Lease Superior or Subordinate to Mortgages. It is agreed that the rights and interest of Tenant under this Lease shall be (i) subject or subordinate to any present or future mortgage or mortgages and to any and all advances to be made thereunder, and to the interest of the holder thereof in the Premises or any property of which the Premises are a part if Landlord shall elect by notice to Tenant to subject or subordinate the rights and interest of Tenant under this Lease to such mortgage or (ii) prior to any present or future mortgage or mortgages, if Landlord shall elect, by notice to Tenant, to give the rights and interest of Tenant under this Lease priority to such mortgage; in the event of either of such elections and upon notification by Landlord to that effect, the rights and interest of Tenant under this Lease should be deemed to be subordinate to, or have priority over, as the case may be, said mortgage or mortgages, irrespective of the time of execution or time of recording of any such mortgage or mortgages (provided that, in the case of subordination of this Lease to any future mortgages, the holder thereof agrees not to disturb the possession of Tenant so long as Tenant is not in default hereunder). Tenant agrees it will, upon not less than ten (10) days’ prior written request by Landlord, execute, acknowledge and deliver any and all instruments deemed by Landlord necessary or desirable to give effect to or notice of such subordination or priority. Any Mortgage to which this Lease shall be subordinated may contain such terms, provisions and conditions as the holder deems usual or customary. Landlord shall obtain for Tenant’s benefit a so-called non-disturbance agreement from its current lender on such lender’s standard form.
Appears in 4 contracts
Samples: Lease Agreement (ConforMIS Inc), Lease Agreement (ConforMIS Inc), Lease Agreement (ConforMIS Inc)
Lease Superior or Subordinate to Mortgages. It is agreed that the rights and interest of Tenant under this Lease shall be (i) subject or subordinate to any present or future mortgage or mortgages and to any and all advances to be made thereunder, and to the interest of the holder thereof in the Premises or any property of which the Premises are a part if Landlord shall elect by notice to Tenant to subject or subordinate the rights and interest of Tenant under this Lease to such mortgage or (ii) prior to any present or future mortgage or mortgages, if Landlord shall elect, by notice to Tenant, to give the rights and interest of Tenant under this Lease priority to such mortgage; in the event of either of such elections and upon notification by Landlord to that effect, the rights and interest of Tenant under this Lease should be deemed to be subordinate to, or have priority over, as the case may be, said mortgage or mortgages, irrespective of the time of execution or time of recording of any such mortgage or mortgages (provided that, in the case of subordination of this Lease to any present or future mortgages, the holder thereof agrees not to disturb the possession of Tenant so long as Tenant is not in default hereunder). Tenant agrees it will, upon not less than ten (10) days’ prior written request by Landlord, execute, acknowledge and deliver any and all instruments deemed by Landlord necessary or desirable to give effect to or notice of such subordination or priority. Any Mortgage to which this Lease shall be subordinated may contain such terms, provisions and conditions as the holder deems usual or customary. Landlord shall obtain for Tenant’s benefit a so-called non-disturbance agreement from its current lender on such lender’s standard form.
Appears in 2 contracts
Samples: Purchase and Sale Agreement, Purchase and Sale Agreement (Cynosure Inc)
Lease Superior or Subordinate to Mortgages. It is agreed that the rights and interest of Tenant under this Lease shall be (i) subject or subordinate to any present or future mortgage or mortgages and to any and all advances to be made thereunder, and to the interest of the holder thereof in the Premises or any property of which the Premises are a part if Landlord shall elect by notice to Tenant to subject or subordinate the rights and interest of Tenant under this Lease to such mortgage or (ii) prior to any present or future mortgage or mortgages, if Landlord shall elect, by notice to Tenant, to give the rights and interest of Tenant under this Lease priority to such mortgage; in the event of either of such elections and upon notification by Landlord to that effect, the rights and interest of Tenant under this Lease should be deemed to be subordinate to, or have priority over, as the case may be, said mortgage or mortgages, irrespective of the time of execution or time of recording of any such mortgage or mortgages (provided that, in the case of subordination of this Lease to any future mortgages, the holder thereof agrees not to disturb the possession of Tenant so long as Tenant is not in default hereunder). Tenant agrees it will, upon not less than ten (10) business days’ prior written request by Landlord, execute, acknowledge and deliver any and all commercially reasonable instruments deemed by Landlord necessary or desirable to give effect to or notice of such subordination or priority. Any Mortgage to which this Lease shall be subordinated may contain such terms, provisions and conditions as the holder deems usual or customary. Landlord shall obtain for Tenant’s benefit a so-called non-disturbance agreement from its current lender on such lender’s standard form.
Appears in 2 contracts
Samples: Office Lease (Avedro Inc), Office Lease (Avedro Inc)
Lease Superior or Subordinate to Mortgages. It is agreed that the rights and interest of Tenant under this Lease shall be (i) subject or subordinate to any present or future mortgage or mortgages and to any and all advances to be made thereunder, and to the interest of the holder thereof in the Premises or any property of which the Premises are a part if Landlord shall elect by notice to Tenant to subject or subordinate the rights and interest of Tenant under this Lease to such mortgage or (ii) prior to any present or future mortgage or mortgages, if Landlord shall elect, by notice to Tenant, to give the rights and interest of Tenant under this Lease priority to such mortgage; in the event of either of such elections and upon notification by Landlord to that effect, the rights and interest of Tenant under this Lease should be deemed to be subordinate to, or have priority over, as the case may be, said mortgage or mortgages, irrespective of the time of execution or time of recording of any such mortgage or mortgages (provided that, in the case of subordination of this Lease to any future mortgages, the holder thereof agrees not to disturb the possession of Tenant so long as Tenant is not in default hereunder). Tenant agrees it will, upon not less than ten (10) days’ prior written request by Landlord, execute, acknowledge and deliver any and all instruments deemed by Landlord necessary or desirable to give effect to or notice of such subordination or priority. Tenant also agrees that if it shall fail at any time to execute, acknowledge and deliver any such instrument requested by Landlord, Landlord may, in addition to any other remedies available to it, execute, acknowledge and deliver such instrument as the attorney-in-fact of Tenant and in Tenant’s name; and Tenant does hereby make, constitute and irrevocably appoint Landlord as its attorney-in-fact, coupled with an interest with full power of substitution, and in its name, place and stead so to do. Any Mortgage to which this Lease shall be subordinated may contain such terms, provisions and conditions as the holder deems usual or customary. Landlord shall obtain for Tenant’s benefit a so-called non-disturbance agreement from its current lender on such lender’s standard form.
Appears in 2 contracts
Samples: Office Lease (Trine Acquisition Corp.), Office Lease (Desktop Metal, Inc.)
Lease Superior or Subordinate to Mortgages. It is agreed that the rights and interest of Tenant under this Lease shall be (i) subject or subordinate to any present or future mortgage or mortgages and to any and all advances to be made thereunder, and to the interest of the holder thereof in the Premises or any property of which the Premises are a part if Landlord shall elect by notice to Tenant to subject or subordinate the rights and interest of Tenant under this Lease to such mortgage or (ii) prior to any present or future mortgage or mortgages, if Landlord shall elect, by notice to Tenant, to give the rights and interest of Tenant under this Lease priority to such mortgage; in the event of either of such elections and upon notification by Landlord to that effect, the rights and interest of Tenant under this Lease should be deemed to be subordinate to, or have priority over, as the case may be, said mortgage or mortgages, irrespective of the time of execution or time of recording of any such mortgage or mortgages (provided that, in the case of subordination of this Lease to any future mortgages, the holder thereof agrees (i) to abide by the terms and conditions of this Lease and (ii) not to disturb the possession of Tenant so long as Tenant is not in default hereunder). Tenant agrees it will, upon not less than ten (10) days’ prior written request by of Landlord, execute, acknowledge and deliver any and all instruments deemed by Landlord necessary or desirable to give effect to or notice of such subordination or priority. Any Mortgage mortgage to which this Lease shall be subordinated may contain such terms, provisions and conditions as the holder deems usual or customary. At the request of Tenant, Landlord shall obtain for on Tenant’s benefit a so-called non-disturbance behalf an agreement from any present holder of a mortgage on the Property that such holder, in exercising any of its current lender on rights under such lender’s standard formmortgage, shall not disturb the possession or any other rights of Tenant under this Lease and that such mortgagee will accept Tenant as Tenant of the Premises under the terms and conditions of this Lease so long as Tenant performs its obligations hereunder and agrees to attorn to such mortgagee.
Appears in 2 contracts
Samples: Lease Agreement (Corbus Pharmaceuticals Holdings, Inc.), Lease Agreement (Corbus Pharmaceuticals Holdings, Inc.)
Lease Superior or Subordinate to Mortgages. It is agreed that the rights and interest of Tenant under this Lease shall be (i) subject or subordinate to any present or future mortgage or mortgages and to any and all advances to be made thereunder, and to the interest of the holder thereof in the Premises or any property of which the Premises are a part if Landlord shall elect by notice to Tenant to subject or subordinate the rights and interest of Tenant under this Lease to such mortgage or (ii) prior to any present or future mortgage or mortgages, if Landlord shall elect, by notice to Tenant, to give the rights and interest of Tenant under this Lease priority to such mortgage; in the event of either of such elections and upon notification by Landlord to that effect, the rights and interest of Tenant under this Lease should be deemed to be subordinate to, or have priority over, as the case may be, said mortgage or mortgages, irrespective of the time of execution or time of recording of any such mortgage or mortgages (provided that, in the case of subordination of this Lease to any future mortgages, the holder thereof agrees not to disturb the possession of Tenant so long as Tenant is not in default hereunderhereunder and Tenant and the holder execute a commercially reasonable subordination, non-disturbance and attornment agreement in the holder’s usual and customary form). Tenant agrees it will, upon not less than ten (10) days’ prior written request by Landlord, execute, acknowledge and deliver any and all commercially reasonable instruments deemed by Landlord necessary or desirable to give effect to or notice of such subordination or priority. Any Mortgage to which this Lease shall be subordinated may contain such terms, provisions and conditions as the holder deems usual or customary. Landlord shall use reasonable efforts to obtain for Tenant’s benefit a so-called non-disturbance agreement for the benefit of Tenant from its current lender on such in said lender’s standard usual and customary form.
Appears in 2 contracts
Samples: Lease Agreement (Lemaitre Vascular Inc), Lease Agreement (Lemaitre Vascular Inc)
Lease Superior or Subordinate to Mortgages. It is agreed that the rights and interest of Tenant under this Lease shall be (i) automatically subject or subordinate to any present or future mortgage or mortgages and to any and all advances to be made thereunder, and to the interest of the holder thereof in the Premises or any property of which the Premises are a part if Landlord shall elect by notice to Tenant to subject or subordinate the rights and interest of Tenant under this Lease to such mortgage Industrial Park or (ii) prior to any present or future mortgage or mortgages, if Landlord shall elect, by notice to Tenant, to give the rights and interest of Tenant under this Lease priority to such mortgage; in the event of either of such elections and upon notification by Landlord to that effectcases, the rights and interest of Tenant under this Lease should be deemed to be subordinate to, or have priority over, as the case may be, said mortgage or mortgages, irrespective of the time of execution or time of recording of any such mortgage or mortgages (provided that, in the case of subordination of this Lease to any future mortgages, the holder thereof agrees not to disturb the possession of Tenant so long as Tenant is not in default hereunderhereunder beyond all applicable notice and cure periods). Tenant agrees it willshall, upon not less than within ten (10) days’ prior written days after request by of Landlord, execute, acknowledge and deliver any and all commercially reasonable instruments deemed by Landlord necessary or desirable to give effect to or notice of such subordination or priority. Any Mortgage mortgage to which this Lease shall be subordinated may contain such terms, provisions and conditions as the holder deems usual or customary. Landlord shall obtain for Tenant’s benefit a so-called non-disturbance agreement from its current lender on such lender’s standard form.
Appears in 2 contracts
Samples: Lease Agreement (Akouos, Inc.), Lease Agreement (Akouos, Inc.)
Lease Superior or Subordinate to Mortgages. It This Lease is agreed that the rights and interest of Tenant under this Lease shall continue to be (i) subject or and subordinate to any present or future presently existing mortgage or mortgages secured by the Premises, and to any and all advances to be hereafter made thereunder, and to the interest of the holder or holders thereof in the Premises Premises. The holder of any such presently existing mortgage shall have the election to subordinate the same to this Lease, exercisable by filing with the appropriate recording office a notice of such election, whereupon this Lease shall have priority over such mortgage. A copy of such filing shall be given to Tenant. Such election by the holder of any presently existing mortgage shall not affect priority with respect to this Lease of any other presently existing mortgage. Any mortgage or other voluntary lien or other encumbrance recorded subsequent to the recording of the notice or short form referred to in Section 10.3, or the date of this Lease if no such notice or short form is required under applicable law to impart constructive notice to third parties, shall be subject and subordinate to this Lease unless Landlord and the holder of any property such subsequent mortgage and the holders of all mortgages prior to such subsequent mortgage elect to subordinate this Lease to such subsequent mortgage and to any and all advances thereafter made thereunder and to the interest of the holder thereof in the Premises, such election to be exercisable by Xxxxxxxx and all such holders by filing with the appropriate recording office (a) a notice of such election and (b) an agreement between the holder of such subsequent mortgage and Tenant, consented to by holders of all mortgages having priority over such subsequent mortgage, by the terms of which the Premises are a part if Landlord shall elect by notice such holder will agree to Tenant to subject or subordinate recognize the rights and interest of Tenant under this Lease and to such mortgage or (ii) prior to any present or future mortgage or mortgages, if Landlord shall elect, by notice to Tenant, to give accept Tenant as tenant of the rights Premises under the terms and interest conditions of Tenant under this Lease priority to such mortgage; in the event of either acquisition of title by such holder through foreclosure proceedings or otherwise and Tenant will agree to recognize the holder of such elections subsequent 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 such holder and upon notification anyone purchasing said Premises at any foreclosure sale brought by Landlord to that effect, the rights and interest of Tenant under this Lease should be deemed to be subordinate to, or have priority over, as the case may be, said mortgage or mortgages, irrespective of the time of execution or time of recording of any such mortgage or mortgages (provided that, in the case of subordination of this Lease to any future mortgages, the holder thereof agrees not to disturb the possession of Tenant so long as Tenant is not in default hereunder)holder. Tenant agrees it will, upon not less than ten (10) days’ prior written request by Landlord, execute, acknowledge and Landlord agree to execute and deliver any and all appropriate instruments deemed by Landlord necessary or desirable to give effect to or notice of such subordination or priority. Any Mortgage to which carry out the agreements contained in this Lease shall be subordinated may contain such terms, provisions and conditions as the holder deems usual or customary. Landlord shall obtain for Tenant’s benefit a so-called non-disturbance agreement from its current lender on such lender’s standard formSection 9.2.
Appears in 1 contract
Samples: Lease (Furniture Com Inc)
Lease Superior or Subordinate to Mortgages. It is agreed that the rights and interest of Tenant under this Lease shall be (i) subject or subordinate to any present or future mortgage or mortgages and to any and all advances to be made thereunder, and to the interest of the holder thereof in the Premises or any property of which the Premises are a part if Landlord shall elect by notice to Tenant to subject or subordinate the rights and interest of Tenant under this Lease to such mortgage or (ii) prior to any present or future mortgage or mortgages, if Landlord shall elect, by notice to Tenant, to give the rights and interest of Tenant under this Lease priority to such mortgage; in the event of either of such elections and upon notification by Landlord to that effect, the rights and interest of Tenant under this Lease should be deemed to be subordinate to, or have priority over, as the case may be, said mortgage or mortgages, irrespective of the time of execution or time of recording of any such mortgage or mortgages (provided that, in the case of subordination of this Lease to any future mortgages, the holder thereof agrees not to disturb the possession of Tenant so long as Tenant Xxxxxx is not in default hereunder). Tenant Xxxxxx agrees it will, upon not less than ten (10) days’ ' prior written request by LandlordXxxxxxxx, execute, acknowledge and deliver any and all instruments deemed by Landlord necessary or desirable to give effect to or notice of such subordination or priority. Tenant also agrees that if it shall fail at any time to execute, acknowledge and deliver any such instrument requested by Landlord, Landlord may, in addition to any other remedies available to it, execute, acknowledge and deliver such instrument as the attorney-in-fact of Tenant and in Tenant's name; and Xxxxxx does hereby make, constitute and irrevocably appoint Landlord as its attorney-in-fact, coupled with an interest with full power of substitution, and in its name, place and stead so to do. Any Mortgage to which this Lease shall be subordinated may contain such terms, provisions and conditions as the holder deems usual or customary. Landlord shall obtain for Tenant’s benefit a so-called non-disturbance agreement from its current lender on such lender’s standard form.
Appears in 1 contract
Samples: Lease (Ezenia Inc)
Lease Superior or Subordinate to Mortgages. It This Lease is agreed that the rights and interest of Tenant under this Lease shall continue to be (i) subject or and subordinate to any present or future presently existing mortgage or mortgages secured by the Premises, and to any and all advances to be hereafter made thereunder, and to the interest of the holder or holders thereof in the Premises Premises. The holder of any such presently existing mortgage shall have the election to subordinate the same to this Lease, exercisable by filing with the appropriate recording office a notice of such election, whereupon this Lease shall have priority over such mortgage. A copy of such filing shall be given to Tenant. Such election by the holder of any presently existing mortgage shall not affect priority with respect to this Lease of any other presently existing mortgage. Any mortgage or other voluntary lien or other encumbrance recorded subsequent to the recording of the notice or short form referred to in Section 9.3 shall be subject and subordinate to this Lease unless Landlord and the holder of any property such subsequent mortgage and the holders of all mortgages prior to such subsequent mortgage elect to subordinate this Lease to such subsequent mortgage and to any and all advances thereafter made thereunder and to the interest of the holder thereof in the Premises, such election to be exercisable by Landlord and all such holders by filing with the appropriate recording office (a) a notice of such election and (b) an agreement between the holder of such subsequent mortgage and Tenant, consented to by holders of all mortgages having priority over such subsequent mortgage, by the terms of which the Premises are a part if Landlord shall elect by notice such holder will agree to Tenant to subject or subordinate recognize the rights and interest of Tenant under this Lease and to such mortgage or (ii) prior to any present or future mortgage or mortgages, if Landlord shall elect, by notice to Tenant, to give accept Tenant as tenant of the rights Premises under the terms and interest conditions of Tenant under this Lease priority to such mortgage; in the event of either acquisition of title by such holder through foreclosure proceedings or otherwise and Xxxxxx will agree to recognize the holder of such elections subsequent 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 such holder and upon notification anyone purchasing said Premises at any foreclosure sale brought by Landlord to that effect, the rights and interest of Tenant under this Lease should be deemed to be subordinate to, or have priority over, as the case may be, said mortgage or mortgages, irrespective of the time of execution or time of recording of any such mortgage or mortgages (provided that, in the case of subordination of this Lease to any future mortgages, the holder thereof agrees not to disturb the possession of Tenant so long as Tenant is not in default hereunder)holder. Tenant agrees it will, upon not less than ten (10) days’ prior written request by Landlord, execute, acknowledge and Landlord agree to execute and deliver any and all appropriate instruments deemed by Landlord necessary or desirable to give effect to or notice of such subordination or prioritycarry out the agreements contained in this Section 8.2. Any Mortgage such subsequent mortgage to which this Lease shall be is subordinated may contain such terms, provisions and conditions as the holder deems usual or customary. Landlord shall Xxxxxxxx agrees to obtain for Tenant’s benefit a so-called nonSubordination, Non-disturbance and Attornment Agreement from the holder of any present or subsequent mortgage encumbering the Premises. Landlord and Tenant agree that the form of such agreement from its current lender on shall be in a form that is reasonably and customarily used by institutional lenders for buildings similar to the Building, so long as such lender’s standard formform of agreement provides that such holder shall agree not to disturb Tenant's possession of the Premises under this Lease and to otherwise respect all of Tenant's rights under this Lease, and Tenant shall agree to attorn to such holder as landlord under this Lease.
Appears in 1 contract
Samples: Net Lease (Millipore Corp /Ma)
Lease Superior or Subordinate to Mortgages. It is agreed that the rights and interest of Tenant under this Lease shall be (i) automatically subject or subordinate to any present or future mortgage or mortgages and to any and all advances to be made thereunder, and to the interest of the holder thereof in the Premises or any property of which the Premises are a part if Landlord shall elect by notice to Tenant to subject or subordinate the rights and interest of Tenant under this Lease to such mortgage or (ii) prior to any present or future mortgage or mortgages, if Landlord shall elect, by notice to Tenant, to give the rights and interest of Tenant under this Lease priority to such mortgage; in the event of either of such elections and upon notification by Landlord to that effectcases, the rights and interest of Tenant under this Lease should be deemed to be subordinate to, or have priority over, as the case may be, said mortgage or mortgages, irrespective of the time of execution or time of recording of any such mortgage or mortgages (provided that, in the case of subordination of this Lease to any future mortgages, the holder thereof agrees not to disturb the possession of Tenant so long as Tenant is not in default hereunderhereunder beyond all applicable notice and cure periods). Tenant agrees it willshall, upon not less than within ten (10) days’ prior written days after request by of Landlord, execute, acknowledge and deliver any and all commercially reasonable instruments deemed by Landlord necessary or desirable to give effect to or notice of such subordination or priority. Any Mortgage mortgage to which this Lease shall be subordinated may contain such terms, provisions and conditions as the holder deems usual or customary. Landlord shall obtain for Tenant’s benefit a so-called non-disturbance agreement from its current lender on such lender’s standard form.
Appears in 1 contract
Samples: Lease (908 Devices Inc.)
Lease Superior or Subordinate to Mortgages. It is agreed that the rights and interest of Tenant under this Lease shall be (i) subject or subordinate to any present or future mortgage or mortgages and to any and all advances to be made thereunder, and to the interest of the holder thereof in the Premises or any property of which the Premises are a part if Landlord shall elect by notice to Tenant to subject or subordinate the rights and interest of Tenant under this Lease to such mortgage or (ii) prior to any present or future mortgage or mortgages, if Landlord shall elect, by notice to Tenant, to give the rights and interest of Tenant under this Lease priority to such mortgage; in the event of either of such elections and upon notification by Landlord to that effect, the rights and interest of Tenant under this Lease should be deemed to be subordinate to, or have priority over, as the case may be, said mortgage or mortgages, irrespective of the time of execution or time of recording of any such mortgage or mortgages (provided that, in the case of subordination of this Lease to any future mortgages, the holder thereof agrees not to disturb the possession of Tenant so long as Tenant is not in default hereunderhereunder and Tenant and the holder execute a so-called subordination, non-disturbance and attornment agreement in the holder's usual and customary form, with such commercially reasonable changes that are acceptable to the parties). Tenant agrees it will, upon not less than ten (10) days’ ' prior written request by Landlord, execute, acknowledge and deliver any and all instruments deemed by Landlord necessary or desirable to give effect to or notice of such subordination or priority. Any Mortgage mortgage to which this Lease shall be subordinated may contain such terms, provisions and conditions as the holder deems usual or customary. Landlord shall obtain for Tenant’s benefit a so-called non-disturbance agreement from its current lender on such lender’s standard form.
Appears in 1 contract
Samples: Lease (Acme Packet Inc)
Lease Superior or Subordinate to Mortgages. It is agreed that the The rights and interest of ------------------------------------------ Tenant under this Lease shall be (i) subject or subordinate to any present or future mortgage or mortgages and to any and all advances to be made thereunder, and to the interest of the holder thereof in the Premises or any property of which the Premises are a part part, if such holder (or Landlord at the request of such holder), shall elect by notice to request Tenant to subject or subordinate the rights and interest of Tenant under this Lease to such mortgage mortgage, or (ii) prior to any present or future mortgage or mortgages, if Landlord such holder (or Landlord, at the request of such holder), shall elect, by notice to request Tenant, to give the rights and interest of Tenant under this Lease priority to such mortgage; in the event of either of such elections and upon notification by Landlord to that effect, the rights and interest of Tenant under this Lease should shall be deemed to be subordinate to, or have priority over, as the case may be, said mortgage or mortgages, irrespective of the time of execution or time of recording of any such mortgage or mortgages (mortgages; provided that, in the case of subordination of this Lease to any future mortgages, the holder thereof agrees not to disturb the possession of Tenant Tenant, so long as Tenant is not in material default hereunder), after notice and the expiration of the applicable grace period. Tenant agrees it will, upon not less than ten (10) days’ prior written request by of Landlord, execute, acknowledge and deliver any and all instruments deemed by Landlord reasonably necessary or desirable to give effect to or notice of such subordination or priority. Any Mortgage to which this Lease shall be subordinated may contain such terms, provisions and conditions as the holder deems usual or customary. Landlord shall obtain for Tenant’s benefit a so-called non-disturbance agreement from its current lender on such lender’s standard form.
Appears in 1 contract
Samples: Lease (Storage Computer Corp)
Lease Superior or Subordinate to Mortgages. It is agreed that the rights ------------------------------------------ and interest of Tenant under this Lease shall be (i) subject or subordinate to any present or future mortgage or mortgages and to any and all advances to be made thereunder, and to the interest of the holder thereof in the Premises or any property of which the Premises are a part if Landlord shall elect by notice to Tenant to subject or subordinate the rights and interest of Tenant under this Lease to such mortgage or (ii) prior to any present or future mortgage or mortgages, if Landlord shall elect, by notice to Tenant, to give the rights and interest of Tenant under this Lease priority to such mortgage; in the event of either of such elections and upon notification by Landlord to that effect, the rights and interest of Tenant under this Lease should be deemed to be subordinate to, or have priority over, as the case may be, said mortgage or mortgages, irrespective of the time of execution or time of recording of any such mortgage or mortgages (provided that, in the case of subordination of this Lease to any future mortgages, the holder thereof agrees not to disturb the possession and to recognize the rights of Tenant hereunder so long as Tenant is not in default hereunder). Tenant Xxxxxx agrees it will, upon not less than ten (10) days’ prior written request by of Landlord, execute, acknowledge and deliver any and all instruments reasonably deemed by Landlord necessary or desirable to give effect to or notice of such subordination or priority, provided such instruments are in form and on terms customarily agreed to by tenants in Massachusetts under similar circumstances. Xxxxxx also agrees that if it shall fail at any time to execute, acknowledge and deliver any such instrument requested by Landlord within seven (7) business days after Xxxxxxxx's request therefor, Tenant shall in terminable default under this Lease without any further notice or opportunity to cure under Section 8.1 or otherwise. Any Mortgage to which this Lease shall be subordinated may contain such terms, provisions and conditions as the holder deems usual or customary. Landlord shall Xxxxxxxx agrees to obtain for Tenant’s benefit from each holder of a so-called non-disturbance present mortgage, if any, an agreement from its current lender on such lender’s standard formthat the possession of Tenant will not be disturbed and Xxxxxx's rights hereunder will be recognized so long as Tenant is not in default hereunder.
Appears in 1 contract
Samples: Lease (Averstar Inc)
Lease Superior or Subordinate to Mortgages. A. It is agreed that the rights and interest of Tenant under this Lease shall be (i) subject or subordinate to any present or future mortgage or mortgages and to any and all advances to be made thereunder, and to the interest of the holder thereof in the Premises or any property of which the Premises are a part if Landlord shall elect by notice to Tenant to subject or subordinate the rights and interest of Tenant under this Lease to such mortgage or (ii) prior to any present or future mortgage or mortgages, if Landlord shall elect, by notice to Tenant, to give the rights and interest of Tenant under this Lease priority to such mortgage; in the event of either of such elections and upon notification by Landlord to that effect, the rights and interest of Tenant under this Lease should be deemed to be subordinate to, or have priority over, as the case may be, said mortgage or mortgages, irrespective of the time of execution or time of recording of any such mortgage or mortgages (provided that, in the case of subordination of this Lease to any future mortgages, the holder thereof agrees to recognize Tenant’s rights under this Lease and not to disturb the possession of Tenant so long as Tenant is not in default hereunderTenant). Tenant agrees it will, upon not less than ten fifteen (1015) days’ prior written request by Landlord, execute, acknowledge and deliver any and all reasonably acceptable instruments deemed by Landlord necessary or desirable to give effect to or notice of such subordination or priority. Tenant agrees that any future SNDA that is similar in all material respects to the form of SNDA attached hereto as Exhibit I will be deemed “reasonably acceptable”. Any Mortgage to which this Lease shall be subordinated may contain such terms, provisions and conditions as the holder deems usual or customary. .
B. Landlord shall obtain for Tenant’s benefit a so-called non-disturbance agreement from agrees to use diligent efforts to cause its current lender on mortgagee to deliver to Tenant a “subordination, nondisturbance and attornment agreement” in the form attached to this Lease as Exhibit I (the “SNDA”), no later than 5 business days after full execution of this Lease. It is agreed that it shall be an express condition precedent to the validity of this Lease that Landlord’s current mortgagee provides such lender’s standard forman SNDA to Tenant, and if such SNDA is not provided to Tenant by the aforesaid date, then Tenant shall have the right to terminate this Lease by giving written notice of termination to Landlord no later than 10 business days after the full execution of this Lease, effective upon the giving of such notice.
Appears in 1 contract
Lease Superior or Subordinate to Mortgages. It is agreed that the rights and interest of Tenant under this Lease shall be (i) subject or subordinate to any present or future mortgage or mortgages and to any and all advances to be made thereunder, and to the interest of the holder thereof in the Premises or any property of which the Premises are a part if Landlord shall elect by notice to Tenant to subject or subordinate the rights and interest of Tenant under this Lease to such mortgage or (ii) prior to any present or future mortgage or mortgages, if Landlord shall elect, by notice to Tenant, to give the rights and interest of Tenant under this Lease priority to such mortgage; in the event of either of such elections and upon notification by Landlord to that effect, the rights and interest of Tenant under this Lease should be deemed to be subordinate to, or have priority over, as the case may be, said mortgage or mortgages, irrespective of the time of execution or time of recording of any such mortgage or mortgages (provided that, in the case of subordination of this Lease to any future mortgages, the holder thereof agrees not to disturb the possession of Tenant so long as Tenant is not in default hereunderhereunder and Tenant and the holder execute a commercially reasonable subordination, non-disturbance and attornment agreement in the holder’s usual and customary form). Tenant Xxxxxx agrees it will, upon not less than ten (10) days’ prior written request by Landlord, execute, acknowledge and deliver any and all commercially reasonable instruments deemed by Landlord necessary or desirable to give effect to or notice of such subordination or priority. Any Mortgage to which this Lease shall be subordinated may contain such terms, provisions and conditions as the holder deems usual or customary. Landlord shall use reasonable efforts to obtain for Tenant’s benefit a so-called non-disturbance agreement for the benefit of Tenant from its current lender on such in said lender’s standard usual and customary form.
Appears in 1 contract
Samples: Lease (Lemaitre Vascular Inc)
Lease Superior or Subordinate to Mortgages. It is agreed that the rights and interest of Tenant under this Lease shall be (i) subject or subordinate to any present or future mortgage or mortgages and to any and all advances to be made thereunder, and to the interest of the holder thereof in the Premises or any property of which the Premises are a part if Landlord shall elect by notice to Tenant to subject or subordinate the rights and interest of Tenant under this Lease to such mortgage or (ii) prior to any present or future mortgage or mortgages, if Landlord shall elect, by notice to Tenant, to give the rights and interest of Tenant under this Lease priority to such mortgage; in the event of either of such elections and upon notification by Landlord to that effect, the rights and interest of Tenant under this Lease should be deemed to be subordinate to, or have priority over, as the case may be, said mortgage or mortgages, irrespective of the time of execution or time of recording of any such mortgage or mortgages (provided that, in the case of subordination of this Lease to any future mortgages, the holder thereof agrees not to disturb the possession of Tenant so long as Tenant Txxxxx is not in default hereunder). Tenant Txxxxx agrees it will, upon not less than ten (10) business days’ prior written request by LandlordLxxxxxxx, execute, acknowledge and deliver any and all instruments deemed by Landlord necessary or desirable to give effect to or notice of such subordination or priority. Any Mortgage to which this Lease shall be subordinated may contain such terms, provisions and conditions as the holder deems usual or customary. Landlord shall obtain for will use reasonable efforts to obtain, at Tenant’s benefit sole cost and expense, a so-called subordination, non-disturbance and attornment agreement (“SNDA”) from its the current lender mortgage holder on such lender’s standard form. In the event Tenant wishes to negotiate such lender’s form of SNDA, it shall do so directly with the lender and shall be solely responsible for any fees imposed by such lender.
Appears in 1 contract
Samples: Office Lease (Myomo, Inc.)
Lease Superior or Subordinate to Mortgages. A. It is agreed that the rights and interest of Tenant under this Lease shall be (i) subject or subordinate to any present or future mortgage or mortgages and to any and all advances to be made thereunder, and to the interest of the holder thereof in the Premises or any property of which the Premises are a part if Landlord shall elect by notice to Tenant to subject or subordinate the rights and interest of Tenant under this Lease to such mortgage or (ii) prior to any present or future mortgage or mortgages, if Landlord shall elect, by notice to Tenant, to give the rights and interest of Tenant under this Lease priority to such mortgage; in the event of either of such elections and upon notification by Landlord to that effect, the rights and interest of Tenant under this Lease should be deemed to be subordinate to, or have priority over, as the case may be, said mortgage or mortgages, irrespective of the time of execution or time of recording of any such mortgage or mortgages (provided that, in the case of subordination of this Lease to any future mortgages, the holder thereof agrees to recognize Tenant’s rights under this Lease and not to disturb the possession of Tenant so long as Tenant is not in default hereunder)Tenant. Tenant agrees it will, upon not less than ten fifteen (1015) days’ prior written request by Landlord, execute, acknowledge and deliver any and all reasonably acceptable instruments deemed by Landlord necessary or desirable to give effect to or notice of such subordination or priority. Tenant agrees that any future SNDA that is similar in all materially respects to the form of SNDA attached as Exhibit M will be deemed “reasonably acceptable”. Any Mortgage to which this Lease shall be subordinated may contain such terms, provisions and conditions as the holder deems usual or customary. .
B. Landlord shall obtain for Tenant’s benefit a so-called non-disturbance agreement from agrees to use diligent efforts to cause its current lender on mortgagee to deliver to Tenant a “subordination, nondisturbance and attornment agreement” in the form attached to this Lease as Exhibit M (the “SNDA”), no later than 5 business days after full execution of this Lease. It is agreed that it shall be an express condition precedent to the validity of this Lease that Landlord’s current mortgagee provides such lender’s standard forman SNDA to Tenant, and if such SNDA is not provided to Tenant by the aforesaid date, then Tenant shall have the right to terminate this Lease by giving written notice of termination to Landlord no later than 10 business days after the full execution of this Lease, effective upon the giving of such notice.
Appears in 1 contract
Samples: Office Lease (Avid Technology, Inc.)
Lease Superior or Subordinate to Mortgages. It This Lease is agreed that the rights and interest of Tenant under this Lease shall continue to be (i) subject or and subordinate to any present or future presently existing mortgage or mortgages secured by the Premises, and to any and all advances to be hereafter made thereunder, and to the interest of the holder or holders thereof in the Premises Premises. The holder of any such presently existing mortgage shall have the election to subordinate the same to this Lease, exercisable by filing with the appropriate recording office a notice of such election, whereupon this Lease shall have priority over such mortgage. A copy of such filing shall be given to Tenant. Such election by the holder of any presently existing mortgage shall not affect priority with respect to this Lease of any other presently existing mortgage. Any mortgage or other voluntary lien or other encumbrance recorded subsequent to the recording of the notice or short form referred to in Section 10.3, or the date of this Lease if no such notice or short form is required under applicable law to impart constructive notice to third parties, shall be subject and subordinate to this Lease unless Landlord and the holder of any property such subsequent mortgage and the holders of all mortgages prior to such subsequent mortgage elect to subordinate this Lease to such subsequent mortgage and to any and all advances thereafter made thereunder and to the interest of the holder thereof in the Premises, such election to be exercisable by Landlord and all such holders by filing with the appropriate recording office (a) a notice of such election and (b) an agreement between the holder of such subsequent mortgage and Tenant, consented to by holders of all mortgages having priority over such subsequent mortgage, by the terms of which the Premises are a part if Landlord shall elect by notice such holder will agree to Tenant to subject or subordinate recognize the rights and interest of Tenant under this Lease and to such mortgage or (ii) prior to any present or future mortgage or mortgages, if Landlord shall elect, by notice to Tenant, to give accept Tenant as tenant of the rights Premises under the terms and interest conditions of Tenant under this Lease priority to such mortgage; in the event of either acquisition of title by such holder through foreclosure proceedings or otherwise and Tenant will agree to recognize the holder of such elections subsequent 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 such holder and upon notification anyone purchasing said Premises at any foreclosure sale brought by Landlord to that effect, the rights and interest of Tenant under this Lease should be deemed to be subordinate to, or have priority over, as the case may be, said mortgage or mortgages, irrespective of the time of execution or time of recording of any such mortgage or mortgages (provided that, in the case of subordination of this Lease to any future mortgages, the holder thereof agrees not to disturb the possession of Tenant so long as Tenant is not in default hereunder)holder. Tenant agrees it will, upon not less than ten (10) days’ prior written request by Landlord, execute, acknowledge and Landlord agree to execute and deliver any and all appropriate instruments deemed by Landlord necessary or desirable to give effect to or notice of such subordination or priority. Any Mortgage to which carry out the agreements contained in this Lease shall be subordinated may contain such terms, provisions and conditions as the holder deems usual or customary. Landlord shall obtain for Tenant’s benefit a so-called non-disturbance agreement from its current lender on such lender’s standard formSection 9.2.
Appears in 1 contract
Samples: Lease (Furniture Com Inc)
Lease Superior or Subordinate to Mortgages. It is agreed that the rights and interest of Tenant under this Lease shall be (i) subject or subordinate to the lien of any present or future mortgage or mortgages and to any and all advances to be made thereunder, and to the interest of the holder thereof in the Premises or any property of which the Premises are a part if Landlord shall elect by notice to Tenant to subject or subordinate the rights and interest of Tenant under this Lease to such mortgage or (ii) prior to any present or future mortgage or mortgages, if Landlord shall elect, by notice to Tenant, to give the rights and interest of Tenant under this Lease priority to such mortgage; in the event of either of such elections and upon notification by Landlord to that effect, the rights and interest of Tenant under this Lease should be deemed to be subordinate to, or have priority over, as the case may be, said mortgage or mortgages, irrespective of the time of execution or time of recording of any such mortgage or mortgages (provided that, in the case of subordination of this Lease to any future mortgages, the holder thereof agrees in a commercially reasonable form not to disturb the possession of Tenant so long as Tenant is not in default hereunderhereunder beyond applicable notice and cure periods). Tenant agrees it will, upon not less than ten (10) days’ prior written request by Landlord, execute, acknowledge and deliver any and all instruments deemed by Landlord necessary or desirable to give effect to or notice of such subordination or priority. Any Mortgage to which this Lease shall be subordinated may contain such terms, provisions and conditions as the holder deems usual or customary. Landlord shall obtain for Tenant’s benefit a so-called non-disturbance agreement from its current lender on such lender’s standard form.
Appears in 1 contract
Lease Superior or Subordinate to Mortgages. It is agreed that that, subject to Xxxxxxxx's obtaining a nondisturbance agreement as further described in this Section 9.2, the rights and interest of Tenant under this Lease shall be (i) subject or subordinate to any present or future mortgage or mortgages and to any and all advances to be made thereunder, and to the interest of the holder thereof in the Premises or any property of which the Premises are a part if Landlord shall elect by notice to Tenant to subject or subordinate the rights and interest of Tenant under this Lease to such mortgage or (ii) prior to any present or future mortgage or mortgages, if Landlord shall elect, by notice to Tenant, to give the rights and interest of Tenant under this Lease priority to such mortgage; in the event of either of such elections and upon notification by Landlord to that effect, the rights and interest of Tenant under this Lease should be deemed to be subordinate to, or have priority over, as the case may be, said mortgage or mortgages, irrespective of the time of execution or time of recording of any such mortgage or mortgages (provided that, in the case of subordination of this Lease to any future mortgages, the holder thereof agrees not to disturb the possession of Tenant so long as Tenant is not in default hereunder). Tenant Xxxxxx agrees it will, upon not less than ten (10) days’ prior written request by of Landlord, execute, acknowledge and deliver any and all instruments deemed by Landlord necessary or desirable to give effect to or notice of such subordination or priority. Tenant also agrees that if it shall fail at any time to execute, acknowledge and deliver any such instrument requested by Landlord, Landlord may, in addition to any other remedies available to it, execute, acknowledge and deliver such instrument as the attorney-in-fact of Tenant and in Tenant's name; and Xxxxxx does hereby make, constitute and irrevocably appoint Landlord as its attorney-in-fact, coupled with an interest with full power of substitution, and in its name, place and stead so to do. Any Mortgage to which this Lease shall be subordinated may contain such terms, provisions and conditions as the holder deems usual or customary. Landlord shall obtain for Tenant’s benefit a so-called non-disturbance agreement from its current lender on such lender’s standard form.
Appears in 1 contract
Samples: Lease (Ibasis Inc)
Lease Superior or Subordinate to Mortgages. It is agreed that the rights ------------------------------------------ and interest of Tenant under this Lease shall be (i) subject or subordinate to any present or future mortgage or mortgages and to any and all advances to be made thereunder, and to the interest of the holder thereof in the Premises or any property of which the Premises are a part if Landlord shall elect by notice to Tenant to subject or subordinate the rights and interest of Tenant under this Lease to such mortgage or (ii) prior to any present or future mortgage or mortgages, if Landlord shall elect, by notice to Tenant, to give the rights and interest of Tenant under this Lease priority to such mortgage; in the event of either of such elections and upon notification by Landlord to that effect, the rights and interest of Tenant under this Lease should be deemed to be subordinate to, or have priority over, as the case may be, said mortgage or mortgages, irrespective of the time of execution or time of recording of any such mortgage or mortgages (provided thatmortgages. In confirmation of such subordination, in the case of subordination of this Lease to any future mortgages, the holder thereof agrees not to disturb the possession of Tenant so long as Tenant is not in default hereunder). Tenant Xxxxxx agrees it will, upon not less than ten (10) days’ prior written request by of Landlord, execute, acknowledge and deliver any and all commercially reasonable instruments deemed by Landlord necessary or desirable to give effect to or notice of such subordination or priority, provided that any subordination agreement provides, among other things, that Xxxxxx's use and occupancy of the Premises shall not be disturbed so long as Tenant is not in default beyond the expiration of applicable cure periods hereunder. Any Mortgage to which this Lease shall be subordinated may contain such terms, provisions and conditions as the holder deems usual or customary. Landlord shall obtain for Tenant’s benefit a so-called non-disturbance agreement from its current lender on such lender’s standard form.
Appears in 1 contract
Samples: Lease (Software Com Inc)
Lease Superior or Subordinate to Mortgages. It is agreed that the rights and interest of Tenant under this Lease shall be (i) subject or subordinate to any present or future mortgage or mortgages and to any and all advances to be made thereunder, and to the interest of the holder thereof in the Premises or any property of which the Premises are a part if Landlord shall elect by notice to Tenant to subject or subordinate the rights and interest of Tenant under this Lease to such mortgage or (ii) prior to any present or future mortgage or mortgages, if Landlord shall elect, by notice to Tenant, to give the rights and interest of Tenant under this Lease priority to such mortgage; in the event of either of such elections and upon notification by Landlord to that effect, the rights and interest of Tenant under this Lease should be deemed to be subordinate to, or have priority over, as the case may be, said mortgage or mortgages, irrespective of the time of execution or time of recording of any such mortgage or mortgages (provided that, in the case of subordination of this Lease to any future mortgages, the holder thereof agrees not to disturb the possession of Tenant so long as Tenant is not in default hereunder). Tenant Xxxxxx agrees it will, upon not less than ten fifteen (1015) days’ prior written request by Landlord, execute, acknowledge and deliver any and all commercially reasonable instruments deemed by Landlord necessary or desirable to give effect to or notice of such subordination or priority. Tenant also agrees that if it shall fail at any time to execute, acknowledge and deliver any such instrument requested by Landlord, Landlord may, in addition to any other remedies available to it, execute, acknowledge and deliver such instrument as the attorney-in-fact of Tenant and in Tenant’s name; and Xxxxxx does hereby make, constitute and irrevocably appoint Landlord as its attorney-in-fact, coupled with an interest with full power of substitution, and in its name, place and stead so to do. Any Mortgage to which this Lease shall be subordinated may contain such terms, provisions and conditions as the holder deems usual or customary. Landlord shall use reasonable efforts to obtain for Tenantits current lender’s benefit a so-called (and, when applicable, future lender’s) standard form of subordination, non-disturbance and attornment agreement from its current (“SNDA”). In the event Tenant wishes to negotiate such SNDA, it shall do so directly with the lender on such lender’s standard formand all costs of obtaining and negotiating the SNDA shall be paid by Xxxxxx.
Appears in 1 contract
Lease Superior or Subordinate to Mortgages. It is agreed that the rights and interest of Tenant under this Lease shall be (i) subject or subordinate to any present or future mortgage or mortgages and to any and all advances to be made thereunder, and to the interest of the holder thereof in the Premises or any property of which the Premises are a part if Landlord shall elect by notice to Tenant to subject or subordinate the rights and interest of Tenant under this Lease to such mortgage or (ii) prior to any present or future mortgage or mortgages, if Landlord shall elect, by notice to Tenant, to give the rights and interest of Tenant under this Lease priority to such mortgage; in the event of either of such elections and upon notification by Landlord to that effect, the rights and interest of Tenant under this Lease should be deemed to be subordinate to, or have priority over, as the case may be, said mortgage or mortgages, irrespective of the time of execution or time of recording of any such mortgage or mortgages (provided that, in the case of subordination of this Lease to any future mortgages, the holder thereof agrees (i) to abide by the terms and conditions of this Lease and (ii) not to disturb the possession of Tenant so long as Tenant is not in default hereunder). Tenant agrees it will, upon not less than ten (10) days’ prior written request by of Landlord, execute, acknowledge and deliver any and all instruments deemed by Landlord necessary or desirable to give effect to or notice of such subordination or priority. Tenant also agrees that if it shall fail at any time to execute, acknowledge and deliver any such instrument requested by Landlord, Landlord may, in addition to any other remedies available to it, execute, acknowledge and deliver such instrument as the attorney-in-fact of Tenant and in Tenant's name; and Tenant does hereby make, constitute and irrevocably appoint Landlord as its attorney-in-fact, coupled with an interest with full power of substitution, and in its name, place and stead so to do. Any Mortgage mortgage to which this Lease shall be subordinated may contain such terms, provisions and conditions as the holder deems usual or customary. At the request of Tenant, Landlord shall use reasonable efforts to obtain for on Tenant’s benefit a so-called non-disturbance 's behalf an agreement from any present holder of a mortgage on the Property that such holder, in exercising any of its current lender on rights under such lender’s standard formmortgage, shall not disturb the possession or any other rights of Tenant under this Lease and that such mortgagee will accept Tenant as tenant of the Premises under the terms and conditions of this Lease so long as Tenant performs its obligations hereunder and agrees to attorn to such mortgagee.
Appears in 1 contract
Lease Superior or Subordinate to Mortgages. It is agreed that the rights and interest of Tenant under this Lease shall be (i) subject or subordinate to any present or future mortgage or mortgages and to any and all advances to be made thereunder, and to the interest of the holder thereof in the Premises or any property of which the Premises are a part if Landlord shall elect by notice to Tenant to subject or subordinate the rights and interest of Tenant under this Lease to such mortgage or (ii) prior to any present or future mortgage or mortgages, if Landlord shall elect, by notice to Tenant, to give the rights and interest of Tenant under this Lease priority to such mortgage; in the event of either of such elections and upon notification by Landlord to that effect, the rights and interest of Tenant under this Lease should be deemed to be subordinate to, or have priority over, as the case may be, said mortgage or mortgages, irrespective of the time of execution or time of recording of any such mortgage or mortgages (provided that, in the case of subordination of this Lease to any future mortgages, the holder thereof agrees not to disturb the possession of Tenant so long as Tenant Xxxxxx is not in default hereunder). Tenant Xxxxxx agrees it will, upon not less than ten (10) days’ prior written request by LandlordXxxxxxxx, execute, acknowledge and deliver any and all instruments deemed by Landlord necessary or desirable to give effect to or notice of such subordination or priority. Xxxxxx also agrees that if it shall fail at any time to execute, acknowledge and deliver any such instrument requested by Landlord, Landlord may, in addition to any other remedies available to it, execute, acknowledge and deliver such instrument as the attorney-in-fact of Tenant and in Tenant’s name; and Xxxxxx does hereby make, constitute and irrevocably appoint Landlord as its attorney-in-fact, coupled with an interest with full power of substitution, and in its name, place and stead so to do. Any Mortgage to which this Lease shall be subordinated may contain such terms, provisions and conditions as the holder deems usual or customary. Landlord shall obtain for Tenant’s benefit a so-called non-disturbance agreement from its current lender on such lender’s standard form.
Appears in 1 contract
Samples: Office Lease (Desktop Metal, Inc.)
Lease Superior or Subordinate to Mortgages. It This Lease is agreed that the rights and interest of Tenant under this Lease shall continue to be (i) subject or and subordinate to any present or future presently existing mortgage or mortgages secured by the Premises, and to any and all advances to be hereafter made thereunder, and to the interest of the holder or holders thereof in the Premises Premises. The holder of any such presently existing mortgage shall have the election to subordinate the same to this Lease, exercisable by filing with the appropriate recording office a notice of such election, whereupon this Lease shall have priority over such mortgage. A copy of such filing shall be given to Tenant. Such election by the holder of any presently existing mortgage shall not affect priority with respect to this Lease of any other presently existing mortgage. Any mortgage or other voluntary lien or other encumbrance recorded subsequent to the recording of the notice or short form referred to in Section 10.3 shall be subject and subordinate to this Lease unless Landlord and the holder of any property such subsequent mortgage and the holders of all mortgages prior to such subsequent mortgage elect to subordinate this Lease to such subsequent mortgage and to any and all advances thereafter made thereunder and to the interest of the holder thereof in the Premises, such election to be exercisable by Landlord and all such holder by filing with the appropriate recording office (a) a notice of such election and (b) an agreement between the holder of such subsequent mortgage and Tenant, consented to by holders of all mortgages having priority over such subsequent mortgage, by the terms of which the Premises are a part if Landlord shall elect by notice such holder will agree to Tenant to subject or subordinate recognize the rights and interest of Tenant under this Lease and to such mortgage or (ii) prior to any present or future mortgage or mortgages, if Landlord shall elect, by notice to Tenant, to give accept Tenant as tenant of the rights Premises under the terms and interest conditions of Tenant under this Lease priority to such mortgage; in the event of either acquisition of title by such holder through foreclosure proceedings or otherwise and Xxxxxx will agree to recognize the holder of such elections subsequent 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 such holder and upon notification anyone purchasing said Premises at any foreclosure sale brought by Landlord to that effect, the rights and interest of Tenant under this Lease should be deemed to be subordinate to, or have priority over, as the case may be, said mortgage or mortgages, irrespective of the time of execution or time of recording of any such mortgage or mortgages (provided that, in the case of subordination of this Lease to any future mortgages, the holder thereof agrees not to disturb the possession of Tenant so long as Tenant is not in default hereunder)holder. Tenant agrees it will, upon not less than ten (10) days’ prior written request by Landlord, execute, acknowledge and Xxxxxxxx agree to execute and deliver any and all appropriate instruments deemed by Landlord necessary or desirable to give effect to or notice of carry out the agreement contained in this Section 8.2 in such subordination or priorityholder's standard form. Any Mortgage such subsequent mortgage to which this Lease shall be is subordinated may contain such terms, provisions and conditions as the holder deems usual or customary. Landlord shall obtain for Tenant’s benefit a so-called non-disturbance agreement from its current lender on such lender’s standard form.
Appears in 1 contract
Samples: Lease (Photoelectron Corp)
Lease Superior or Subordinate to Mortgages. It is agreed that the rights and interest of Tenant under this Lease shall be (i) subject or subordinate to any present or future mortgage or mortgages and to any and all advances to be made thereunder, and to the interest of the holder thereof in the Premises or any property of which the Premises are a part if Landlord shall elect by notice to Tenant to subject or subordinate the rights and interest of Tenant under this Lease to such mortgage or (ii) prior to any present or future mortgage or mortgages, if Landlord shall elect, by notice to TenantXxxxxx, to give the rights and interest of Tenant under this Lease priority to such mortgage; in the event of either of such elections and upon written notification by Landlord to that effect, the rights and interest of Tenant under this Lease should be deemed to be subordinate to, or have priority over, as the case may be, said mortgage or mortgages, irrespective of the time of execution or time of recording of any such mortgage or mortgages (provided that, in the case of subordination of this Lease to any future mortgages, the holder thereof agrees not to disturb the possession of Tenant so long as Tenant is not in default beyond any applicable notice, grace and cure periods hereunder). Tenant Xxxxxx agrees it will, upon not less than ten (10) days’ prior written request by of Landlord, execute, acknowledge and deliver any and all instruments deemed by Landlord reasonably necessary or desirable to give effect to or notice of such subordination or priority. Tenant also agrees that if it shall fail at any time to execute, acknowledge and deliver any such instrument requested by Landlord, Landlord may, in addition to any other remedies available to it, execute, acknowledge and deliver such instrument as the attorney-in-fact of Tenant and in Tenant's name; and Xxxxxx does hereby make, constitute and irrevocably appoint Landlord as its attorney-in-fact, coupled with an interest with full power of substitution, and in its name, place and stead so to do. Any Mortgage to which this Lease shall be subordinated may contain such terms, provisions and conditions as the holder reasonably deems usual or customary. Landlord Notwithstanding anything to the contrary herein contained, Xxxxxx's interest in this Lease shall obtain for not be subordinate to any mortgage executed after the date hereof unless such mortgagee delivers a non-disturbance agreement in form reasonably acceptable to Tenant’s benefit . Xxxxxxxx agrees to request a so-called non-disturbance agreement from its current lender on such lender’s standard formthe holder of any mortgage executed prior to the date hereof.
Appears in 1 contract
Samples: Lease (Lightbridge Inc)
Lease Superior or Subordinate to Mortgages. It is agreed that the rights and interest of Tenant under this Lease shall be (i) subject or subordinate to any present or future mortgage or mortgages and to any and all advances to be made thereunder, and to the interest of the holder thereof in the Premises or any property of which the Premises are a part if Landlord shall elect by notice to Tenant to subject or subordinate the rights and interest of Tenant under this Lease to such mortgage or (ii) prior to any present or future mortgage or mortgages, if Landlord shall elect, by notice to Tenant, to give the rights and interest of Tenant under this Lease priority to such mortgage; in the event of either of such elections and upon notification by Landlord to that effect, the rights and interest of Tenant under this Lease should be deemed to be subordinate to, or have priority over, as the case may be, said mortgage or mortgages, irrespective of the time of execution or time of recording of any such mortgage or mortgages (provided that, in the case of subordination of this Lease to any future mortgages, the holder thereof agrees (i) to abide by the terms and conditions of this Lease and (ii) not to disturb the possession of Tenant so long as Tenant is not in default hereunder). Tenant agrees it will, upon not less than ten (10) days’ prior written request by of Landlord, execute, acknowledge and deliver any and all instruments deemed by Landlord necessary or desirable to give effect to or notice of such subordination or priority. Tenant also agrees that if it shall fail at any time to execute, acknowledge and deliver any such instrument requested by Landlord, Landlord may, in addition to any other remedies available to it, execute, acknowledge and deliver such instrument as the attorney-in-fact of Tenant and in Tenant's name; and Tenant does hereby make, constitute and irrevocably appoint Landlord as its attorney-in-fact, coupled with an interest with full power of substitution, and in its name, place and stead so to do under this Section 9.2. Any Mortgage mortgage to which this Lease shall be subordinated may contain such terms, provisions and conditions as the holder deems usual or customary. At the request of Tenant, Landlord shall use reasonable efforts to obtain for on Tenant’s benefit a so-called non-disturbance 's behalf an agreement from any present holder of a mortgage on the Property that such holder, in exercising any of its current lender on rights under such lender’s standard formmortgage, shall not disturb the possession or any other rights of Tenant under this Lease and that such mortgagee will accept Tenant as Tenant of the Premises under the terms and conditions of this Lease so long as Tenant performs its obligations hereunder and agrees to attorn to such mortgagee.
Appears in 1 contract
Samples: Lease (Skillsoft Corp)
Lease Superior or Subordinate to Mortgages. It is agreed that the rights and interest of Tenant under this Lease shall be (i) subject or subordinate to any present or future mortgage or mortgages and to any and all advances to be made thereunder, and to the interest of the holder thereof in the Premises or any property of which the Premises are a part if Landlord shall elect by written notice to Tenant to subject or subordinate the rights and interest of Tenant under this Lease to such mortgage or (ii) prior to any present or future mortgage or mortgages, if Landlord shall elect, by notice to Tenant, to give the rights and interest of Tenant under this Lease priority to such mortgage; in the event of either of such elections and upon notification by Landlord to that effect, the rights and interest of Tenant under this Lease should be deemed to be subordinate to, or have priority over, as the case may be, said mortgage or mortgages, irrespective of the time of execution or time of recording of any such mortgage or mortgages (provided that, in the case of subordination of this Lease to any future mortgages, the holder thereof agrees not to disturb the possession of Tenant so long as Tenant is not in default hereunderhereunder past all applicable notice and cure periods). Tenant Xxxxxx agrees it will, upon not less than ten (10) days’ prior written request by LandlordXxxxxxxx, execute, acknowledge and deliver any and all instruments deemed by Landlord necessary or desirable to give effect to or notice of such subordination or priority. Any Mortgage to which this Lease shall be subordinated may contain such terms, provisions and conditions as the holder deems usual or customary. Landlord shall obtain for Tenant’s benefit a so-called non-disturbance agreement from its current lender on such lender’s standard form.
Appears in 1 contract
Lease Superior or Subordinate to Mortgages. It is agreed that the rights and interest of Tenant under this Lease shall be (i) subject or subordinate to any present or future mortgage or mortgages and to any and all advances to be made thereunder, and to the interest of the holder thereof in the Premises or any property of which the Premises are a part if Landlord shall elect by notice to Tenant to subject or subordinate the rights and interest of Tenant under this Lease to such mortgage or (ii) prior to any present or future mortgage or mortgages, if Landlord shall elect, by notice to Tenant, to give the rights and interest of Tenant under this Lease priority to such mortgage; in the event of either of such elections and upon notification by Landlord to that effect, the rights and interest of Tenant under this Lease should be deemed to be subordinate to, or have priority over, as the case may be, said mortgage or mortgages, irrespective of the time of execution or time of recording of any such mortgage or mortgages (provided that, in the case of subordination of this Lease to any future mortgages, the holder thereof agrees not to disturb the possession of Tenant so long as Tenant is not in default hereunderhereunder and Tenant and the holder execute a so-called subordination, non-disturbance and attornment agreement in the holder's usual and customary form, with such commercially reasonable changes that are acceptable to the parties). Tenant agrees it will, upon not less than ten (10) days’ ' prior written writxxx request by Landlord, execute, acknowledge and deliver any and all instruments inxxxxxxxxs deemed by Landlord necessary or desirable to give effect to or notice of such subordination or priority. Any Mortgage mortgage to which this Lease shall be subordinated may contain such terms, provisions and conditions as the holder deems usual or customary. Landlord shall obtain for Tenant’s benefit a so-called non-disturbance agreement from its current lender on such lender’s standard form.
Appears in 1 contract
Samples: Lease (Acme Packet Inc)
Lease Superior or Subordinate to Mortgages. It is agreed that the rights and interest of Tenant under this Lease shall be (i) subject or subordinate to any present or future mortgage or mortgages and to any and all advances to be made thereunder, and to the interest of the holder thereof in the Premises or any property of which the Premises are a part if Landlord shall elect by notice to Tenant to subject or subordinate the rights and interest of Tenant under this Lease to such mortgage or (ii) prior to any present or future mortgage or mortgages, if Landlord shall elect, by notice to Tenant, to give the rights and interest of Tenant under this Lease priority to such mortgage; in the event of either of such elections and upon notification by Landlord to that effect, the rights and interest of Tenant under this Lease should be deemed to be subordinate to, or have priority over, as the case may be, said mortgage or mortgages, irrespective of the time of execution or time of recording of any such mortgage or mortgages (provided that, in the case of subordination of this Lease to any future mortgages, the holder thereof agrees not to disturb the possession of Tenant so long as Tenant is not in default hereunder). Tenant agrees it will, upon not less than ten (10) days’ prior written request by Landlord, execute, acknowledge and deliver any and all instruments deemed by Landlord necessary or desirable to give effect to or notice of such subordination or priority. Any Mortgage to which this Lease shall be subordinated may contain such terms, provisions and conditions as the holder deems usual or customary. Landlord shall use reasonable efforts to obtain for Tenant’s benefit a so-called non-disturbance agreement from its current existing lender on whereby such lender’s standard formlender agrees that Tenant shall not be disturbed in its possession so long as Tenant is not in default beyond the expiration of applicable notice and cure periods hereunder.
Appears in 1 contract
Samples: Lease Agreement (Infraredx Inc)
Lease Superior or Subordinate to Mortgages. It This Lease is agreed that the rights and interest of Tenant under this Lease shall continue to be (i) subject or and subordinate to any present or future presently existing mortgage or mortgages secured by the Premises, and to any and all advances to be hereafter made thereunder, and to the interest of the holder or holders thereof in the Premises Premises. The holder of any such presently existing mortgage shall have the election to subordinate the same to this Lease, exercisable by filing with the appropriate recording office a notice of such election, whereupon this Lease shall have priority over such mortgage. A copy of such filing shall be given to Tenant. Such election by the holder of any presently existing mortgage shall not affect priority with respect to this Lease of any other presently existing mortgage. Any mortgage or other voluntary lien or other encumbrance recorded subsequent to the recording of the notice or short form referred to in Section 9.3 shall be subject and subordinate to this Lease unless Landlord and the holder of any property such subsequent mortgage and the holders of all mortgages prior to such subsequent mortgage elect to subordinate this Lease to such subsequent mortgage and to any and all advances thereafter made thereunder and to the interest of the holder thereof in the Premises, such election to be exercisable by Landlord and all such holders by filing with the appropriate recording office (a) a notice of such election and (b) an agreement between the holder of such subsequent mortgage and Tenant, consented to by holders of all mortgages having priority over such subsequent mortgage, by the terms of which the Premises are a part if Landlord shall elect by notice such holder will agree to Tenant to subject or subordinate recognize the rights and interest of Tenant under this Lease and to such mortgage or (ii) prior to any present or future mortgage or mortgages, if Landlord shall elect, by notice to Tenant, to give accept Tenant as tenant of the rights Premises under the terms and interest conditions of Tenant under this Lease priority to such mortgage; in the event of either acquisition of title by such holder through foreclosure proceedings or otherwise and Tenant will agree to recognize the holder of such elections subsequent 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 such holder and upon notification anyone purchasing said Premises at any foreclosure sale brought by Landlord to that effect, the rights and interest of Tenant under this Lease should be deemed to be subordinate to, or have priority over, as the case may be, said mortgage or mortgages, irrespective of the time of execution or time of recording of any such mortgage or mortgages (provided that, in the case of subordination of this Lease to any future mortgages, the holder thereof agrees not to disturb the possession of Tenant so long as Tenant is not in default hereunder)holder. Tenant agrees it will, upon not less than ten (10) days’ prior written request by Landlord, execute, acknowledge and Landlord agree to execute and deliver any and all appropriate instruments deemed by Landlord necessary or desirable to give effect to or notice of such subordination or prioritycarry out the agreements contained in this Section 8.2. Any Mortgage such subsequent mortgage to which this Lease shall be is subordinated may contain such terms, provisions and conditions as the holder deems are usual or customary. Landlord shall obtain for Tenant’s benefit a so-called non-disturbance agreement from its current lender on such lender’s standard form.
Appears in 1 contract
Lease Superior or Subordinate to Mortgages. It is agreed that the rights and interest of Tenant under this Lease shall be (i) subject or subordinate to any present or future mortgage or mortgages and to any and all advances to be made thereunder, and to the interest of the holder thereof in the Premises or any property of which the Premises are a part if Landlord shall elect by notice to Tenant to subject or subordinate the rights and interest of Tenant under this Lease to such mortgage or (ii) prior to any present or future mortgage or mortgages, if Landlord shall elect, by notice to Tenant, to give the rights and interest of Tenant under this Lease priority to such mortgage; in the event of either of such elections and upon notification by Landlord to that effect, the rights and interest of Tenant under this Lease should be deemed to be subordinate to, or have priority over, as the case may be, said mortgage or mortgages, irrespective of the time of execution or time of recording of any such mortgage or mortgages (provided that, in the case of subordination of this Lease to any future mortgages, the holder thereof agrees not to disturb the possession of Tenant so long as Tenant is not in default hereunder). Tenant agrees it will, upon not less than ten (10) days’ prior written request by from Landlord, execute, acknowledge and deliver any and all reasonable instruments deemed by Landlord necessary or desirable to give effect to or notice of such subordination or priority. Tenant also agrees that if, within 30 days of such written request, it shall fail at any time to execute, acknowledge and deliver any such reasonable instrument requested by Landlord, Landlord may, in addition to any other remedies available to it, execute, acknowledge and deliver such instrument as the attorney-in-fact Lease Agreement for 625 Putnam Ave, Cambridge for Ft WASHINGTON _____ for VERTEX _____ pxxx 00 xx 00 pages of Tenant and in Tenant's name; and Tenant does hereby make, constitute and irrevocably appoint Landlord as its attorney-in-fact, coupled with an interest with full power of substitution, and in its name, place and stead so to do. Any Mortgage mortgage to which this Lease shall be subordinated may contain such terms, provisions and conditions as the holder deems usual or customary. Landlord shall obtain for Tenant’s benefit a so-called non-disturbance agreement from its current lender on such lender’s standard form.
Appears in 1 contract
Lease Superior or Subordinate to Mortgages. A. It is agreed that the rights and interest of Tenant under this Lease shall be (i) subject or subordinate to any present or future mortgage or mortgages and to any and all advances to be made thereunder, and to the interest of the holder thereof in the Premises or any property of which the Premises are a part if Landlord shall elect by notice to Tenant to subject or subordinate the rights and interest of Tenant under this Lease to such mortgage or (ii) prior to any present or future mortgage or mortgages, if Landlord shall elect, by notice to Tenant, to give the rights and interest of Tenant under this Lease priority to such mortgage; in the event of either of such elections and upon notification by Landlord to that effect, the rights and interest of Tenant under this Lease should be deemed to be subordinate to, or have priority over, as the case may be, said mortgage or mortgages, irrespective of the time of execution or time of recording of any such mortgage or mortgages (provided that, in the case of subordination of this Lease to any future mortgages, the holder thereof agrees to recognize Tenant’s rights under this Lease and not to disturb the possession of Tenant so long as Tenant is not in default hereunder)Tenant. Tenant agrees it will, upon not less than ten fifteen (1015) days’ prior written request by Landlord, execute, acknowledge and deliver any and all reasonably acceptable instruments deemed by Landlord necessary or desirable to give effect to or notice of such subordination or priority. Tenant agrees that any future SNDA that is similar in all material respects to the form of SNDA attached hereto as Exhibit L will be deemed “reasonably acceptable”. Any Mortgage to which this Lease shall be subordinated may contain such terms, provisions and conditions as the holder deems usual or customary. .
B. Landlord shall obtain for Tenant’s benefit a so-called non-disturbance agreement from agrees to use diligent efforts to cause its current lender on mortgagee to deliver to Tenant a “subordination, nondisturbance and attornment agreement” in the form attached to this Lease as Exhibit M (the “SNDA”), no later than 5 business days after full execution of this Lease. It is agreed that it shall be an express condition precedent to the validity of this Lease that Landlord’s current mortgagee provides such lender’s standard forman SNDA to Tenant, and if such SNDA is not provided to Tenant by the aforesaid date, then Tenant shall have the right to terminate this Lease by giving written notice of termination to Landlord no later than 10 business days after the full execution of this Lease, effective upon the giving of such notice.
Appears in 1 contract
Samples: Office Lease (Avid Technology, Inc.)