Common use of Lease Superior or Subordinate to Mortgages Clause in Contracts

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, subordination is expressly conditioned upon such holder’s agreement not to terminate, interfere with or disturb the rights, use, occupancy, options or possession of Tenant under this Lease so long as Tenant is not in default beyond all cure periods hereunder, nor to join Tenant as a party defendant in any action or proceeding for the sole purpose of terminating Tenant’s leasehold interest under this Lease, and to recognize and be bound by the terms of this Lease so long as Tenant agrees to attorn to such holder. Landlord shall use diligent efforts to obtain from any such future holder of a mortgage an SNDA for Tenant’s benefit in a form containing the foregoing provisions. 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 will use reasonable efforts to obtain a so-called subordination, non-disturbance and attornment agreement (“SNDA”) from Landlord’s existing lender, on such lender’s standard form. In the event Tenant wishes to negotiate 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.

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, mortgages (provided that, in the case of subordination of this Lease to any future mortgages, subordination is expressly conditioned upon such holder’s agreement the holder thereof agrees not to terminate, interfere with or disturb the rights, use, occupancy, options or possession of Tenant under this Lease so long as Tenant is not in default hereunder beyond all applicable cure periods hereunder, nor to join Tenant as a party defendant in any action or proceeding for the sole purpose of terminating Tenant’s leasehold interest under this Lease, and to recognize and be bound by the terms of this Lease so long as Tenant agrees to attorn to such holder. Landlord shall use diligent efforts to obtain from any such future holder of a mortgage an SNDA for Tenant’s benefit in a form containing the foregoing provisionsperiods). 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; provided, however, that no such terms, provisions or conditions shall increase Tenant’s financial obligations hereunder or interfere with Tenant’s use of the Premises. Landlord will use reasonable efforts agrees to obtain a so-called subordinationits current lender’s standard form of Subordination, nonNon-disturbance and attornment agreement Attornment Agreement (“SNDA”) from Landlord’s existing lender, on for Tenant. All costs of negotiating and obtaining such lender’s standard form. In the event Tenant wishes to negotiate lender’s form of SNDA, it shall do so directly with the lender and SNDA shall be solely responsible for any fees imposed borne by such lenderTenant.

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 the presently existing mortgage held by Lender or any present or future mortgage or mortgages secured by the Premises, and to any and all advances to be hereafter made thereunder, and to the interest of Lender and any other holder or holders thereof in the Premises. Lender shall have the election to subordinate the mortgage held by Lender 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 Lender shall not affect priority with respect to this Lease of any other 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 such subsequent mortgage and Lender and any other holders of 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 or any property Premises, such election to be exercisable by Landlord and Lender and all such other 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 Lender and the other 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, subordination is expressly conditioned upon such holder’s agreement not to terminate, interfere with or disturb the rights, use, occupancy, options or possession of Tenant under this Lease so long as Tenant is not in default beyond all cure periods hereunder, nor to join Tenant as a party defendant in any action or proceeding for the sole purpose of terminating Tenant’s leasehold interest under this Lease, and to recognize and be bound by the terms of this Lease so long as Tenant agrees to attorn to such holder. Tenant and Landlord shall use diligent efforts agree to obtain from any such future holder of a mortgage an SNDA for Tenant’s benefit in a form containing the foregoing provisions. Tenant agrees it will, upon not less than ten (10) days’ prior written request by Landlord, execute, acknowledge 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 will use reasonable efforts to obtain a so-called subordination, non-disturbance and attornment agreement (“SNDA”) from Landlord’s existing lender, on such lender’s standard form. In the event Tenant wishes to negotiate 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.

Lease Superior or Subordinate to Mortgages. It is agreed that that, subject to Xxxxxxxx's obtaining non-disturbance agreement as further described in the last sentence of 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, mortgages (provided that, in the case of subordination of this Lease to any future mortgages, subordination is expressly conditioned upon such holder’s agreement the holder thereof agrees not to terminate, interfere with or disturb the rights, use, occupancy, options or possession of Tenant under this Lease so long as Tenant is not in default beyond all cure periods hereunder, nor to join Tenant as a party defendant in any action or proceeding for the sole purpose of terminating Tenant’s leasehold interest under this Lease, and to recognize and be bound by the terms of this Lease so long as Tenant agrees to attorn to such holder). Landlord shall use diligent efforts to obtain from any such future holder of a mortgage an SNDA for Tenant’s benefit in a form containing the foregoing provisions. 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 will use reasonable efforts to obtain a so-called subordination, non-disturbance agreement for the benefit of Tenant from its current mortgagee, if any, in connection with Xxxxxx's use and attornment agreement (“SNDA”) from occupancy under this Lease, substantially to the effect that no steps or proceedings taken by reason of Landlord’s existing lender's default under such mortgage shall terminate this Lease, on nor shall Tenant be named a defendant in any proceeding for foreclosure of such lender’s standard form. In the event Tenant wishes to negotiate lender’s form mortgage or be disturbed by virtue of SNDA, it shall do so directly with the lender and shall be solely responsible for any fees imposed by such lendersteps or proceedings.

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, provided however, that no such subordination shall be effective unless Tenant has received an agreement (a "Non-Disturbance Agreement"), in recordable form, from each holder of any such mortgage and/or the lessor under any ground lease or superior lease under which Landlord derives its interest in the Premises that, in the case event of subordination that such holder or lessor (or their successor or assignees, including any purchaser at a foreclosure sale or the grantee under any deed in lieu of this Lease foreclosure) succeeds to any future mortgages, subordination is expressly conditioned upon such holder’s agreement not Landlord's title to terminate, interfere with the Premises or disturb the rights, use, occupancy, options or possession of Tenant under this Lease so long as Tenant is not in default beyond all cure periods hereunder, nor to join Tenant as a party defendant in any action or proceeding for the sole purpose of terminating Tenant’s leasehold interest under this Lease, such holder or lessor shall recognize Xxxxxx's rights, not disturb Tenant's occupancy, and to recognize and be bound by the terms of assume Landlord's obligations, under this Lease so long as Tenant agrees to attorn to such holder. Landlord shall use diligent efforts to obtain from any such future holder of a mortgage an SNDA for Tenant’s benefit in a form containing the foregoing provisions. 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 priorityLease. Any Mortgage to which this Lease shall be subordinated may contain such terms, provisions and conditions as the holder deems usual or customary. Landlord will use reasonable efforts Xxxxxxxx agrees to obtain a so-called subordination, non-disturbance and attornment agreement (“SNDA”) for Xxxxxx's benefit from Landlord’s existing lender, its present lender on such lender’s standard form. In 's usual and customary form within sixty (60) days after the event Tenant wishes to negotiate lender’s form Date of SNDA, it shall do so directly with the lender and shall be solely responsible for any fees imposed by such lenderthis Lease.

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, mortgages (provided that, in the case of subordination of this Lease to any future mortgages, subordination is expressly conditioned upon such holder’s agreement the holder thereof agrees not to terminate, interfere with or disturb the rights, use, occupancy, options or possession of Tenant under this Lease so long as Tenant is not in default beyond all cure periods hereunderhereunder and Tenant and such holder execute a commercially reasonable subordination, nor to join Tenant as a party defendant non-disturbance and attornment agreement in any action or proceeding for the sole purpose of terminating Tenantholder’s leasehold interest under this Lease, usual and to recognize and be bound by the terms of this Lease so long as Tenant agrees to attorn to such holder. Landlord shall use diligent efforts to obtain from any such future holder of a mortgage an SNDA for Tenant’s benefit in a form containing the foregoing provisionscustomary 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. If Tenant fails to deliver such documentation within the required time period, and such failure continues for an additional five (5) days following a second written request from Landlord, then Tenant shall be obligated to pay to Landlord, as Additional Rent within twenty (20) days of demand, a fee in the amount of $500.00 per day for each day that Tenant fails to deliver the requested documentation in the period beginning on the day after the expiration of the initial 10-day period and ending on the day Tenant actually delivers the documentation. Any Mortgage to which this Lease shall be subordinated may contain such terms, provisions and conditions as the holder deems usual or customary. Landlord will shall use reasonable efforts to obtain a so-called subordination, non-disturbance and attornment agreement (“SNDA”) for the benefit of Tenant from Landlord’s existing lender, its current lender on such said lender’s standard usual and customary form. In the event Tenant wishes to negotiate 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.

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 mortgagesmortgages (provided, provided thathowever, in that as a condition to the case of subordination of this Lease to any future mortgages, subordination is expressly conditioned upon such holder’s agreement the holder thereof agrees not to terminate, interfere with or disturb the rights, use, occupancy, options or possession of Tenant under this Lease so long as Tenant is not in default beyond all cure periods hereunder). This Section shall be self-operative and no further instrument of subordination shall be required. In confirmation of such subordination, nor to join Tenant as a party defendant in any action or proceeding for the sole purpose of terminating Tenant’s leasehold interest under this Lease, and to recognize and be bound by the terms of this Lease so long as Tenant agrees to attorn to such holder. Landlord shall use diligent efforts to obtain from any such future holder of a mortgage an SNDA for Tenant’s benefit in a form containing the foregoing provisions. 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 agrees to obtain from its current lender an agreement that the possession of Tenant will not be disturbed so long as Tenant is not in default hereunder. Landlord agrees to obtain from any future lenders, and to use reasonable efforts to obtain a so-called subordination, non-disturbance and attornment agreement (“SNDA”) from Landlord’s existing its current lender, on such lender’s standard form. In an agreement that the event Tenant wishes proceeds of insurance will be released to negotiate lender’s form of SNDALandlord for Landlord's Restoration Work, it shall do so directly unless this Lease is otherwise terminated in accordance with the lender and shall be solely responsible for any fees imposed by such lenderprovisions hereof.