Lease Subordination. This Lease and all rights of Tenant under this Lease are, and shall remain, unconditionally subject and subordinate in all respects to all ground and underlying leases now or hereafter in effect affecting the Real Property or any portion thereof, including, but not limited to, a certain lease dated as of the 10th day of April, 1970, between the City of New York, as landlord, and 41 Madison Company, as tenant, affecting the real property immediately adjacent on the south to the plot of land upon which the Building stands, which lease is recorded in the Office of the Register of the City of New York, New York County, in Reel 174, page 798 (said lease is referred to as the "Air Rights Lease") and to all mortgages which may now or hereafter affect such leases or the Real Property, and to all advances made or hereafter to be made under such mortgages, and to all renewals, modifications, consolidations, correlations, replacements and extensions of, and substitutions for, such leases and mortgages (such leases as above described are referred to herein collectively as the "Superior Lease" and such mortgages as above described are referred to herein collectively as the "Mortgage"). The foregoing provisions of this Section 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 reasonable certificate or other instrument which Owner, or any lessor under any Superior Lease, or any holder of any Mortgage may request. If, in connection with obtaining financing with respect to the Building, the Real Property, or the interest of the lessee under any Superior Lease, any recognized lending institution shall request reasonable modifications of this Lease as a condition of such financing, Tenant covenants not unreasonably to withhold or delay its agreement to such modifications, provided that such modifications do not materially increase the obligations, or materially and
Lease Subordination. Borrowers have agreed under the Portfolio Mortgages and other Loan Documents that Rents payable under any Lease affecting any of the Portfolio Properties shall (after the notice to the tenant described in the following sentence) be paid directly by the tenant to Lender upon any Event of Default under the Loan Documents. Borrowers agree that after a tenant’s receipt of notice from Lender to such tenant that rentals under its Lease should be paid to Lender, such tenant may pay to Lender, or at the direction of Lender, all monies due or to become due to the landlord under such Lease, and that such tenant shall have no responsibility to ascertain whether such demand by Lender is permitted under the Loan Documents, or to inquire into the existence of an Event of Default. Each Borrower hereby waives any right, claim, or demand it may now or hereafter have against any such tenant by reason of such payment to Lender, and any such payment shall discharge the obligations of such tenant to make such payment to the landlord under the applicable Lease.
Lease Subordination. (a) This lease shall at all times be subject, subordinate, and inferior to a first mortgage, if any, that may be placed on the land owned by High Plains; and the recording of such mortgage shall be deemed prior to this lease, irrespective of the recording date of such mortgage, and EPCO will, upon demand, without cost, execute any instrument necessary to effectuate such subordination, and if EPCO, within five (5) days after submission of such instrument fails to execute the same, High Plains is hereby authorized to execute same as attorney-in-fact for EPCO.
Lease Subordination. The Lease and all of the terms, covenants and provisions thereof and the entire right, title and interest of Tenant thereunder shall be and hereby are made subject and subordinate in all respects to the Mortgage and to the lien thereof and to all the terms, conditions and provisions thereof, and to any renewals, extensions, increases, modifications, consolidations or replacements thereof.
Lease Subordination. Resident and Glenbrook hereby acknowledge that this Lease shall be and remain subject to and subordinate to any lien or rights under any present or future mortgage, deed of trust, security instrument or other lien applicable to the Leased Premises, or contents therein or thereabout.
Lease Subordination. This Lease and all of the Tenant’s rights under this Lease are subject and subordinate to all Mortgages registered on title to the Lands on the date when the parties execute this Lease (and to all advances made or subsequently made upon the security thereof and all renewals, modifications and extensions thereof). If required by the Landlord or any future Mortgagee, this Lease will be deemed to be subject and subordinate to all future Mortgages registered on title to the Lands after the date the parties execute this Lease (and to all advances made or hereafter to be made upon the security thereof and all renewals, modifications and extensions thereof). The Tenant agrees to execute, within 15 days following the written request of the Landlord or a Mortgagee, an agreement or instrument confirming such subordination.
Lease Subordination. This Lease shall be subject and subordinate to any mortgage now or hereafter on the Lot or Building or the Property, 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 provision 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. Any mortgagee may subordinate its mortgage to this lease, without Xxxxxx’s consent, by notice in writing to Tenant. Thereupon this lease shall be deemed to be prior in lien to such mortgage or deed of trust without regard to their respective dates of execution and delivery but to have been assigned by Landlord to such mortgagee. Within ten (10) days of execution and delivery of this Lease by the Tenant, Landlord will cause its mortgage lender (East Boston Savings Bank) to execute and deliver an SNDA in form reasonably acceptable to such lender
Lease Subordination. This Lease shall at all times be subject, subordinate and inferior with respect to a mortgage or deed of trust, if any, that may be placed on the land and building of which the demised Premises form a part, or a blanket mortgage, or deed of trust, if any, placed on such land and building, and other land and buildings owned by Landlord contiguous to the demised Premises, by a bank, trust company, insurance company, or other lender, and the recording of such mortgage or deed of trust shall be deemed prior in lien to this lease, irrespective of the recording date of such mortgage or deed of trust, and Tenant will, upon demand, without cost, execute any instrument necessary to effectuate such subordination. If Tenant, within five (5) days after submission of such instrument, fails to extend the same, Landlord is hereby authorized to execute same as attorney in fact for Tenant. It is a condition, however, to the subordination and lien provisions in this article provided, that so long as Tenant shall faithfully discharge the obligations on its part to be kept and performed under the terms of this Lease, its tenancy will not be disturbed nor this Lease affected by any default under such mortgages or deeds of trust, and in the event of foreclosure, or any enforcement of any such mortgages or deed or trust, the right of the Tenant hereunder shall expressly survive and not be cut off and this lease shall, in all respects continue in full force and effect, provided always, however, that Tenant fully performs all of its obligations hereunder.
Lease Subordination. Subject to the provisions of Section 16(b), this Lease shall be subject and subordinate at all times to: (i) all ground leases or underlying leases which may hereafter be executed affecting the Land, the Buildings or both; and (ii) the lien of any Mortgage which may hereafter be executed for which the Land, Buildings, ground leases or underlying leases, or Landlord’s interest or estate in any of said items, is specified as security. Notwithstanding the foregoing, Landlord shall have the right to subordinate or cause to be subordinated any such ground leases or underlying leases or any such liens to this Lease. In the event that any ground lease or underlying lease terminates for any reason or any Mortgage is foreclosed or a conveyance in lieu of foreclosure is made for any reason, Tenant shall, notwithstanding any subordination, attorn to and become the Tenant of the successor in interest to Landlord at the option of such successor in interest. Tenant covenants and agrees to execute, acknowledge and deliver to Landlord any commercially reasonable documents confirming the subordination of this Lease within fifteen (15) Business Days after delivery of same by Landlord, provided such document satisfy the requirements of Section 16(b).
Lease Subordination. (A) Xxxxxx agrees to subordinate this Lease to any mortgage or blanket mortgage placed on the industrial park, provided only that so long as Tenant faithfully discharges its obligations under the terms of this Lease: (1) Its tenancy will not be disturbed nor this Lease affected by any default under such mortgage; (2) The right of Tenant hereunder shall expressly survive and shall not be cut off; and (3) This Lease shall, in all respects, continue in full force and effect, and holder of such mortgage shall provide Tenant with written acknowledgment of such non-disturbance.
