Common use of Mortgages - Subordination Clause in Contracts

Mortgages - Subordination. This Lease Agreement and the rights of Tenant pursuant hereto shall, at all times, be subject and subordinate only to the lien of a First Mortgage at any time placed on the Building or Premises. Tenant shall, upon the written request of any First Mortgagee execute such instruments or documents as may be reasonably required at any time and from time to time to subordinate the rights and interest of Tenant herein to the lien of any such First Mortgage. At the election of the First Mortgagee, this Lease shall not be terminated or affected by any proceedings instituted to foreclose the lien of any First Mortgage, and this Lease shall continue in full force and effect, notwithstanding that any such First Mortgagee or any person claiming by, through or under any such First Mortgagee shall succeed to the title of Landlord by foreclosure or Deed in lieu of foreclosure, and in any such event, Tenant agrees to attorn to any such First Mortgagee or its successors and assigns. Should any First Mortgage be foreclosed, or in the event that the title of Landlord shall be conveyed to any such First Mortgagee by Deed in lieu of foreclosure, no such First Mortgagee, purchaser at such foreclosure sale or their successors or assigns shall be: a) liable for any act or omission of any prior Landlord; b) subject to any off-set or defense which Tenant may have against any prior Landlord; and c) bound by a prepayment of rent or other payments made to Landlord by Tenant for more than the current month.

Mortgages - Subordination. This Lease Agreement and the rights of Tenant pursuant hereto shall, at all times, be subject and subordinate only to the lien of a First Mortgage at any time placed on the Building or Premises. Tenant shall, upon the written request of any First Mortgagee Mortgagee, execute such instruments or documents as may be reasonably required at any time and from time to time to subordinate the rights and interest of Tenant herein to the lien of any such First Mortgage. At the election of the First Mortgagee, this Lease shall not be terminated or affected by any proceedings instituted to foreclose the lien of any First Mortgage, and this Lease shall continue in full force and effect, notwithstanding that any such First Mortgagee or any person claiming by, through or under any such First Mortgagee shall succeed to the title of Landlord by foreclosure or Deed in lieu of foreclosure, and in any such event, Tenant agrees to attorn to any such First Mortgagee or its successors and assigns. Should any First Mortgage be foreclosed, or in the event that the title of Landlord shall be conveyed to any such First Mortgagee by Deed in lieu of foreclosure, no such First Mortgagee, purchaser at such foreclosure sale or their successors or assigns shall be: a) liable for any act or omission of any prior Landlord; b) subject to any off-set or defense which Tenant may have against any prior Landlord; and c) bound by a prepayment of rent or other payments made to Landlord by Tenant for more than the current month.

Mortgages - Subordination. A. This Lease Agreement Lease, the lien thereof on the Demised Premises, and the all rights of Tenant pursuant hereto shallhereunder, at all timesand of any persons claiming under or through Tenant, be are subject and subordinate only to existing or future mortgages or leases which shall be liens upon the premises and to any other mortgages or leases and to any renewals, modifications, consolidations, extensions or replacements of such mortgages or leases although such mortgage or mortgages may exceed in the aggregate the original principal amounts of the mortgages which shall be liens upon the premises at the time of the execution of the Lease, provided, however, that the aggregate annual amount of principal and interest payments on all of such mortgages (exclusive of the final principal payment) shall not exceed eighty (80%) percent of the annual Base Rent. Landlord will use its best efforts to obtain the agreement of the holder of any such existing or future mortgages either not to disturb the quiet enjoyment of Tenant hereunder as a result of any default by Landlord or to accept payment from Tenant to cure any such default by Landlord. B. This a-agreement of subordination shall be self-operative but Tenant covenants and agrees on demand at any time or times, to execute, acknowledge and deliver to Landlord, any and all instruments which may be necessary or proper to subordinate this Lease and Tenant's right hereunder to the lien or liens of a First Mortgage at any time placed on the Building such mortgage or Premiseslease or renewal, modification, consolidation, replacement or extension. Tenant shallhereby authorizes and empowers Landlord to make, execute, acknowledge and deliver the same as attorney in fact of Tenant coupled with an interest in Tenant's name, place and stead upon ten (10) days written notice to Tenant, the Tenant hereby making, constituting and appointing Landlord and its successors and assigns as attorney in fact for that purpose. C. Landlord will either provide Tenant with (i) a copy of any existing mortgage upon the written request Demised Premises, as well as of any First Mortgagee execute renewal, modification, consolidation, extension or replacement thereof or the (ii) a written description of Landlord's obligations under any such instruments mortgage, renewal, modification, consolidation, extension or documents replacement thereof. Tenant warrants it will not perform any act or do anything which will cause a default under any such mortgage or of any renewal, modification, consolidation, extension or replacement thereof Whenever the obligations of Landlord (mortgagor) to the holder of such mortgages or of such renewals, modifications, consolidations, extensions or replacements require Landlord (mortgagor) to perform an act or do a thing which coincides with an act or thing which Tenant is herein obligated to Landlord to perform or do, Tenant warrants to perform said act or to do said thing. Anything in any provision of this Lease to the contrary notwithstanding, if the time given to Landlord by holders of said mortgages or such renewals, modifications, consolidations, extensions or replacements to perform said act or to do said thing is shorter than the time given to Tenant by this Lease to perform or do the same act or thing, then if Landlord promptly gives Tenant notification of any notice given to Landlord in respect of said act or thing by the holder of said mortgages or by the holders of such renewals, modifications, consolidations, extensions or replacements, Tenant shall perform said act or do said thing within the time specified in the notice so given by the holder of any mortgage or by the holder of such renewals, modifications, consolidations, extensions or replacements. If Tenant fails to perform said act or do said thing., within the time as specified, and Tenant has not commenced and proceeded to remedy such act or thing, Landlord may enter the premises and perform said act or do said thing without further notice. There shall be reasonably required applicable thereto all the provisions hereof in respect of Landlord performing said acts and/or doing said things at any time and from time to time to subordinate the rights and interest expense of Tenant and recovering said expenses from Tenant as Additional Rent. Notwithstanding anything herein to the lien of any such First Mortgage. At the election of the First Mortgagee, this Lease shall not be terminated or affected by any proceedings instituted to foreclose the lien of any First Mortgage, and this Lease shall continue in full force and effect, notwithstanding that any such First Mortgagee or any person claiming by, through or under any such First Mortgagee shall succeed to the title of Landlord by foreclosure or Deed in lieu of foreclosure, and in any such eventcontrary, Tenant agrees to attorn to any such First Mortgagee or its successors and assigns. Should any First Mortgage be foreclosed, or in the event that the title of Landlord shall be conveyed under no obligation to make any payments hereunder if the total of such First Mortgagee by Deed in lieu of foreclosure, no such First Mortgagee, purchaser at such foreclosure sale or their successors or assigns shall be: a) liable for any act or omission of any prior payments would exceed Tenant's obligation to pay Base Rent and Additional Rent to Landlord; b) subject to any off-set or defense which Tenant may have against any prior Landlord; and c) bound by a prepayment of rent or other payments made to Landlord by Tenant for more than the current month.

Mortgages - Subordination. This Lease Agreement and the rights of Tenant pursuant hereto shall, at all times, be subject and subordinate only to the lien of a First Mortgage at any time placed on the Building or Premises. Tenant shall, upon the written request of any First Mortgagee execute such instruments or documents as may be reasonably required at any time and from time to time to subordinate the rights and interest of Tenant herein to the lien of any such First Mortgage. At the election of the First Mortgagee, this Lease shall not be terminated or affected by any proceedings instituted to foreclose the lien of any First Mortgage, and this Lease shall continue in full force and effect, notwithstanding that any such First Mortgagee or any person claiming by, through or under any such First Mortgagee shall succeed to the title of Landlord by foreclosure or Deed in lieu of foreclosure, and in any such event, Tenant agrees to attorn to any such First Mortgagee or its successors and assigns. Landlord shall use its best efforts to obtain a non-disturbance agreement. Should any First Mortgage be foreclosed, or in the event that the title of Landlord shall be conveyed to any such First Mortgagee by Deed in lieu of foreclosure, no such First Mortgagee, purchaser at such foreclosure sale or their successors or assigns shall be: a) liable for any act or omission of any prior Landlord; b) subject to any off-set or defense which Tenant may have against any prior Landlord; and c) bound by a prepayment of rent or other payments made to Landlord by Tenant for more than the current month.