Common use of PRIORITY OF LEASE Clause in Contracts

PRIORITY OF LEASE. This Lease is and shall continue to be subject and subordinate to any presently existing mortgage or deed of trust of record covering the Lot or Building or both (the "mortgaged premises"). The holder of any such presently existing mortgage or deed of trust shall have the election to subordinate the same to the rights and interests of Tenant under this Lease exercisable by filing with the appropriate recording office a notice of such election, whereupon the Tenant's rights and interests hereunder shall have priority over such mortgage or deed of trust. Landlord shall endeavor to obtain a Non-Disturbance Agreement from the existing mortgagee of the mortgaged premises. Unless the option provided for in the next following sentence shall be exercised, this Lease shall be superior to and shall not be subordinate to, any mortgage, deed of trust or other voluntary lien hereafter placed on the mortgaged premises. The holder of any such mortgage, deed of trust or other voluntary lien shall have the option to subordinate this Lease to the same, provided that such holder enters into an agreement with Tenant by the terms of which the holder will agree to recognize the rights of Tenant under this Lease and to accept Tenant as tenant of the Premises under the terms and conditions of this Lease in the event of acquisition of title by such holder through foreclosure proceedings or otherwise and Tenant will agree to recognize the holder of such mortgage as Landlord in such event, which agreement shall be made to expressly bind and inure to the benefit of the successors and assigns of Tenant and of the holder and upon anyone purchasing the mortgaged premises at any foreclosure sale. Any such mortgage to which this Lease shall be subordinated may contain such terms, provisions and conditions as the holder deems usual or customary.

PRIORITY OF LEASE. This Lease is and shall continue to be subject and subordinate to any presently existing mortgage or deed of trust of record covering the Lot or Building or both (the "mortgaged premises"). The holder of any such presently existing mortgage or deed of trust shall have the election to subordinate the same to the rights and interests of Tenant under this Lease exercisable by filing with the appropriate recording office a notice of such election, whereupon the Tenant's rights and interests hereunder shall have priority over such mortgage or deed of trust. Landlord shall endeavor to obtain a Non-Disturbance Agreement from the existing mortgagee of the mortgaged premises. Unless the option provided for in the next following sentence shall be exercised, this Lease shall be superior to and shall not be subordinate to, any mortgage, deed of trust or other voluntary lien hereafter placed on the mortgaged premises. The holder of any such mortgage, deed of trust or other voluntary lien shall have the option to subordinate this Lease to any mortgagee or deed of trust of the sameLot or Building, or both ("the mortgaged premises"), provided that such the holder thereof enters into an agreement (substantially in the form attached hereto as Exhibit "K" or such other form requested by such mortgagee and reasonably acceptable to Tenant) with Tenant by the terms of which the holder will agree to recognize the rights of Tenant under this Lease and to accept Tenant as tenant of the Premises under the terms and conditions of this Lease in the event of acquisition of title by such holder through foreclosure proceedings or otherwise and Tenant will agree to recognize the holder of such mortgage as Landlord in such event, which agreement shall be made to expressly bind and inure to the benefit of the successors and assigns of Tenant and of the holder and upon anyone purchasing the mortgaged premises at any foreclosure sale. Any such mortgage to which this Lease shall be subordinated may contain such terms, provisions and conditions as the holder deems usual or customary. Unless Landlord exercises such option, this Lease shall be superior to and shall not be subordinated to any mortgage or other voluntary lien or other encumbrance on the mortgaged premises. Landlord agrees to obtain and furnish to Tenant a Subordination and Non-Disturbance Agreement in said form attached hereto as Exhibit "K" within thirty (30) days after execution of this Lease by both parties hereto. Landlord acknowledges that Paragraph 4 of Exhibit K requires that Tenant pay rent directly to the Mortgagee in the event demand is made upon Tenant by Mortgagee.

PRIORITY OF LEASE. This Lease is and shall continue to be subject and subordinate to any presently existing mortgage or deed of trust of record covering the Lot or Building or both (the "mortgaged premises"). The holder of any such presently existing mortgage or deed of trust shall have the election to subordinate the same to the rights and interests of Tenant under this Lease exercisable by filing with the appropriate recording office a notice of such election, whereupon the Tenant's rights and interests hereunder shall have priority over such mortgage or deed of trust. Landlord shall endeavor to obtain a Non-Disturbance Agreement from the existing mortgagee of the mortgaged premises. Unless the option provided for in the next following sentence shall be exercised, this Lease shall be superior to and shall not be subordinate to, any mortgage, deed of trust or other voluntary lien hereafter placed on the mortgaged premises. The holder of any such mortgage, deed of trust or other voluntary lien shall have the option to subordinate this Lease to the same, provided that such holder enters into an agreement with Tenant by the terms of which the holder will agree to recognize the rights of Tenant under this Lease and to accept Tenant as tenant of the Premises under the terms and conditions of this Lease in the event of acquisition of title by such holder through foreclosure proceedings or otherwise and Tenant will agree to recognize the holder of such mortgage as Landlord in such event, which agreement shall be made to expressly bind and inure to the benefit of the successors and assigns of Tenant and of the holder and upon anyone purchasing the mortgaged premises at any foreclosure sale. Any such mortgage to which this Lease shall be subordinated may contain such terms, provisions and conditions as the holder deems usual or customary.

PRIORITY OF LEASE. This Lease is and shall continue to be subject and subordinate to any presently existing mortgage or deed of trust of record covering the Lot or Building or both (the "mortgaged premises"). The holder of any such presently existing mortgage or deed of trust shall have the election to subordinate the same to the rights and interests of Tenant under this Lease exercisable by filing with the appropriate recording office a notice of such election, whereupon the Tenant's rights and interests hereunder shall have priority over such mortgage or deed of trust. Landlord shall endeavor to obtain a Non-Disturbance Agreement from the existing mortgagee of the mortgaged premises. Unless the option provided for in the next following sentence shall be exercised, this Lease shall be superior to and shall not be subordinate to, any mortgage, deed of trust or other voluntary lien hereafter placed on the mortgaged premises. The holder of any such mortgage, deed of trust or other voluntary lien shall have the option to subordinate this Lease to the same, provided that such holder enters into an agreement with Tenant by the terms of which the holder will agree to recognize the rights of Tenant under this Lease and to accept Tenant as tenant of the Premises under the terms and conditions of this Lease in the event of acquisition of title by such holder through foreclosure proceedings or otherwise and Tenant will agree to recognize the holder of such mortgage as Landlord in such event, which agreement shall be made to expressly bind and inure to the benefit of the successors and assigns of Tenant and of the holder and upon anyone purchasing the mortgaged premises at any foreclosure sale. Any such mortgage to which this Lease shall be subordinated may contain such terms, provisions and conditions as the holder reasonably deems usual or customary.

PRIORITY OF LEASE. This Lease is and shall continue to be subject and subordinate to any presently existing mortgage or deed of trust of record covering the Lot or Building or both (the "mortgaged premises"). The holder of any such presently existing mortgage or deed of trust shall have the election to subordinate the same to the rights and interests of Tenant under this Lease exercisable by filing with the appropriate recording office a notice of such election, whereupon the Tenant's rights and interests hereunder shall have priority over such mortgage or deed of trust. Landlord shall endeavor to obtain a Non-Disturbance Agreement from the existing mortgagee of the mortgaged premises. Unless the option provided for in the next following sentence shall be exercised, this Lease shall be superior to and shall not be subordinate to, to any mortgage, deed of trust or other voluntary lien hereafter placed on the mortgaged premises. The holder of any such mortgage, deed of trust or other voluntary lien shall have the option to subordinate this Lease to the same, provided that such holder enters into an agreement with Tenant by the terms of which the holder will agree to recognize the rights of Tenant under this Lease and to accept Tenant as tenant of the Premises under the terms and conditions of this Lease in the event of acquisition of title by such holder through foreclosure proceedings proceeding or otherwise other wise and Tenant will agree to recognize the holder of such mortgage as Landlord in such event, which agreement shall be made to expressly bind and inure to the benefit of the successors and assigns of Tenant and of the holder and upon anyone any one purchasing the mortgaged premises at any foreclosure sale. Any such mortgage to which this Lease shall be subordinated may contain such terms, provisions and conditions as the holder deems usual or customary.

PRIORITY OF LEASE. This Lease is and shall continue to be subject and subordinate to any presently existing mortgage mortgage, ground lease or deed of trust of record covering the Lot or Building or both (the "mortgaged premises"), provided that Landlord shall use diligent efforts to obtain on Tenaxx'x xehalf a nondisturbance agreement from the holders of any such mortgages, deeds of trust or ground leases within sixty (60) days after the date hereof (which nondisturbance agreement may be in the standard form used by such holders). The holder of any such presently existing mortgage or deed of trust or lessor under any such ground lease shall have the election to subordinate the same to the rights and interests of Tenant under this Lease exercisable by filing with the appropriate recording office a notice of such election, whereupon the Tenant's rights and interests hereunder shall have priority over such mortgage mortgage, ground lease or deed of trust. Landlord shall endeavor to obtain a Non-Disturbance Agreement from the existing mortgagee of the mortgaged premises. Unless the option provided for in the next following sentence shall be exercised, this Lease shall be superior to and shall not be subordinate to, any mortgage, deed of trust or other voluntary lien hereafter placed on the mortgaged premises. The holder of any such mortgage, deed of trust or other voluntary lien shall have the option to subordinate this Lease to the same, provided that such holder enters into an a nondisturbance and attornment agreement with Tenant by the terms of Tenant, under which the holder will agree to recognize the rights of Tenant under this Lease and to 41 accept Tenant as tenant of the Premises under the terms and conditions of this Lease in the event of acquisition of title by such holder through foreclosure proceedings or otherwise and Tenant will agree to recognize the holder of such mortgage or lessor under such ground lease as Landlord in such event, which agreement shall shah be made to expressly bind and inure to the benefit of the successors and assigns of Tenant and of the holder or ground lessor and upon anyone purchasing the mortgaged premises at any foreclosure sale. Any such mortgage or ground lease to which this Lease shall be subordinated may contain such terms, provisions and conditions as the holder or ground lessor deems usual or customary.

PRIORITY OF LEASE. This Lease is and shall continue to be subject and subordinate to any presently existing mortgage or deed of trust of record covering the Lot or Building or both (the "“mortgaged premises"”). The holder of any such presently existing mortgage or deed of trust shall have the election to subordinate the same to the rights and interests of Tenant under this Lease exercisable by filing with the appropriate recording office a notice of such election, whereupon the Tenant's ’s rights and interests hereunder shall have priority over such mortgage or deed of trust. Landlord shall endeavor to obtain a Non-Disturbance Agreement from the existing mortgagee of the mortgaged premises. Unless the option provided for in the next following sentence shall be exercised, this Lease shall be superior to and shall not be subordinate to, any mortgage, deed of trust or other voluntary lien hereafter placed on the mortgaged premises. The holder of any such mortgage, deed of trust or other voluntary lien shall have the option to subordinate this Lease to the same, provided that such holder enters into an agreement with Tenant by the terms of which the holder will agree to recognize the rights of Tenant under this Lease and to accept Tenant as tenant of the Premises under the terms and conditions of this Lease in the event of acquisition of title by such holder through foreclosure proceedings or otherwise and Tenant will agree to recognize the holder of such mortgage as Landlord in such event, which agreement shall be made to expressly bind and inure to the benefit of the successors and assigns of Tenant and of the holder and upon anyone purchasing the mortgaged premises at any foreclosure sale. Any such mortgage to which this Lease shall be subordinated may contain such terms, provisions and conditions as the holder deems usual or customarycommercially reasonable.

PRIORITY OF LEASE. This Lease is and shall continue to be subject and subordinate to any presently existing mortgage mortgage, ground lease or deed of trust of record covering the Lot or Building or both (the "mortgaged premises"), provided that Landlord shall use diligent efforts to obtain on Tenaxx'x xehalf a nondisturbance agreement from the holders of any such mortgages, deeds of trust or ground leases within six (6) months after the date hereof (which nondisturbance agreement may be in the standard form used by such holders). The holder of any such presently existing mortgage or deed of trust or lessor under any such ground lease shall have the election to subordinate the same to the rights and interests of Tenant under this Lease exercisable by filing with the appropriate recording office a notice of such election, whereupon the Tenant's rights and interests hereunder shall have priority over such mortgage mortgage, ground lease or deed of trust. Landlord shall endeavor to obtain a Non-Disturbance Agreement from the existing mortgagee of the mortgaged premises. Unless the option provided for in the next following sentence shall be exercised, this Lease shall be superior to and shall not be subordinate to, any mortgage, deed of trust or other voluntary lien hereafter placed on the mortgaged premises. The holder of any such mortgage, deed of trust or other voluntary lien shall have the option to subordinate this Lease to the same, provided that such holder enters into an a nondisturbance and attornment agreement with Tenant by the terms of Tenant, under which the holder will agree to recognize the rights of Tenant under this Lease and to accept Tenant as tenant of the Premises under the terms and conditions of this Lease in the event of acquisition of title by such holder through foreclosure proceedings or otherwise and Tenant will agree to recognize the holder of such mortgage or lessor under such ground lease as Landlord in such event, which agreement shall be made to expressly bind and inure to the benefit of the successors and assigns of Tenant and of the holder or ground lessor and upon anyone purchasing the mortgaged premises at any foreclosure sale. Any such mortgage or ground lease to which this Lease shall be subordinated may contain such terms, provisions and conditions as the holder or ground lessor deems usual or customary.

PRIORITY OF LEASE. This 10.01 Subordination Landlord shall have the right to transfer, mortgage, assign, pledge, and convey in whole or in part the Demised Premises, Shopping Center, Lease is and all rights of Landlord existing or to exist, and rents and amounts payable under the provisions hereof; and nothing herein contained shall continue to limit or restrict any such right. The rights of Tenant under the Lease shall be subject and subordinate to any presently existing mortgage all instruments executed or deed of trust of record covering to be executed in connection with the Lot or Building or both (the "mortgaged premises"). The holder exercise of any such presently existing mortgage or deed right of trust shall have the election to subordinate the same to the rights and interests of Tenant under this Lease exercisable by filing with the appropriate recording office a notice of such electionLandlord, whereupon the Tenant's rights and interests hereunder shall have priority over such mortgage or deed of trust. Landlord shall endeavor to obtain a Non-Disturbance Agreement from the existing mortgagee of the mortgaged premises. Unless the option provided for in the next following sentence shall be exercisedincluding, this Lease shall be superior to and shall but not be subordinate limited to, the lien of any mortgage, deed of trust or other voluntary lien security agreement now or hereafter placed on upon the mortgaged premisesDemised Premises and the Shopping Center and to all renewals, modifications, and extensions thereof. The holder Tenant agrees to execute and deliver upon request instruments subordinating the Lease to the lien of any such mortgage, deed of trust or other voluntary lien security agreement as shall have be requested by Landlord and/or any mortgage, proposed mortgagee or holder of any security agreement, provided, however, that said mortgagee or holder shall agree that Tenant's peaceable, possession of the option Demised Premises or as rights under the Lease will not be disturbed or diminished on account thereof, provided, Tenant is not in default hereunder. Tenant hereby irrevocably appoints Landlord as its attorney-in-fact to subordinate this execute and deliver any such instrument for and in the name of Tenant but only in the event Tenant fails to execute an agreement in accordance with the terms set forth herein. Notwithstanding anything set out in the Lease to the samecontrary, provided in the event the holder of any mortgage or deed of trust elects to have the Lease superior to its mortgage or deed of trust, then, upon Tenant being notified to that effect by such holder enters into an agreement with Tenant by encumbrance holder, the terms Lease shall be deemed prior to the lien of said mortgage or deed of trust, whether the Lease is adopted prior to or subsequent to the date of said mortgage or deed of trust. Landlord represents and warrants that Landlord is the current fee simple owner of the Shopping Center of which the holder will agree Demised Premises is a part subject only to recognize the rights of Tenant under this Lease and to accept Tenant these certain items as tenant of the Premises under the terms and conditions of this Lease in the event of acquisition of title by such holder through foreclosure proceedings or otherwise and Tenant will agree to recognize the holder of such mortgage as Landlord in such event, which agreement shall be made to expressly bind and inure to the benefit of the successors and assigns of Tenant and of the holder and upon anyone purchasing the mortgaged premises at any foreclosure sale. Any such mortgage to which this Lease shall be subordinated may contain such terms, provisions and conditions as the holder deems usual or customaryfollows: NONE.