Common use of Mortgage Subordination Clause in Contracts

Mortgage Subordination. Upon the written request of Landlord or of any lessor under a sale and leaseback of the land and/or building in which the Premises are situated or of any mortgagee or beneficiary of Landlord, Tenant will from time to time in writing subordinate its rights hereunder to the interest of any such lessor, as well as to the lien of any mortgage or deed of trust now or hereafter in force against the land and building of which the Premises are a part or against any buildings hereafter placed upon the land of which the Premises are a part, and to all advances made or hereafter to be made upon the security thereof. Such written subordination shall be executed and delivered to Landlord within ten (10) days from Tenant's receipt of a request for the same. If Tenant fails to execute and deliver such statement to Landlord within said ten-day period, Landlord may, as attorney-in-fact of Tenant, coupled with an interest, execute such statement for, and on behalf, and in the name of Tenant. If requested by Landlord in writing, Tenant shall give similar certificates from time to time during the term of this Lease in the manner hereinabove provided. Tenant agrees to give any mortgagees and/or trust deed holders, by registered mail, a copy of any notice of default served upon the Landlord, provided that prior to such notice Tenant has been notified, in writing, (by way of Notice of Assignment of Rents and Leases, or otherwise) of the address of such mortgagees and/or trust deed holders. Tenant further agrees that if Landlord shall have failed to cure such default within the time provided for in this Lease, then the mortgagees and/or trust deed holders shall have an additional thirty (30) days within which to cure such default or if such default cannot be cured within that time, then such additional time as may be necessary if within such thirty (30) days, any mortgagee and/or trust deed holders has commenced and is diligently pursuing the remedies necessary to cure such default, including but not limited to commencement of foreclosure proceedings, if necessary to effect such cure), in which event this Lease shall not be terminated while such remedies are being so diligently pursued. Landlord agrees to obtain from its lender, if any, a non-disturbance agreement in form acceptable to Landlord and the lender, providing that as long as Tenant performs its obligations hereunder, no foreclosure, deed in lieu of foreclosure or trustee's sale shall affect Tenants rights. Notwithstanding anything to the contrary expressed in this Lease, Tenant agrees to amend or modify this Lease in any particulars as may be reasonably required by any mortgagee or beneficiary of Landlord so long as any such amendments or modifications do not materially alter the substantive rights of Tenant herein and so long as Landlord has agreed to the same.

Mortgage Subordination. Upon the written request of Landlord or of any lessor under a sale and leaseback of the land and/or building in which the Premises are situated or of any mortgagee or beneficiary of Landlord, 15.1 Tenant will from time to time in writing subordinate its rights hereunder to the interest of any such lessor, as well as to the lien of any mortgage or deed of trust now or hereafter in force against the land and building of which the Premises are a part or against any buildings hereafter placed upon the land of which the Premises are a part, and to all advances made or hereafter to be made upon the security thereof. Such written subordination shall be executed and delivered to Landlord agrees within ten (10) days from Tenant's receipt of a after request for the same. If Tenant fails therefor by Landlord, to execute in recordable form and deliver such statement to Landlord within said ten-day perioda statement, Landlord may, as attorney-in-fact of Tenant, coupled with an interest, execute such statement for, and on behalf, and in the name of Tenant. If requested by Landlord in writing, Tenant shall give similar certificates from time to time during certifying (a) that this Lease is in full force and effect, (b) the date of commencement of the term of this Lease in the manner hereinabove provided. Tenant agrees to give any mortgagees and/or trust deed holders, by registered mail, a copy of any notice of default served upon the Landlord, provided that prior to such notice Tenant has been notified, in writingLease, (by way c) that rent is paid currently without any offset or defense thereto, (d)the amount of Notice of Assignment of Rents and Leases, or otherwise) of the address of such mortgagees and/or trust deed holders. Tenant further agrees that if Landlord shall have failed to cure such default within the time provided for in this Lease, then the mortgagees and/or trust deed holders shall have an additional thirty (30) days within which to cure such default or if such default cannot be cured within that time, then such additional time as may be necessary if within such thirty (30) days, any mortgagee and/or trust deed holders has commenced and is diligently pursuing the remedies necessary to cure such default, including but not limited to commencement of foreclosure proceedings, if necessary to effect such cure), in which event this Lease shall not be terminated while such remedies are being so diligently pursued. Landlord agrees to obtain from its lenderrent, if any, paid in advance, (e) whether this Lease has been modified and, if so, identifying the modifications, and (f) that there are no uncured defaults by Landlord or stating those claimed by Tenant, provided that, in fact, such facts are accurate and ascertainable. 15.2 In the event any proceedings are brought for the foreclosure of, or in the event of the conveyance by deed in lieu of foreclosure of, or in the event of exercise of the power of sale under, any mortgage made by Landlord covering the Demised Premises, or in the event Landlord sells, conveys or otherwise transfers its interest in the Demised Premises, Tenant hereby attorns to such assignee or transferee and covenants and agrees to execute an instrument in writing reasonably satisfactory to the new owner whereby Tenant attorns such successor in interest and recognizes such successor as the Landlord under this Lease. 15.3 Tenant agrees that this Lease and Tenant's rights thereunder are subject and subordinate to any mortgage or mortgages now on or that may hereafter be placed upon the Demised Premises and to any and all advances to be made thereunder, and to the interest thereon, and all renewals, replacements and extensions thereof, provided that any Lender named in said mortgages shall agree to recognize the interest of Tenant under this Lease in the event of foreclosure, if Tenant is not then in default pursuant to a non-disturbance agreement in form and substance acceptable to Landlord and the lender, providing that as long as Tenant performs its obligations hereunder, no foreclosure, deed in lieu of foreclosure or trustee's sale shall affect Tenants rightsLender. Notwithstanding anything to the contrary expressed in this LeaseFurther, Tenant agrees that if Landlord defaults in its performance of any of the covenants under the Lease and if such default is not cured by the Landlord, then Landlord's Lender shall be entitled to amend or modify an additional thirty-day cure period. Tenant also agrees that any mortgagee may elect, at mortgagee's sole and exclusive option, to have this Lease constitute a prior lien to its mortgage, and in the event of such election and upon notification by such mortgagee to Tenant to that effect, this Lease shall be deemed prior in lien to such mortgage, whether this Lease is dated prior to or subsequent to the date of said mortgage. Tenant agrees that, upon the request of Landlord, or any particulars as mortgagee, Tenant shall execute whatever instruments may be reasonably required by any mortgagee or beneficiary to carry out the intent of Landlord so long as any such amendments or modifications do not materially alter the substantive rights of Tenant herein and so long as Landlord has agreed to the samethis Section.

Mortgage Subordination. Upon the written request of Landlord or of any lessor successor under a sale and leaseback of the land and/or building in which the Premises are situated or of any mortgagee or beneficiary of Landlord, Tenant will shall from time to time in writing subordinate its rights hereunder to the interest of any such lessorsuccessor, as well as to the lien of any mortgage or deed of trust now or hereafter in force against the land and building of which the Premises are a part or against any buildings hereafter placed upon the land of which the Premises are a part, and to all advances made or hereafter to be made upon the security thereof. Such written subordination shall be executed and delivered to Landlord within ten (10) days from TenantXxxxxx's receipt of a request for the same. If Tenant Xxxxxx fails to execute and deliver such statement to Landlord within said ten-day period, Landlord may, as attorney-in-fact of Tenant, coupled with an interest, execute such statement for, and on behalf, and in the name of TenantXxxxxx. If requested by Landlord Xxxxxxxx in writing, Tenant shall give similar certificates from time to time during the term of this Lease in the manner hereinabove provided. Tenant Xxxxxx agrees to give any mortgagees and/or trust deed holdersmortgagee, by registered mail, a copy of any notice of default served upon the Landlord, provided that prior to such notice Tenant has been notified, in writing, (by way of Notice of Assignment of Rents and Leases, or otherwise) of the address of such mortgagees and/or trust deed holdersmortgagee. Tenant further agrees that if Landlord Xxxxxxxx shall have failed to cure such default within the time provided for in this Lease, then the mortgagees and/or trust deed holders mortgagee shall have an additional thirty (30) days within which to cure such default or if such default cannot be cured within that time, then such additional time as may be necessary if if, within such thirty (30) days, any mortgagee and/or trust deed holders has commenced and is diligently pursuing the remedies necessary to cure such default, including but not limited to commencement of foreclosure proceedings, if necessary to effect such cure), in which event this Lease shall not be terminated while such remedies are being so diligently pursued. Landlord agrees to obtain from its lender, if any, a non-disturbance nondisturbance agreement in form acceptable to Landlord and the lender, providing provided that as long as Tenant performs its obligations hereunder, no foreclosure, foreclosure or deed in lieu of foreclosure or trustee's sale shall affect Tenants rights. Notwithstanding anything to the contrary expressed in this Lease, Tenant Xxxxxx agrees to amend or modify this Lease in any particulars as may be reasonably required by any mortgagee or beneficiary of Landlord so long as any such amendments or modifications do not materially alter the substantive rights of Tenant herein and so long as Landlord has agreed to the same.

Mortgage Subordination. Upon the written request of Landlord or of any lessor successor under a sale and leaseback of the land and/or building in which the Premises are situated or of any mortgagee or beneficiary of Landlord, Tenant will shall from time to time in writing subordinate its rights hereunder to the interest of any such lessorsuccessor, as well as to the lien of any mortgage or deed of trust now or hereafter in force against the land and building of which the Premises are a part or against any buildings hereafter placed upon the land of which the Premises are a part, and to all advances made or hereafter to be made upon the security thereof. thereof Such written subordination shall be executed and delivered to Landlord within ten (10) days from TenantXxxxxx's receipt of a request for the same. If Tenant Xxxxxx fails to execute and deliver such statement to Landlord within said ten-day period, Landlord may, as attorney-in-fact of Tenant, coupled with an interest, execute such statement for, and on behalf, and in the name of TenantXxxxxx. If requested by Landlord Xxxxxxxx in writing, Tenant shall give similar certificates from time to time during the term of this Lease in the manner hereinabove provided. Tenant Xxxxxx agrees to give any mortgagees and/or trust deed holdersmortgagee, by registered mail, a copy of any notice of default served upon the Landlord, provided that prior to such notice Tenant has been notified, in writing, (by way of Notice of Assignment of Rents and Leases, or otherwise) of the address of such mortgagees and/or trust deed holdersmortgagee. Tenant further agrees that if Landlord shall have failed to cure such default within the time provided for in this Lease, then the mortgagees and/or trust deed holders mortgagee shall have an additional thirty (30) days within which to cure such default or if such default cannot be cured within that time, then such additional time as may be necessary if if, within such thirty (30) days, any mortgagee and/or trust deed holders has commenced and is diligently pursuing the remedies necessary to cure such default, including but not limited to commencement of foreclosure proceedings, if necessary to effect such cure), in which event this Lease shall not be terminated while such remedies are being so diligently pursued. Landlord agrees to obtain from its lender, if any, a non-disturbance nondisturbance agreement in form acceptable to Landlord and the lender, providing that as long as Tenant performs its obligations hereunder, no foreclosure, foreclosure or deed in lieu of foreclosure or trustee's sale shall affect Tenants rights. Notwithstanding anything to the contrary expressed in this Lease, Tenant Xxxxxx agrees to amend or modify this Lease in any particulars as may be reasonably required by any mortgagee or beneficiary of Landlord so long as any such amendments or modifications do not materially alter the substantive rights of Tenant herein and so long as Landlord has agreed to the same.

Mortgage Subordination. Upon the written request of Landlord or of any lessor under a sale and leaseback of the land and/or building in which the Premises are situated or of any mortgagee or beneficiary of Landlord, 15.1 Tenant will from time to time in writing subordinate its rights hereunder to the interest of any such lessor, as well as to the lien of any mortgage or deed of trust now or hereafter in force against the land and building of which the Premises are a part or against any buildings hereafter placed upon the land of which the Premises are a part, and to all advances made or hereafter to be made upon the security thereof. Such written subordination shall be executed and delivered to Landlord agrees within ten (10) days from Tenant's receipt of a after request for the same. If Tenant fails therefor by Landlord, to execute in recordable form and deliver such statement to Landlord within said ten-day perioda statement, Landlord may, as attorney-in-fact of Tenant, coupled with an interest, execute such statement for, and on behalf, and in the name of Tenant. If requested by Landlord in writing, Tenant shall give similar certificates from time to time during certifying (a) that this Lease is in full force and effect, (b) the date of commencement of the term of this Lease in the manner hereinabove provided. Tenant agrees to give any mortgagees and/or trust deed holders, by registered mail, a copy of any notice of default served upon the Landlord, provided that prior to such notice Tenant has been notified, in writingLease, (by way c) that rent is paid currently without any offset or defense thereto, (d)the amount of Notice of Assignment of Rents and Leases, or otherwise) of the address of such mortgagees and/or trust deed holders. Tenant further agrees that if Landlord shall have failed to cure such default within the time provided for in this Lease, then the mortgagees and/or trust deed holders shall have an additional thirty (30) days within which to cure such default or if such default cannot be cured within that time, then such additional time as may be necessary if within such thirty (30) days, any mortgagee and/or trust deed holders has commenced and is diligently pursuing the remedies necessary to cure such default, including but not limited to commencement of foreclosure proceedings, if necessary to effect such cure), in which event this Lease shall not be terminated while such remedies are being so diligently pursued. Landlord agrees to obtain from its lenderrent, if any, paid in advance, (e) whether this Lease has been modified and, if so, identifying the modifications, and (f) that there are no uncured defaults by Landlord or stating those claimed by Tenant, provided that, in fact, such facts are accurate and ascertainable. 15.2 In the event any proceedings are brought for the foreclosure of, or in the event of the conveyance by deed in lieu of foreclosure of, or in the event of exercise of the power of sale under, any mortgage made by Landlord covering the Demised Premises, or in the event Landlord sells, conveys or otherwise transfers its interest in the Demised Premises, Tenant hereby attorns to such assignee or transferee and covenants and agrees to execute an instrument in writing reasonably satisfactory to the new owner whereby Tenant attorns such successor in interest and recognizes such successor as the Landlord under this Lease. 15.3 Tenant agrees that this Lease and Tenant's rights thereunder are subject and subordinate to any mortgage or mortgages now on or that may hereafter be placed upon the Demised Premises and to any and all advances to be made thereunder, and to the interest thereon, and all renewals, replacements and extensions thereof, provided that any Lender named in said mortgages shall agree to recognize the interest of Tenant under this Lease in the event of foreclosure, if Tenant is not then in default pursuant to a non-disturbance agreement in form and substance acceptable to Landlord and the lender, providing that as long as Tenant performs its obligations hereunder, no foreclosure, deed in lieu of foreclosure or trustee's sale shall affect Tenants rightsLender. Notwithstanding anything to the contrary expressed in this LeaseFurther, Tenant agrees that if Landlord defaults in its performance of any of the covenants under the Lease and if such default is not cured by the Landlord, then Landlord's Lender shall be entitled to amend or modify an additional thirty-day cure period. Tenant also agrees that any mortgagee may elect, at mortgagee's sole and exclusive option, to have this Lease constitute a prior lien to its mortgage, and in the event of such election and upon not ification by such mortgagee to Tenant to that effect, this Lease shall be deemed prior in lien to such mortgage, whether this Lease is dated prior to or subsequent to the date of said mortgage. Tenant agrees that, upon the request of Landlord, or any particulars as mortgagee, Tenant shall execute whatever instruments may be reasonably required by any mortgagee or beneficiary to carry out the intent of Landlord so long as any such amendments or modifications do not materially alter the substantive rights of Tenant herein and so long as Landlord has agreed to the samethis Section.

Mortgage Subordination. Upon Lessee accepts this Lease subject and subordinate to any recorded mortgage lien presently existing or hereafter created upon the written request Building and to all existing recorded restrictions, covenants, easements and agreements with respect to the Building; provided that, as a condition to Xxxxxx's obligations under this Lease, Lessee and the holder of Landlord any mortgage lien which shall be placed on the Premises prior to the Commencement Date shall enter into a subordination, non-disturbance and attornment agreement on terms mutually satisfactory within 15 days of later of the date hereof or the date of the execution of the mortgage by Xxxxxx, which agreement shall provide, INTER ALIA that the mortgagee shall not disturb the tenancy of Lessee, so long as Lessee is not in default of its obligations under this Lease beyond any applicable notice and cure periods. Xxxxxx agrees that the form of agreement attached hereto as Exhibit "I" is acceptable as to the holder of the now-existing mortgage; provided that Xxxxxx shall have the right to modify any inaccurate representation contained therein before executing the agreement Xxxxxx agrees to subordinate Lessee's interest under this Lease to any mortgage lien placed on the Premises after Commencement Date, provided that as a condition to such subordination Lessee and such mortgagee shall enter into a mutually satisfactory non-disturbance, subordination and attornment agreement which shall include a covenant by the mortgagee not to disturb the tenancy of Lessee, so long as Lessee is not in default of its obligations under this Lease beyond any applicable notice and cure periods. Lessor shall use its best efforts to cause any such future mortgagee to agree that insurance proceeds and condemnation awards shall be used for the repair and restoration of the Premises when so provided in this Lease. If the interests of Lessor under this Lease shall be transferred by reason of foreclosure or other proceedings for enforcement of any first mortgage on the Premises, Lessee shall be bound to the transferee (sometimes called the "Purchaser"), under the terms, covenants and conditions of this Lease for the balance of the term remaining, including any extensions or renewals, with the same force and effect as if the Purchaser were Lessor under this Lease, and Xxxxxx agrees to attorn to the Purchaser, including the first mortgagee under any such mortgage if it be the Purchaser, as its Lessor. Notwithstanding the foregoing in the event of a foreclosure of any such mortgage or of any lessor under a sale and leaseback of other action or proceeding for the land and/or building in which the Premises are situated enforcement thereof, or of any mortgagee sale thereunder, this Lease will not be barred, terminated, cut off or beneficiary foreclosed nor will the rights and possession of Landlord, Tenant will from time to time Lessee thereunder be disturbed if Lessee shall not then be in writing subordinate its rights hereunder to the interest of any such lessor, as well as to the lien of any mortgage or deed of trust now or hereafter in force against the land and building of which the Premises are a part or against any buildings hereafter placed upon the land of which the Premises are a part, and to all advances made or hereafter to be made upon the security thereof. Such written subordination shall be executed and delivered to Landlord within ten (10) days from Tenant's receipt of a request for the same. If Tenant fails to execute and deliver such statement to Landlord within said ten-day period, Landlord may, as attorney-in-fact of Tenant, coupled with an interest, execute such statement for, and on behalf, and default in the name payment of Tenant. If requested by Landlord rental or other sums or be otherwise in writing, Tenant shall give similar certificates from time to time during default under the term terms of this Lease in the manner hereinabove provided. Tenant agrees to give any mortgagees and/or trust deed holders, by registered mail, a copy of any notice of default served upon the Landlord, provided that prior to such notice Tenant has been notified, in writing, (by way of Notice of Assignment of Rents and Leases, or otherwise) of the address of such mortgagees and/or trust deed holders. Tenant further agrees that if Landlord shall have failed to cure such default within the time provided for in this Lease, then and Lessee shall attorn to the mortgagees and/or trust deed holders shall have an additional thirty (30) days within which to cure purchaser at such default or if such default cannot be cured within that time, then such additional time as may be necessary if within such thirty (30) days, any mortgagee and/or trust deed holders has commenced and is diligently pursuing the remedies necessary to cure such default, including but not limited to commencement of foreclosure proceedings, if necessary to effect such cure), in which event this Lease shall not be terminated while such remedies are being so diligently pursued. Landlord agrees to obtain from its lender, if any, a non-disturbance agreement in form acceptable to Landlord and the lender, providing that as long as Tenant performs its obligations hereunder, no foreclosure, deed in lieu of foreclosure sale or trustee's sale shall affect Tenants rights. Notwithstanding anything to the contrary expressed in this Lease, Tenant agrees to amend other action or modify this Lease in any particulars as may be reasonably required by any mortgagee or beneficiary of Landlord so long as any such amendments or modifications do not materially alter the substantive rights of Tenant herein and so long as Landlord has agreed to the sameproceeding.