Common use of Mortgage Requirements Clause in Contracts

Mortgage Requirements. Landlord represents to Tenant that on the date this Lease is executed, the premises are not encumbered by or subject to any mortgages, deeds of trust, or ground leases. This Lease shall, however, be subject and subordinate at all times to all ground or underlying leases which may hereafter be executed affecting the building and/or the land upon which the building is situated and to the lien of any mortgages or deeds of trust in any amount or amounts whatsoever hereafter placed on or against said building and/or land or on or against the Landlord's interest or estate therein or on or against any ground or underlying lease without the necessity of having further instruments on the part of Tenant to effectuate such subordination. Notwithstanding the foregoing, Tenant covenants and agrees to execute and deliver, upon demand, such further reasonable instruments evidencing such subordination of this Lease to such ground or underlying leases and to the lien of any such mortgages or deeds of trust as may be required by Landlord. Tenant hereby irrevocably appoints Landlord the attorney in fact of the Tenant to execute and deliver any such instrument or instruments for or in the name of Tenant. In the event any mortgagee shall elect to have this Lease a prior lien to its mortgage, then and in such event, upon such mortgagee notifying the Tenant in writing to that effect, this Lease shall have priority of the lien of such mortgage to the same extent as if the same have been placed on record prior to such mortgage. In the event of any sale, assignment or hypothecation of the building of which the premises are a part, and/or of any leasehold interest therein by Landlord, if a statement shall be required from Tenant as to offsets against the Landlord, Tenant agrees to furnish said statement to the party demanding the same accurately and promptly. In the event of termination of any ground or underlying lease, or in the event of sale, foreclosure or exercise of any power of sale under any mortgage or deed of trust superior to this Lease or to which this Lease is subject or subordinate, Tenant covenants and agrees that it will, upon request by the purchaser, attorn to the purchaser upon any foreclosure or sale and recognize such purchaser as the Landlord under this Lease, it being the intent hereof that if this Lease should be terminated by such foreclosure or sale, it shall, upon request by the purchaser be reinstated as a lease between the purchaser and the Tenant. Tenant, upon request of any party in interest, shall execute such reasonable instrument or instruments as shall be requested to carry out the requirements of this paragraph. Landlord will obtain non-disturbance agreements from all parties to whose interest this Lease may hereafter be subordinated.

Mortgage Requirements. Landlord represents to Tenant that on the date this Lease is executed, the premises are not encumbered by or subject to any mortgages, deeds of trust, or ground leases. This Lease shall, however, be subject and subordinate at all times to all ground or underlying leases which may hereafter be executed affecting the building and/or the land upon which the building is situated and to the lien of any mortgages or deeds of trust in any amount or amounts whatsoever hereafter placed on or against said building and/or land or on or against the Landlord's interest or estate therein or on or against any ground or underlying lease without the necessity of having further instruments on the part of Tenant to effectuate such subordination. Notwithstanding the foregoing, Tenant covenants and agrees to execute and deliver, upon demand, such further reasonable instruments evidencing such subordination of this Lease to such ground or underlying leases and to the lien of any such mortgages or deeds of trust as may be required by Landlord. Tenant hereby irrevocably appoints Landlord the attorney in fact of the Tenant to execute and deliver any such instrument or instruments for or in the name of Tenant. In the event any mortgagee shall elect to have this Lease a prior lien to its mortgage, then and in such event, event upon such mortgagee notifying the Tenant in writing to that effect, this Lease shall have priority of the lien of such mortgage to the same extent as if the same have been placed on record prior to such mortgage. In the event of any sale, assignment or hypothecation of the building of which the demised premises are a part, and/or of any leasehold interest therein by Landlord, if a statement shall be required from Tenant as to offsets against the Landlord, Tenant agrees to furnish said statement to the party demanding the same accurately and promptly. In the event of termination of any ground or underlying lease, or in the event of sale, foreclosure or exercise of any power of sale under any mortgage or deed of trust superior to this Lease or to which this Lease is subject or subordinate, Tenant covenants and agrees that it will, upon request by the purchaser, attorn to the purchaser upon any foreclosure or sale and recognize such purchaser as the Landlord under this Lease, it being the intent hereof that if this Lease should be terminated by such foreclosure or sale, it shall, upon request by the purchaser be reinstated as a lease between the purchaser and the Tenant. Tenant, Tenant upon request of any party in interest, shall execute such reasonable instrument or instruments as shall be requested to carry out the requirements of this paragraph. Landlord will obtain non-disturbance agreements from all parties to whose interest this Lease may hereafter be subordinated.

Mortgage Requirements. Landlord represents Any Mortgage which shall be entered into by the Agency and the Company shall contain the following required provisions: Non-Recourse and Hold Harmless Provisions to Tenant that on be included in the date Lender’s Mortgage Section . No Recourse Against Agency. The general credit of the Agency is not obligated or available for the payment of this Lease is executedMortgage. The Mortgagee will not look to the Agency or any principal, member, director, officer or employee of the Agency with respect to the indebtedness evidenced by this Mortgage or any covenant, stipulation, promise, agreement or obligation contained herein. In enforcing its rights and remedies under this Mortgage, the Mortgagee will look solely to the mortgaged premises are and/or the Company for the payment of the indebtedness secured by this Mortgage and for the performance of the provisions hereof. The Mortgagee will not encumbered seek a deficiency or other money judgment against the Agency or any principal, member, director, officer or employee of the Agency and will not institute any separate action against the Agency by reason of any default that may occur in the performance of any of the terms and conditions of this Mortgage or subject to any mortgages, deeds of trust, or ground leasesthe Loan Documentation. This Lease shall, however, be subject and subordinate at all times to all ground or underlying leases which may hereafter be executed affecting the building and/or the land upon which the building is situated and to the lien of any mortgages or deeds of trust in any amount or amounts whatsoever hereafter placed on or against said building and/or land or on or against the Landlord's interest or estate therein or on or against any ground or underlying lease without the necessity of having further instruments agreement on the part of Tenant the Mortgagee shall not be construed in any way so as to effectuate such subordination. Notwithstanding the foregoing, Tenant covenants and agrees to execute and deliver, upon demand, such further reasonable instruments evidencing such subordination of this Lease to such ground effect or underlying leases and to impair the lien of this Mortgage or the Mortgagee’s right to foreclose hereunder as provided by law or construed in any such mortgages way so as to limit or deeds of trust as may be required by Landlord. Tenant hereby irrevocably appoints Landlord the attorney in fact restrict any of the Tenant to execute and deliver any such instrument rights or instruments for or in the name of Tenant. In the event any mortgagee shall elect to have this Lease a prior lien to its mortgage, then and in such event, upon such mortgagee notifying the Tenant in writing to that effect, this Lease shall have priority remedies of the lien Mortgagee in any foreclosure proceedings or other enforcement of such mortgage to payment of the same extent as if indebtedness secured hereby out of and from the same have been placed on record prior to such mortgagesecurity given therefor. In All covenants, stipulations, promises, agreements and obligations are the event Agency’s and not of any salemember, assignment director, officer, employee or hypothecation agent (except the Company) of the building Agency in his or her individual capacity, and no recourse shall be had for the payment of which the premises are a part, and/or principal of any leasehold debt or interest therein by Landlordthereon or for any claim based thereon or hereunder against any member, if a statement director, officer, employee or agent (except the Company) of the Agency or any natural person executing this Mortgage on behalf of the Agency. No covenant contained herein shall be required from Tenant as deemed to offsets against constitute a debt of the LandlordState of New York or Dutchess County and neither the State of New York nor Dutchess County shall be liable on any covenant contained herein, Tenant agrees to furnish said statement to the party demanding the same accurately and promptly. In the event of termination nor shall any obligations hereunder be payable out of any ground or underlying lease, or in funds of the event of sale, foreclosure or exercise of any power of sale under any mortgage or deed of trust superior to this Lease or to which this Lease is subject or subordinate, Tenant covenants and agrees that it will, upon request by the purchaser, attorn to the purchaser upon any foreclosure or sale and recognize such purchaser as the Landlord under this Lease, it being the intent hereof that if this Lease should be terminated by such foreclosure or sale, it shall, upon request by the purchaser be reinstated as a lease between the purchaser and the Tenant. Tenant, upon request of any party in interest, shall execute such reasonable instrument or instruments as shall be requested to carry out the requirements of this paragraph. Landlord will obtain non-disturbance agreements from all parties to whose interest this Lease may hereafter be subordinatedAgency.

Mortgage Requirements. Landlord represents to Tenant that on the date this Lease is executed, the premises are not encumbered by or subject to any mortgages, deeds of trust, or ground leases. This Lease shall, however, be subject and subordinate at all times to all ground or underlying leases which may hereafter be executed affecting the building and/or the land upon which the building is situated and to the lien of any an mortgages or deeds of trust in any amount or amounts whatsoever hereafter placed on or against said building and/or land or on or against the Landlord's interest or estate therein or on or against any ground or underlying lease without the necessity of having further instruments on the part of Tenant to effectuate such subordination. Notwithstanding the foregoing, Tenant covenants and agrees to execute and deliver, upon demand, such further reasonable instruments evidencing such subordination of this Lease to such ground or underlying leases and to the lien of any such mortgages or deeds of trust as may be required by Landlord. Tenant hereby irrevocably appoints Landlord the attorney in fact of the Tenant to execute and deliver any such instrument or instruments for or in the name of Tenant. In the event any mortgagee shall elect to have this Lease a prior lien to its mortgage, then and in such event, upon such mortgagee notifying the Tenant in writing to that effect, this Lease shall have priority of the lien of such mortgage to the same extent as if the same have been placed on record prior to such mortgage. In the event of any sale, assignment or hypothecation of the building of which the demised premises are a part, part and/or of any leasehold interest therein by Landlord, if a statement shall be required from Tenant as to offsets against the Landlord, Tenant agrees to furnish said statement to the party demanding the same accurately and promptly. In the event of termination of any ground or underlying lease, or in the event of sale, foreclosure or exercise of any power of sale under any mortgage or deed of trust superior to this Lease or to which this Lease is subject or subordinate, Tenant covenants and agrees that it will, upon request by the purchaser, attorn to the purchaser upon any foreclosure or sale and recognize such purchaser as the Landlord under this Lease, it being the intent hereof that if this Lease should be terminated by such foreclosure or sale, it shall, upon request by the purchaser be reinstated as a lease between the purchaser and the Tenant. Tenant, upon request of any party in interest, shall execute such reasonable instrument or instruments as shall be requested to carry out the requirements of this paragraph. Landlord will obtain non-non- disturbance agreements from all parties to whose interest this Lease may hereafter be subordinated.

Mortgage Requirements. Landlord represents to Tenant that on the date this Lease is executed, the premises are not encumbered by or subject to any mortgages, deeds of trust, or ground leases. This Lease shall, however, be subject and subordinate at all times to all ground or underlying leases which may hereafter be executed affecting the building and/or the land upon which the building is situated and to the lien of any mortgages or deeds of trust in any amount or amounts whatsoever hereafter placed on or against said building and/or land or on or against the Landlord's interest or estate therein or on or against any ground or underlying lease without the necessity of having further instruments on the part of Tenant to effectuate such subordination. Notwithstanding the foregoing, Tenant covenants and agrees to execute and deliver, upon demand, such further reasonable instruments evidencing such subordination of this Lease to such ground or underlying leases and to the lien of any such mortgages or deeds of trust as may be required by Landlord. Tenant hereby irrevocably appoints Landlord the attorney in fact of the Tenant to execute and deliver any such instrument or instruments for or in the name of Tenant. In the event any mortgagee shall elect to have this Lease a prior lien to its mortgage, then and in such event, upon such mortgagee notifying the Tenant in writing to that effect, this Lease shall have priority of the lien of such mortgage to the same extent as if the same sane have been placed on record prior to such mortgage. In the event of any sale, assignment or hypothecation of the building of which the demised premises are a part, and/or of any leasehold interest therein by Landlord, if a statement shall be required from Tenant as to offsets against the Landlord, Tenant agrees to furnish said statement to the party demanding the same accurately and promptly. In the event of termination of any ground or underlying lease, or in the event of sale, foreclosure or exercise of any power of sale under any mortgage or deed of trust superior to this Lease or to which this Lease is subject or subordinate, Tenant covenants and agrees that it will, upon request by the purchaser, attorn to the purchaser upon any foreclosure or sale and recognize such purchaser as the Landlord under this Lease, it being the intent hereof that if this Lease should be terminated by such foreclosure or sale, it shall, upon request by the purchaser be reinstated as a lease Lease between the purchaser and the Tenant. Tenant, upon request of any party in interest, shall execute such reasonable instrument or instruments as shall be requested to carry out the requirements of this paragraph. Landlord will obtain non-non- disturbance agreements from all parties to whose interest this Lease may hereafter be subordinated.