RIGHT OF SUBORDINATION. Mortgagee may at any time and from time to time by specific written instrument intended for the purpose unilaterally subordinate the lien of this Mortgage to any Lease, without joinder or consent of, or notice to, Mortgagor, any Tenant or any other person. Notice is hereby given to each Tenant under a Lease of such right to subordinate. No subordination referred to in this Section shall constitute a subordination to any lien or other encumbrance, whenever arising, or improve the right of any junior lienholder. Nothing herein shall be construed as subordinating this Mortgage to any Lease.
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Samples: Mortgage and Absolute Assignment of Rents and Leases and Security Agreement (Cole Credit Property Trust III, Inc.), Mortgage and Absolute Assignment of Rents and Leases and Security Agreement (Cole Credit Property Trust III, Inc.)
RIGHT OF SUBORDINATION. Mortgagee may at any time and from time to time by specific written instrument intended for the purpose unilaterally subordinate the lien of this Mortgage to any Lease, without joinder or consent of, or notice to, Mortgagor, any Tenant tenant or any other person. Notice is hereby given to each Tenant tenant under a Lease of such right to subordinate. No subordination referred to in this Section shall constitute a subordination to any lien or other encumbrance, whenever arising, or improve the right of any junior lienholder. Nothing herein shall be construed as subordinating this Mortgage to any Lease.
Appears in 2 contracts
Samples: Security Agreement (KBS Real Estate Investment Trust, Inc.), Leases and Security Agreement (Manufactured Home Communities Inc)
RIGHT OF SUBORDINATION. Mortgagee may at any time and from time to time by specific written instrument intended for the purpose unilaterally subordinate the lien of this Mortgage to any Lease, without joinder or consent of, or notice to, Mortgagor, any Tenant tenant or any other person. Notice is hereby given to each Tenant tenant under a Lease of such right to subordinate. No subordination referred to in this Section shall constitute a subordination to any lien lien, mortgage or other encumbrance, whenever arising, or improve the right of any junior lienholder. Nothing herein shall be construed as subordinating this Mortgage to any Lease.
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