Common use of Mortgage Priority Clause in Contracts

Mortgage Priority. Tenant acknowledges and agrees that this Lease and Tenant's interest in 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 lender agree in writing with Tenant that as long as Tenant performs its obligations under this Lease, no foreclosure, deed in lieu of foreclosure, or sale pursuant to the terms of such Mortgage, or other steps or procedures taken under such Mortgage shall affect Tenant's rights under this Lease. If the Premises are sold as a result of foreclosure of any Mortgage, or otherwise transferred by Landlord to any successor, Tenant shall attorn to the purchaser or other transferee.

Mortgage Priority. Tenant acknowledges This lease is and agrees 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 and Tenant's interest be subordinate to the Fee Mortgage in question, then Tenant agrees that this Lease shall be subordinate to such Fee Mortgage if 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 holder thereof 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 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 MortgageFee Mortgage thereon, or otherwise transferred by Landlord to or any successor, Tenant shall attorn to the purchaser or other 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 acknowledges and agrees under the lease will be recognized so that in the event of foreclosure of the mortgage this Lease lease will remain in effect according to its terms and Tenant's interest possession will not be disturbed as long as Tenant is in compliance with this Lease lease. This lease is and shall be subordinate prior to the lien of any mortgage or deed of trust (Mortgage"Encumbrance") which encumbers recorded after the Premises as date of this lease and affecting the Commencement Date or at Premises. However, if any date thereafter while lender holding such an Encumbrance requires that this Lease remains in effect. Tenants lease be subordinate to the Encumbrance, then Tenant agrees that the lease shall be subordinate 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 lender agree 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 Mortgagethe Encumbrance, or other steps or procedures taken under such 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 the Encumbrance to accomplish the purposes of this paragraph. If the Premises are sold as a result of foreclosure of any MortgageEncumbrance thereon, or otherwise transferred by Landlord to or any successor, Tenant shall attorn to the purchaser or other transferee.