Common use of Mortgage Priority Clause in Contracts

Mortgage Priority. This lease is and shall be prior to all mortgages or deeds of trust (collectively, "Fee Mortgages") recorded after the date of this lease and affecting Landlord's interest in the Premises. However, if any lender holding a Fee Mortgage requires that this Lease be subordinate to the Fee Mortgage in question, then Tenant agrees that this Lease shall be subordinate to such Fee Mortgage if the holder thereof agrees in writing with Tenant that as long as Tenant performs its obligations under this Lease no foreclosure, deed given in lieu of foreclosure, or sale pursuant to the terms of such Fee Mortgage, or other steps or procedures taken under such Fee Mortgage shall affect Tenant's rights under this Lease. If the foregoing condition is met, Tenant shall execute the written agreement and any other documents required by the holder of such Fee Mortgage to accomplish the purposes of this paragraph. If the Premises are sold as a result of foreclosure of any Fee Mortgage thereon, or otherwise transferred by Landlord or any successor, Tenant shall attorn to the purchaser or transferee.

Mortgage Priority. This lease is Tenant acknowledges and shall be prior to all mortgages or deeds of trust (collectively, "Fee Mortgages") recorded after the date of agrees that this lease Lease and affecting LandlordTenant's interest in the Premises. However, if any lender holding a Fee Mortgage requires that this Lease be subordinate to the Fee Mortgage in question, then Tenant agrees that this Lease shall be subordinate to the lien of any mortgage or deed of trust (Mortgage) which encumbers the Premises as of the Commencement Date or at any date thereafter while this Lease remains in effect. Tenants agrees to execute a subordination and attornment agreement, in form and substance reasonably acceptable to Landlord's lender, or any future lender, on the condition that such Fee Mortgage if the holder thereof agrees lender agree in writing with Tenant that as long as Tenant performs its obligations under this Lease Lease, no foreclosure, deed given in lieu of foreclosure, or sale pursuant to the terms of such Fee Mortgage, or other steps or procedures taken under such Fee Mortgage shall affect Tenant's rights under this Lease. If the foregoing condition is met, Tenant shall execute the written agreement and any other documents required by the holder of such Fee Mortgage to accomplish the purposes of this paragraph. If the Premises are sold as a result of foreclosure of any Fee Mortgage thereonMortgage, or otherwise transferred by Landlord or to any successor, Tenant shall attorn to the purchaser or other transferee.

Mortgage Priority. This lease is and shall be prior to all mortgages any mortgage or deeds deed of trust (collectively, "Fee MortgagesEncumbrance") recorded after the date of this lease and affecting Landlord's interest in the Premisespremises. However, if any lender holding a Fee Mortgage such an Encumbrance requires that this Lease lease be subordinate to the Fee Mortgage in questionEncumbrance, then Tenant Lessee agrees that this Lease the lease shall be subordinate to such Fee Mortgage the Encumbrance if the holder thereof agrees in writing with Tenant Lessee that as so long as Tenant Lessee performs its obligations under this Lease lease no foreclosure, deed given in lieu of foreclosure, or sale sale, pursuant to the terms of such Fee Mortgagethe Encumbrance, or other steps or procedures taken under such Fee Mortgage the Encumbrance shall affect TenantLessee's rights under this Leaselease. If the foregoing condition is met, Tenant Lessee shall execute the written agreement agreement, and any other documents required by the holder of such Fee Mortgage the Encumbrance to accomplish the purposes of this paragraph. If the Premises premises are sold as a result of foreclosure of any Fee Mortgage Encumbrance thereon, or otherwise transferred by Landlord Lessor or any successor, Tenant Lessee shall attorn to the purchaser or transferee.

Mortgage Priority. The Premises are subject to real estate mortgage given to Xxxxxx and Xxxxxxx Xxxxxxxx as mortgagee. This lease is conditioned upon its approval by the mortgagee and upon agreement by the mortgagee that the rights of Tenant under the lease will be recognized so that in the event of foreclosure of the mortgage this lease will remain in effect according to its terms and Tenant's possession will not be disturbed as long as Tenant is in compliance with this lease. This lease is and shall be prior to all mortgages any mortgage or deeds deed of trust (collectively, "Fee MortgagesEncumbrance") recorded after the date of this lease and affecting Landlord's interest in the Premises. However, if any lender holding a Fee Mortgage such an Encumbrance requires that this Lease lease be subordinate to the Fee Mortgage in questionEncumbrance, then Tenant agrees that this Lease the lease shall be subordinate to such Fee Mortgage the Encumbrance if the holder thereof agrees in writing with Tenant that as long as Tenant tenant performs its obligations under this Lease lease no foreclosure, deed given in lieu of foreclosure, or sale pursuant to the terms of such Fee Mortgagethe Encumbrance, or other steps or procedures taken under such Fee Mortgage the Encumbrance shall affect Tenant's rights under this Leaselease. If the foregoing condition is met, Tenant shall execute the written agreement and any other documents required by the holder of such Fee Mortgage the Encumbrance to accomplish the purposes of this paragraph. If the Premises are sold as a result of foreclosure of any Fee Mortgage Encumbrance thereon, or otherwise transferred by Landlord or any successor, Tenant shall attorn to the purchaser or transferee.

Mortgage Priority. This lease is and shall be prior to all mortgages any mortgage or deeds deed of trust (collectively, "Fee MortgagesEncumbrance") recorded after the date of this lease and affecting Landlord's interest in the Premisespremises. However, if any lender holding a Fee Mortgage such an Encumbrance requires that this Lease lease be subordinate to the Fee Mortgage in questionEncumbrance, then Tenant Xxxxxx agrees that this Lease the lease shall be subordinate to such Fee Mortgage the Encumbrance if the holder thereof agrees in writing with Tenant Lessee that as so long as Tenant Lessee performs its obligations under this Lease lease no foreclosure, deed given in lieu of foreclosure, or sale sale, pursuant to the terms of such Fee Mortgagethe Encumbrance, or other steps or procedures taken under such Fee Mortgage the Encumbrance shall affect TenantLessee's rights under this Leaselease. If the foregoing condition is met, Tenant Xxxxxx shall execute the written agreement agreement, and any other documents required by the holder of such Fee Mortgage the Encumbrance to accomplish the purposes of this paragraph. If the Premises premises are sold as a result of foreclosure of any Fee Mortgage Encumbrance thereon, or otherwise transferred by Landlord Lessor or any successor, Tenant Xxxxxx shall attorn agree to be the lessee of the purchaser or transferee.