LESSOR'S MORTGAGE. This Lease is not to be recorded and is and shall, hereafter, be deemed to be subordinate to any present or future mortgages on the real estate (or any part of it) upon which the Building is situated and to all advances upon the security of such mortgages.
LESSOR'S MORTGAGE. Lessee acknowledges that the Demised Premises are currently encumbered by the mortgage and related security documents described on Exhibit "C" hereto (the "Existing Mortgage"). Lessor shall pay and perform, and cause all other obligors thereunder to pay and perform, all of their obligations under the Existing Mortgage and any other Permitted Mortgage (as well as any other mortgage or security interest granted by Lessor, regardless of whether permitted under this Lease) and the obligations secured thereby (other than obligations which are the responsibility of Lessee pursuant to specific provisions of this Lease), and shall indemnify and hold Lessee harmless from and against any and all claims, losses and expenses incurred by or threatened against Lessee on account of Lessor's failure to do so.
LESSOR'S MORTGAGE. Lessor shall not encumber the Property with any mortgage lien unless the holder of such lien expressly subordinates its lien to this Lease. Lessee shall not agree to subordinate its interests under this Lease to any of Lessor’s lenders.
LESSOR'S MORTGAGE. If the Building and/or Leased Premises are at any time subject to a mortgage and/or mortgage and deed of trust, and LESSEE has received written notice to LESSOR alleging default by LESSOR hereunder, LESSEE will also simultaneously give a copy of such notice to LESSOR'S Mortgagee and LESSOR'S mortgagee shall have the right (but not the obligation) to cure or remedy such default during the period that is permitted to LESSOR hereunder, plus an additional period of thirty (30) days, and LESSEE will accept such curative or remedial action (if any) taken by LESSOR'S Mortgagee with the same effect as if such action had been taken by LESSOR. This Lease shall, at LESSOR'S option, which option may be exercised at any time during the Lease Term, be subject and subordinate to any first mortgage or first priority deed or trust now or hereafter covering the Leased Premises. To this end, LESSEE hereby agrees to execute any instrument or instruments which LESSOR may deem necessary or desirable to effect the subordination of the Lease to any and all such mortgages and/or deeds of trust. LESSEE hereby appoints LESSOR and/or LESSOR'S successor(s) in interest as LESSEE'S attorney-in-fact to execute any and all documents necessary to effectuate all the provisions of this Section.
LESSOR'S MORTGAGE. Lessor shall have the right at any time and from time-to-time to create security interests in the form of a mortgage, deed of trust or other similar lien or encumbrance (a “Mortgage”) upon or affecting Lessor’s fee estate in the Premises, or any part thereof, and the rights of Lessee under this Lease shall be subject and subordinate to any such Mortgage. Said subordination shall be self-operative and no further instrument of subordination shall be necessary unless required by any such Mortgage holder. Any holder of any of any such Mortgage is herein referred to as “Lessor’s Mortgagee(s).” Notwithstanding the foregoing, a Lessor’s Mortgagee may at any time subordinate its Mortgage to this Lease without Lessee’s consent by notice in writing to Lessee, and thereupon this Lease shall be deemed prior to such Mortgage without regard to their respective dates of execution and delivery and, in that event, such Lessor’s Mortgagee shall have the same rights with respect to this Lease as though it had been executed prior to the execution and delivery of any such Mortgage and had been assigned to such Lessor’s Mortgagee.
LESSOR'S MORTGAGE. This lease and the estate of Lessee shall be subject and subordinate to any present or future deeds of trust and mortgages on the real estate (or any part of it) upon which the Leased Premises is situated and to all advances upon the security of such deeds of trust and mortgages.
LESSOR'S MORTGAGE. The Facilities are encumbered by a first priority deed ----------------- of trust in favor of Xxxx X. Xxxxxx as trustee for the benefit of The Equitable Life Assurance Society of the United States as the same has been modified (the "Mortgage"). If Lessor fails to make any payment due on the Mortgage, Lessee may make such payment and any penalty on behalf of Lessor and reduce the rentals due hereunder by the amount so paid. In addition Lessee, after making two or more payments within any twelve-month period on the Mortgage pursuant to this paragraph may exercise immediately the Purchase Option specified in paragraph 24 and prepay the Mortgage according to its terms and reduce the Purchase Price under the Purchase Option by the amount so paid.
LESSOR'S MORTGAGE. If the Building and/or Leased Premises are at any time subject to a mortgage and/or mortgage and deed of trust, then in any instance in which Lessee gives notice to Lessor alleging default by Lessor hereunder, Lessee will also simultaneously give a copy of such notice to Lessor's Mortgagee (provided Lessor or Lessor's Mortgagee shall have advised Lessee of the name and address of Lessor's Mortgagee) and each Lessor's Mortgagee shall have the right (but not the obligation) to cure or remedy such default during the period that is permitted to Lessor hereunder, plus an additional period of thirty (30) days, and Lessee will accept such curative or remedial action taken by Lessor's Mortgagee with the same effect as if such action had been taken by Lessor.
LESSOR'S MORTGAGE. The Lessor agrees that (i) on the Delivery Date it will execute and deliver the Lessor's Mortgage to the Lessee and (ii) it will from time to time, at the Lessee's request and expense, do and perform such acts and execute and deliver such further instruments as may be reasonably requested by the Lessee in order to register the Lessor's Mortgage with the Shipping Register.
LESSOR'S MORTGAGE. Lessor hereby covenants and agrees to Lender, and its successors and assigns, that if Lessor elects to encumber or grant a security interest in the fee interest in the Property, any fee mortgage (or other security instrument) shall recognize all of Lessee’s (and any leasehold mortgagee’s) rights hereunder (and/or under any subordination agreement to which the fee mortgagee is a party) and shall be subject and subordinate to the Lease and any renewals, amendments and replacements hereof, including, without limitation, any new lease made pursuant to the provisions of Section 15.6 above and the term, rights and leasehold estate of Lessee hereunder and under the Lease and to any leasehold mortgages. The provisions of this Section 15.11 shall be self-operative, without the necessity of any other written consent or subordination by the holder of any fee mortgage. However, upon request of Xxxxxx, Lessor shall at any time or times use commercially reasonable efforts to cause the holder of each fee mortgage to execute, acknowledge and deliver to Lessee and each leasehold mortgagee any instrument reasonably required by Lessee or any leasehold mortgagee (including, without limitation, Lender) to confirm such subordination. In the event of any inconsistencies between the terms and conditions of this Section 15 and the other terms and conditions of this Lease, the terms and conditions of this Section 15 shall control and be binding.
