the purchaser at the foreclosure sale or Ground Lessor, as the case may be, Tenant shall attorn to and recognize the purchaser or Ground Lessor as the landlord under this Lease and shall make all payments required hereunder to such new landlord without any deduction or set-off of any kind whatsoever except as specifically provided for in this Leasewhatsoever. Tenant waives the provisions provision of any Applicable Lawslaw or regulation, now or hereafter hereinafter in effect, which may give or purport to give Tenant any right to terminate or otherwise affect this Lease or the obligations of Tenant hereunder in the event that any such foreclosure, termination or other proceeding is filed, prosecuted or completed. Notwithstanding anything herein to the contrary, any Mortgagee may at any time subordinate the lien of its Mortgage to the operation and effect of this Lease without Tenant’s consent, by giving Tenant written notice of such subordination, in which event this Lease shall be deemed to be senior to such Mortgage, and thereafter such Mortgagee shall have the same rights as it would have had if this Lease had been executed, delivered and recorded before said Mortgage. If Tenant requests in writing that Landlord from any current or future Mortgagee or Ground Lessor a non-disturbance agreement for the benefit of Tenant, then Landlord shall use reasonable efforts to obtain such non-disturbance agreement in such Mortgagee’s or Ground Lessor’s, as the case may be, usual form; provided, however, that (i) Tenant shall pay all costs incurred by Landlord which are imposed by such Mortgagee or Ground Lessor, as the case may be, with respect to such non-disturbance agreement and (ii) in the event that Landlord does not obtain such non-disturbance agreement, this Lease shall be and remain subject and subordinate to the lien of said Mortgage or Ground Lease, as the case may be, and to any and all renewals, extensions, modifications, castings and refinancings thereof.

Appears in 1 contract

Samples: Office Lease (Sucampo Pharmaceuticals, Inc.)

Lease Subordinate. This Lease shall, subject to the terms and conditions of this Lease, shall be subject and subordinate to any mortgage now or hereinafter placed on the lien of Lot or Building, or both, or any portion or portions thereof which are separately and all Mortgages together hereinafter in this Article IX referred to as "the mortgaged premises", and to any Ground Leases now each advance made or hereafter placed upon the Premises, the Building and/or the Landto be made under any mortgage, and any and to all renewals, extensions, modifications, recastings increases, consolidations, replacements and refinancings thereofextensions thereof and all substitutions therefor. This Article The foregoing provision shall be self-operativeoperative and no further instrument of subordination shall be required. In confirmation of such subordination, without execution of Tenant shall execute and deliver promptly any further instrument; but if requested by certificate that Landlord or any Mortgageemortgagee may request. In the event that any mortgagee or its respective successor in title shall succeed to the interest of Landlord, then, at the option of such mortgagee or successor, this Lease shall nevertheless continue in full force and effect and Tenant shall promptly execute a commercially reasonable certificate or other commercially reasonable document evidencing and providing for such subordination. Tenant shall does hereby agree to attorn to such mortgagee or successor and to recognize such mortgagee or successor as its Landlord. Any mortgagee shall have the election to subordinate its mortgage to this Lease, exercisable by sending a notice of such election to Tenant, which notice may be recorded at the option of the mortgagee. Provided that Tenant is not in default under any lender of the terms of this Lease, Landlord shall use reasonable efforts to obtain from any such mortgagee on Tenant's behalf an agreement on the part of such mortgagee to recognize this Lease and all of Tenant's rights hereunder as though this Lease were prior to any purchaser at a foreclosure salesuch mortgage, such attornment to be self-executing and effective upon acquisition of title to provided, however, that the Building by mortgagee, or any purchaser at a foreclosure sale or by a lender in any manner. This Lease otherwise, shall not be terminated by foreclosure or any other transfer of the Building and/or the Land. After a foreclosure sale of the Building and/or the Land, lender or any other purchaser at such foreclosure sale may, at lender’s or such purchaser’s option, accept or terminate this Lease. Tenant agrees that, if any Mortgage is foreclosed or Ground Lease terminated, upon request by the purchaser at the foreclosure sale or Ground Lessor, as the case may be, Tenant shall attorn to and recognize the purchaser or Ground Lessor as the landlord under this Lease and shall make all payments required hereunder to such new landlord without any deduction or set-off of any kind whatsoever except as specifically provided for in this Lease. Tenant waives the provisions of any Applicable Laws, now or hereafter in effect, which may give or purport to give Tenant any right to terminate or otherwise affect this Lease or the obligations of Tenant hereunder in the event that any such foreclosure, termination or other proceeding is filed, prosecuted or completed. Notwithstanding anything herein to the contrary, any Mortgagee may at any time subordinate the lien of its Mortgage to the operation and effect of this Lease without Tenant’s consent, by giving Tenant notice of such subordination, in which event this Lease shall be deemed to be senior to such Mortgage, and thereafter such Mortgagee shall have the same rights as it would have had if this Lease had been executed, delivered and recorded before said Mortgage.:

Appears in 1 contract

Samples: World Energy Solutions, Inc.

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