Lease Subordinated. (a) This Lease shall be subject and subordinate at all times to the lien of any mortgage, deed of trust, ground lease, installment sale agreement and/or other instrument or encumbrance heretofore or hereafter placed upon any or all of Landlord’s interest or estate in the Building or the remainder of the Property and of all renewals, modifications, consolidations, replacements and extensions thereof (all of which are hereinafter referred to collectively as a “mortgage”), all automatically and without the necessity of any further action on the part of the Tenant to effectuate such subordination so long as the holder of the superior interest (ground lessor; mortgagee, etc.) provides to Tenant for execution its customary form of subordination, non-disturbance and attornment agreement. The Tenant shall, at the request of the holder of any such mortgage, attorn to such holder, and shall execute, enseal, acknowledge and deliver, upon demand by the Landlord or such holder, such further instrument or instruments evidencing such subordination of the Tenant’s right, title and interest under this Lease to the lien of any such mortgage, and such further instrument or instruments evidencing and elaborating such attornment, as shall be desired by such holder. (b) Anything contained in the foregoing provisions of this Article to the contrary notwithstanding, any such holder may at any time subordinate its mortgage to the operation and effect of this Lease, without the necessity of obtaining the Tenant’s consent thereto, by giving notice of the same in writing to the Tenant, and thereupon this Lease shall be deemed to be prior to such mortgage without regard to their respective dates of execution, delivery and/or recordation, and in that event such holder shall have the same rights with respect to this Lease as though this Lease shall have been executed, delivered and recorded prior to the execution and delivery of such mortgage. (c) Landlord shall obtain for the benefit of Tenant concurrently with Tenant’s execution of this Lease, a subordination non-disturbance and attornment agreement from Landlord’s existing mortgagee in the form attached hereto as Exhibit “J”.
Appears in 2 contracts
Samples: Lease Agreement (MEDecision, Inc.), Lease Agreement (MEDecision, Inc.)
Lease Subordinated. (a) This Lease shall be subject and subordinate at all times to the lien of any mortgage, deed of trust, ground lease, installment sale agreement and/or other instrument or encumbrance heretofore or hereafter placed upon any or all of Landlord’s 's interest or estate in the Building Premises or the remainder of the Property and of all renewals, modifications, consolidations, replacements and extensions thereof (all of which are hereinafter referred to collectively as a “"mortgage”"), all automatically and without the necessity of any further action on the part of the Tenant to effectuate such subordination so long as subordination, provided that Landlord shall cause the holder of such mortgage as of the superior interest (ground lessor; mortgagee, etc.) provides date of this Lease to enter into with Tenant for execution its customary form of a subordination, non-disturbance and attornment agreementagreement (an "SNDA") in form and substance reasonably satisfactory to the holder of such mortgage and Tenant within thirty (30) days following the execution of this Lease. The form attached to this Lease as Exhibit "I" is hereby agreed to be an acceptable form of SNDA.
(b) As to any mortgage, trust deed or other security instrument which is filed against the Property after the date of this Lease (each, together with all replacements, renewals or extensions thereof, a "Future Mortgage"), the subordination provided for in this Article 24 is subject to the express condition that so long as Tenant is not in an uncured default under this Lease beyond any applicable notice and grace period, (i) Tenant's possession shall not be disturbed by such mortgagee and (ii) this Lease shall not be canceled or terminated by such mortgagee and shall continue in full force and effect upon such foreclosure as a direct lease between Tenant and the person or entity acquiring the interest of Landlord, upon all the terms, covenants, conditions and agreements set forth in this Lease. Tenant shall, at the request of the holder of any such mortgagea Future Mortgage, attorn to such holder, and shall execute, enseal, acknowledge execute and deliver, upon demand by the Landlord or such holderthe Future Mortgage, such further instrument or instruments in form and substance reasonably satisfactory to Tenant and evidencing such subordination and non-disturbance of the Tenant’s 's right, title and interest under this Lease to the lien of any such mortgage, and such further instrument or instruments evidencing and elaborating such attornment, the Future Mortgage. The form attached to this Lease as shall Exhibit "I" is hereby agreed to be desired by such holderan acceptable form of SNDA.
(bc) Anything contained in the foregoing provisions of this Article to the contrary notwithstanding, any such holder may at any time subordinate its mortgage to the operation and effect of this Lease, without the necessity of obtaining the Tenant’s 's consent thereto, by giving notice of the same in writing to the Tenant, and thereupon this Lease shall be deemed to be prior to such mortgage without regard to their respective dates of execution, delivery and/or recordation, and in that event such holder shall have the same rights with respect to this Lease as though this Lease shall have been executed, delivered and recorded prior to the execution and delivery of such mortgage.
(c) Landlord shall obtain for the benefit of Tenant concurrently with Tenant’s execution of this Lease, a subordination non-disturbance and attornment agreement from Landlord’s existing mortgagee in the form attached hereto as Exhibit “J”.
Appears in 1 contract
Lease Subordinated. (a) This Lease shall be subject and subordinate at all times to the lien of any mortgage, deed of trust, ground lease, installment sale agreement and/or other instrument or encumbrance heretofore or hereafter placed upon any or all of Landlord’s 's interest or estate in the Building Premises or the remainder of the Property and of all renewals, modifications, consolidations, replacements and extensions thereof (all of which are hereinafter referred to collectively as a “"mortgage”"), all automatically and without the necessity of any further action on the part of the Tenant to effectuate such subordination so long as the holder of the superior interest (ground lessor; mortgagee, etc.) provides to Tenant for execution its customary form of subordination, non-disturbance and attornment agreement. The Tenant shall, at the request of the holder of any such mortgage, attorn to such holder, and shall execute, enseal, acknowledge and deliver, upon demand by the Landlord or such holder, such further instrument or instruments evidencing such subordination of the Tenant’s 's right, title and interest under this Lease to the lien of any such mortgage, and such further instrument or instruments evidencing and elaborating such attornment, as shall be desired by such holder.
(b) Anything contained in the foregoing provisions of this Article to the contrary notwithstanding, any such holder may at any time subordinate its mortgage to the operation and effect of this Lease, without the necessity of obtaining the Tenant’s 's consent thereto, by giving notice of the same in writing to the Tenant, and thereupon this Lease shall be deemed to be prior to such mortgage without regard to their respective dates of execution, delivery and/or recordation, and in that event such holder shall have the same rights with respect to this Lease as though this Lease shall have been executed, delivered and recorded prior to the execution and delivery of such mortgage.
(c) Landlord shall obtain for the benefit of Tenant concurrently with Tenant’s execution of this Lease, a subordination non-disturbance and attornment agreement from Landlord’s existing mortgagee in the form attached hereto as Exhibit “J”.
Appears in 1 contract
Samples: Lease Agreement (Traffic.com, Inc.)
Lease Subordinated. (a) This Lease and Lessee’s right hereunder shall be subject and subordinate at all times to the lien of any mortgage, deed of trust, ground lease, installment sale agreement and/or other instrument or encumbrance heretofore mortgages now existing or hereafter placed upon any created on or all of Landlord’s interest or estate in against the Premises and/or the Building or the remainder of the Property and of all renewals, modifications, consolidations, replacements consolidations and extensions thereof (all of which are hereinafter referred to collectively as a “mortgage”)thereof, all automatically and without the necessity of any further action instrument or act on the part of the Tenant to effectuate such subordination so long as the holder of the superior interest (ground lessor; mortgagee, etc.) provides to Tenant for execution its customary form of subordination, non-disturbance and attornment agreementLessee. The Tenant shallLessee agrees, at the request election of the any mortgagee to attorn to any holder of any such mortgage, attorn mortgage to such holder, which this lease is subject and shall subordinate. Lessee further agrees upon demand to execute, enseal, acknowledge and deliver, upon demand by the Landlord or deliver such holder, such further instrument or instruments evidencing confirming such subordination of the Tenant’s right, title and interest under this Lease to the lien of any such mortgage, and such further instrument or instruments evidencing and elaborating such attornment, of attornment as shall be desired by any existing or proposed mortgagee or by any other person. Lessee hereby irrevocably appoints Lessor attorney-in-fact of Lessee (such holder.
(bpower of attorney being coupled with an interest) Anything contained to execute, acknowledge and deliver any such instrument or instruments for and in the foregoing provisions name of this Article Lessee and to record the contrary notwithstandingsame. Notwithstanding the foregoing, the holder of any such holder mortgage may at any time subordinate its mortgage to the operation and effect of this Lease, without the necessity of obtaining the TenantLessee’s consent theretoconsent, by giving notice of the same in writing to the TenantLessee, and thereupon this Lease shall be deemed to be prior to such mortgage without regard to their respective dates of execution, execution and delivery and/or recordation, and in that event such holder mortgagee shall have the same rights with respect to this Lease as though this Lease shall have had been executed, delivered and recorded executed prior to the execution and delivery of the mortgage and had been assigned to such mortgagee. The word “mortgage.
” is used herein to include any lien, ground rent or encumbrance on the premises and/or the Building or any part of or interest in or appurtenance to any of the foregoing including without limitation any ground lease if Lessor’s interest is or becomes a leasehold estate. The word “mortgagee” is used herein to include the holder of any mortgage, ground rent or encumbrance or any ground Lessor, if Lessee’s interest is or becomes a leasehold estate, including any representative or servicing agent of any such mortgagee. This subordination provision is subject, however, to the express condition that so long as Lessee is not in default in its obligations hereunder beyond applicable grace periods, (a) Lessee will not be made a party in any action or proceeding by any senior party in interest to recover possession of the Building and/or the Premises or to the foreclosure of any mortgage, (b) Lessee’s possession shall not be disturbed, and (c) Landlord shall obtain for the benefit of Tenant concurrently with Tenant’s execution of this Lease, a subordination non-disturbance including all of Lessee’s renewal and attornment agreement from Landlord’s existing mortgagee expansion options shall not be canceled or terminated and shall continue in full force and effect. The holder of every interest to which this Lease is subordinate shall be deemed to have agreed to the form attached hereto as Exhibit “J”conditions set forth in this Section 23.
Appears in 1 contract
Samples: Lease Agreement (Techprecision Corp)
Lease Subordinated. (a) This Lease shall be subject and subordinate at all times to the lien of any mortgage, deed of trust, ground lease, installment sale agreement and/or other instrument or encumbrance heretofore or hereafter placed upon any or all of Landlord’s interest or estate in the Building or the remainder of the Property and of all renewals, modifications, consolidations, replacements and extensions thereof (all of which are hereinafter referred to collectively as a “mortgage”), all automatically and without the necessity of any further action on the part of the Tenant to effectuate such subordination so long as the holder of the superior interest (ground lessor; mortgagee, etc.) provides to Tenant for execution its customary form of subordination, non-disturbance and attornment agreement. The Tenant shall, at the request of the holder of any such mortgage, attorn to such holder, and shall execute, enseal, acknowledge and deliver, upon demand by the Landlord or such holder, such further instrument or instruments evidencing such subordination of the Tenant’s right, title and interest under this Lease to the lien of any such mortgage, and such further instrument or instruments evidencing and elaborating such attornment, as shall be desired by such holder.
(b) Anything contained in the foregoing provisions of this Article to the contrary notwithstanding, any such holder may at any time subordinate its mortgage to the operation and effect of this Lease, without the necessity of obtaining the Tenant’s consent thereto, by giving notice of the same in writing to the Tenant, and thereupon this Lease shall be deemed to be prior to such mortgage without regard to their respective dates of execution, delivery and/or recordation, and in that event such holder shall have the same rights with respect to this Lease as though this Lease shall have been executed, delivered and recorded prior to the execution and delivery of such mortgage.
(c) Landlord andlord shall obtain for the benefit of Tenant concurrently with Tenant’s execution of this Lease, a subordination non-disturbance and attornment agreement from Landlord’s existing mortgagee in the form attached hereto as Exhibit “J”.
Appears in 1 contract
Samples: Lease Agreement (MEDecision, Inc.)
Lease Subordinated. (a) As of the date hereof, there is no mortgage, deed of trust, ground lease or installment sale agreement encumbering any or all of Landlord’s interest or estate in the Premises or the remainder of the Property. This Lease shall be subject and subordinate at all times to the lien of any mortgage, deed of trust, ground lease, installment sale agreement and/or other instrument or encumbrance heretofore or hereafter placed upon any or all of Landlord’s interest or estate in the Building Premises or the remainder of the Property and of all renewals, modifications, consolidations, replacements and extensions thereof (all of which are hereinafter referred to collectively as a “mortgage”), all automatically and without the necessity of any further action on the part of the Tenant to effectuate such subordination so long as the holder of the superior interest (ground lessorsubordination; mortgageeprovided, etc.) provides however, Landlord shall use commercially reasonable efforts to deliver to Tenant for execution its customary form of a subordination, non-disturbance and attornment agreementagreement from the holder of any such mortgage on such holder’s standard form. The Tenant shall, at the request of the holder of any such mortgage, attorn to such holder, and shall execute, enseal, acknowledge and deliver, upon demand by the Landlord or such holder, such further instrument or instruments evidencing such subordination of the Tenant’s right, title and interest under this Lease to the lien of any such mortgage, and such further instrument or instruments evidencing and elaborating such attornment, as shall be desired by such holder.
(b) Anything contained in the foregoing provisions of this Article to the contrary notwithstanding, any such holder may at any time subordinate its mortgage to the operation and effect of this Lease, without the necessity of obtaining the Tenant’s consent thereto, by giving notice of the same in writing to the Tenant, and thereupon this Lease shall be deemed to be prior to such mortgage without regard to their respective dates of execution, delivery and/or recordation, and in that event such holder shall have the same rights and obligations with respect to this Lease as though this Lease shall have been executed, delivered and recorded prior to the execution and delivery of such mortgage.
(c) Landlord shall obtain for the benefit of Tenant concurrently with Tenant’s execution of this Lease, a subordination non-disturbance and attornment agreement from Landlord’s existing mortgagee in the form attached hereto as Exhibit “J”.
Appears in 1 contract
Lease Subordinated. (a) This Lease shall be subject and subordinate at all times to the lien of any mortgage, deed of trust, ground lease, installment sale agreement and/or other instrument or encumbrance heretofore or hereafter placed upon any or all of Landlord’s 's interest or estate in the Building Premises or the remainder of the Property and of all renewals, modifications, consolidations, replacements and extensions thereof (all of which are hereinafter referred to collectively as a “"mortgage”"), all automatically and without the necessity of any further action on the part of the Tenant to effectuate such subordination so long as the holder of the superior interest (ground lessor; mortgagee, etc.) provides to Tenant for execution its customary form of subordination, non-disturbance and attornment agreement. The Tenant shall, at the request of the holder of any such mortgage, attorn to such holder, and shall execute, enseal, acknowledge and deliver, upon demand by the Landlord or such holder, such reasonable further instrument or instruments evidencing such subordination of the Tenant’s 's right, title and interest under this Lease to the lien of any such mortgage, and such further instrument or instruments evidencing and elaborating such attornmentof attornments, as shall be desired by such holder.
(b) Anything contained in the foregoing provisions of this Article to the contrary notwithstanding, any such holder may at any time subordinate its mortgage to the operation and effect of this Lease, without the necessity of obtaining the Tenant’s 's consent thereto, by giving notice of the same in writing to the Tenant, and thereupon this Lease shall be deemed to be prior to such mortgage without regard to their respective dates of execution, delivery and/or recordation, and in that event such holder shall have the same rights with respect to this Lease as though this Lease shall have been executed, delivered and recorded prior to the execution and delivery of such mortgage.
(c) Notwithstanding the foregoing, Tenant's obligations hereunder are conditioned on Landlord shall obtain for obtaining from the benefit holder of Tenant concurrently with Tenant’s execution of this Lease, any current mortgage or superior lien a subordination non-disturbance and attornment agreement from Landlord’s existing mortgagee substantially in the form attached hereto as Exhibit “J”"F", similarly, Tenant shall not be obligated to subordinate this Lease to any future holder of a mortgage or superior lien unless the holder of such mortgage or superior lien shall have agreed to enter into a non-disturbance agreement substantially in the form attached hereto as Exhibit "F".
Appears in 1 contract
Samples: Lease Agreement (Animas Corp)
Lease Subordinated. (a) This Lease shall be subject and subordinate at all times to the lien of any mortgage, deed of trust, ground lease, installment sale agreement and/or other instrument or encumbrance heretofore or hereafter placed upon any or all of Landlord’s 's interest or estate in the Building Premises or the remainder of the Property and of all renewals, modifications, consolidations, replacements and extensions thereof (all of which are hereinafter referred to collectively as a “"mortgage”"), all automatically and without the necessity of any further action on the part of the Tenant to effectuate such subordination so long as provided that at Tenant's request Landlord have the holder of the superior interest (ground lessor; mortgagee, etc.) provides to Tenant for execution its customary form of mortgagee deliver a subordination, non-disturbance and attornment agreementagreement to Tenant in the form attached hereto as Exhibit "H". The Tenant shall, at the request of the holder of any such mortgage, attorn to such holder, and shall execute, enseal, acknowledge and deliver, upon demand by the Landlord or such holder, such further instrument or instruments evidencing such subordination of the Tenant’s 's right, title and interest under this Lease to the lien of any such mortgage, and such further instrument or instruments evidencing and elaborating such attornment, as shall be desired by such holder.
(b) Anything contained in the foregoing provisions of this Article to the contrary notwithstanding, any such holder may at any time subordinate its mortgage to the operation and effect of this Lease, without the necessity of obtaining the Tenant’s 's consent thereto, by giving notice of the same in writing to the Tenant, and thereupon this Lease shall be deemed to be prior to such mortgage without regard to their respective dates of execution, delivery and/or recordation, and in that event such holder shall have the same rights with respect to this Lease as though this Lease shall have been executed, delivered and recorded prior to the execution and delivery of such mortgage.
(c) Landlord shall obtain for the benefit of Tenant concurrently with Tenant’s execution of this Lease, a subordination non-disturbance and attornment agreement from Landlord’s existing mortgagee in the form attached hereto as Exhibit “J”.
Appears in 1 contract
Lease Subordinated. (a) This Lease shall be subject and subordinate at all times to the lien of any mortgage, deed of trust, ground lease, installment sale agreement and/or other instrument or encumbrance heretofore or hereafter placed upon any or all of Landlord’s interest or estate in the Building Premises or the remainder of the Property and of all renewals, modifications, consolidations, replacements and extensions thereof (all of which are hereinafter referred to collectively as a “mortgage”), all automatically and without the necessity of any further action on the part of the Tenant to effectuate such subordination so long as the holder of the superior interest (ground lessor; mortgagee, etc.) provides to Tenant for execution its customary form of subordination, non-disturbance and attornment agreement. The Tenant shall, at the request of the holder of any such mortgage, attorn to such holder, and shall execute, enseal, acknowledge and deliver, upon demand by the Landlord or such holder, such further instrument or instruments evidencing such subordination of the Tenant’s right, title and interest under this Lease to the lien of any such mortgage, and such further instrument or instruments evidencing and elaborating such attornment, as shall be desired by such holder.
(b) Anything contained in the foregoing provisions of this Article to the contrary notwithstanding, any such holder may at any time subordinate its mortgage to the operation and effect of this Lease, without the necessity of obtaining the Tenant’s consent thereto, by giving notice of the same in writing to the Tenant, and thereupon this Lease shall be deemed to be prior to such mortgage without regard to their respective dates of execution, delivery and/or recordation, and in that event such holder shall have the same rights with respect to this Lease as though this Lease shall have been executed, delivered and recorded prior to the execution and delivery of such mortgage.
(c) Landlord shall obtain for the benefit of Tenant concurrently with Tenant’s execution of this Lease, a subordination non-disturbance and attornment agreement from Landlord’s existing mortgagee in the form attached hereto as Exhibit “J”.
Appears in 1 contract
Samples: Lease Agreement (Ym Biosciences Inc)
Lease Subordinated. (a) This Lease is and shall be subject and subordinate at all times to the lien of any mortgage, deed of trust, ground lease, installment sale agreement lease and/or other instrument or encumbrance of encumbrance, including declarations of covenants and restrictions and similar recorded instruments, heretofore or hereafter placed by Landlord upon all or any or all part of Landlord’s interest or estate in the Leased Premises, the Building or the remainder of the Property Office Park, and of to all renewals, modifications, amendments, consolidations, replacements and extensions thereof (all of which are hereinafter referred to collectively as a “"mortgage”"); and any such subordination shall be automatic, all automatically and without the necessity of any further action on the part of the Tenant to effectuate such subordination so long as subordination. Notwithstanding the foregoing, if deemed appropriate by Landlord or if requested by the holder of the superior interest (ground lessor; mortgageeany mortgage, etc.) provides to Tenant for execution its customary form of subordination, non-disturbance and attornment agreement. The Tenant shall, at the request of Landlord or the holder of any such mortgage, attorn to such holder, and shall execute, enseal, acknowledge and deliver, upon demand by the Landlord or such holder, (i) such further instrument or instruments evidencing such subordination of the Tenant’s 's right, title and interest under this Lease to the lien of any such mortgagemortgage or instrument, and (ii) such further instrument or instruments evidencing and elaborating such attornmentof attornments, as shall be desired by such holder.
. If Tenant is requested to execute and deliver any instrument confirming and evidencing subordination and/or attornment as aforesaid, but fails to deliver same to Landlord within ten (b10) Anything contained days of request, Tenant hereby irrevocably appoints Landlord as attorney-in-fact for Tenant with full power and authority to execute and deliver such instrument or instruments. Notwithstanding the foregoing, this provision for subordination shall not apply to a mortgage unless the mortgagee shall agree in writing that so long as Tenant shall attorn to it and remain in compliance with the foregoing provisions of this Article to the contrary notwithstanding, any such holder may at any time subordinate its mortgage to the operation and effect terms of this Lease, without the necessity of obtaining the Tenant’s consent thereto, leasehold estate granted to Tenant hereunder shall not be terminated or disturbed by giving notice of the same in writing any action to the Tenant, and thereupon this Lease shall be deemed to be prior to foreclose such mortgage without regard to their respective dates of execution, delivery and/or recordation, and in that event such holder shall have the same rights with respect to this Lease as though this Lease shall have been executed, delivered and recorded prior to the execution and delivery of such mortgage.
(c) or by any other action. Landlord shall obtain for the benefit of Tenant concurrently with Tenant’s execution of this Lease, a subordination non-disturbance and attornment such an agreement from Landlord’s existing mortgagee in the form attached hereto as Exhibit “J”all mortgagees to whose interest this Lease is subordinate.
Appears in 1 contract
Lease Subordinated. (a) This Lease shall be subject and subordinate at all times to the lien of any mortgage, deed of trust, ground lease, installment sale agreement and/or other instrument or encumbrance heretofore or hereafter placed upon any or all of Landlord’s interest or estate in the Building Premises or the remainder of the Property and of all renewals, modifications, consolidations, replacements and extensions thereof (all of which are hereinafter referred to collectively as a “mortgage”), all automatically and without the necessity of any further action on the part of the Tenant to effectuate such subordination so long as subordination, provided that Landlord shall cause the holder of such mortgage as of the superior interest (ground lessor; mortgagee, etc.) provides date of this Lease to enter into with Tenant for execution its customary form of a subordination, non-disturbance and attornment agreementagreement (an “SNDA”) in form and substance reasonably satisfactory to the holder of such mortgage and Tenant within thirty (30) days following the execution of this Lease. The form attached to this Lease as Exhibit “I” is hereby agreed to be an acceptable form of SNDA.
(b) As to any mortgage, trust deed or other security instrument which is filed against the Property after the date of this Lease (each, together with all replacements, renewals or extensions thereof, a “Future Mortgage”), the subordination provided for in this Article 24 is subject to the express condition that so long as Tenant is not in an uncured default under this Lease beyond any applicable notice and grace period, (i) Tenant’s possession shall not be disturbed by such mortgagee and (ii) this Lease shall not be canceled or terminated by such mortgagee and shall continue in full force and effect upon such foreclosure as a direct lease between Tenant and the person or entity acquiring the interest of Landlord, upon all the terms, covenants, conditions and agreements set forth in this Lease. Tenant shall, at the request of the holder of any such mortgagea Future Mortgage, attorn to such holder, and shall execute, enseal, acknowledge execute and deliver, upon demand by the Landlord or such holderthe Future Mortgage, such further instrument or instruments in form and substance reasonably satisfactory to Tenant and evidencing such subordination and non-disturbance of the Tenant’s right, title and interest under this Lease to the lien of any such mortgage, and such further instrument or instruments evidencing and elaborating such attornment, the Future Mortgage. The form attached to this Lease as shall Exhibit “I” is hereby agreed to be desired by such holderan acceptable form of SNDA.
(bc) Anything contained in the foregoing provisions of this Article to the contrary notwithstanding, any such holder may at any time subordinate its mortgage to the operation and effect of this Lease, without the necessity of obtaining the Tenant’s consent thereto, by giving notice of the same in writing to the Tenant, and thereupon this Lease shall be deemed to be prior to such mortgage without regard to their respective dates of execution, delivery and/or recordation, and in that event such holder shall have the same rights with respect to this Lease as though this Lease shall have been executed, delivered and recorded prior to the execution and delivery of such mortgage.
(c) Landlord shall obtain for the benefit of Tenant concurrently with Tenant’s execution of this Lease, a subordination non-disturbance and attornment agreement from Landlord’s existing mortgagee in the form attached hereto as Exhibit “J”.
Appears in 1 contract
Lease Subordinated. (a) This Subject to receipt of the required subordination, non-disturbance and attornment agreement, as provided below, this Lease shall be subject and subordinate at all times to the lien of any mortgage, deed of trust, ground lease, installment sale agreement and/or other instrument or encumbrance heretofore or hereafter placed upon any or all of Landlord’s interest or estate in the Building Premises or the remainder of the Property and of all renewals, modifications, consolidations, replacements and extensions thereof (all of which are hereinafter referred to collectively as a “mortgage”), all automatically and without the necessity of any further action on the part of the Tenant to effectuate such subordination so long as the holder of the superior interest (ground lessor; mortgagee, etc.) provides to Tenant for execution its customary form of subordination, non-disturbance and attornment agreement. The Tenant shall, at the request of the holder of any such mortgage, attorn to such holder, and shall execute, enseal, acknowledge and deliver, upon demand by the Landlord or such holder, such further instrument or instruments evidencing such subordination of the Tenant’s right, title and interest under this Lease to the lien of any such mortgage, and such further instrument or instruments evidencing and elaborating such attornment, as shall be reasonably desired by such holder. Notwithstanding the foregoing, as a condition to Tenant’s agreement to subordinate this Lease, Landlord, at Tenant’s expense, shall use commercially reasonable efforts to obtain a subordination, non-disturbance and attornment agreement any future mortgage holders, within thirty (30) of any new mortgage on the Property. Landlord represents and warrants that there are no mortgages, deeds of trust, ground leases, installment sale agreements and/or other instruments or encumbrances placed upon any or all of Landlord’s interest or estate in the Premises or the remainder of the Property as of the execution date of this Lease.
(b) Anything contained in the foregoing provisions of this Article to the contrary notwithstanding, any such holder may at any time subordinate its mortgage to the operation and effect of this Lease, without the necessity of obtaining the Tenant’s consent thereto, by giving notice of the same in writing to the Tenant, and thereupon this Lease shall be deemed to be prior to such mortgage without regard to their respective dates of execution, delivery and/or recordation, and in that event such holder shall have the same rights with respect to this Lease as though this Lease shall have been executed, delivered and recorded prior to the execution and delivery of such mortgage.
(c) Landlord shall obtain for the benefit of Tenant concurrently with Tenant’s execution of this Lease, a subordination non-disturbance and attornment agreement from Landlord’s existing mortgagee in the form attached hereto as Exhibit “J”.
Appears in 1 contract
Samples: Lease Agreement (Trevena Inc)