Rights of Mortgagee. This Lease shall be subject and subordinate to any mortgage now or hereafter on the Site, the Buildings, or the Complex, and to each advance made or hereafter to be made under any mortgage, and to all renewals, modifications, consolidations, replacements and extensions thereof and all substitutions therefor provided, however, that in consideration of and as a condition precedent to Tenant's agreement to subordinate this Lease with respect to mortgages hereafter placed on the Site shall be the receipt of a commercially reasonable non-disturbance agreement from and wherein the applicable mortgagee expressly recognizes the rights of Tenant under this Lease (including the right to use and occupy the Premises and to lease additional premises at the Complex) upon the payment of rent and other charges payable by Tenant under this Lease and the performance by Tenant of Tenant's obligations hereunder. In confirmation of such subordination and recognition, Tenant shall execute and deliver promptly such instruments of subordination and recognition as such mortgagee may reasonably request subject to receipt of such instruments of recognition from such mortgagee as Tenant may reasonably request. Tenant hereby appoints such mortgagee (from time to time) as Tenant's attorney-in-fact to execute such subordination upon default of Tenant in complying with such mortgagee's (from time to time) request. In the event that any mortgagee or its respective successor in title shall succeed to the interest of Landlord, then, this Lease shall nevertheless continue in full force and effect and, provided Tenant has received the non-disturbance agreement required under this Section 8.15, Tenant shall and does hereby agree to attorn to such mortgagee or successor and to recognize such mortgagee or successor as its landlord. If any holder of a mortgage which includes the Premises, executed and recorded prior to the date of this Lease, shall so elect, this Lease and the rights of Tenant hereunder, shall be superior in right to the rights of such holder, with the same force and effect as if this Lease had been executed, delivered and recorded, or a statutory notice hereof recorded, prior to the execution, delivery and recording of any such mortgage. The election of any such holder shall become effective upon either notice from such holder to Tenant in the same fashion as notices from Landlord to Tenant are to be given hereunder or by the recording in the appropriate registry or recorder's office of an instrument in which such holder subordinates its rights under such mortgage to this Lease. Landlord shall obtain and deliver to Tenant, as a condition of the effectiveness of this Lease, a non-disturbance agreement from the current mortgagee of the Premises and/or the Complex as of the date of this Lease, which said non-disturbance agreement shall be in the form attached hereto as Exhibit M (as the same may be modified by such changes as Tenant may request and such mortgagee may approve). Landlord represents and warrants to Tenant that Landlord is the fee simple owner of the Complex and, as of the date hereof, the Complex is not subject to any ground lease or xxxxxxxxx.
Appears in 5 contracts
Samples: Lease Agreement (Irobot Corp), Lease Agreement (Irobot Corp), Lease Agreement (Irobot Corp)
Rights of Mortgagee. This Lease shall be subject and subordinate to any mortgage now or hereafter on the Site, the Buildings, Building (or the Complex, and to each advance made or hereafter to be made under any mortgagepart thereof), and to all renewals, modifications, consolidations, replacements and extensions thereof and all substitutions therefor providedtherefor, however, provided that in consideration of and as a condition precedent to Tenant's agreement to subordinate this Lease with respect to mortgages hereafter placed on the Site shall be the receipt case of a commercially reasonable non-disturbance agreement from and wherein future mortgage the applicable mortgagee expressly recognizes holder of such mortgage agrees to recognize the rights right of Tenant under this Lease (including the right to use and occupy the Premises and to lease additional premises at the Complex) upon the payment of rent and other charges payable by Tenant under this Lease and the performance by Tenant of Tenant's ’s obligations hereunder. In confirmation of such subordination and recognition, Tenant shall execute and deliver promptly such instruments of subordination and recognition as such mortgagee may reasonably request request, subject to receipt of such instruments of recognition from such mortgagee as Tenant may reasonably request. request (Tenant hereby appoints such agreeing to pay any legal or other fees charged by the mortgagee (from time to time) as Tenant's attorney-in-fact to execute such subordination upon default of Tenant in complying connection with such mortgagee's (from time to time) requestproviding the same). In the event that any mortgagee or its respective successor in title shall succeed to the interest of Landlord, then, then this Lease shall nevertheless continue in full force and effect and, provided Tenant has received the non-disturbance agreement required under this Section 8.15, and Tenant shall and does hereby agree to attorn to such mortgagee or successor and to recognize such mortgagee or successor as its landlord. If any holder of a mortgage which includes the Premises, executed and recorded prior to the date Date of this Lease, shall so elect, this Lease Lease, and the rights of Tenant hereunder, shall be superior in right to the rights of such holder, with the same force and effect as if this Lease had been executed, delivered and recorded, or a statutory notice hereof recorded, prior to the execution, delivery and recording of any such mortgage. The election of any such holder shall become effective upon either notice from such holder to Tenant in the same fashion as notices from Landlord to Tenant are to be given hereunder or by the recording in the appropriate registry or recorder's ’s office of an instrument in which such holder subordinates its rights under such mortgage to this Lease. Landlord If in connection with obtaining financing a bank, insurance company, pension trust or other institutional lender shall obtain and deliver to Tenant, request reasonable modifications in this Lease as a condition to such financing, Tenant will not unreasonably withhold, delay or condition its consent thereto, provided that such modifications do not increase the monetary obligations of Tenant hereunder or materially adversely affect the effectiveness of this Lease, a non-disturbance agreement from the current mortgagee of the Premises and/or the Complex as of the date of this Lease, which said non-disturbance agreement shall be in the form attached hereto as Exhibit M (as the same may be modified by such changes as Tenant may request and such mortgagee may approve). Landlord represents and warrants to Tenant that Landlord is the fee simple owner of the Complex and, as of the date hereof, the Complex is not subject to any ground lease leasehold interest hereby created or xxxxxxxxxTenant’s rights hereunder.
Appears in 4 contracts
Samples: Lease Agreement (SEMrush Holdings, Inc.), Lease Agreement (Advent Technologies Holdings, Inc.), Lease Agreement (SEMrush Holdings, Inc.)
Rights of Mortgagee. This Tenant accepts this Lease shall be subject and subordinate to any mortgage now recorded mortgage, deed of trust or hereafter on the Site, the Buildings, or the Complex, and to each advance made other lien presently existing or hereafter to be made exist with respect to the Leased Premises. Landlord is hereby irrevocably vested with full power and authority to subordinate Tenant's interest under this Lease to any mortgage, and to all renewals, modifications, consolidations, replacements and extensions thereof and all substitutions therefor provided, however, that in consideration deed of and as a condition precedent to Tenant's agreement to subordinate this Lease with respect to mortgages trust or other lien hereafter placed on the Site shall be Leased Premises, and Tenant agrees upon demand to execute such additional instruments subordinating this Lease as Landlord or the receipt holder of a commercially reasonable non-disturbance agreement from and wherein any such mortgage, deed of trust, or lien may require. If the applicable mortgagee expressly recognizes the rights interests of Tenant Landlord under this Lease shall be transferred by reason of foreclosure or other proceedings for enforcement of any mortgage on the Leased Premises. Tenant shall be bound to the transferee (including sometimes called the right to use "Purchaser") under the terms and occupy the Premises and to lease additional premises at the Complex) upon the payment conditions of rent and other charges payable by Tenant under this Lease and for the performance by Tenant balance of Tenant's obligations hereunder. In confirmation of such subordination and recognitionthe remaining lease term, Tenant shall execute and deliver promptly such instruments of subordination and recognition as such mortgagee may reasonably request subject to receipt of such instruments of recognition from such mortgagee as Tenant may reasonably request. Tenant hereby appoints such mortgagee (from time to time) as Tenant's attorney-in-fact to execute such subordination upon default of Tenant in complying with such mortgagee's (from time to time) request. In the event that including any mortgagee extensions or its respective successor in title shall succeed to the interest of Landlord, then, this Lease shall nevertheless continue in full force and effect and, provided Tenant has received the non-disturbance agreement required under this Section 8.15, Tenant shall and does hereby agree to attorn to such mortgagee or successor and to recognize such mortgagee or successor as its landlord. If any holder of a mortgage which includes the Premises, executed and recorded prior to the date of this Lease, shall so elect, this Lease and the rights of Tenant hereunder, shall be superior in right to the rights of such holderrenewals, with the same force and effect as if this Lease had been executed, delivered and recorded, or a statutory notice hereof recorded, prior to the execution, delivery and recording of any such mortgage. The election of any such holder shall become effective upon either notice from such holder to Tenant in the same fashion as notices from Purchaser were Landlord to Tenant are to be given hereunder or by the recording in the appropriate registry or recorder's office of an instrument in which such holder subordinates its rights under such mortgage to this Lease. Landlord shall obtain and deliver Tenant further agrees to Tenantattorn to the Purchaser, including the mortgagee under any such mortgage if it be the Purchaser, as a condition its Landlord. Such attornment shall be effective without the execution of any further instruments upon the Purchaser succeeding to the interest of Landlord under this Lease. The respective rights and obligations of Tenant and the Purchaser upon the attornment, to the extent of the effectiveness then remaining balance of the term of this Lease, and any extensions and renewals, shall be and are the same as those set forth in this Lease. Each such holder of any mortgage, deed of trust, or lien, and each such Purchaser, shall be a nonthird-disturbance agreement from the current mortgagee party beneficiary of the Premises and/or the Complex as of the date provisions of this Lease, which said non-disturbance agreement shall be in the form attached hereto as Exhibit M (as the same may be modified by such changes as Tenant may request and such mortgagee may approve). Landlord represents and warrants to Tenant that Landlord is the fee simple owner of the Complex and, as of the date hereof, the Complex is not subject to any ground lease or xxxxxxxxxParagraph.
Appears in 3 contracts
Samples: Commercial Lease Agreement (Monitronics International Inc), Commercial Lease Agreement (Monitronics International Inc), Commercial Lease Agreement (Monitronics International Inc)
Rights of Mortgagee. This Lease Any Mortgagee of the Landlord shall have the following rights:
a. Any notice required to be given to the Landlord by the Tenant shall be subject and subordinate given as well in the same manner to any mortgage now or hereafter on the Site, the Buildings, or the Complex, and to each advance made or hereafter to be made under any mortgage, and to all renewals, modifications, consolidations, replacements and extensions thereof and all substitutions therefor provided, however, that in consideration of and as a condition precedent to Tenant's agreement to subordinate this Lease with respect to mortgages hereafter placed on the Site shall be the receipt of a commercially reasonable non-disturbance agreement from and wherein the applicable mortgagee expressly recognizes the rights of Tenant under this Lease (including the right to use and occupy the Premises and to lease additional premises at the Complex) upon the payment of rent and other charges payable by Tenant under this Lease and the performance by Tenant of Tenant's obligations hereunder. In confirmation of such subordination and recognition, Tenant shall execute and deliver promptly such instruments of subordination and recognition as such mortgagee may reasonably request subject to receipt of such instruments of recognition from such mortgagee as Tenant may reasonably request. Tenant hereby appoints such mortgagee (from time to time) as Tenant's attorney-in-fact to execute such subordination upon default of Tenant in complying with such mortgagee's (from time to time) request. Mortgagee.
b. In the event that the Tenant shall have any mortgagee excuse from paying rent or right to set off its respective successor expenses from the rent, as a result of any default by the Landlord or shall have any excuse from the performance of any obligation imposed upon the Tenant by the terms of this Lease then and in title such event, the tenant shall succeed give notice of its intended exercise of such right in the manner provided for herein to the interest Mortgagee and thereafter the Trustee shall have the right, but not the obligation, to cure said defaults within the time provided for cure of Landlordthe same as set forth in this Lease.
c. Upon the request of the Mortgagee or any assignee of the Mortgagee the Tenant will furnish an estoppel certificate certifying that (i) the improvements have been substantially completed or if not, thenthe extent to which work remains, this and when completed that the Improvements have been completed in accordance with the Lease; (ii) that the Tenant is in possession of the Premises; (iii) that rent payments have commenced or are due and not paid more than one month in advance; (iv) that the Lease shall nevertheless continue is in full force and effect andand has not been amended, provided modified or superceded; (v) that the Tenant has received no notice that the non-disturbance agreement required Lease has been assigned, transferred or pledged by the Landlord, not that rentals under this Section 8.15, Tenant shall and does hereby agree to attorn to such mortgagee or successor and to recognize such mortgagee or successor as its landlord. If any holder of a mortgage which includes the Premises, executed and recorded prior Lease have been assigned other than to the date of this Lease, shall so elect, this Lease and Mortgagee; (vi) that the rights of Tenant hereunder, shall be superior in right has not advanced any unreimbursed sums to the rights of such holder, with the same force and effect as if this Lease had been executed, delivered and recorded, or a statutory notice hereof recorded, prior to the execution, delivery and recording of any such mortgage. The election of any such holder shall become effective upon either notice from such holder to Tenant in the same fashion as notices from Landlord to Tenant are to be given hereunder or by the recording in the appropriate registry or recorder's office of an instrument in which such holder subordinates its rights under such mortgage to this Lease. Landlord shall obtain and deliver to Tenant, as a condition on behalf of the effectiveness of Landlord; (vii) that the Tenant holds no claim against the Landlord which is a set off against rents due under the Lease; and (viii) such other information concerning this Lease, a non-disturbance agreement tenancy as Mortgagee may from time to time require.
d. Upon the current mortgagee request of the Premises and/or Mortgagee the Complex as Tenant will furnish a copy of the date of this Lease, which said non-disturbance agreement shall be in the form attached hereto as Exhibit M (as the same may be modified by such changes as Tenant may request and such mortgagee may approve). Landlord represents and warrants to Tenant that Landlord is the fee simple owner of the Complex and, as of the date hereof, the Complex is not subject to any ground lease or xxxxxxxxxits most recent annual report.
Appears in 2 contracts
Samples: Lease (Telaxis Communications Corp), Lease (Millitech Corp)
Rights of Mortgagee. Landlord represents and warrants to Tenant that, as of the Execution Date of this Lease, no mortgage, deed of trust or ground lease encumbers or affects the Property. This Lease shall be subject and subordinate to the lien of any mortgage now or hereafter on the Site, Site or the BuildingsBuilding, or the Complexboth, and to each advance made or hereafter to be made under any mortgage, and to all renewals, modifications, consolidations, replacements and extensions thereof and all substitutions therefor provided, however, and notwithstanding anything to the contrary contained in this Lease, that in consideration of and as a condition precedent to Tenant's ’s agreement to subordinate this Lease with respect to mortgages hereafter placed on the Site or the Building or both, the holder of any such mortgage shall be the receipt of enter into with Tenant a commercially reasonable non-disturbance agreement from and wherein the applicable mortgagee expressly recognizes in which such holder agrees, subject to commercially reasonable limitations, to recognize the rights of Tenant under this Lease (including including, without limitation, the right to use and occupy the Premises and to lease additional premises at the ComplexPremises) upon the payment so long as no Event of rent and other charges payable by Tenant under this Lease and the performance by Tenant of Tenant's obligations Default continues uncured hereunder. In confirmation of such subordination and recognition, Tenant shall execute and deliver promptly such instruments of subordination and recognition as such mortgagee may reasonably request subject to receipt of such instruments of recognition from such mortgagee as Tenant may reasonably request. Tenant hereby appoints such mortgagee (from time to time) as Tenant's attorney-in-fact to execute such subordination upon default of Tenant in complying with such mortgagee's (from time to time) request. In the event that any mortgagee or its respective successor in title shall succeed to the interest of Landlord, then, this Lease shall nevertheless continue in full force and effect and, provided Tenant has received the non-disturbance agreement required under this Section 8.15, and Tenant shall and does hereby agree to attorn to such mortgagee or successor and to recognize such mortgagee or successor as its landlord. If any holder of a mortgage which includes the Premises, executed and recorded prior to the date of this Lease, shall so elect, this Lease and the rights of Tenant hereunder, shall be superior in right to the rights of such holder, with the same force and effect as if this Lease had been executed, delivered and recorded, or a statutory notice hereof recorded, prior to the execution, delivery and recording of any such mortgage. The election of any such holder shall become effective upon either notice from such holder to Tenant in the same fashion as notices from Landlord to Tenant are to be given hereunder or by the recording in the appropriate registry or recorder's ’s office of an instrument in which such holder subordinates its rights under such mortgage to this Lease. Landlord shall obtain and deliver to Tenant, as a condition of the effectiveness of this Lease, a non-disturbance agreement from the current mortgagee of the Premises and/or the Complex as of the date of this Lease, which said non-disturbance agreement shall be in the form attached hereto as Exhibit M (as the same may be modified by such changes as Tenant may request and such mortgagee may approve). Landlord represents and warrants to Tenant that Landlord is the fee simple owner of the Complex and, as of the date hereof, the Complex is not subject to any ground lease or xxxxxxxxx.
Appears in 2 contracts
Samples: Lease Agreement (Carbon Black, Inc.), Lease Agreement (Carbon Black, Inc.)
Rights of Mortgagee. This It is understood and agreed that the rights and interests of Tenant under this Lease shall be subject and subordinate to any mortgage now mortgages or deeds of trust that may hereafter on be placed upon the SiteCommercial Unit and/or the Building and/or the Lot, and/or any part of the Buildings, or the Complexforegoing, and to each advance made or hereafter any and all advances to be made under any mortgagethereunder, and to the interest thereon, and all renewals, modifications, consolidations, replacements and extensions thereof thereof, if the mortgagee or trustee named in said mortgages or deeds of trust shall elect by notice delivered to Tenant to subject and all substitutions therefor provided, however, that in consideration of and as a condition precedent to Tenant's agreement to subordinate this Lease with respect to mortgages hereafter placed on the Site shall be the receipt of a commercially reasonable non-disturbance agreement from and wherein the applicable mortgagee expressly recognizes the rights and interest of Tenant under this Lease (including to the right lien of its mortgage or deed of trust; it is further agreed that any mortgagee or trustee may elect to use give the rights and occupy the Premises and to lease additional premises at the Complex) upon the payment interest of rent and other charges payable by Tenant under this Lease and priority over the performance by Tenant lien of Tenant's obligations hereunderits mortgage or deed of trust. In confirmation the event of either such subordination election, and recognitionupon notification by such mortgagee or trustee to Tenant to that effect, the rights and interest of Tenant under this Lease shall be deemed to be subordinate to, or to have priority over, as the case may be, the lien of said mortgage or deed of trust, whether this Lease is dated prior to or subsequent to the date of said mortgage or deed of trust. Tenant shall execute and deliver promptly whatever instruments may be required for such instruments purposes, and in the event Tenant fails so to do within ten (10) days after demand in writing, Txxxxx does hereby make, constitute and irrevocably appoint Landlord as its attorney-in-fact and in its name, place and stead so to do. In the event that any holder or prospective holder of subordination any mortgage which includes the Premises as part of the mortgaged premises, shall request any modification of any of the provisions of this Lease, other than a provision directly related to the rents payable hereunder, the duration of the term hereof, or the size, use or location of the Premises, Tenant agrees that Tenant will enter into a written agreement in recordable form with Landlord or such holder or prospective holder which shall effect such modification and recognition provide that such modification shall become effective and binding upon Tenant and shall have the same force and effect as such mortgagee may reasonably request subject an amendment to receipt of such instruments of recognition from such mortgagee as Tenant may reasonably requestthis Lease for all purposes. Tenant hereby appoints such mortgagee (from time to time) holder as TenantTxxxxx's attorney-in-fact to execute any such subordination modification upon default of Tenant in complying with such mortgageeholder's (from time to time) request. In the event that any mortgagee or its respective successor in title shall succeed to the interest of Landlord, then, this Lease shall nevertheless continue in full force and effect and, provided Tenant has received the non-disturbance agreement required under this Section 8.15, Tenant shall and does hereby agree to attorn to such mortgagee or successor and to recognize such mortgagee or successor as its landlord. If any holder of a mortgage which includes the Premises, executed and recorded prior to the date of this Lease, shall so elect, this Lease and the rights of Tenant hereunder, shall be superior in right to the rights of such holder, with the same force and effect as if this Lease had been executed, delivered and recorded, or a statutory notice hereof recorded, prior to the execution, delivery and recording of any such mortgage. The election of any such holder shall become effective upon either notice from such holder to Tenant in the same fashion as notices from Landlord to Tenant are to be given hereunder or by the recording in the appropriate registry or recorder's office of an instrument in which such holder subordinates its rights under such mortgage to this Lease. Landlord shall obtain and deliver to Tenant, as a condition of the effectiveness of this Lease, a non-disturbance agreement from the current mortgagee of the Premises and/or the Complex as of the date of this Lease, which said non-disturbance agreement shall be in the form attached hereto as Exhibit M (as the same may be modified by such changes as Tenant may request and such mortgagee may approve). Landlord represents and warrants to Tenant that Landlord is the fee simple owner of the Complex and, as of the date hereof, the Complex is not subject to any ground lease or xxxxxxxxx.
Appears in 2 contracts
Samples: Office Lease (Paratek Pharmaceuticals, Inc.), Office Lease (Paratek Pharmaceuticals, Inc.)
Rights of Mortgagee. This Lease shall be subject and subordinate to any mortgage now or hereafter on the Site, Site or the BuildingsBuilding, or the Complexboth, and to each advance made or hereafter to be made under any mortgage, and to all renewals, modifications, consolidations, replacements and extensions thereof and all substitutions therefor provided, however, provided that in consideration the holder of and as a condition precedent such mortgage agrees to Tenant's agreement to subordinate this Lease with respect to mortgages hereafter placed on the Site shall be the receipt of a commercially reasonable non-disturbance agreement from and wherein the applicable mortgagee expressly recognizes recognize the rights of Tenant under this Lease (including the right to use and occupy the Premises and to lease additional premises at the ComplexPremises) upon the payment of rent and other charges payable by Tenant under this Lease and the performance by Tenant of Tenant's obligations hereunderhereunder in which event Tenant shall agree to attorn to such holder and its successors as landlord. In confirmation of such subordination and recognition, Tenant shall execute and deliver promptly such instruments of subordination and recognition as such mortgagee may reasonably request subject to receipt of such instruments of recognition from such mortgagee as Tenant may reasonably request. Tenant hereby appoints such mortgagee (from time to time) as Tenant's attorney-in-fact to execute such subordination upon default of Tenant in complying with such mortgagee's (from time to time) request. In the event that any mortgagee or its respective successor in title shall succeed to the interest of Landlord, then, this Lease shall nevertheless continue in full force and effect and, provided Tenant has received the non-disturbance agreement required under this Section 8.15, and Tenant shall and does hereby agree to attorn to such mortgagee or successor and to recognize such mortgagee or successor as its landlord. If any holder of a mortgage which includes the Premises, executed and recorded prior to the date of this Lease, shall so elect, this Lease and the rights of Tenant hereunder, shall be superior in right to the rights of such holder, with the same force and effect as if this Lease had been executed, delivered and recorded, or a statutory notice Notice hereof recorded, prior to the execution, delivery and recording of any such mortgage. The election of any such holder shall become effective upon either notice from such holder to Tenant in the same fashion as notices from Landlord to Tenant are to be given hereunder or by the recording in the appropriate registry or recorder's office of an instrument in which such holder subordinates its rights under such mortgage to this Lease. Landlord If in connection with obtaining financing a bank, insurance company, pension trust or other institutional lender shall obtain and deliver to Tenant, request reasonable modifications in this Lease as a condition to such financing, Tenant will not unreasonably withhold, delay or condition its consent thereto, provided that such modifications do not increase the monetary or other obligations of Tenant hereunder or materially adversely affect the effectiveness leasehold interest hereby created, or materially decrease the obligations of this Lease, a non-disturbance agreement from the current mortgagee of the Premises and/or the Complex as of the date of this Lease, which said non-disturbance agreement shall be in the form attached hereto as Exhibit M (as the same may be modified by such changes as Tenant may request and such mortgagee may approve). Landlord represents and warrants to Tenant that Landlord is the fee simple owner of the Complex and, as of the date hereof, the Complex is not subject to any ground lease or xxxxxxxxxhereunder.
Appears in 2 contracts
Samples: Lease Agreement (Synta Pharmaceuticals Corp), Lease Agreement (Synta Pharmaceuticals Corp)
Rights of Mortgagee. This Lease shall be subject and subordinate to any mortgage now or hereafter on the Site, the Buildings, Office Area (or the Complex, and to each advance made or hereafter to be made under any mortgagepart thereof), and to all renewals, modifications, consolidations, replacements and extensions thereof and all substitutions therefor providedtherefor, however, provided that in consideration of and as a condition precedent to Tenant's agreement to subordinate this Lease with respect to mortgages hereafter placed on the Site shall be the receipt case of a commercially reasonable non-disturbance agreement from and wherein future mortgage the applicable mortgagee expressly recognizes holder of such mortgage agrees to recognize the rights right of Tenant under this Lease (including the right to use and occupy the Premises and to lease additional premises at the Complex) upon the payment of rent and other charges payable by Tenant under this Lease and the performance by Tenant of Tenant's ’s obligations hereunder. In confirmation of such subordination and recognition, Tenant shall execute and deliver promptly such commercially reasonable instruments of subordination and recognition as such mortgagee may reasonably request request, subject to receipt of such instruments of recognition from such mortgagee as Tenant may reasonably request. request (Tenant hereby appoints such agreeing to pay any legal or other fees charged by the mortgagee (from time to time) as Tenant's attorney-in-fact to execute such subordination upon default of Tenant in complying connection with such mortgagee's (from time to time) requestproviding the same). In the event that any mortgagee or its respective successor in title shall succeed to the interest of Landlord, then, then this Lease shall nevertheless continue in full force and effect and, provided Tenant has received the non-disturbance agreement required under this Section 8.15, and Tenant shall and does hereby agree to attorn to such mortgagee or successor and to recognize such mortgagee or successor as its landlord. If any holder of a mortgage which includes the Premises, executed and recorded prior to the date Date of this Lease, shall so elect, this Lease Lease, and the rights of Tenant hereunder, shall be superior in right to the rights of such holder, with the same force and effect as if this Lease had been executed, delivered and recorded, or a statutory notice Notice hereof recorded, prior to the execution, delivery and recording of any such mortgage. The election of any such holder shall become effective upon either notice from such holder to Tenant in the same fashion as notices from Landlord to Tenant are to be given hereunder or by the recording in the appropriate registry or recorder's ’s office of an instrument in which such holder subordinates its rights under such mortgage to this Lease. Landlord shall obtain and deliver use commercially reasonable efforts to Tenant, as a condition of cause the effectiveness of this Lease, current mortgagee(s) to enter into a non-disturbance and attornment agreement from the current mortgagee of the Premises and/or the Complex as of the date of this Leasewith Tenant, which said non-disturbance agreement shall be in the form attached hereto as Exhibit M (as the same may be modified by K, with such commercially reasonable changes as Tenant may request and such mortgagee may approve). Landlord represents and warrants to Tenant that Landlord is the fee simple owner request, within sixty (60) days of the Complex andexecution of this Lease. If in connection with obtaining financing a bank, insurance company, pension trust or other institutional lender shall request reasonable modifications in this Lease as a condition to such financing, Tenant will not unreasonably withhold, delay or condition its consent thereto, provided that such modifications do not increase the monetary obligations of Tenant hereunder or materially adversely affect the date hereof, the Complex is not subject to any ground lease leasehold interest hereby created or xxxxxxxxxTenant’s rights hereunder.
Appears in 2 contracts
Samples: Lease Agreement (Decibel Therapeutics, Inc.), Lease Agreement (Decibel Therapeutics, Inc.)
Rights of Mortgagee. This Lease shall be subject and subordinate to the lien of any mortgage now or hereafter on the Site, Site or the BuildingsBuilding, or the Complexboth, and to each advance made or hereafter to be made under any mortgage, and to all renewals, modifications, consolidations, replacements and extensions thereof and all substitutions therefor provided, however, provided that in consideration the holder of and as a condition precedent such mortgage agrees to Tenant's agreement to subordinate this Lease with respect to mortgages hereafter placed on the Site shall be the receipt of a commercially reasonable non-disturbance agreement from and wherein the applicable mortgagee expressly recognizes recognize the rights of Tenant under this Lease (including the right to use and occupy the Premises and to lease additional premises at the ComplexPremises) upon the payment of rent and other charges payable by Tenant under this Lease and the performance by Tenant of Tenant's ’s obligations hereunder. In confirmation of such subordination and recognition, Tenant shall execute and deliver promptly such commercially reasonable instruments of subordination and recognition as such mortgagee may reasonably request subject to receipt of such instruments of recognition from such mortgagee as Tenant may reasonably request. request (Tenant hereby appoints such agreeing to pay any legal or other fees charged by the mortgagee (from time to time) as Tenant's attorney-in-fact to execute such subordination upon default of Tenant in complying connection with such mortgagee's (from time to time) requestproviding the same). In the event that any mortgagee or its respective successor in title shall succeed to the interest of Landlord, then, this Lease shall nevertheless continue in full force and effect and, provided Tenant has received the non-disturbance agreement required under this Section 8.15, and Tenant shall and does hereby agree to attorn to such mortgagee or successor and to recognize such mortgagee or successor as its landlord. If any holder of a mortgage which includes the Premises, executed and recorded prior to the date of this Lease, shall so elect, this Lease and the rights of Tenant hereunder, shall be superior in right to the rights of such holder, with the same force and effect as if this Lease had been executed, delivered and recorded, or a statutory notice hereof recorded, prior to the execution, delivery and recording of any such mortgage. The election of any such holder shall become effective upon either notice from such holder to Tenant in the same fashion as notices from Landlord to Tenant are to be given hereunder or by the recording in the appropriate registry or recorder's ’s office of an instrument in which such holder subordinates its rights under such mortgage to this Lease. Landlord If in connection with obtaining financing a bank, insurance company, pension trust or other institutional lender shall obtain and deliver to Tenant, request reasonable modifications in this Lease as a condition to such financing, Tenant will not unreasonably withhold, delay or condition its consent thereto, provided that such modifications do not increase the monetary obligations of Tenant hereunder or materially adversely affect the effectiveness of this Lease, a non-disturbance agreement from the current mortgagee of the Premises and/or the Complex as of the date of this Lease, which said non-disturbance agreement shall be in the form attached hereto as Exhibit M (as the same may be modified by such changes as Tenant may request and such mortgagee may approve). Landlord represents and warrants to Tenant that Landlord is the fee simple owner of the Complex and, as of the date hereof, the Complex is not subject to any ground lease or xxxxxxxxxleasehold interest hereby created.
Appears in 2 contracts
Samples: Lease Agreement (Proteon Therapeutics Inc), Lease Agreement (Proteon Therapeutics Inc)
Rights of Mortgagee. This Lease shall be subject and subordinate to any mortgage now or hereafter placed on the Site, Site or the BuildingsBuilding, or the Complex, and to each advance made or hereafter to be made under any mortgageboth, and to all renewals, modifications, consolidations, replacements and extensions thereof and all substitutions therefor providedtherefor, however, provided that in consideration the holder of and as a condition precedent such mortgage agrees to Tenant's agreement to subordinate this Lease with respect to mortgages hereafter placed on recognize the Site shall be the receipt of a commercially reasonable non-disturbance agreement from and wherein the applicable mortgagee expressly recognizes the rights right of Tenant under this Lease (including the right to use and occupy the Premises and to lease additional premises at the Complex) upon the payment of rent and other charges payable by Tenant under this Lease and the performance by Tenant of Tenant's ’s obligations hereunder. In confirmation of such subordination and recognition, Tenant shall execute and deliver promptly such instruments of subordination and recognition as such mortgagee may reasonably request request, subject to receipt of such instruments of recognition non disturbance from such mortgagee as Tenant may reasonably request. Tenant request (Landlord hereby appoints agreeing (a) to use best efforts to obtain such subordination instruments from such mortgagee and (from time b) to time) as Tenant's attorney-in-fact to execute such subordination upon default of Tenant pay any legal or other fees charged by the mortgagee in complying connection with such mortgagee's (from time to time) requestproviding the same). In the event that any mortgagee or its respective successor in title shall succeed to the interest of Landlord, then, then this Lease shall nevertheless continue in full force and effect and, provided Tenant has received the non-disturbance agreement required under this Section 8.15, and Tenant shall and does hereby agree to attorn to such mortgagee or successor and to recognize such mortgagee or successor as its landlord. If any holder of in connection with obtaining financing a mortgage which includes the Premisesbank, executed and recorded prior to the date of this Leaseinsurance company, pension trust or other institutional lender shall so elect, request reasonable modifications in this Lease and the rights of Tenant hereunder, shall be superior in right to the rights of such holder, with the same force and effect as if this Lease had been executed, delivered and recorded, or a statutory notice hereof recorded, prior to the execution, delivery and recording of any such mortgage. The election of any such holder shall become effective upon either notice from such holder to Tenant in the same fashion as notices from Landlord to Tenant are to be given hereunder or by the recording in the appropriate registry or recorder's office of an instrument in which such holder subordinates its rights under such mortgage to this Lease. Landlord shall obtain and deliver to Tenant, as a condition to such financing, Tenant will not unreasonably withhold, delay or condition its consent thereto, provided that (i) such modifications do not increase the monetary obligations of Tenant hereunder or materially adversely affect the effectiveness of this Lease, a non-disturbance agreement from the current mortgagee of the Premises and/or the Complex as of the date of this Lease, which said non-disturbance agreement leasehold interest hereby created or Tenant’s rights hereunder and (ii) Landlord shall be responsible for the payment of all reasonable costs incurred by Tenant in the form attached hereto as Exhibit M (as the same may be modified by complying with such changes as Tenant may request and such mortgagee may approve)as, for example, attorneys’ fees. Landlord hereby represents and warrants to Tenant that Landlord there is no mortgage currently encumbering the fee simple owner of Building or the Complex and, as of the date hereof, the Complex is not subject to any ground lease or xxxxxxxxxSite.
Appears in 2 contracts
Samples: Lease Agreement (Care.com Inc), Lease Agreement (Care.com Inc)
Rights of Mortgagee. This Lease shall be subject and subordinate to any mortgage now or hereafter on the Site, Site or the BuildingsBuilding, or the Complex, and to each advance made or hereafter to be made under any mortgageboth, and to all renewals, modifications, consolidations, replacements and extensions thereof and all substitutions therefor providedtherefor, however, provided that in consideration the holder of and as a condition precedent such mortgage agrees to Tenant's agreement to subordinate this Lease with respect to mortgages hereafter placed on recognize the Site shall be the receipt of a commercially reasonable non-disturbance agreement from and wherein the applicable mortgagee expressly recognizes the rights right of Tenant under this Lease (including the right to use and occupy the Premises and to lease additional premises at the Complex) upon the payment of rent and other charges payable by Tenant under this Lease and the performance by Tenant of Tenant's ’s obligations hereunder. In confirmation of such subordination and recognition, Tenant shall execute and deliver promptly such instruments of subordination and recognition as such mortgagee may reasonably request request, subject to receipt of such instruments of recognition non-disturbance from such mortgagee as Tenant may reasonably request. Tenant request (Landlord hereby appoints such agreeing to pay any legal or other fees charged by the mortgagee (from time to time) as Tenant's attorney-in-fact to execute such subordination upon default of Tenant in complying connection with such mortgagee's (from time to time) requestproviding the same). In the event that any mortgagee or its respective successor in title shall succeed to the interest of Landlord, then, then this Lease shall nevertheless continue in full force and effect and, provided Tenant has received the non-disturbance agreement required under this Section 8.15, and Tenant shall and does hereby agree to attorn to such mortgagee or successor and to recognize such mortgagee or successor as its landlord. If any holder of a mortgage which includes the Premises, executed and recorded prior to the date Date of this Lease, shall so elect, this Lease Lease, and the rights of Tenant hereunder, shall be superior in right to the rights of such holder, with the same force and effect as if this Lease had been executed, delivered and recorded, or a statutory notice Notice hereof recorded, prior to the execution, delivery and recording of any such mortgage. The election of any such holder shall become effective upon either notice from such holder to Tenant in the same fashion as notices from Landlord to Tenant are to be given hereunder or by the recording in the appropriate registry or recorder's ’s office of an instrument in which such holder subordinates its rights under such mortgage to this Lease. Landlord If in connection with obtaining financing a bank, insurance company, pension trust or other institutional lender shall obtain and deliver to Tenant, request reasonable modifications in this Lease as a condition to such financing, Tenant will not unreasonably withhold, delay or condition its consent thereto, provided that (i) such modifications do not increase the monetary obligations of Tenant hereunder or materially adversely affect the effectiveness of this Lease, a non-disturbance agreement from the current mortgagee of the Premises and/or the Complex as of the date of this Lease, which said non-disturbance agreement leasehold interest hereby created or Tenant’s rights hereunder and (ii) Landlord shall be responsible for the payment of all reasonable costs incurred by Tenant in the form attached hereto as Exhibit M (as the same may be modified by complying with such changes as Tenant may request and such mortgagee may approve). Landlord represents and warrants to Tenant that Landlord is the fee simple owner of the Complex andas, as of the date hereoffor example, the Complex is not subject to any ground lease or xxxxxxxxxattorneys’ fees.
Appears in 2 contracts
Samples: Lease Agreement (Akamai Technologies Inc), Lease Agreement (Akamai Technologies Inc)
Rights of Mortgagee. This Tenant accepts this Lease shall be subject and subordinate to any mortgage now recorded mortgage, deed of trust or hereafter on the Site, the Buildings, or the Complex, and to each advance made other lien presently existing or hereafter to be made exist with respect to the Leased Premises. Landlord is hereby irrevocably vested with full power and authority to subordinate Tenant's interest under this Lease to any mortgage, and to all renewals, modifications, consolidations, replacements and extensions thereof and all substitutions therefor provided, however, that in consideration deed of and as a condition precedent to Tenant's agreement to subordinate this Lease with respect to mortgages trust or other hen hereafter placed on the Site shall be Leased Premises, and Tenant agrees upon demand to execute such additional instruments subordinating this Lease as Landlord or the receipt holder of a commercially reasonable non-disturbance agreement from and wherein any such mortgage, deed of trust, or lien may require. If the applicable mortgagee expressly recognizes the rights interests of Tenant Landlord under this Lease shall be transferred by reason of foreclosure or other proceedings for enforcement of any mortgage on the Leased Premises. Tenant shall be bound to the transferee (including sometimes called the right to use "Purchaser") under the terms and occupy the Premises and to lease additional premises at the Complex) upon the payment conditions of rent and other charges payable by Tenant under this Lease and for the performance by Tenant balance of Tenant's obligations hereunder. In confirmation of such subordination and recognitionthe remaining lease term, Tenant shall execute and deliver promptly such instruments of subordination and recognition as such mortgagee may reasonably request subject to receipt of such instruments of recognition from such mortgagee as Tenant may reasonably request. Tenant hereby appoints such mortgagee (from time to time) as Tenant's attorney-in-fact to execute such subordination upon default of Tenant in complying with such mortgagee's (from time to time) request. In the event that including any mortgagee extensions or its respective successor in title shall succeed to the interest of Landlord, then, this Lease shall nevertheless continue in full force and effect and, provided Tenant has received the non-disturbance agreement required under this Section 8.15, Tenant shall and does hereby agree to attorn to such mortgagee or successor and to recognize such mortgagee or successor as its landlord. If any holder of a mortgage which includes the Premises, executed and recorded prior to the date of this Lease, shall so elect, this Lease and the rights of Tenant hereunder, shall be superior in right to the rights of such holderrenewals, with the same force and effect as if this Lease had been executed, delivered and recorded, or a statutory notice hereof recorded, prior to the execution, delivery and recording of any such mortgage. The election of any such holder shall become effective upon either notice from such holder to Tenant in the same fashion as notices from Purchaser were Landlord to Tenant are to be given hereunder or by the recording in the appropriate registry or recorder's office of an instrument in which such holder subordinates its rights under such mortgage to this Lease. Landlord shall obtain and deliver Tenant further agrees to Tenantattorn to the Purchaser, including the mortgagee under any such mortgagee if it be the Purchaser, as a condition its Landlord. Such attornment shall be effective without the execution of any further instruments upon the Purchaser succeeding to the interest of Landlord under this Lease. The respective rights and obligations of Tenant and the Purchaser upon the attornment, to the extent of the effectiveness then remaining balance of the term of this Lease, and any extensions and renewals, shall be and are the same as those set forth in this Lease. Each such holder of any mortgage, deed of trust, or lien, and each such Purchaser, shall be a nonthird-disturbance agreement from the current mortgagee party beneficiary of the Premises and/or the Complex as of the date provisions of this Lease, which said non-disturbance agreement shall be in the form attached hereto as Exhibit M (as the same may be modified by such changes as Tenant may request and such mortgagee may approve). Landlord represents and warrants to Tenant that Landlord is the fee simple owner of the Complex and, as of the date hereof, the Complex is not subject to any ground lease or xxxxxxxxxParagraph.
Appears in 2 contracts
Samples: Commercial Lease Agreement (Avanex Corp), Commercial Lease Agreement (Avanex Corp)
Rights of Mortgagee. This Lease shall be subject and subordinate to any mortgage now or hereafter on the Site, Site or the BuildingsBuilding, or the Complexboth, and to each advance made or hereafter to be made under any mortgage, and to all renewals, modifications, consolidations, replacements and extensions thereof and all substitutions therefor provided, however, provided that in consideration the holder of and as a condition precedent such mortgage agrees to Tenant's agreement to subordinate this Lease with respect to mortgages hereafter placed on the Site shall be the receipt of a commercially reasonable non-disturbance agreement from and wherein the applicable mortgagee expressly recognizes recognize the rights of Tenant under this Lease (including the right to use and occupy the Premises and to lease additional premises at the ComplexPremises) upon the payment of rent and other charges payable by Tenant under this Lease and the performance by Tenant of Tenant's ’s obligations hereunder. In confirmation of such subordination and recognition, Tenant shall execute and deliver promptly such instruments of subordination and recognition as such mortgagee may reasonably request subject to receipt of such instruments of recognition from such mortgagee as Tenant may reasonably requestrequest (Tenant hereby agreeing to pay any legal or other fees charged by the mortgagee in connection with providing the same). Tenant hereby appoints such mortgagee (from time to time) as Tenant's ’s attorney-in-fact to execute such subordination upon default of Tenant in complying with such mortgagee's ’s (from time to time) request. In the event that any mortgagee or its respective successor in title shall succeed to the interest of Landlord, then, this Lease shall nevertheless continue in full force and effect and, provided Tenant has received the non-disturbance agreement required under this Section 8.15, and Tenant shall and does hereby agree to attorn to such mortgagee or successor and to recognize such mortgagee or successor as its landlord. If any holder of a mortgage which includes the Premises, executed and recorded prior to the date of this Lease, shall so elect, this Lease and the rights of Tenant hereunder, shall be superior in right to the rights of such holder, with the same force and effect as if this Lease had been executed, delivered and recorded, or a statutory notice hereof recorded, prior to the execution, delivery and recording of any such mortgage. The election of any such holder shall become effective upon either notice from such holder to Tenant in the same fashion as notices from Landlord to Tenant are to be given hereunder or by the recording in the appropriate registry or recorder's ’s office of an instrument in which such holder subordinates its rights under such mortgage to this Lease. Landlord If in connection with obtaining financing a bank, insurance company, pension trust or other institutional lender shall obtain and deliver to Tenant, request reasonable modifications in this Lease as a condition to such financing, Tenant will not unreasonably withhold, delay or condition its consent thereto, provided that such modifications do not increase the monetary obligations of Tenant hereunder or materially adversely affect the effectiveness of this Lease, a non-disturbance agreement from the current mortgagee of the Premises and/or the Complex leasehold interest hereby created. Landlord represents and warrants that as of the date of this Lease, which said non-disturbance agreement shall be in Lease there is no mortgage on the form attached hereto as Exhibit M (as Site or the same may be modified by such changes as Tenant may request and such mortgagee may approve). Landlord represents and warrants to Tenant that Landlord is the fee simple owner of the Complex and, as of the date hereof, the Complex is not subject to any ground lease or xxxxxxxxxBuilding.
Appears in 2 contracts
Samples: Lease Agreement (Flexion Therapeutics Inc), Lease Agreement (Flexion Therapeutics Inc)
Rights of Mortgagee. This Lease shall be subject and subordinate to any mortgage now or hereafter on the Site, Site or the BuildingsBuilding, or the Complexboth, and to each advance made or hereafter to be made under any mortgage, and to all renewals, modifications, consolidations, replacements and extensions thereof and all substitutions therefor provided, however, provided that in consideration the holder of and as a condition precedent such mortgage agrees to Tenant's agreement to subordinate this Lease with respect to mortgages hereafter placed on the Site shall be the receipt of a commercially reasonable non-disturbance agreement from and wherein the applicable mortgagee expressly recognizes recognize the rights of Tenant under this Lease (including the right to use and occupy the Premises and to lease additional premises at the ComplexPremises) upon the payment of rent and other charges payable by Tenant under this Lease and the performance by Tenant Xxxxxx of Tenant's Xxxxxx’s obligations hereunder. In confirmation of such subordination and recognition, Tenant Xxxxxx shall execute and deliver promptly such instruments of subordination and recognition as such mortgagee may reasonably request subject to receipt of such instruments of recognition from such mortgagee as Tenant may reasonably requestrequest (Tenant hereby agreeing to pay any legal or other fees charged by the mortgagee in connection with providing the same). Tenant hereby appoints such mortgagee (from time to time) as Tenant's Xxxxxx’s attorney-in-fact to execute such subordination upon default of Tenant in complying with such mortgagee's ’s (from time to time) request. In the event that any mortgagee or its respective successor in title shall succeed to the interest of Landlord, then, this Lease shall nevertheless continue in full force and effect and, provided Tenant has received the non-disturbance agreement required under this Section 8.15, and Tenant shall and does hereby agree to attorn to such mortgagee or successor and to recognize such mortgagee or successor as its landlord. If any holder of a mortgage which includes the Premises, executed and recorded prior to the date of this Lease, shall so elect, this Lease and the rights of Tenant hereunder, shall be superior in right to the rights of such holder, with the same force and effect as if this Lease had been executed, delivered and recorded, or a statutory notice hereof recorded, prior to the execution, delivery and recording of any such mortgage. The election of any such holder shall become effective upon either notice from such holder to Tenant in the same fashion as notices from Landlord to Tenant are to be given hereunder or by the recording in the appropriate registry or recorder's ’s office of an instrument in which such holder subordinates its rights under such mortgage to this Lease. Landlord If in connection with obtaining financing a bank, insurance company, pension trust or other institutional lender shall obtain and deliver to Tenant, request reasonable modifications in this Lease as a condition to such financing, Tenant will not unreasonably withhold, delay or condition its consent thereto, provided that such modifications do not increase the monetary obligations of Tenant hereunder or materially adversely affect the effectiveness of this Lease, a non-disturbance agreement from the current mortgagee of the Premises and/or the Complex as of the date of this Lease, which said non-disturbance agreement shall be in the form attached hereto as Exhibit M (as the same may be modified by such changes as Tenant may request and such mortgagee may approve). Landlord represents and warrants to Tenant that Landlord is the fee simple owner of the Complex and, as of the date hereof, the Complex is not subject to any ground lease or xxxxxxxxxleasehold interest hereby created.
Appears in 2 contracts
Samples: Lease Agreement (Upstream Bio, Inc.), Lease Agreement (Upstream Bio, Inc.)
Rights of Mortgagee. This Section 16.1. In the event of any act or omission by the Lessor which would give the Lessee the right to terminate this Lease, the Lessee shall not exercise any such right (a) until it shall have given written notice, by certified mail, of such act or omission to the holder of any deed of trust or mortgage encumbering the Premises whose name and address shall have been furnished to the Lessee in writing, at the last address so furnished, and (b) until a reasonable period of time for remedying such act or omission shall have elapsed following the giving of such notice, provided that following the giving of such notice, the Lessor or said holder shall, with reasonable diligence, have commenced and continued to remedy such act or omission or to cause the same to be remedied.
Section 16.2. In the event any proceedings are brought for the foreclosure of, or in the event of exercise of the power of sale under any mortgage or deed of trust encumbering the Premises, or any part thereof, Lessee shall agree to and shall attorn to the purchaser upon such foreclosure or sale or upon any grant of a deed in lieu of foreclosure, and recognize such purchaser as the Lessor under this Lease if so requested by such purchaser.
Section 16.3. Lessee's rights hereunder shall be subject and expressly subordinate to the lien of any mortgage or lien of any other method of financing now or hereafter on the Site, the Buildings, or the Complex, and to each advance made or hereafter to be made under any mortgage, and to all renewals, modifications, consolidations, replacements and extensions thereof and all substitutions therefor provided, however, that in consideration of and as a condition precedent to Tenant's agreement to subordinate this Lease force with respect to mortgages hereafter placed on the Site Premises, provided that such mortgage or some other appropriate instrument of financing or refinancing shall be the receipt of a commercially reasonable non-disturbance agreement from and wherein the applicable mortgagee expressly recognizes the rights of Tenant under this Lease (including the recognize Lessee's right to use and occupy the Premises and to lease additional premises at the Complex) upon the payment of rent and other charges payable by Tenant under this Lease and the performance by Tenant of Tenant's obligations hereunder. In confirmation of such subordination and recognition, Tenant shall execute and deliver promptly such instruments of subordination and recognition as such mortgagee may reasonably request subject to receipt of such instruments of recognition from such mortgagee as Tenant may reasonably request. Tenant hereby appoints such mortgagee (from time to time) as Tenant's attorney-in-fact to execute such subordination upon default of Tenant in complying with such mortgagee's (from time to time) request. In the event that any mortgagee or its respective successor in title shall succeed to the interest of Landlord, then, this Lease shall nevertheless continue in full force and effect and, provided Tenant has received the non-disturbance agreement required under this Section 8.15, Tenant shall and does hereby agree to attorn to such mortgagee or successor and to recognize such mortgagee or successor as its landlord. If any holder of a mortgage which includes the Premises, executed and recorded prior to the date of this Lease, shall so elect, this Lease and the rights of Tenant hereunder, shall be superior in right to the rights of such holder, with the same force and effect as if this Lease had been executed, delivered and recorded, or a statutory notice hereof recorded, prior to the execution, delivery and recording of any such mortgage. The election of any such holder shall become effective upon either notice from such holder to Tenant in the same fashion as notices from Landlord to Tenant are to be given hereunder or by the recording in the appropriate registry or recorder's office of an instrument in which such holder subordinates its rights under such mortgage to this Lease. Landlord shall obtain and deliver to Tenant, as a condition of the effectiveness of this Lease, a non-disturbance agreement from the current mortgagee quiet possession of the Premises and/or upon the Complex as of the date terms of this Lease, which said non-disturbance agreement Lease so long as Lessee shall not be in the form attached hereto as Exhibit M (as the same may be modified by such changes as Tenant may request and such mortgagee may approve). Landlord represents and warrants to Tenant that Landlord is the fee simple owner of the Complex and, as of the date hereof, the Complex is not subject to any ground lease or xxxxxxxxxdefault hereunder.
Appears in 2 contracts
Samples: Lease Agreement (Liqtech International Inc), Lease Agreement (Liqtech International Inc)
Rights of Mortgagee. Landlord has the unrestricted right to convey, mortgage and refinance the Building, or any part thereof. Tenant agrees, within seven (7) days after notice, to execute and deliver to Landlord or its mortgagee or designee such instruments as Landlord or its mortgagee may require, certifying the amount of the Security Deposit and whether this Lease is in full force and effect, and listing any modifications. This estoppel certificate is intended to be for the benefit of Landlord, any purchaser or mortgagee of Landlord, or, any purchaser or assignee of Landlord's mortgage. The estoppel certificate will also contain such other information as Landlord or its designee may request. This Lease shall is and at all times will be subject and subordinate to any mortgage now all present and future mortgages or hereafter on ground leases which may affect the Site, the Buildings, or the Complex, and to each advance made or hereafter to be made under any mortgage, Building and to all recastings, renewals, modifications, consolidations, replacements replacements, and extensions thereof and all substitutions therefor providedof any such mortgage(s), however, that in consideration of and as a condition precedent to Tenant's agreement to subordinate this Lease with respect to mortgages hereafter placed on the Site shall be the receipt of a commercially reasonable non-disturbance agreement from and wherein the applicable mortgagee expressly recognizes the rights of Tenant under this Lease (including the right to use and occupy the Premises and to lease additional premises at the Complex) upon the payment of rent all increases and other charges payable by Tenant under this Lease voluntary and the performance by Tenant of Tenant's obligations hereunderinvoluntary advances made thereunder. In confirmation of such subordination The foregoing will be self-operative and recognition, Tenant shall execute and deliver promptly such instruments no further instrument of subordination and recognition as such mortgagee may reasonably request subject to receipt of such instruments of recognition from such mortgagee as Tenant may reasonably request. Tenant hereby appoints such mortgagee (from time to time) as Tenant's attorney-in-fact to execute such subordination upon default of Tenant in complying with such mortgagee's (from time to time) requestwill be required. In the event that the holder ("Lender") of any mortgagee encumbrance ("Mortgage") on the Building or its respective successor in any other person acquires title shall succeed to the interest Building pursuant to the exercise of any remedy provided for in the Mortgage or by reason of the acceptance of a deed in lieu of foreclosure (the Lender, any other such person and their participants, successors and assigns being referred to herein as the "Purchaser"), Tenant covenants and agrees to attorn to and recognize and be bound to Purchaser as its new Landlord, thenand except as provided below, this Lease shall nevertheless continue in full force and effect andas a direct Lease between Tenant and Purchaser, provided Tenant has received the non-disturbance agreement required under this Section 8.15except that, Tenant shall and does hereby agree to attorn to such mortgagee or successor and to recognize such mortgagee or successor as its landlord. If any holder of a mortgage which includes the Premises, executed and recorded prior notwithstanding anything to the date contrary herein or in the Lease, the provisions of the Mortgage will govern with respect to the disposition of proceeds of insurance policies or condemnation or eminent domain awards. So long as the Lease is in full force and effect and Tenant is not in default under any provision of this Lease, and no event has occurred that has continued to exist for a period of time (after notice, if any, required by this Lease) as would entitle Landlord to terminate this Lease or would cause without further action by Landlord, the termination of this Lease or would entitle Landlord to dispossess the Tenant thereunder:
A. The right of possession of Tenant to the Premises shall so electnot be terminated or disturbed by any steps or proceedings taken by Lender in the exercise of any of its rights under the Mortgage or the indebtedness secured thereby;
B. This Lease shall not be terminated or affected by said exercise of any remedy provided for in the Mortgage, and any sale by Lender of the Building pursuant to the exercise of any rights and remedies under the Mortgage or otherwise, shall be made subject to this Lease and the rights of Tenant hereunder;
C. In no event shall Lender or any other Purchaser be:
(i) liable for any act or omission of Landlord or any prior landlord;
(ii) subject to any offsets or defenses that the Tenant might have against Landlord or any prior landlord; unless such offset or defense is due to a deficiency or default which is continuing following the transfer of Property.
(iii) bound by any amendment or modifications of the Lease made without Lender's or such other Purchaser's prior written consent.
D. Provided that Landlord has previously notified Tenant of Lender's address for notice, shall be superior in right Tenant agrees to the rights of such holder, with the same force and effect as if this Lease had been executed, delivered and recorded, or a statutory give prompt written notice hereof recorded, prior to the execution, delivery and recording Lender of any such mortgage. The election of any such holder shall become effective upon either notice from such holder default by Landlord that would entitle Tenant to Tenant in the same fashion as notices from Landlord to Tenant are to be given hereunder or by the recording in the appropriate registry or recorder's office of an instrument in which such holder subordinates its rights under such mortgage to cancel this Lease. Landlord shall obtain , and deliver to Tenant, as a condition of the effectiveness agrees that notwithstanding any provision of this Lease, a non-disturbance agreement from the current mortgagee no notice of the Premises and/or the Complex as cancellation thereof given on behalf of Tenant shall be effective unless Lender has received said notice and has failed within 30 days of the date of receipt thereof to cure Landlord's default, or if the default cannot be cured within 30 days, has failed to commence and to diligently pursue the cure of Landlord's default which gave rise to such right of cancellation. Tenant further agrees to give such notices to any successor of Lender, provided that such successor shall have given written notice of Tenant of its acquisition of Lender's interest in the Mortgage and designated the address to which such notices are to be sent.
E. Tenant acknowledges that Landlord may execute and deliver to Lender an Assignment of Leases and Rents conveying the Rents under this LeaseLease as additional security for the loan secured by the Mortgage, which said non-disturbance agreement and Tenant hereby expressly consents to such Assignment.
F. Tenant agrees that it will not, without the prior written consent of Lender, do any of the following, and any such purported action without such consent shall be in the form attached hereto void as Exhibit M against Lender:
(i) terminate this Lease except as the same may be modified provided by such changes as Tenant may request and such mortgagee may approve). Landlord represents and warrants to Tenant that Landlord is the fee simple owner of the Complex and, as of the date hereof, the Complex is not subject to any ground lease or xxxxxxxxx.its terms; or
Appears in 2 contracts
Rights of Mortgagee. This Lease shall be subject and subordinate to any mortgage now or hereafter on the Site, Site or the BuildingsBuilding, or the Complexboth, and to each advance made or hereafter to be made under any mortgage, and to all renewals, modifications, consolidations, replacements and extensions thereof and all substitutions therefor provided, however, provided that in consideration the holder of and as a condition precedent such mortgage agrees to Tenant's agreement to subordinate this Lease with respect to mortgages hereafter placed on the Site shall be the receipt of a commercially reasonable non-disturbance agreement from and wherein the applicable mortgagee expressly recognizes recognize the rights of Tenant under this Lease (including including, without limitation, the right to use and occupy the Premises and to lease additional premises at the ComplexPremises) upon the payment of rent and other charges payable by Tenant under this Lease and the performance by Tenant of Tenant's ’s obligations hereunder. In confirmation hereunder as provided in a commercially reasonable form of such subordination subordination, non-disturbance and recognition, attornment agreement provided to Tenant shall execute and deliver promptly such instruments of subordination executed and recognition as such mortgagee may reasonably request subject to receipt of such instruments of recognition from such mortgagee as Tenant may reasonably request. Tenant hereby appoints such mortgagee (from time to time) as Tenant's attorney-in-fact to execute such subordination upon default of Tenant in complying with delivered by such mortgagee's (from time to time) request. In the event that any mortgagee or its respective successor in title shall succeed to the interest of Landlord, then, this Lease shall nevertheless continue in full force and effect and, provided Tenant has received the non-disturbance agreement required under this Section 8.15, and Tenant shall and does hereby agree to attorn to such mortgagee or successor and to recognize such mortgagee or successor as its landlord. If any holder of a mortgage which includes the Premises, executed and recorded prior to the date of this Lease, shall so elect, this Lease and the rights of Tenant hereunder, shall be superior in right to the rights of such holder, with the same force and effect as if this Lease had been executed, delivered and recorded, or a statutory notice hereof recorded, prior to the execution, delivery and recording of any such mortgage. The election of any such holder shall become effective upon either notice from such holder to Tenant in the same fashion as notices from Landlord to Tenant are to be given hereunder or by the recording in the appropriate registry or recorder's ’s office of an instrument in which such holder subordinates its rights under such mortgage to this Lease. Landlord shall obtain represents and deliver to Tenant, as a condition of warrants that there is no mortgage or ground lease encumbering the effectiveness of this Lease, a non-disturbance agreement from Building or the current mortgagee of the Premises and/or the Complex Site as of the date of this Lease, which said non-disturbance agreement shall be in the form attached hereto as Exhibit M (as the same may be modified by such changes as Tenant may request and such mortgagee may approve). Landlord represents and warrants to Tenant that Landlord is the fee simple owner of the Complex and, as of the date hereof, the Complex is not subject to any ground lease or xxxxxxxxx.
Appears in 2 contracts
Samples: Lease Agreement (Amag Pharmaceuticals, Inc.), Lease Agreement (Amag Pharmaceuticals Inc.)
Rights of Mortgagee. This Lease shall be subject and subordinate to any mortgage now or hereafter on the Site, the Buildings, Building or the Complex, and to each advance made Lot or hereafter to be made under any mortgagepart thereof (“Mortgage”), and to all renewals, modifications, consolidations, replacements and extensions thereof and all substitutions therefor therefor, provided, however, that in consideration of and as a condition precedent to Tenant's ’s agreement to subordinate this Lease with respect to mortgages hereafter placed on the Site Building shall be the receipt by Tenant of a commercially reasonable subordination, non-disturbance and attornment agreement from and wherein the applicable mortgagee expressly recognizes the rights (“SNDA”) in favor of Tenant under this Lease (including from such future mortgagee on such mortgagee’s standard form of SNDA with such commercially reasonable changes made thereto as may be reasonably acceptable to such mortgagee and Tenant; provided, however, that such SNDA shall provide that such mortgagee recognizes any abatement right set forth in Section 7.3(B) or offset rights set forth in Section 16.19(B) and in Section 3(B) of Exhibit 4.1. Subject to the right to use and occupy the Premises and to lease additional premises at the Complex) upon the payment of rent and other charges payable by Tenant under this Lease and the performance by Tenant of Tenant's obligations hereunder. In foregoing, confirmation of such subordination and recognition, Tenant shall execute and deliver promptly such instruments of subordination and recognition as such mortgagee may reasonably request request, subject to receipt of such instruments of recognition from such mortgagee as Tenant may reasonably request. Tenant hereby appoints such mortgagee (from time Subject to time) as Tenant's attorney-in-fact to execute such subordination upon default the terms of Tenant the applicable SNDA, in complying with such mortgagee's (from time to time) request. In the event that any mortgagee or its respective successor in title shall succeed to the interest of Landlord, then, then this Lease shall nevertheless continue in full force and effect and, provided Tenant has received the non-disturbance agreement required under this Section 8.15, and Tenant shall and does hereby agree to attorn to such mortgagee or successor and to recognize such mortgagee or successor as its landlord. If any holder of a mortgage which includes the PremisesMortgage, executed and recorded prior to the date Date of this Lease, shall so elect, this Lease Lease, and the rights of Tenant hereunder, shall be superior in right to the rights of such holder, with the same force and effect as if this Lease had been executed, delivered and recorded, or a statutory notice Notice hereof recorded, prior to the execution, delivery and recording of any such mortgageMortgage. The election of any such holder shall become effective upon either notice from such holder to Tenant in the same fashion as notices from Landlord to Tenant are to be given hereunder or by the recording in the appropriate registry or recorder's ’s office of an instrument in which such holder subordinates its rights under such mortgage Mortgage to this Lease. Landlord shall obtain shall, on or before January 15, 2016, cause the holder of the existing mortgagee affecting the Premises to execute and deliver an SNDA to Tenant, as a condition of the effectiveness of this Lease, a non-disturbance agreement from the current mortgagee of the Premises and/or the Complex as of the date of this Lease, which said non-disturbance agreement shall be Tenant in the form attached hereto as Exhibit M (as the same may be modified by such changes as Tenant may request and such mortgagee may approve). Landlord represents and warrants to Tenant that Landlord is the fee simple owner of the Complex and, as of the date hereof, the Complex is not subject to any ground lease or xxxxxxxxx16.13.
Appears in 2 contracts
Samples: Lease Agreement (Hubspot Inc), Lease Agreement (Hubspot Inc)
Rights of Mortgagee. This Lease shall be subject and subordinate to any mortgage now or hereafter on the Site, Site or the BuildingsBuilding, or the Complexboth, and to each advance made or hereafter to be made under any mortgage, and to all renewals, modifications, consolidations, replacements and extensions thereof and all substitutions therefor provided, however, provided that in consideration the holder of and as a condition precedent such mortgage agrees to Tenant's agreement to subordinate this Lease with respect to mortgages hereafter placed on the Site shall be the receipt of a commercially reasonable non-disturbance agreement from and wherein the applicable mortgagee expressly recognizes recognize the rights of Tenant under this Lease (including the right to use and occupy the Premises and to lease additional premises at the ComplexPremises) upon the payment of rent and other charges payable by Tenant under this Lease and the performance by Tenant of Tenant's obligations hereunder. In confirmation of such subordination and recognition, Tenant shall execute and deliver promptly such instruments of subordination and recognition as such mortgagee may reasonably request subject to receipt of such instruments of recognition from such mortgagee as Tenant may reasonably request. Tenant hereby appoints such mortgagee (from time to time) as Tenant's attorney-in-fact to execute such subordination upon default of Tenant in complying with such mortgagee's (from time to time) request. In the event that any mortgagee or its respective successor in title shall succeed to the interest of Landlord, then, this Lease shall nevertheless continue in full force and effect and, provided Tenant has received the non-disturbance agreement required under this Section 8.15, and Tenant shall and does hereby agree to attorn to such mortgagee or successor and to recognize such mortgagee or successor as its landlord. If any holder of a mortgage which includes the Premises, executed and recorded prior to the date of this Lease, shall so elect, this Lease and the rights of Tenant hereunder, shall be superior in right to the rights of such holder, with the same force and effect as if this Lease had been executed, delivered and recorded, or a statutory notice Notice hereof recorded, prior to the execution, delivery and recording of any such mortgage. The election of any such holder shall become effective upon either notice from such holder to Tenant in the same fashion as notices from Landlord to Tenant are to be given hereunder or by the recording in the appropriate registry or recorder's office of an instrument in which such holder subordinates its rights under such mortgage to this Lease. Landlord If in connection with obtaining financing a bank, insurance company, pension trust or other institutional lender shall obtain and deliver to Tenant, request reasonable modifications in this Lease as a condition to such financing, Tenant will not unreasonably withhold, delay or condition its consent thereto, provided that such modifications do not increase the monetary obligations of Tenant hereunder or materially adversely affect the effectiveness of this Lease, a non-disturbance agreement from the current mortgagee of the Premises and/or the Complex as of the date of this Lease, which said non-disturbance agreement shall be in the form attached hereto as Exhibit M (as the same may be modified by such changes as Tenant may request and such mortgagee may approve). Landlord represents and warrants to Tenant that Landlord is the fee simple owner of the Complex and, as of the date hereof, the Complex is not subject to any ground lease or xxxxxxxxxleasehold interest hereby created.
Appears in 2 contracts
Samples: Lease Agreement (Unica Corp), Lease Agreement (Unica Corp)
Rights of Mortgagee. This Lease shall be subject and subordinate to any mortgage now or hereafter on the Site, Site or the BuildingsBuilding, or the Complexboth, and to each advance made or hereafter to be made under any mortgage, and to all renewals, modifications, consolidations, replacements and extensions thereof and all substitutions therefor provided, however, provided that in consideration the holder of and as a condition precedent such mortgage agrees to Tenant's agreement to subordinate this Lease with respect to mortgages hereafter placed on the Site shall be the receipt of a commercially reasonable non-disturbance agreement from and wherein the applicable mortgagee expressly recognizes recognize the rights of Tenant under this Lease (including the right to use and occupy the Premises and to lease additional premises at the ComplexPremises) upon the payment of rent and other charges payable by Tenant under this Lease and the performance by Tenant Xxxxxx of Tenant's Xxxxxx’s obligations hereunderhereunder pursuant to a commercially reasonable subordination, non-disturbance and attornment agreement (“SNDA”). In confirmation of such subordination and recognition, Tenant Xxxxxx shall execute and deliver promptly such instruments of subordination and recognition as such mortgagee may reasonably request subject to receipt of such instruments of recognition from such mortgagee as Tenant may reasonably request. request (Tenant hereby appoints such agreeing to pay any legal or other fees charged by the mortgagee (from time to time) as Tenant's attorney-in-fact to execute such subordination upon default of Tenant in complying connection with such mortgagee's (from time to time) requestproviding the same). In the event that any mortgagee or its respective successor in title shall succeed to the interest of Landlord, then, this Lease shall nevertheless continue in full force and effect and, provided Tenant has received the non-disturbance agreement required under this Section 8.15, and Tenant shall and does hereby agree to attorn to such mortgagee or successor and to recognize such mortgagee or successor as its landlord. If any holder of a mortgage which includes the Premises, executed and recorded prior to the date of this Lease, shall so elect, this Lease and the rights of Tenant hereunder, shall be superior in right to the rights of such holder, with the same force and effect as if this Lease had been executed, delivered and recorded, or a statutory notice hereof recorded, prior to the execution, delivery and recording of any such mortgage. The election of any such holder shall become effective upon either notice from such holder to Tenant in the same fashion as notices from Landlord to Tenant are to be given hereunder or by the recording in the appropriate registry or recorder's ’s office of an instrument in which such holder subordinates its rights under such mortgage to this Lease. Landlord shall obtain and deliver to Tenant, as a condition of the effectiveness of this Lease, a non-disturbance agreement from the current mortgagee of the Premises and/or the Complex as of the date of this Lease, which said non-disturbance agreement shall be in the form attached hereto as Exhibit M (as the same may be modified by such changes as Tenant may request and such mortgagee may approve). Landlord represents and warrants to Tenant that Landlord is the fee simple owner of the Complex and, as of the date hereof, the Complex is not subject to any ground lease or xxxxxxxxx.
Appears in 2 contracts
Samples: Lease Agreement (Fractyl Health, Inc.), Lease (Fractyl Health, Inc.)
Rights of Mortgagee. This Lease shall be subject and subordinate to any mortgage now or hereafter on the Site, the Buildings, Building (or the Complex, and to each advance made or hereafter to be made under any mortgagepart thereof), and to all renewals, modifications, consolidations, replacements and extensions thereof and all substitutions therefor providedtherefor, however, provided that in consideration of and as a condition precedent to Tenant's agreement to subordinate this Lease with respect to mortgages hereafter placed on the Site shall be the receipt case of a commercially reasonable non-disturbance agreement from and wherein future mortgage the applicable mortgagee expressly recognizes holder of such mortgage agrees to recognize the rights right of Tenant under this Lease (including the right to use and occupy the Premises and to lease additional premises at the Complex) upon the payment of rent and other charges payable by Tenant under this Lease Xxxxx and the performance by Tenant of Tenant's ’s obligations hereunder. In confirmation of such subordination and recognition, Tenant Xxxxxx shall execute and deliver promptly such instruments of subordination and recognition as such mortgagee may reasonably request request, subject to receipt of such instruments of recognition from such mortgagee as Tenant may reasonably request. The form of Subordination, Nondisturbance and Attornment Agreement to be entered into between Tenant hereby appoints and the holder of the mortgagee affecting the Building as of the Execution Date of this Lease is attached hereto as Exhibit K. This Lease shall not be binding upon Tenant until the holder of the mortgage which affects the Building as of the Execution Date executes such mortgagee (from time to time) as Tenant's attorney-in-fact to execute such subordination upon default of Tenant in complying with such mortgagee's (from time to time) requestSubordination Nondisturbance and Attornment Agreement. In the event that any mortgagee or its respective successor in title shall succeed to the interest of Landlord, then, then this Lease shall nevertheless continue in full force and effect and, provided Tenant has received the non-disturbance agreement required under this Section 8.15, and Tenant shall and does hereby agree to attorn to such mortgagee or successor and to recognize such mortgagee or successor as its landlord. If any holder of a mortgage which includes the Premises, executed and recorded prior to the date Date of this Lease, shall so elect, this Lease Lease, and the rights of Tenant hereunder, shall be superior in right to the rights of such holder, with the same force and effect as if this Lease had been executed, delivered and recorded, or a statutory notice Notice hereof recorded, prior to the execution, delivery and recording of any such mortgage. The election of any such holder shall become effective upon either notice from such holder to Tenant in the same fashion as notices from Landlord to Tenant are to be given hereunder or by the recording in the appropriate registry or recorder's ’s office of an instrument in which such holder subordinates its rights under such mortgage to this Lease. Landlord shall obtain and deliver to Tenant, as a condition of the effectiveness of this Lease, a non-disturbance agreement from the current mortgagee of the Premises and/or the Complex as of the date of this Lease, which said non-disturbance agreement shall be in the form attached hereto as Exhibit M (as the same may be modified by such changes as Tenant may request and such mortgagee may approve). Landlord represents and warrants to Tenant that Landlord is the fee simple owner of the Complex and, as of the date hereof, the Complex is not subject to any ground lease or xxxxxxxxx.
Appears in 1 contract
Samples: Lease Agreement (Havas)
Rights of Mortgagee. This Lease shall be subject and subordinate to any mortgage now or hereafter on the Site, Site or the BuildingsBuilding, or the Complexboth, and to each advance made or hereafter to be made under any mortgage, and to all renewals, modifications, consolidations, replacements and extensions thereof and all substitutions therefor provided, however, provided that in consideration the holder of and as a condition precedent such mortgage agrees to Tenant's agreement to subordinate this Lease with respect to mortgages hereafter placed on the Site shall be the receipt of a commercially reasonable non-disturbance agreement from and wherein the applicable mortgagee expressly recognizes recognize the rights of Tenant under this Lease (including the right to use and occupy the Premises and to lease additional premises at the ComplexPremises) upon the payment of rent and other charges payable by Tenant under this Lease and the performance by Tenant of Tenant's ’s obligations hereunder. In confirmation of such subordination and recognition, Tenant shall execute and deliver promptly such instruments of subordination and recognition as such mortgagee may reasonably request subject to receipt of such instruments of recognition from such mortgagee as Tenant may reasonably request. Tenant hereby appoints such mortgagee (from time to time) as Tenant's ’s attorney-in-fact to execute such subordination upon default of Tenant in complying with such mortgagee's ’s (from time to time) request. In the event that any mortgagee or its respective successor in title shall succeed to the interest of Landlord, then, this Lease shall nevertheless continue in full force and effect and, provided Tenant has received the non-disturbance agreement required under this Section 8.15, and Tenant shall and does hereby agree to attorn to such mortgagee or successor and to recognize such mortgagee or successor as its landlord. If any holder of a mortgage which includes the Premises, executed and recorded prior to the date of this Lease, shall so elect, this Lease and the rights of Tenant hereunder, shall be superior in right to the rights of such holder, with the same force and effect as if this Lease had been executed, delivered and recorded, or a statutory notice hereof recorded, prior to the execution, delivery and recording of any such mortgage. The election of any such holder shall become effective upon either notice from such holder to Tenant in the same fashion as notices from Landlord to Tenant are to be given hereunder or by the recording in the appropriate registry or recorder's ’s office of an instrument in which such holder subordinates its rights under such mortgage to this Lease. Landlord If in connection with obtaining financing a bank, insurance company, pension trust or other institutional lender shall obtain and deliver to Tenant, request reasonable modifications in this Lease as a condition to such financing, Tenant will not unreasonably withhold, delay or condition its consent thereto, provided that such modifications do not increase the monetary obligations of Tenant hereunder or materially adversely affect the effectiveness of this Lease, a non-disturbance agreement from the current mortgagee of the Premises and/or the Complex as of the date of this Lease, which said non-disturbance agreement shall be in the form attached hereto as Exhibit M (as the same may be modified by such changes as Tenant may request and such mortgagee may approve). Landlord represents and warrants to Tenant that Landlord is the fee simple owner of the Complex and, as of the date hereof, the Complex is not subject to any ground lease or xxxxxxxxxleasehold interest hereby created.
Appears in 1 contract
Rights of Mortgagee. This Subject to the terms and conditions of this Section 9.14, the lien of this Lease shall be subject and subordinate to the lien of any mortgage now or hereafter on the Site, Site or the BuildingsBuilding, or the Complexboth, and to each advance made or hereafter to be made under any mortgage, and to all renewals, modifications, consolidations, replacements and extensions thereof and all substitutions therefor providedtherefor, howeverprovided that, that in consideration of and as a condition precedent to Tenant's agreement such subordination, the holder of any mortgage hereafter encumbering the Building agrees in writing, in recordable form, to subordinate recognize this Lease with respect to mortgages hereafter placed on the Site shall be the receipt of a commercially reasonable non-disturbance agreement from and wherein the applicable mortgagee expressly recognizes the rights of Tenant under this Lease (including so long as there is no Event of Default and Tenant attorns to the right mortgagee and its successors, pursuant to use the terms and occupy conditions of a subordination, non-disturbance and attornment agreement in the Premises and to lease additional premises at the Complex) upon the payment of rent and other charges payable customary form required by Tenant under this Lease and the performance by Tenant of Tenant's obligations hereunder. In confirmation of such subordination and recognitionholder, Tenant shall execute and deliver promptly with such instruments of subordination and recognition as such mortgagee may reasonably request subject to receipt of such instruments of recognition from such mortgagee commercially reasonable changes as Tenant may reasonably request. Tenant hereby appoints such mortgagee request (from time to time) as Tenant's attorney-in-fact to execute such subordination upon default of Tenant in complying with such mortgagee's (from time to time) request“SNDA”). In the event that any mortgagee or its respective successor in title shall succeed to the interest of Landlord, then, this Lease shall nevertheless continue in full force and effect and, provided Tenant has received the non-disturbance agreement required under this Section 8.15, and Tenant shall and does hereby agree to attorn to such mortgagee or successor and to recognize such mortgagee or successor as its landlord. If any holder of a mortgage which includes the Premises, executed and recorded prior to the date of this Lease, shall so elect, this Lease and the rights of Tenant hereunder, shall be superior in right to the rights of such holder, with the same force and effect as if this Lease had been executed, delivered and recorded, or a statutory notice hereof recorded, prior to the execution, delivery and recording of any such mortgage. The election of any such holder shall become effective upon either notice from such holder to Tenant in the same fashion as notices from Landlord to Tenant are to be given hereunder or by the recording in the appropriate registry or recorder's ’s office of an instrument in which such holder subordinates its rights under such mortgage to this Lease. Landlord shall obtain and deliver to Tenant, as a condition of the effectiveness of this Lease, a non-disturbance agreement from the current mortgagee of the Premises and/or the Complex hereby represents that as of the date of this Lease, which said non-disturbance agreement shall be in the form attached hereto as Exhibit M (as the same may be modified by such changes as Tenant may request and such mortgagee may approve). Landlord represents and warrants to Tenant that Landlord there is the fee simple owner of the Complex and, as of the date hereof, the Complex is not subject to any no mortgage or ground lease or xxxxxxxxxcurrently encumbering the Building.
Appears in 1 contract
Rights of Mortgagee. This Lease shall be subject and subordinate to any mortgage now or hereafter on the Site, Site or the BuildingsBuilding, or the Complexboth, and to each advance made or hereafter to be made under any mortgage, and to all renewals, modifications, consolidations, replacements and extensions thereof and all substitutions therefor therefore, provided, however, that in consideration of and as a condition precedent to Tenant's ’s agreement to subordinate this Lease with respect to mortgages hereafter placed on the Site shall be the receipt by Tenant of a commercially reasonable non-disturbance agreement from and wherein the applicable mortgagee expressly recognizes the rights of Tenant under this Lease (including the right to use and occupy the Premises and to lease additional premises at the ComplexBuilding) upon the payment of rent and other charges payable by Tenant under this Lease and the performance by Tenant of Tenant's ’s obligations hereunder. In confirmation of such subordination and recognition, Tenant shall execute and deliver promptly such instruments of subordination and recognition (an “SNDA”) as such mortgagee may reasonably request subject to receipt of such instruments of recognition from such mortgagee as Tenant may reasonably request. Tenant hereby appoints The SNDA shall be in the customary form required by such mortgagee (from time to time) as Tenant's attorney-in-fact to execute amended by such subordination upon default of commercially reasonable changes as Tenant in complying with such mortgagee's (from time to time) requestmay reasonably require. In the event that any mortgagee or its respective successor in title shall succeed to the interest of Landlord, then, this Lease shall nevertheless continue in full force and effect and, provided Tenant has received the non-disturbance agreement required under this Section 8.15, and Tenant shall and does hereby agree to attorn to such mortgagee or successor and to recognize such mortgagee or successor as its landlord. If any holder of a mortgage which includes the Premises, executed and recorded prior to the date of this Lease, shall so elect, this Lease and the rights of Tenant hereunder, shall be superior in right to the rights of such holder, with the same force and effect as if this Lease had been executed, delivered and recorded, or a statutory notice hereof recorded, prior to the execution, delivery and recording of any such mortgage. The election of any such holder shall become effective upon either notice from such holder to Tenant in the same fashion as notices from Landlord to Tenant are to be given hereunder or by the recording in the appropriate registry or recorder's ’s office of an instrument in which such holder subordinates its rights under such mortgage to this Lease. Landlord shall obtain and deliver to Tenant, as a condition of the effectiveness of this Lease, a non-disturbance agreement from the current mortgagee of the Premises and/or the Complex hereby represents that as of the date of this Lease, which said non-disturbance agreement shall be in the form attached hereto as Exhibit M (as the same may be modified by such changes as Tenant may request and such mortgagee may approve). Landlord represents and warrants to Tenant that Landlord there is the fee simple owner of the Complex and, as of the date hereof, the Complex is not subject to any no mortgage or ground lease currently encumbering the Building or xxxxxxxxxthe Site.
Appears in 1 contract
Samples: Lease Agreement (Phase Forward Inc)
Rights of Mortgagee. This Lease shall be subject and subordinate to any mortgage now or hereafter on the Site, Site or the BuildingsBuilding, or the Complexboth, and to each advance made or hereafter to be made under any mortgage, and to all renewals, modifications, consolidations, replacements and extensions thereof and all substitutions therefor provided, however, provided that in consideration the holder of and as a condition precedent such mortgage agrees to Tenant's agreement to subordinate this Lease with respect to mortgages hereafter placed on the Site shall be the receipt of a commercially reasonable non-disturbance agreement from and wherein the applicable mortgagee expressly recognizes recognize the rights of Tenant under this Lease (including the right to use and occupy the Premises and to lease additional premises at the ComplexPremises) upon the payment of rent and other charges payable by Tenant under this Lease and the performance by Tenant of Tenant's ’s obligations hereunder. In confirmation of such subordination and recognition, Tenant shall execute and deliver promptly such instruments of subordination and recognition as such mortgagee may reasonably request subject to receipt of such instruments of recognition from such mortgagee as Tenant may reasonably request. request (Tenant hereby appoints such agreeing to pay any legal or other fees charged by the mortgagee (from time to time) as Tenant's attorney-in-fact to execute such subordination upon default of Tenant in complying connection with such mortgagee's (from time to time) requestproviding the same). In the event that any mortgagee or its respective successor in title shall succeed to the interest of Landlord, then, this Lease shall nevertheless continue in full force and effect and, provided Tenant has received the non-disturbance agreement required under this Section 8.15, and Tenant shall and does hereby agree to attorn to such mortgagee or successor and to recognize such mortgagee or successor as its landlord. If any holder of a mortgage which includes the Premises, executed and recorded prior to the date of this Lease, shall so elect, this Lease and the rights of Tenant hereunder, shall be superior in right to the rights of such holder, with the same force and effect as if this Lease had been executed, delivered and recorded, or a statutory notice hereof recorded, prior to the execution, delivery and recording of any such mortgage. The election of any such holder shall become effective upon either notice from such holder to Tenant in the same fashion as notices from Landlord to Tenant are to be given hereunder or by the recording in the appropriate registry or recorder's ’s office of an instrument in which such holder subordinates its rights under such mortgage to this Lease. Landlord shall obtain and deliver to Tenant, as a condition of the effectiveness of this Lease, a non-disturbance agreement from the current mortgagee of the Premises and/or the Complex as of the date of this Lease, which said non-disturbance agreement shall be in the form attached hereto as Exhibit M (as the same may be modified by such changes as Tenant may request and such mortgagee may approve). Landlord hereby represents and warrants to Tenant that Landlord there is no mortgage currently affecting the fee simple owner of Building or the Complex and, as of the date hereof, the Complex is not subject to any ground lease or xxxxxxxxxSite.
Appears in 1 contract
Rights of Mortgagee. Section 12.1 In the event of any act or omission by the Landlord which would give the Tenant the right to terminate this Lease, the Tenant shall not exercise such right until: (a) it shall have given written notice, by certified mail, of such act or omission to the holder of any deed of trust or mortgage encumbering the Premises whose name and address shall have been furnished to the Tenant in writing, at the last address so furnished, and (b) a reasonable period of time for remedying such act or omission shall have elapsed following the giving of such notice, provided that following the giving of such notice, the Landlord or said holder shall, with reasonable diligence, have commenced and continued to remedy such act or omission or to cause the same to be remedied.
Section 12.2 This Lease and all rights of Tenant hereunder shall be and are subject and subordinate at all times to any mortgage deeds of trust, mortgages, as well as to any ground leases or primary leases, that now or hereafter on cover all or any part of the SiteBuilding, the Buildings, Land or the Complexan interest of Landlord therein, and to each advance any and all advances made or hereafter to be made under any mortgageon the security thereof, and to any and all increases, renewals, modifications, consolidations, replacements and extensions thereof of any of such deeds of trust, mortgages installment sale agreements, instruments, encumbrances or leases, as well as any substitutions therefor, all automatically and all substitutions therefor providedwithout the necessity of any further action on the part of Tenant to effectuate such subordination. Tenant shall, however, upon demand at any time or times execute, acknowledge and deliver to Landlord any and all instruments and certificates that in consideration the reasonable judgment of Landlord may be necessary or proper to confirm or evidence such subordination. Notwithstanding the foregoing, if any mortgagee, trust beneficiary or ground lessor shall elect to have this Lease treated as if it became effective and as a condition precedent Tenant had taken possession prior to the lien of its mortgage or deed of trust or prior to its ground lease, and shall give notice thereof to Tenant's agreement to subordinate , this Lease with respect to mortgages hereafter placed on the Site shall be the receipt deemed to have become effective and Tenant's right to possession shall be considered prior to such mortgage, deed of a commercially reasonable non-disturbance agreement from and wherein the applicable mortgagee expressly recognizes the rights of Tenant under trust, or prior to its ground lease whether this Lease (including is dated prior or subsequent to the right to use and occupy date of said mortgage, deed of trust or ground lease or the Premises and to lease additional premises at the Complex) upon the payment date of rent and other charges payable by Tenant under this Lease and the performance by Tenant of Tenant's obligations hereunder. In confirmation of such subordination and recognition, Tenant shall execute and deliver promptly such instruments of subordination and recognition as such mortgagee may reasonably request subject to receipt of such instruments of recognition from such mortgagee as Tenant may reasonably request. Tenant hereby appoints such mortgagee (from time to time) as Tenant's attorney-in-fact to execute such subordination upon default of Tenant in complying with such mortgagee's (from time to time) requestrecording thereof. In the event that any mortgage or deed of trust which is subordinate to this Lease is foreclosed or a deed in lieu of foreclosure is given to the mortgagee or its respective successor in title shall succeed to the interest of Landlord, then, this Lease shall nevertheless continue in full force and effect and, provided Tenant has received the non-disturbance agreement required under this Section 8.15beneficiary, Tenant shall and does hereby agree to attorn to such mortgagee the purchaser at the foreclosure sale or successor and to recognize such mortgagee or successor as its landlord. If any holder of a mortgage which includes the Premises, executed and recorded prior to the date grantee under the deed in lieu of this Lease, shall so elect, foreclosure; in the event any ground lease to which this Lease and the rights of is subordinate is terminated, Tenant hereunder, shall be superior in right attorn to the rights of such holderground lessor. Tenant shall upon demand at any time execute, with the same force and effect as if this Lease had been executed, delivered and recorded, or a statutory notice hereof recorded, prior to the execution, delivery and recording of any such mortgage. The election of any such holder shall become effective upon either notice from such holder to Tenant in the same fashion as notices from Landlord to Tenant are to be given hereunder or by the recording in the appropriate registry or recorder's office of an instrument in which such holder subordinates its rights under such mortgage to this Lease. Landlord shall obtain acknowledge and deliver to Tenant, as a condition Landlord's mortgagee (including the beneficiary under any deed of trust) or other holder any and all instruments and certificates that in the judgment of Landlord's mortgage may be necessary or proper to confirm or evidence any of the effectiveness of this Lease, a non-disturbance agreement from the current mortgagee of the Premises and/or the Complex as of the date of this Lease, which said non-disturbance agreement shall be in the form attached hereto as Exhibit M (as the same may be modified by such changes as Tenant may request and such mortgagee may approve). Landlord represents and warrants to Tenant that Landlord is the fee simple owner of the Complex and, as of the date hereof, the Complex is not subject to any ground lease or xxxxxxxxxforegoing.
Appears in 1 contract
Samples: Lease Agreement (Koala Corp /Co/)
Rights of Mortgagee. This Lease shall be subject and subordinate to any mortgage now or hereafter on the Site, Site or the BuildingsBuilding, or the Complexboth, and to each advance made or hereafter to be made under any mortgage, and to all renewals, modifications, consolidations, replacements and extensions thereof and all substitutions therefor provided, however, provided that in consideration the holder of and as a condition precedent such mortgage agrees to Tenant's agreement to subordinate this Lease with respect to mortgages hereafter placed on the Site shall be the receipt of a commercially reasonable non-disturbance agreement from and wherein the applicable mortgagee expressly recognizes recognize the rights of Tenant under this Lease (including including, without limitation, the right to use and occupy the Premises and to lease additional premises at the ComplexPremises) upon the payment of rent and other charges payable by Tenant under this Lease and the performance by Tenant of Tenant's ’s obligations hereunderhereunder as provided in a commercially reasonable form. In confirmation of such subordination and recognition, Tenant shall execute and deliver promptly such instruments of subordination and recognition as such mortgagee may reasonably request subject to receipt of such instruments of recognition from such mortgagee as Tenant may reasonably request. Tenant hereby appoints such mortgagee (from time to time) as Tenant's attorney-in-fact to execute such subordination upon default of Tenant in complying with such mortgagee's (from time to time) request. In the event that any mortgagee or its respective successor in title shall succeed to the interest of Landlord, then, this Lease shall nevertheless continue in full force and effect and, provided Tenant has received the non-disturbance agreement required under this Section 8.15, and Tenant shall and does hereby agree to attorn to such mortgagee or successor and to recognize such mortgagee or successor as its landlord. If any holder of a mortgage which includes the Premises, executed and recorded prior to the date of this Lease, shall so elect, this Lease and the rights of Tenant hereunder, shall be superior in right to the rights of such holder, with the same force and effect as if this Lease had been executed, delivered and recorded, or a statutory notice hereof recorded, prior to the execution, delivery and recording of any such mortgage. The election of any such holder shall become effective upon either notice from such holder to Tenant in the same fashion as notices from Landlord to Tenant are to be given hereunder or by the recording in the appropriate registry or recorder's ’s office of an instrument in which such holder subordinates its rights under such mortgage to this Lease. Landlord If in connection with obtaining financing a bank, insurance company, pension trust or other institutional lender shall obtain and deliver to Tenant, request reasonable modifications in this Lease as a condition to such financing, Tenant will not unreasonably withhold, delay or condition its consent thereto, provided that such modifications do not increase the monetary obligations of Tenant hereunder or materially adversely affect the effectiveness of this Lease, a non-disturbance agreement from the current mortgagee of the Premises and/or the Complex as of the date of this Lease, which said non-disturbance agreement shall be in the form attached hereto as Exhibit M (as the same may be modified by such changes as Tenant may request and such mortgagee may approve). Landlord represents and warrants to Tenant that Landlord is the fee simple owner of the Complex and, as of the date hereof, the Complex is not subject to any ground lease or xxxxxxxxxleasehold interest hereby created.
Appears in 1 contract
Rights of Mortgagee. This Landlord hereby represents to Tenant that the only mortgage encumbering the Property as of the date of this Lease is held by Cambridge Savings Bank. Landlord hereby agrees to provide to Tenant a Subordination Non-Disturbance Agreement (as defined below) from Cambridge Savings Bank with respect to this Lease Any mortgage or other voluntary lien or other encumbrance recorded subsequent to the recording of the notice of this Lease shall be subject and subordinate to this Lease unless Landlord and the holder of any such subsequent mortgage now or hereafter on and the Site, the Buildings, or the Complex, and holders of all mortgages prior to each advance made or hereafter to be made under any mortgage, and to all renewals, modifications, consolidations, replacements and extensions thereof and all substitutions therefor provided, however, that in consideration of and as a condition precedent to Tenant's agreement such subsequent mortgage elect to subordinate this Lease to such subsequent mortgage and to any and all advances thereafter made thereunder and to the interest of the holder thereof in the Premises, such election to be exercisable by Landlord and all such holders by filing with respect the appropriate recording office (a) a notice of such election and (b) an agreement (“Subordination Non-Disturbance Agreement”) between the holder of such subsequent mortgage and Tenant, consented to by holders of all mortgages hereafter placed on having priority over such subsequent mortgage, by the Site shall be the receipt terms of a commercially reasonable non-disturbance agreement from and wherein the applicable mortgagee expressly recognizes which such holder will agree to recognize the rights of Tenant under this Lease (including the right and to use and occupy accept Tenant as tenant of the Premises under the terms and to lease additional premises at the Complex) upon the payment conditions of rent and other charges payable by Tenant under this Lease in the event of acquisition of title by such holder through foreclosure proceedings or otherwise and Tenant will agree to recognize the performance by Tenant of Tenant's obligations hereunder. In confirmation holder of such subordination subsequent mortgage as Landlord in such event, which agreement shall be made expressly to bind and recognition, inure to the benefit of the successors and assigns of Tenant shall and of such holder and upon anyone purchasing said Premises at any foreclosure sale brought by such holder. Tenant and Landlord agree to execute and deliver promptly any appropriate instruments necessary to carry out the agreements contained in this Section 14.15. Any such instruments of subordination subsequent mortgage to which this Lease is subordinated may contain such terms, provisions and recognition conditions as such mortgagee may reasonably request subject the holder deems usual or customary. Subject to receipt of such instruments of recognition from such mortgagee as Tenant may reasonably request. Tenant hereby appoints such mortgagee (from time to time) as Tenant's attorney-in-fact to execute such subordination upon default of Tenant the forgoing, in complying with such mortgagee's (from time to time) request. In the event that any mortgagee or its respective successor in title shall succeed to the interest of Landlord, then, then this Lease shall nevertheless continue in full force and effect and, provided Tenant has received the non-disturbance agreement required under this Section 8.15, and Tenant shall and does hereby agree to attorn to such mortgagee or successor and to recognize such mortgagee or successor as its landlord. If any holder of a mortgage which includes the Premises, executed and recorded prior to the date of this Lease, shall so elect, this Lease and the rights of Tenant hereunder, shall be superior in right to the rights of such holder, with the same force and effect as if this Lease had been executed, delivered and recorded, or a statutory notice hereof recorded, prior to the execution, delivery and recording of any such mortgage. The election of any such holder shall become effective upon either notice from such holder to Tenant in the same fashion as notices from Landlord to Tenant are to be given hereunder or by the recording in the appropriate registry or recorder's office of an instrument in which such holder subordinates its rights under such mortgage to this Lease. Landlord shall obtain and deliver to Tenant, as a condition of the effectiveness of this Lease, a non-disturbance agreement from the current mortgagee of the Premises and/or the Complex as of the date of this Lease, which said non-disturbance agreement shall be in the form attached hereto as Exhibit M (as the same may be modified by such changes as Tenant may request and such mortgagee may approve). Landlord represents and warrants to Tenant that Landlord is the fee simple owner of the Complex and, as of the date hereof, the Complex is not subject to any ground lease or xxxxxxxxxLandlord.
Appears in 1 contract
Rights of Mortgagee. This Lease shall be subject and subordinate to any mortgage now or hereafter on the Site, Site or the BuildingsBuilding, or the Complexboth, and to each advance made or hereafter to be made under any mortgage, and to all renewals, modifications, consolidations, replacements and extensions thereof and all substitutions therefor provided, however, provided that in consideration the holder of and as a condition precedent such mortgage agrees to Tenant's agreement to subordinate this Lease with respect to mortgages hereafter placed on the Site shall be the receipt of a commercially reasonable non-disturbance agreement from and wherein the applicable mortgagee expressly recognizes recognize the rights of Tenant under this Lease (including the right to use and occupy the Premises and to lease additional premises at the ComplexPremises) upon the payment of rent and other charges payable by Tenant under this Lease and the performance by Tenant of Tenant's ’s obligations hereunderhereunder in which event Tenant shall agree to attorn to such holder and its successors as landlord. In confirmation of such subordination and recognition, Tenant shall execute and deliver promptly such instruments of subordination and recognition as such mortgagee may reasonably request subject to receipt of such instruments of recognition from such mortgagee as Tenant may reasonably requestrequest (Tenant hereby agreeing to pay any legal or other fees charged by the mortgagee in connection with providing the same). Tenant hereby appoints such mortgagee (from time to time) as Tenant's ’s attorney-in-fact to execute such subordination upon default of Tenant in complying with such mortgagee's ’s (from time to time) request. In the event that any mortgagee or its respective successor in title shall succeed to the interest of Landlord, then, this Lease shall nevertheless continue in full force and effect and, provided Tenant has received the non-disturbance agreement required under this Section 8.15, and Tenant shall and does hereby agree to attorn to such mortgagee or successor and to recognize such mortgagee or successor as its landlord. If any holder of a mortgage which includes the Premises, executed and recorded prior to the date of this Lease, shall so elect, this Lease and the rights of Tenant hereunder, shall be superior in right to the rights of such holder, with the same force and effect as if this Lease had been executed, delivered and recorded, or a statutory notice hereof recorded, prior to the execution, delivery and recording of any such mortgage. The election of any such holder shall become effective upon either notice from such holder to Tenant in the same fashion as notices from Landlord to Tenant are to be given hereunder or by the recording in the appropriate registry or recorder's ’s office of an instrument in which such holder subordinates its rights under such mortgage to this Lease. Landlord If in connection with obtaining financing a bank, insurance company, pension trust or other institutional lender shall obtain and deliver to Tenant, request reasonable modifications in this Lease as a condition to such financing, Tenant will not unreasonably withhold, delay or condition its consent thereto, provided that such modifications do not increase the monetary obligations of Tenant hereunder or materially adversely affect the effectiveness of this Lease, a non-disturbance agreement from the current mortgagee of the Premises and/or the Complex as of the date of this Lease, which said non-disturbance agreement shall be in the form attached hereto as Exhibit M (as the same may be modified by such changes as Tenant may request and such mortgagee may approve). Landlord represents and warrants to Tenant that Landlord is the fee simple owner of the Complex and, as of the date hereof, the Complex is not subject to any ground lease or xxxxxxxxxleasehold interest hereby created.
Appears in 1 contract
Rights of Mortgagee. This Lease shall be subject and subordinate to any mortgage now or hereafter on the Site, Site or the BuildingsBuilding, or the Complexboth, and to each advance made or hereafter to be made under any mortgage, and to all renewals, modifications, consolidations, replacements and extensions thereof and all substitutions therefor providedtherefor, however, provided that in consideration the holder of and as a condition precedent such mortgage agrees to Tenant's agreement to subordinate this Lease with respect to mortgages hereafter placed on the Site shall be the receipt of a commercially reasonable non-disturbance agreement from and wherein the applicable mortgagee expressly recognizes recognize the rights of Tenant under this Lease (including the right to use and occupy the Premises and to lease additional premises at the ComplexPremises) upon the payment of rent and other charges payable by Tenant under this Lease and the performance by Tenant of Tenant's ’s obligations hereunder. In confirmation of such subordination and recognition, Tenant shall execute and deliver promptly such instruments of subordination and recognition (an “SNDA”) as such mortgagee may reasonably request subject to receipt of such instruments of recognition from such mortgagee as Tenant may reasonably requestrequest (Tenant hereby agreeing to pay any legal or other fees charged by the mortgagee in connection with providing the same). The SNDA shall be in the customary form required by such mortgagee as amended by such commercially reasonable changes as Tenant may reasonably require. Tenant hereby appoints such mortgagee (from time to time) as Tenant's ’s attorney-in-fact to execute such subordination upon default of Tenant in complying with such mortgagee's ’s (from time to time) request. In the event that any mortgagee or its respective successor in title shall succeed to the interest of Landlord, then, this Lease shall nevertheless continue in full force and effect and, provided Tenant has received the non-disturbance agreement required under this Section 8.15, and Tenant shall and does hereby agree to attorn to such mortgagee or successor and to recognize such mortgagee or successor as its landlord. If any holder of a mortgage which includes the Premises, executed and recorded prior to the date of this Lease, shall so elect, this Lease and the rights of Tenant hereunder, shall be superior in right to the rights of such holder, with the same force and effect as if this Lease had been executed, delivered and recorded, or a statutory notice hereof recorded, prior to the execution, delivery and recording of any such mortgage. The election of any such holder shall become effective upon either notice from such holder to Tenant in the same fashion as notices from Landlord to Tenant are to be given hereunder or by the recording in the appropriate registry or recorder's ’s office of an instrument in which such holder subordinates its rights under such mortgage to this Lease. Landlord shall obtain and deliver to Tenant, as a condition of the effectiveness of this Lease, a non-disturbance agreement from the current mortgagee of the Premises and/or the Complex hereby represents that as of the date of this Lease, which said non-disturbance agreement shall be in the form attached hereto as Exhibit M (as the same may be modified by such changes as Tenant may request and such mortgagee may approve). Landlord represents and warrants to Tenant that Landlord there is the fee simple owner of the Complex and, as of the date hereof, the Complex is not subject to any no mortgage or ground lease currently encumbering the Building or xxxxxxxxxthe Property. If in connection with obtaining financing a bank, insurance company, pension trust or other institutional lender shall request reasonable modifications in this Lease as a condition to such financing, Tenant will not unreasonably withhold, delay or condition its consent thereto, provided that such modifications do not increase the monetary obligations of Tenant hereunder or materially adversely affect the leasehold interest hereby created.
Appears in 1 contract
Rights of Mortgagee. This Lease shall be subject and subordinate to any mortgage now or hereafter on the Site, Site or the BuildingsBuilding, or the Complexboth, and to each advance made or hereafter to be made under any mortgage, and to all renewals, modifications, consolidations, replacements and extensions thereof and all substitutions therefor provided, however, provided that in consideration the holder of and as a condition precedent such mortgage agrees to Tenant's agreement to subordinate this Lease with respect to mortgages hereafter placed on the Site shall be the receipt of a commercially reasonable non-disturbance agreement from and wherein the applicable mortgagee expressly recognizes recognize the rights of Tenant under this Lease (including the right to use and occupy the Premises and to lease additional premises at the ComplexPremises) upon the payment of rent and other charges payable by Tenant under this Lease and the performance by Tenant of Tenant's obligations hereunder. In confirmation of such subordination and recognition, Tenant shall execute and deliver promptly such instruments of subordination and recognition as such mortgagee may reasonably request subject to receipt of such instruments of recognition from such mortgagee as Tenant may reasonably request. Tenant hereby appoints such Landlord agrees to use reasonable efforts to obtain a subordination, non-disturbance and attornment agreement from the current mortgagee (from time to time) as Tenant's attorney-in-fact to execute such subordination upon default of Tenant in complying with such mortgagee's (from time to time) requestthe Site. In the event that any mortgagee or its respective successor in title shall succeed to the interest of Landlord, then, this Lease shall nevertheless continue in full force and effect and, provided Tenant has received the non-disturbance agreement required under this Section 8.15, and Tenant shall and does hereby agree to attorn to such mortgagee or successor and to recognize such mortgagee or successor as its landlordlandlord provided that such mortgagee or successor agrees to recognize the rights of Tenant under this Lease (including the right to use and occupy the Premises) upon the payment of rent and other charges payable by Tenant under this Lease and the performance by Tenant of Tenant's obligations hereunder. If any holder of a mortgage which includes the Premises, executed and recorded prior to the date of this Lease, shall so elect, this Lease and the rights of Tenant hereunder, shall be superior in right to the rights of such holder, with the same force and effect as if this Lease had been executed, delivered and recorded, or a statutory notice Notice hereof recorded, prior to the execution, delivery and recording of any such mortgage. The election of any such holder shall become effective upon either notice from such holder to Tenant in the same fashion as notices from Landlord to Tenant are to be given hereunder or by the recording in the appropriate registry or recorder's office of an instrument in which such holder subordinates its rights under such mortgage to this Lease. Landlord If in connection with obtaining financing a bank, insurance company, pension trust or other institutional lender shall obtain and deliver to Tenant, request reasonable modifications in this Lease as a condition to such financing, Tenant will not unreasonably withhold, delay or condition its consent thereto, provided that such modifications do not increase the monetary obligations of Tenant hereunder or materially adversely affect the effectiveness of this Lease, a non-disturbance agreement from the current mortgagee of the Premises and/or the Complex as of the date of this Lease, which said non-disturbance agreement shall be in the form attached hereto as Exhibit M (as the same may be modified by such changes as Tenant may request and such mortgagee may approve). Landlord represents and warrants to Tenant that Landlord is the fee simple owner of the Complex and, as of the date hereof, the Complex is not subject to any ground lease or xxxxxxxxxleasehold interest hereby created.
Appears in 1 contract
Samples: Lease Agreement (Netegrity Inc)
Rights of Mortgagee. Landlord hereby represents that there is no mortgage currently encumbering the Building. This Lease shall be subject and subordinate to any mortgage now or hereafter on the Site, the BuildingsBuilding, or the Complex, and to each advance made or hereafter to be made under any mortgagepart thereof, and to all renewals, modifications, consolidations, replacements and extensions thereof and all substitutions therefor providedtherefor, howeverprovided that, unless such mortgage provides by its terms that it is subordinate to this Lease, Landlord shall cause the holder of such mortgage to agree, by a written instrument in consideration the customary form of and as a condition precedent to Tenant's agreement to subordinate this Lease such mortgagee, with respect to mortgages hereafter placed on the Site shall be the receipt of a such commercially reasonable non-disturbance agreement from changes as Tenant and wherein such mortgagee agree upon, to recognize the applicable mortgagee expressly recognizes the rights right of Tenant under this Lease (including the right to use and occupy the Premises and to lease additional premises at the Complex) upon the payment of rent and other charges payable by Tenant under this Lease and the performance by Tenant of Tenant's ’s obligations hereunder. In confirmation of such subordination and recognition, Tenant shall execute and deliver promptly such instruments of subordination and recognition as such mortgagee may reasonably request request, subject to receipt of such instruments of recognition from the delivery by such mortgagee as Tenant may reasonably request. Tenant hereby appoints such mortgagee (from time to time) as Tenant's attorney-in-fact to execute such subordination upon default of Tenant the recognition agreement described in complying with such mortgagee's (from time to time) requestthe immediately preceding sentence. In the event that any mortgagee or its respective successor in title shall succeed to the interest of Landlord, then, then this Lease shall nevertheless continue in full force and effect and, provided Tenant has received the non-disturbance agreement required under this Section 8.15, and Tenant shall and does hereby agree to attorn to such mortgagee or successor and to recognize such mortgagee or successor as its landlord. If any holder of a mortgage which includes the Premises, executed and recorded prior to the date Date of this Lease, shall so elect, this Lease Lease, and the rights of Tenant hereunder, shall be superior in right to the rights of such holder, with the same force and effect as if this Lease had been executed, delivered and recorded, or a statutory notice Notice hereof recorded, prior to the execution, delivery and recording of any such mortgage. The election of any such holder shall become effective upon either notice from such holder to Tenant in the same fashion as notices from Landlord to Tenant are to be given hereunder or by the recording in the appropriate registry or recorder's ’s office of an instrument in which such holder subordinates its rights under such mortgage to this Lease. Landlord shall obtain and deliver to Tenant, as a condition of the effectiveness of this Lease, a non-disturbance agreement from the current mortgagee of the Premises and/or the Complex as of the date of this Lease, which said non-disturbance agreement shall be in the form attached hereto as Exhibit M (as the same may be modified by such changes as Tenant may request and such mortgagee may approve). Landlord represents and warrants to Tenant that Landlord is the fee simple owner of the Complex and, as of the date hereof, the Complex is not subject to any ground lease or xxxxxxxxx.
Appears in 1 contract
Rights of Mortgagee. This Tenant accepts this Lease shall be subject and subordinate to any mortgage now recorded mortgage, deed of trust or hereafter on other lien presently existing upon the Site, the Buildings, or the Complex, Leased Premises. Landlord is hereby irrevocably vested with full power and authority to each advance made or hereafter subordinate Tenant's interest under this Lease to be made under any mortgage, and to all renewals, modifications, consolidations, replacements and extensions thereof and all substitutions therefor provided, however, that in consideration deed of and as a condition precedent to Tenant's agreement to subordinate this Lease with respect to mortgages trust or other lien hereafter placed on the Site shall be Leased Premises, and Tenant agrees upon demand to execute such additional instruments subordinating this Lease as Landlord or the receipt holder of a commercially reasonable non-disturbance agreement from and wherein any such mortgage, deed of trust, or lien may require. If the applicable mortgagee expressly recognizes the rights interests of Tenant Landlord under this Lease (including shall be transferred by reason of foreclosure or other proceedings for enforcement of any mortgage on the right to use and occupy the Premises and to lease additional premises at the Complex) upon the payment of rent and other charges payable by Tenant under this Lease and the performance by Tenant of Tenant's obligations hereunder. In confirmation of such subordination and recognitionLeased Premises, Tenant shall execute and deliver promptly such instruments of subordination and recognition as such mortgagee may reasonably request subject to receipt of such instruments of recognition from such mortgagee as Tenant may reasonably request. Tenant hereby appoints such mortgagee (from time to time) as Tenant's attorney-in-fact to execute such subordination upon default of Tenant in complying with such mortgagee's (from time to time) request. In the event that any mortgagee or its respective successor in title shall succeed be bound to the interest transferee (sometimes called the "Purchaser") under the terms and conditions of Landlord, then, this Lease shall nevertheless continue in full force and effect andfor the balance of the remaining Lease term, provided Tenant has received the non-disturbance agreement required under this Section 8.15, Tenant shall and does hereby agree to attorn to such mortgagee including any extensions or successor and to recognize such mortgagee or successor as its landlord. If any holder of a mortgage which includes the Premises, executed and recorded prior to the date of this Lease, shall so elect, this Lease and the rights of Tenant hereunder, shall be superior in right to the rights of such holderrenewals, with the same force and effect as if this Lease had been executed, delivered and recorded, or a statutory notice hereof recorded, prior to the execution, delivery and recording of any such mortgage. The election of any such holder shall become effective upon either notice from such holder to Tenant in the same fashion as notices from Purchaser were Landlord to Tenant are to be given hereunder or by the recording in the appropriate registry or recorder's office of an instrument in which such holder subordinates its rights under such mortgage to this Lease. Landlord shall obtain and deliver Tenant further agrees to Tenantattorn to the Purchaser, including the mortgagee under any such mortgage if it be the Purchaser, as a condition its Landlord. Such attornment shall be effective without the execution of any further instruments upon the Purchaser succeeding to the interest of Landlord under this Lease. The respective rights and obligations of Tenant and the Purchaser upon the attornment, to the extent of the effectiveness then remaining balance of the term of this Lease, and any extensions and renewals, shall be and are the same as those set forth in this Lease. Each such holder of any mortgage, deed of trust, or lien, and each such Purchaser, shall be a nonthird-disturbance agreement from the current mortgagee party beneficiary of the Premises and/or the Complex as of the date provisions of this Lease, which said non-disturbance agreement shall be in the form attached hereto as Exhibit M (as the same may be modified by such changes as Tenant may request and such mortgagee may approve). Landlord represents and warrants to Tenant that Landlord is the fee simple owner of the Complex and, as of the date hereof, the Complex is not subject to any ground lease or xxxxxxxxxArticle.
Appears in 1 contract
Rights of Mortgagee. Landlord represents and warrants that there is no mortgage which encumbers the Property at the time of execution hereof. If the configuration of the Lot is changed at any time, Landlord shall obtain and record a partial release of any mortgage encumbering property added to the Lot. This Lease shall be subject and subordinate to any mortgage now or hereafter on the Site, Lot or the BuildingsBuilding, or the Complex, and to each advance made or hereafter to be made under any mortgageboth, and to all renewals, modifications, consolidations, replacements and extensions thereof and all substitutions therefor providedtherefor, howeverprovided that the holder of such mortgage agrees, that by a written commercially reasonably instrument reasonably acceptable to Tenant in consideration of and as a condition precedent recordable form, to Tenant's agreement to subordinate recognize this Lease with respect to mortgages hereafter placed on and the Site shall be the receipt of a commercially reasonable non-disturbance agreement from and wherein the applicable mortgagee expressly recognizes the rights right of Tenant under this Lease (including the right to use and occupy the Premises and those portions of the Common Areas of Parcel 2 of the Development Area to lease additional premises at which Tenant is granted rights under this Lease (Landlord further agreeing to use commercially reasonable best efforts to cause such holder to agree to be bound by the Complex) provisions of Article IV above regarding the construction of Landlord’s Work, provided that Landlord’s failure to do so shall in no way affect the validity of this Section 16.12 so long as Landlord has used such commercially reasonable best efforts as aforesaid), without interruption or disturbance from such mortgagee or persons claiming by, through or under such mortgagee, upon the payment of rent and other charges payable by Tenant under Tenaxx xxxer this Lease and the performance by Tenant of Tenaxx xx Tenant's ’s obligations hereunder. In confirmation of such subordination subordination, recognition and recognitionnon-disturbance, Tenant shall Tenaxx xxxll execute and deliver promptly to Tenant such recordable instruments of subordination and recognition that are commercially reasonable as such mortgagee may reasonably request and as are reasonably acceptable to Tenant, subject to Tenaxx’x receipt of such commercially reasonable instruments of recognition and non-disturbance from such mortgagee as Tenant may reasonably request. Tenant hereby appoints such mortgagee (from time to time) as Tenant's attorney-in-fact to execute such subordination upon default of Tenant in complying with such mortgagee's (from time to time) request. In the event that any mortgagee or its respective successor in title shall succeed to the interest of Landlord, then, then this Lease shall nevertheless continue in full force and effect and, provided Tenant has received the non-disturbance agreement required under this Section 8.15, and Tenant shall and does hereby agree to attorn to such mortgagee or successor and to recognize such mortgagee or successor as its landlord, provided that such mortgagee or successor gives written notice to Tenant in accordance with Section 16.9 and assumes all of Landlord’s obligations hereunder from and after the date of such succession (subject to the terms of the aforesaid instruments of subordination, recognition and non-disturbance). Upon Tenaxx’x receipt of such notice, Landlord and Tenant each acknowledge and agree that Tenant shall have no further liability to Landlord with respect to the time period from and after the date on which such mortgagee or successor in title shall succeed to Landxxxx’x interest hereunder or the date of such notice, if later. If any holder of a mortgage which includes the Premises, executed and recorded prior to the date Execution Date of this Lease, shall so elect, this Lease Lease, and the rights of Tenant hereunder, shall be superior in right to the rights of such holder, with the same force and effect as if this Lease had been executed, delivered and recorded, or a statutory notice Notice of Lease hereof recorded, prior to the execution, delivery and recording of any such mortgage. The election of any such holder shall become effective upon either notice from such holder to Tenant in the same fashion as notices from Landlord to Tenant are to be given hereunder or by the recording in the appropriate registry or recorder's ’s office of an instrument in which such holder subordinates its rights under such mortgage to this Lease. Landlord shall obtain and deliver to Tenant, as a condition of the effectiveness of this Lease, a non-disturbance agreement from the current mortgagee of the Premises and/or the Complex as of the date of this Lease, which said non-disturbance agreement shall be in the form attached hereto as Exhibit M (as the same may be modified by such changes as Tenant may request and such mortgagee may approve). Landlord hereby represents and warrants to Tenant that Landlord there is no mortgage encumbering the fee simple owner of Building or the Complex and, Lot as of the date hereof, the Complex is not subject to any ground lease or xxxxxxxxxof execution of this Lease.
Appears in 1 contract
Rights of Mortgagee. This Lease shall be subject and subordinate to any mortgage now or hereafter on the Site, the Buildings, Building (or the Complex, and to each advance made or hereafter to be made under any mortgagepart thereof), and to all renewals, modifications, consolidations, replacements and extensions thereof and all substitutions therefor providedtherefor, however, provided that in consideration of and as a condition precedent to Tenant's agreement to subordinate this Lease with respect to mortgages hereafter placed on the Site shall be the receipt case of a commercially reasonable non-disturbance agreement from and wherein future mortgage the applicable mortgagee expressly recognizes holder of such mortgage agrees to recognize the rights right of Tenant under this Lease (including the right to use and occupy the Premises and to lease additional premises at the Complex) upon the payment of rent and other charges payable by Tenant under this Lease Xxxxx and the performance by Tenant of Tenant's ’s obligations hereunder. In confirmation of such subordination and recognition, Tenant Xxxxxx shall execute and deliver promptly such instruments of subordination and recognition as such mortgagee may reasonably request request, subject to receipt of such instruments of recognition from such mortgagee as Tenant may reasonably request. request (Tenant hereby appoints agreeing to pay any legal or other fees charged by the mortgagee in connection with any such mortgagee (from time to time) as Tenant's attorney-in-fact to execute such subordination upon default of Tenant in complying with such mortgagee's (from time to time) requestinstruments so requested by Xxxxxx). In the event that any mortgagee or its respective successor in title shall succeed to the interest of Landlord, then, then this Lease shall nevertheless continue in full force and effect and, provided Tenant has received the non-disturbance agreement required under this Section 8.15, and Tenant shall and does hereby agree to attorn to such mortgagee or successor and to recognize such mortgagee or successor as its landlord. If any holder of a mortgage which includes the Premises, executed and recorded prior to the date Date of this Lease, shall so elect, this Lease Lease, and the rights of Tenant hereunder, shall be superior in right to the rights of such holder, with the same force and effect as if this Lease had been executed, delivered and recorded, or a statutory notice hereof recorded, prior to the execution, delivery and recording of any such mortgage. The election of any such holder shall become effective upon either notice from such holder to Tenant in the same fashion as notices from Landlord to Tenant are to be given hereunder or by the recording in the appropriate registry or recorder's ’s office of an instrument in which such holder subordinates its rights under such mortgage to this Lease. Landlord If in connection with obtaining financing a bank, insurance company, pension trust or other institutional lender shall obtain and deliver to Tenant, request reasonable modifications in this Lease as a condition to such financing, Tenant will not unreasonably withhold, delay or condition its consent thereto, provided that such modifications do not increase the monetary obligations of Tenant hereunder or materially adversely affect the effectiveness of this Lease, a non-disturbance agreement from the current mortgagee of the Premises and/or the Complex as of the date of this Lease, which said non-disturbance agreement shall be in the form attached hereto as Exhibit M (as the same may be modified by such changes as Tenant may request and such mortgagee may approve). Landlord represents and warrants to Tenant that Landlord is the fee simple owner of the Complex and, as of the date hereof, the Complex is not subject to any ground lease leasehold interest hereby created or xxxxxxxxxXxxxxx’s rights hereunder.
Appears in 1 contract
Rights of Mortgagee. This Lease shall be subject and subordinate to any mortgage now or hereafter on the Site, the Buildings, Building (or the Complex, and to each advance made or hereafter to be made under any mortgagepart thereof), and to all renewals, modifications, consolidations, replacements and extensions thereof and all substitutions therefor providedtherefor, however, provided that in consideration of and as a condition precedent to Tenant's agreement to subordinate this Lease with respect to mortgages hereafter placed on the Site shall be the receipt case of a commercially reasonable non-disturbance agreement from and wherein future mortgage the applicable mortgagee expressly recognizes holder of such mortgage agrees to recognize the rights right of Tenant under this Lease (including the right to use and occupy the Premises and to lease additional premises at the Complex) upon the payment of rent and other charges payable by Tenant under this Lease and the performance by Tenant of Tenant's ’s obligations hereunder. In confirmation of such subordination and recognition, Tenant shall execute and deliver promptly such instruments of subordination and recognition as such mortgagee may reasonably request request, subject to receipt of such instruments of recognition from such mortgagee as Tenant may reasonably request. request (Tenant hereby appoints such agreeing to pay any legal or other fees charged by the mortgagee (from time to time) as Tenant's attorney-in-fact to execute such subordination upon default of Tenant in complying connection with such mortgagee's (from time to time) requestproviding the same). In the event that any mortgagee or its respective successor in title shall succeed to the interest of Landlord, then, then this Lease shall nevertheless continue in full force and effect and, provided Tenant has received the non-disturbance agreement required under this Section 8.15, and Tenant shall and does hereby agree to attorn to such mortgagee or successor and to recognize such mortgagee or successor as its landlord. If any holder of a mortgage which includes the Premises, executed and recorded prior to the date Date of this Lease, shall so elect, this Lease Lease, and the rights of Tenant hereunder, shall be superior in right to the rights of such holder, with the same force and effect as if this Lease had been executed, delivered and recorded, or a statutory notice Notice hereof recorded, prior to the execution, delivery and recording of any such mortgage. The election of any such holder shall become effective upon either notice from such holder to Tenant in the same fashion as notices from Landlord to Tenant are to be given hereunder or by the recording in the appropriate registry or of recorder's ’s office of an instrument in which such holder subordinates its rights under such mortgage to this Lease. Landlord If in connection with obtaining financing a bank, insurance company, pension trust or other institutional lender shall obtain and deliver to Tenant, request reasonable modifications in this Lease as a condition to such financing, Tenant will not unreasonably withhold, delay or condition its consent thereto, provided that such modifications do not increase the monetary obligations of Tenant hereunder or materially adversely affect the effectiveness of this Lease, a non-disturbance agreement from the current mortgagee of the Premises and/or the Complex as of the date of this Lease, which said non-disturbance agreement shall be in the form attached hereto as Exhibit M (as the same may be modified by such changes as Tenant may request and such mortgagee may approve). Landlord represents and warrants to Tenant that Landlord is the fee simple owner of the Complex and, as of the date hereof, the Complex is not subject to any ground lease leasehold interest hereby created or xxxxxxxxxTenant’s rights hereunder.
Appears in 1 contract
Samples: Sublease (Flex Pharma, Inc.)
Rights of Mortgagee. This Lease shall be subject and subordinate to any ------------------- mortgage now or hereafter on the Site, Site or the BuildingsBuilding, or the Complex, and to each advance made or hereafter to be made under any mortgageboth, and to all renewals, modifications, consolidations, replacements and extensions thereof and all substitutions therefor providedtherefor, however, provided that in consideration the holder of and as a condition precedent such mortgage agrees to Tenant's agreement to subordinate this Lease with respect to mortgages hereafter placed on the Site shall be the receipt of a commercially reasonable non-disturbance agreement from and wherein the applicable mortgagee expressly recognizes recognize the rights of Tenant under this Lease (including the right to use and occupy the Premises and to lease additional premises at the Complex) upon the payment of rent Annual Fixed Rent, Additional Rent and all other charges payable by Tenant under this Lease and the performance by Tenant of Tenant's obligations hereunderhereunder in which event Tenant shall agree to attorn to such mortgage holder and its successors and assigns as its Landlord and to perform and observe all of the tenant obligations hereunder in the event such mortgagee (or its successors or assigns) succeeds to the interest of the Landlord under this Lease. In confirmation of such subordination and recognition, Tenant shall execute and deliver promptly such instruments of subordination and recognition as such mortgagee may reasonably request request, subject to receipt of such instruments of recognition from such mortgagee as Tenant may reasonably request. Tenant hereby appoints such mortgagee (from time to time) as Tenant's attorney-in-fact to execute such subordination upon default of Tenant in complying with such mortgagee's (from time to time) request. In the event that any mortgagee or its respective successor in title shall succeed to the interest of Landlord, then, then this Lease shall nevertheless continue in full force and effect and, provided Tenant has received the non-disturbance agreement required under this Section 8.15, and Tenant shall and does hereby agree to attorn to such mortgagee or successor and to recognize such mortgagee or successor as its landlord. If any holder of a mortgage which includes the Premises, executed and recorded prior to the date Date of this Lease, shall so elect, this Lease Lease, and the rights of Tenant hereunder, shall be superior in right to the rights of such holder, with the same force and effect as if this Lease had been executed, delivered and recorded, or a statutory notice hereof recorded, prior to the execution, delivery and recording of any such mortgage. The election of any such holder shall become effective upon either notice from such holder to Tenant in the same fashion as notices from Landlord to Tenant are to be given hereunder or by the recording in the appropriate registry or recorder's office of an instrument in which such holder subordinates its rights under such mortgage to this Lease. Landlord shall obtain and deliver to Tenant, as a condition of the effectiveness of this Lease, a non-disturbance agreement from the current mortgagee of the Premises and/or the Complex as of the date of this Lease, which said non-disturbance agreement shall be in the form attached hereto as Exhibit M (as the same may be modified by such changes as Tenant may request and such mortgagee may approve). Landlord represents and warrants to Tenant that Landlord is the fee simple owner of the Complex and, as of the date hereof, the Complex is not subject to any ground lease or xxxxxxxxx.
Appears in 1 contract
Samples: Sublease (On Technology Corp)
Rights of Mortgagee. This Lease shall be subject and subordinate to any mortgage now or hereafter on the Site, Premises (the Buildings, premises leased hereunder) or the Facilities or the Complex, and to each advance made made, or hereafter to be made made, under any mortgage, and to all renewals, modifications, consolidations, replacements and extensions thereof and all substitutions therefor provided, however, therefor; provided that in consideration the holder of and as a condition precedent such mortgage agrees to Tenant's agreement to subordinate this Lease with respect to mortgages hereafter placed on the Site shall be the receipt of a commercially reasonable non-disturbance agreement from and wherein the applicable mortgagee expressly recognizes recognize the rights of Tenant --------------------------------------------------------------------------- the Lessee under this Lease (including the right to use and occupy the Premises and to lease additional premises at the Complex--------------------------- Premises) upon the payment of rent and other charges payable by Tenant the Lessee under this Lease and the performance by Tenant the Lessee of Tenant's the obligations of the Lessee hereunder. In confirmation of such subordination and recognition, Tenant the Lessee shall execute and deliver promptly such instruments of subordination and recognition as such mortgagee may reasonably request subject to receipt of such instruments of recognition from such mortgagee as Tenant may reasonably request. Tenant hereby appoints such mortgagee (from time to time) as Tenant's attorney-in-fact to execute such subordination upon default of Tenant in complying with such mortgagee's (from time to time) request. In the event that any mortgagee or its respective successor in title shall succeed to the interest of Landlordthe Lessor, then, this Lease shall nevertheless continue in full force and effect and, provided Tenant has received and the non-disturbance agreement required under this Section 8.15, Tenant Lessee shall attorn ------ (and does hereby agree to attorn attorn) to such mortgagee or successor successor; and to ------ recognize such mortgagee or successor as its landlord. If With respect to any holder of a mortgage (which includes the Premises, ) that has been executed and recorded prior to the date of this Lease, if the holder of ----- said mortgage shall so elect, this Lease and the rights of Tenant Lessee hereunder, shall be superior in right to the rights of such holder, with -------- the same force and effect as if this Lease had been executed, delivered and recorded, or a statutory notice hereof Notice thereof recorded, prior to the execution, delivery and recording of any such mortgage. The election of any such holder shall become effective upon either notice from such holder to Tenant the Lessee (which notice shall be given in the same fashion as notices from Landlord the Lessor to Tenant the Lessee are to be given hereunder hereunder) or by the recording in the appropriate registry or recorder's office of an instrument in which such holder subordinates its rights under such mortgage to this Lease. Landlord If in connection with obtaining financing for the Premises (the premises leased hereunder) or the Complex or Facilities, a bank, insurance company, pension trust or other institutional lender shall obtain and deliver to Tenant, request reasonable modifications in this Lease as a condition to such financing, the Lessee will not unreasonably withhold, delay or condition its consent thereto; provided that such modifications do not increase the monetary obligations of the effectiveness of this Lease, a non-disturbance agreement from Lessee hereunder or materially adversely affect the current mortgagee of the Premises and/or the Complex as of the date of this Lease, which said non-disturbance agreement shall be in the form attached hereto as Exhibit M (as the same may be modified by such changes as Tenant may request and such mortgagee may approve). Landlord represents and warrants to Tenant that Landlord is the fee simple owner of the Complex and, as of the date hereof, the Complex is not subject to any ground lease or xxxxxxxxxleasehold interest hereby created.
Appears in 1 contract
Rights of Mortgagee. This Lease shall be subject and subordinate to any mortgage now or hereafter on the Site, Site or the BuildingsBuilding, or the Complexboth, and to each advance made or hereafter to be made under any mortgage, and to all renewals, modifications, consolidations, replacements and extensions thereof and all substitutions therefor provided, however, that in consideration of provided and as a condition precedent to Tenant's agreement to subordinate this Lease with respect to mortgages hereafter placed on the Site shall be express condition that the receipt holder of a commercially reasonable non-disturbance agreement from and wherein the applicable mortgagee expressly recognizes such mortgage agrees to recognize the rights of Tenant under this Lease (including the right to use and occupy the Premises and to lease additional premises at the ComplexPremises) upon the payment of rent and other charges payable by Tenant under this Lease and the performance by Tenant of Tenant's ’s obligations hereunderhereunder and Tenant agrees to attorn to the mortgagee and its successors and assigns. In confirmation of such subordination subordination, recognition and recognitionattornment, Tenant Tenant, such mortgagee and Landlord shall execute and deliver promptly such instruments of subordination subordination, recognition and recognition as attornment, reasonably acceptable to Tenant, such mortgagee may reasonably request subject to receipt of such instruments of recognition from such mortgagee as Tenant may reasonably request. Tenant hereby appoints such mortgagee (from time to time) as Tenant's attorney-in-fact to execute such subordination upon default of Tenant in complying with such mortgagee's (from time to time) requestand Landlord. In the event that any mortgagee or its respective successor in title shall succeed to the interest of Landlord, then, this Lease shall nevertheless continue in full force and effect and, provided Tenant has received the non-disturbance agreement required under this Section 8.15, and Tenant shall and does hereby agree to attorn to such mortgagee or successor and to recognize such mortgagee or successor as its landlord. If any holder of a mortgage which includes the Premises, executed and recorded prior to the date of this Lease, shall so elect, this Lease and the rights of Tenant hereunder, shall be superior in right to the rights of such holder, with the same force and effect as if this Lease had been executed, delivered and recorded, or a statutory notice Notice hereof recorded, prior to the execution, delivery and recording of any such mortgage. The election of any such holder shall become effective upon either notice from such holder to Tenant in the same fashion as notices from Landlord to Tenant are to be given hereunder or by the recording in the appropriate registry or recorder's ’s office of an instrument in which such holder subordinates its rights under such mortgage to this Lease. Landlord If in connection with obtaining financing a bank, insurance company, pension trust or other institutional lender shall obtain and deliver to Tenant, request reasonable modifications in this Lease as a condition to such financing, Tenant will not unreasonably withhold, delay or condition its consent thereto, provided that such modifications do not increase the monetary obligations of Tenant hereunder or materially adversely affect the effectiveness of this Lease, a non-disturbance agreement from the current mortgagee of the Premises and/or the Complex as of the date of this Lease, which said non-disturbance agreement shall be in the form attached hereto as Exhibit M (as the same may be modified by such changes as Tenant may request and such mortgagee may approve). Landlord represents and warrants to Tenant that Landlord is the fee simple owner of the Complex and, as of the date hereof, the Complex is not subject to any ground lease or xxxxxxxxxleasehold interest hereby created.
Appears in 1 contract
Rights of Mortgagee. This Lease shall be subject and subordinate to any mortgage now or hereafter on the Site, Site or the BuildingsBuilding, or the Complexboth, and to each advance made or hereafter to be made under any mortgage, and to all renewals, modifications, consolidations, replacements and extensions thereof and all substitutions therefor therefore, provided, however, that in consideration of and as a condition precedent to Tenant's agreement to subordinate this Lease with respect to mortgages hereafter placed on the Site shall be the receipt by Tenant of a commercially reasonable non-disturbance agreement from and wherein the applicable mortgagee expressly recognizes the rights of Tenant under this Lease (including the right to use and occupy the Premises and to lease additional premises at the ComplexBuilding) upon the payment of rent and other charges payable by Tenant under this Lease and the performance by Tenant of Tenant's obligations hereunder. In confirmation of such subordination and recognition, Tenant shall execute and deliver promptly such instruments of subordination and recognition (an "SNDA") as such mortgagee may reasonably request subject to receipt of such instruments of recognition from such mortgagee as Tenant may reasonably request. Tenant hereby appoints The SNDA shall be in the customary form required by such mortgagee (from time to time) as Tenant's attorney-in-fact to execute amended by such subordination upon default of commercially reasonable changes as Tenant in complying with such mortgagee's (from time to time) requestmay reasonably req uire. In the event that any mortgagee or its respective successor in title shall succeed to the interest of Landlord, then, this Lease shall nevertheless continue in full force and effect and, provided Tenant has received the non-disturbance agreement required under this Section 8.15, and Tenant shall and does hereby agree to attorn to such mortgagee or successor and to recognize such mortgagee or successor as its landlord. If any Ifany holder of a mortgage which includes the Premises, executed and recorded prior to the date of this Lease, shall so elect, this Lease and the rights of Tenant hereunder, shall be superior in right to the rights of such holder, with the same force and effect as if this Lease had been executed, delivered and recorded, or a statutory notice hereof recorded, prior to the execution, delivery and recording of any such mortgage. The election of any such holder shall become effective upon either notice from such holder to Tenant in the same fashion as notices from Landlord to Tenant are to be given hereunder or by the recording in the appropriate registry or recorder's office of an instrument in which such holder subordinates its rights under such mortgage to this Lease. Landlord shall obtain and deliver to Tenant, as a condition of the effectiveness of this Lease, a non-disturbance agreement from the current mortgagee of the Premises and/or the Complex hereby represents that as of the date of this Lease, which said non-disturbance agreement shall be in the form attached hereto as Exhibit M (as the same may be modified by such changes as Tenant may request and such mortgagee may approve). Landlord represents and warrants to Tenant that Landlord there is the fee simple owner of the Complex and, as of the date hereof, the Complex is not subject to any no mortgage or ground lease currently encumbering the Building or xxxxxxxxxthe Site.
Appears in 1 contract
Samples: Sublease Agreement (Care.com Inc)
Rights of Mortgagee. This Lease shall be subject and subordinate to any mortgage now or hereafter on the Site, the Buildings, Building (or the Complex, and to each advance made or hereafter to be made under any mortgagepart thereof), and to all renewals, modifications, consolidations, replacements and extensions thereof and all substitutions therefor providedtherefor, howeverprovided that the holder of such mortgage enters into subordination, that in consideration of and as a condition precedent to Tenant's agreement to subordinate this Lease with respect to mortgages hereafter placed on the Site shall be the receipt of a commercially reasonable non-disturbance agreement from and wherein the applicable mortgagee expressly recognizes the rights of Tenant under this Lease (including the right to use and occupy the Premises and to lease additional premises at the Complex) upon the payment of rent and other charges payable by Tenant under this Lease and the performance by Tenant of Tenant's obligations hereunder. In confirmation of such subordination and recognition, Tenant shall execute and deliver promptly such instruments of subordination and recognition as agreement with Tenant, in the standard form used by such mortgagee may reasonably request subject to receipt of holder, with such instruments of recognition from such mortgagee commercially reasonable changes as Tenant may reasonably request. Tenant hereby appoints such mortgagee request (from time to time) as Tenant's attorney-in-fact to execute such subordination upon default of Tenant in complying with such mortgagee's (from time to time) request“SNDA”). In the event that any mortgagee or its respective successor in title shall succeed to the interest of Landlord, then, then this Lease shall nevertheless continue in full force and effect and, provided Tenant has received the non-disturbance agreement required under this Section 8.15, and Tenant shall and does hereby agree to attorn to such mortgagee or successor and to recognize such mortgagee or successor as its landlord. If any holder of a mortgage which includes the Premises, executed and recorded prior to the date of this LeaseEffective Date, shall so elect, this Lease Lease, and the rights of Tenant hereunder, shall be superior in right to the rights of such holder, with the same force and effect as if this Lease had been executed, delivered and recorded, or a statutory notice Notice hereof recorded, prior to the execution, delivery and recording of any such mortgage. The election of any such holder shall become effective upon either notice from such holder to Tenant in the same fashion as notices from Landlord to Tenant are to be given hereunder or by the recording in the appropriate registry or recorder's ’s office of an instrument in which such holder subordinates its rights under such mortgage to this Lease. Landlord If in connection with obtaining financing a bank, insurance company, pension trust or other institutional lender shall obtain and deliver to Tenant, request reasonable modifications in this Lease as a condition to such financing, Tenant will not unreasonably withhold, delay or condition its consent thereto, provided that such modifications do not increase the monetary obligations of Tenant hereunder or materially adversely affect the effectiveness of this Lease, a non-disturbance agreement from the current mortgagee of the Premises and/or the Complex as of the date of this Lease, which said non-disturbance agreement shall be in the form attached hereto as Exhibit M (as the same may be modified by such changes as Tenant may request and such mortgagee may approve). Landlord represents and warrants to Tenant that Landlord is the fee simple owner of the Complex and, as of the date hereof, the Complex is not subject to any ground lease leasehold interest hereby created or xxxxxxxxxTenant’s rights hereunder.
Appears in 1 contract
Samples: Lease Agreement (CarGurus, Inc.)
Rights of Mortgagee. This Lease shall be subject and subordinate to any mortgage now or hereafter on the Site, Site or the BuildingsBuilding, or the Complexboth, and to each advance made or hereafter to be made under any mortgage, and to all renewals, modifications, consolidations, replacements and extensions thereof and all substitutions therefor provided, however, provided that in consideration the holder of such mortgage hereafter granted agrees by execution and as a condition precedent to Tenant's agreement to subordinate this Lease with respect to mortgages hereafter placed on the Site shall be the receipt delivery of a commercially reasonable subordination, non-disturbance and attornment agreement from (an “SNDA”) among Landlord, Tenant and wherein the applicable mortgagee expressly recognizes such mortgage holder in form reasonably required by such mortgage holder, to recognize the rights of Tenant under this Lease (including the right to use and occupy the Premises and to lease additional premises at the ComplexPremises) upon the payment of rent and other charges payable by Tenant under this Lease and the performance by Tenant of Tenant's ’s obligations hereunderhereunder in which event Tenant shall agree to attorn to such holder and its successors as landlord. In confirmation of such subordination and recognition, Tenant shall execute and deliver promptly such instruments of subordination SNDA setting forth such subordination, non-disturbance and recognition as such mortgagee may reasonably request subject to receipt of such instruments of recognition from such mortgagee as Tenant may reasonably request. To the extent an SNDA is requested by Tenant, Tenant hereby appoints such agrees to pay any legal or other fees charged by the mortgagee (from time to time) as Tenant's attorney-in-fact to execute such subordination upon default of Tenant in complying connection with such mortgagee's (from time to time) requestproviding the same. In the event that any mortgagee or its respective successor in title shall succeed to the interest of Landlord, then, this Lease shall nevertheless continue in full force and effect and, provided Tenant has received the non-disturbance agreement required under this Section 8.15, and Tenant shall and does hereby agree to attorn to such mortgagee or successor and to recognize such mortgagee or successor as its landlord. If any holder of a mortgage which includes the Premises, executed and recorded prior to the date of this Lease, shall so elect, this Lease and the rights of Tenant hereunder, shall be superior in right to the rights of such holder, with the same force and effect as if this Lease had been executed, delivered and recorded, or a statutory notice hereof recorded, prior to the execution, delivery and recording of any such mortgage. The election of any such holder shall become effective upon either notice from such holder to Tenant in the same fashion as notices from Landlord to Tenant are to be given hereunder or by the recording in the appropriate registry or recorder's ’s office of an instrument in which such holder subordinates its rights under such mortgage to this Lease. Landlord If in connection with obtaining financing a bank, insurance company, pension trust or other institutional lender shall obtain and deliver to Tenant, request reasonable modifications in this Lease as a condition to such financing, Tenant will not unreasonably withhold, delay or condition its consent thereto, provided that such modifications do not increase the monetary or other obligations of Tenant hereunder, or materially adversely affect the effectiveness of this Lease, a non-disturbance agreement from the current mortgagee of the Premises and/or the Complex as of the date of this Lease, which said non-disturbance agreement shall be in the form attached hereto as Exhibit M (as the same may be modified by such changes as Tenant may request and such mortgagee may approve). Landlord represents and warrants to Tenant that Landlord is the fee simple owner of the Complex and, as of the date hereof, the Complex is not subject to any ground lease or xxxxxxxxxleasehold interest hereby created.
Appears in 1 contract
Samples: Lease (Inotek Pharmaceuticals Corp)
Rights of Mortgagee. This Lease shall be subject and subordinate to any mortgage now or hereafter placed on the Site, Site or the BuildingsBuilding, or the Complex, and to each advance made or hereafter to be made under any mortgageboth, and to all renewals, modifications, consolidations, replacements and extensions thereof and all substitutions therefor providedtherefor, however, provided that in consideration the holder of and as a condition precedent such mortgage agrees to Tenant's agreement to subordinate this Lease with respect to mortgages hereafter placed on recognize the Site shall be the receipt of a commercially reasonable non-disturbance agreement from and wherein the applicable mortgagee expressly recognizes the rights right of Tenant under this Lease (including the right to use and occupy the Premises and to lease additional premises at the Complex) upon the payment of rent and other charges payable by Tenant under this Lease and the performance by Tenant of Tenant's ’s obligations hereunder. In confirmation of such subordination and recognition, Tenant shall execute and deliver promptly such instruments of subordination and recognition as such mortgagee may reasonably request request, subject to receipt of such instruments of recognition non-disturbance from such mortgagee as Tenant may reasonably request. Tenant request (Landlord hereby appoints such agreeing to pay any legal or other fees charged by the mortgagee (from time to time) as Tenant's attorney-in-fact to execute such subordination upon default of Tenant in complying connection with such mortgagee's (from time to time) requestproviding the same). In the event that any mortgagee or its respective successor in title shall succeed to the interest of Landlord, then, then this Lease shall nevertheless continue in full force and effect and, provided Tenant has received the non-disturbance agreement required under this Section 8.15, and Tenant shall and does hereby agree to attorn to such mortgagee or successor and to recognize such mortgagee or successor as its landlord. If any holder of a mortgage which includes the Premises, executed and recorded prior to the date Date of this Lease, shall so elect, this Lease Lease, and the rights of Tenant hereunder, shall be superior in right to the rights of such holder, with the same force and effect as if this Lease had been executed, delivered and recorded, or a statutory notice Notice hereof recorded, prior to the execution, delivery and recording of any such mortgage. The election of any such holder shall become effective upon either notice from such holder to Tenant in the same fashion as notices from Landlord to Tenant are to be given hereunder or by the recording in the appropriate registry or recorder's ’s office of an instrument in which such holder subordinates its rights under such mortgage to this Lease. Landlord If in connection with obtaining financing a bank, insurance company, pension trust or other institutional lender shall obtain and deliver to Tenant, request reasonable modifications in this Lease as a condition to such financing, Tenant will not unreasonably withhold, delay or condition its consent thereto, provided that (i) such modifications do not increase the monetary obligations of Tenant hereunder or materially adversely affect the effectiveness of this Lease, a non-disturbance agreement from the current mortgagee of the Premises and/or the Complex as of the date of this Lease, which said non-disturbance agreement leasehold interest hereby created or Tenant’s rights hereunder and (ii) Landlord shall be responsible for the payment of all reasonable costs incurred by Tenant in the form attached hereto as Exhibit M (as the same may be modified by complying with such changes as Tenant may request and such mortgagee may approve). Landlord represents and warrants to Tenant that Landlord is the fee simple owner of the Complex andas, as of the date hereoffor example, the Complex is not subject to any ground lease or xxxxxxxxxattorneys’ fees.
Appears in 1 contract
Rights of Mortgagee. This Lease shall be subject and subordinate to any mortgage now or hereafter on the Site, the Buildings, Building (or the Complex, and to each advance made or hereafter to be made under any mortgagepart thereof), and to all renewals, modifications, consolidations, replacements and extensions thereof and all substitutions therefor providedtherefor, howeverprovided that the holder of such mortgage agrees in writing, that in consideration of and as a condition precedent recordable form, to Tenant's agreement to subordinate this Lease with respect to mortgages hereafter placed on the Site shall be the receipt of a commercially reasonable non-disturbance agreement from and wherein the applicable mortgagee expressly recognizes recognize the rights of Tenant under this Lease (including so long as there is no Event of Default and such Tenant attorns to the right to use mortgagee and occupy its successors. Landlord, Tenant and the Premises and to lease additional premises holder of the existing mortgage on the Building shall, at the Complex) upon time of execution and delivery of this Lease, execute and deliver a subordination, nondisturbance and attornment agreement in the payment of rent and other charges payable by Tenant under this Lease and the performance by Tenant of Tenant's obligations hereunder. form attached hereto as Exhibit L. In confirmation of such subordination and subordination, recognition, and attornment with respect to any future mortgage, Landlord, Tenant and the holder of any future mortgage affecting the Building shall execute and deliver promptly a subordination, recognition and attornment agreement in the customary form required by such instruments of subordination and recognition as holder, with such mortgagee may reasonably request subject to receipt of such instruments of recognition from such mortgagee commercially reasonable changes as Tenant may reasonably request. Tenant hereby appoints such mortgagee request (from time to time) as Tenant's attorney-in-fact to execute such subordination upon default of Tenant in complying with such mortgagee's (from time to time) request“SNDA”). In the event that any mortgagee or its respective successor in title shall succeed to the interest of Landlord, then, then this Lease shall nevertheless continue in full force and effect and, provided Tenant has received the non-disturbance agreement required under this Section 8.15, and Tenant shall and does hereby agree to attorn to such mortgagee or successor and to recognize such mortgagee or successor as its landlordlandlord provided such mortgagee agrees to recognize all of Tenant’s rights under this Lease, subject to such commercially reasonable limitations of the liability of such mortgage holder and its successors as such holder may require in such SNDA. If any holder of a mortgage which includes the Premises, executed and recorded prior to the date Date of this Lease, shall so elect, this Lease Lease, and the rights of Tenant hereunder, shall be superior in right to the rights of such holder, with the same force and effect as if this Lease had been executed, delivered and recorded, or a statutory notice Notice hereof recorded, prior to the execution, delivery and recording of any such mortgage. The election of any such holder shall become effective upon either notice from such holder to Tenant in the same fashion as notices from Landlord to Tenant are to be given hereunder or by the recording in the appropriate registry or recorder's ’s office of an instrument in which such holder subordinates its rights under such mortgage to this Lease. Landlord If in connection with obtaining financing a bank, insurance company, pension trust or other institutional lender shall obtain and deliver to Tenant, request reasonable modifications in this Lease as a condition to such financing, Tenant will not unreasonably withhold, delay or condition its consent thereto, provided that such modifications do not increase the monetary obligations of Tenant hereunder or adversely affect the effectiveness of this Lease, a non-disturbance agreement from the current mortgagee of the Premises and/or the Complex as of the date of this Lease, which said non-disturbance agreement shall be in the form attached hereto as Exhibit M (as the same may be modified by such changes as Tenant may request and such mortgagee may approve). Landlord represents and warrants to Tenant that Landlord is the fee simple owner of the Complex and, as of the date hereof, the Complex is not subject to any ground lease leasehold interest hereby created or xxxxxxxxxTenant’s rights hereunder.
Appears in 1 contract
Samples: Lease Agreement (Brightcove Inc)
Rights of Mortgagee. This Lease shall be subject and subordinate to any mortgage now or hereafter placed on the Site, Site or the BuildingsBuilding, or the Complex, and to each advance made or hereafter to be made under any mortgageboth, and to all renewals, modifications, consolidations, replacements and extensions thereof and all substitutions therefor providedtherefor, however, provided that in consideration the holder of and as a condition precedent such mortgage agrees to Tenant's agreement to subordinate this Lease with respect to mortgages hereafter placed on recognize the Site shall be the receipt of a commercially reasonable non-disturbance agreement from and wherein the applicable mortgagee expressly recognizes the rights right of Tenant under this Lease (including the right to use and occupy the Premises and to lease additional premises at the Complex) upon the payment of rent and other charges payable by Tenant under this Lease and the performance by Tenant Xxxxxx of Tenant's Xxxxxx’s obligations hereunder. In confirmation of such subordination and recognition, Tenant Xxxxxx shall execute and deliver promptly such instruments of subordination and recognition as such mortgagee may reasonably request request, subject to receipt of such instruments of recognition non disturbance from such mortgagee as Tenant may reasonably request. Tenant request (Landlord hereby appoints agreeing (a) to use best efforts to obtain such subordination instruments from such mortgagee and (from time b) to time) as Tenant's attorney-in-fact to execute such subordination upon default of Tenant pay any legal or other fees charged by the mortgagee in complying connection with such mortgagee's (from time to time) requestproviding the same). In the event that any mortgagee or its respective successor in title shall succeed to the interest of Landlord, then, then this Lease shall nevertheless continue in full force and effect and, provided Tenant has received the non-disturbance agreement required under this Section 8.15, and Tenant shall and does hereby agree to attorn to such mortgagee or successor and to recognize such mortgagee or successor as its landlord. If any holder of in connection with obtaining financing a mortgage which includes the Premisesbank, executed and recorded prior to the date of this Leaseinsurance company, pension trust or other institutional lender shall so elect, request reasonable modifications in this Lease and the rights of Tenant hereunder, shall be superior in right to the rights of such holder, with the same force and effect as if this Lease had been executed, delivered and recorded, or a statutory notice hereof recorded, prior to the execution, delivery and recording of any such mortgage. The election of any such holder shall become effective upon either notice from such holder to Tenant in the same fashion as notices from Landlord to Tenant are to be given hereunder or by the recording in the appropriate registry or recorder's office of an instrument in which such holder subordinates its rights under such mortgage to this Lease. Landlord shall obtain and deliver to Tenant, as a condition to such financing, Tenant will not unreasonably withhold, delay or condition its consent thereto, provided that (i) such modifications do not increase the monetary obligations of Tenant hereunder or materially adversely affect the effectiveness of this Lease, a non-disturbance agreement from the current mortgagee of the Premises and/or the Complex as of the date of this Lease, which said non-disturbance agreement leasehold interest hereby created or Tenant’s rights hereunder and (ii) Landlord shall be responsible for the payment of all reasonable costs incurred by Tenant in the form attached hereto as Exhibit M (as the same may be modified by complying with such changes as Tenant may request and such mortgagee may approve)as, for example, attorneys’ fees. Landlord hereby represents and warrants to Tenant that Landlord there is no mortgage currently encumbering the fee simple owner of Building or the Complex and, as of the date hereof, the Complex is not subject to any ground lease or xxxxxxxxxSite.
Appears in 1 contract
Samples: Lease Agreement (A123 Systems, Inc.)
Rights of Mortgagee. (A) This Lease shall be subject and subordinate to any mortgage now or hereafter on encumbering the Site, the Buildings, Office Building (or the Complex, and to each advance made or hereafter to be made under any mortgagepart thereof), and to all renewals, modifications, consolidations, replacements and extensions thereof and all substitutions therefor provided(and Tenant’s rights under Section 3.6 and Article X shall be subject and subordinate to any mortgage now or hereafter on the Garage (or any part thereof) or the Office Tower Parcel (or any part thereof), howeverrespectively, and to all renewals, modifications, consolidations, replacements and extensions thereof and all substitutions therefor), provided that in consideration of and as a condition precedent to Tenant's agreement to subordinate this Lease with respect to mortgages hereafter placed on the Site shall be the receipt case of a commercially reasonable non-disturbance agreement from and wherein future mortgage, the applicable mortgagee expressly recognizes holder of such mortgage agrees to recognize the rights right of Tenant under this Lease (including the right to use and occupy the Premises and to lease additional premises at (or, in the Complexcase of the holder of any mortgage now or hereafter on Office Tower Parcel (or any part thereof) or the Garage (or any part thereof), Tenant’s rights under Section 3.6 or Article 10, respectively) upon the payment of rent and other charges payable by Tenant under this Lease and the performance by Tenant of Tenant's ’s obligations hereunder. In confirmation of such subordination and recognition, and as a condition to such subordination with respect to any future mortgage, Tenant shall execute and deliver promptly such instruments of subordination and recognition as such mortgagee may reasonably request subject to receipt non-disturbance in the customary form used by the holder of such instruments of recognition from mortgage, with such mortgagee commercially reasonable changes as Tenant may reasonably request. Tenant hereby appoints such mortgagee .
(from time to timeB) as Tenant's attorney-in-fact to execute such subordination upon default of Tenant in complying with such mortgagee's (from time to time) request. In the event that any mortgagee or its respective successor in title shall succeed to the interest of Landlord, then, then this Lease shall nevertheless continue in full force and effect and, provided Tenant has received the non-disturbance agreement required under this Section 8.15, and Tenant shall and does hereby agree to attorn to such mortgagee or successor and to recognize such mortgagee or successor as its landlord. .
(C) If any holder of a mortgage which that includes the Premises, executed and recorded prior to the date of this LeaseExecution Date, shall so elect, this Lease Lease, and the rights of Tenant hereunder, shall be superior in right to the rights of such holder, with the same force and effect as if this Lease had been executed, delivered and recorded, or a statutory notice hereof recorded, prior to the execution, delivery and recording of any such mortgage. The election of any such holder shall become effective upon either notice from such holder to Tenant in the same fashion as notices from Landlord to Tenant are to be given hereunder or by the recording in the appropriate registry or recorder's ’s office of an instrument in which such holder subordinates its rights under such mortgage to this Lease. Landlord .
(D) If in connection with obtaining financing a bank, insurance company, pension trust or other institutional lender shall obtain and deliver to Tenant, request reasonable modifications in this Lease as a condition to such financing, Tenant will not unreasonably withhold, delay or condition its consent thereto, provided that (i) such modifications do not increase the monetary obligations of Tenant hereunder or materially adversely affect the effectiveness of this Leaseleasehold interest hereby created or Tenant’s rights hereunder, a non-disturbance agreement from the current mortgagee of the Premises and/or the Complex as of the date of this Lease, which said non-disturbance agreement and (ii) Landlord shall be responsible for the payment of all reasonable costs incurred by Tenant in the form attached hereto as Exhibit M (as the same may be modified by complying with such changes as Tenant may request and request, such mortgagee may approve). Landlord represents and warrants to Tenant that Landlord is the fee simple owner of the Complex andas, as of the date hereoffor example, the Complex is not subject to any ground lease or xxxxxxxxxreasonable attorneys’ fees.
Appears in 1 contract
Samples: Lease Agreement (Rapid7, Inc.)
Rights of Mortgagee. This Lease shall be subject and subordinate to any mortgage now or hereafter on the Site, the Buildings, or the ComplexBuilding, and to each advance made or hereafter to be made under any mortgage, and to all renewals, modifications, consolidations, replacements and extensions thereof and all substitutions therefor therefore, provided, however, that in consideration of and as a condition precedent to Tenant's ’s agreement to subordinate this Lease with respect to mortgages hereafter placed on the Site Building shall be the receipt by Tenant of a commercially reasonable non-disturbance nondisturbance agreement from and wherein the applicable mortgagee expressly recognizes the rights of Tenant under this Lease (including the right to use and occupy the Premises and to lease additional premises at the ComplexBuilding) upon the payment of rent and other charges payable by Tenant under this Lease and the performance by Tenant of Tenant's ’s obligations hereunder. In confirmation of such subordination and recognition, Tenant shall execute and deliver promptly such instruments an instrument of subordination and recognition (an “SNDA”) in the form attached hereto as Exhibit L, as amended by such mortgagee may reasonably request subject to receipt of such instruments of recognition from such mortgagee commercially reasonable changes as Tenant may reasonably request. Tenant hereby appoints such mortgagee (from time to time) as Tenant's attorney-in-fact to execute such subordination upon default of Tenant in complying with such mortgagee's (from time to time) request. In the event that any mortgagee or its respective successor in title shall succeed to the interest of Landlord, then, this Lease shall nevertheless continue in full force and effect and, provided Tenant has received the non-disturbance agreement required under this Section 8.15, and Tenant shall and does hereby agree to attorn to such mortgagee or successor and to recognize such mortgagee or successor as its landlord. If any holder of a mortgage which includes the Premises, executed and recorded prior to the date of this Lease, shall so elect, this Lease and the rights of Tenant hereunder, shall be superior in right to the rights of such holder, with the same force and effect as if this Lease had been executed, delivered and recorded, or a statutory notice hereof recorded, prior to the execution, delivery and recording of any such mortgage. The election of any such holder shall become effective upon either notice from such holder to Tenant in the same fashion as notices from Landlord to Tenant are to be given hereunder or by the recording in the appropriate registry or recorder's ’s office of an instrument in which such holder subordinates its rights under such mortgage to this Lease. Landlord If in connection with obtaining financing a bank, insurance company, pension trust or other institutional lender shall obtain and deliver to Tenant, request reasonable modifications in this Lease as a condition to such financing, Tenant will not unreasonably withhold, delay or condition its consent thereto, provided that such modifications do not increase the monetary obligations of Tenant hereunder or materially adversely affect the effectiveness of this Lease, a non-disturbance agreement from the current mortgagee of the Premises and/or the Complex as of the date of this Lease, which said non-disturbance agreement shall be in the form attached hereto as Exhibit M (as the same may be modified by such changes as Tenant may request and such mortgagee may approve). Landlord represents and warrants to Tenant that Landlord is the fee simple owner of the Complex and, as of the date hereof, the Complex is not subject to any ground lease leasehold interest hereby created or xxxxxxxxxTenant’s rights hereunder.
Appears in 1 contract
Rights of Mortgagee. This Lease shall be subject and subordinate to any mortgage now or hereafter on the Site, Site or the BuildingsBuilding, or the Complexboth, and to each advance made or hereafter to be made under any mortgage, and to all renewals, modifications, consolidations, replacements and extensions thereof and all substitutions therefor provided, however, provided that in consideration the holder of and as a condition precedent such mortgage agrees to Tenant's agreement to subordinate this Lease with respect to mortgages hereafter placed on the Site shall be the receipt of a commercially reasonable non-disturbance agreement from and wherein the applicable mortgagee expressly recognizes recognize the rights of Tenant under this Lease (including the right to use and occupy the Premises and to lease additional premises at the ComplexPremises) upon the payment of rent and other charges payable by Tenant under this Lease and the performance by Tenant of Tenant's obligations hereunder. In confirmation confmnation of such subordination and recognition, Tenant shall execute and deliver promptly such instruments of subordination subordiuation and recognition (an "SNDA") as such mortgagee may reasonably request requ.est subject to receipt of such instruments of recognition from such mortgagee as Tenant may reasonably request. Tenant hereby appoints The SNDA shall be in the customary form required by such mortgagee (from time to time) as Tenant's attorney-in-fact to execute amended by such subordination upon default of commercially reasonable changes as Tenant in complying with such mortgagee's (from time to time) requestmay reasonably require. In the event that any mortgagee or its respective successor in title shall succeed to the interest iuterest of Landlord, then, this Lease shall nevertheless continue in full force and effect and, provided Tenant has received the non-disturbance agreement required under this Section 8.15, and Tenant shall and does hereby agree to attorn attom to such mortgagee or successor and to recognize such mortgagee or successor as its landlord. If any Ifany holder of a mortgage which includes the Premises, executed and recorded prior to the date of this Lease, shall so elect, this tl1is Lease and the rights of Tenant hereunder, shall be superior in right to the rights of such holderbolder, with the same force and effect as if this Lease had been executed, delivered and recorded, or a statutory notice hereof recorded, prior to the execution, delivery and recording recordiug of any such mortgage. The election of any such holder bolder shall become effective upon either notice from such holder bolder to Tenant in the same fashion as notices from Landlord to Tenant are to be given hereunder or by the recording in the appropriate registry or recorder's office of an instrument iustrument in which such holder subordinates its rights under such mortgage to t<;> this Lease. Landlord shall obtain and deliver to Tenant, as a condition of the effectiveness of this Lease, a non-disturbance agreement from the current mortgagee of the Premises and/or the Complex hereby represents that as of the tbe date of this Lease, which said non-disturbance agreement shall be in the form attached hereto as Exhibit M (as the same may be modified by such changes as Tenant may request and such mortgagee may approve). Landlord represents and warrants to Tenant that Landlord there is the fee simple owner of the Complex and, as of the date hereof, the Complex is not subject to any no mortgage or ground lease currently encumbering the Building or xxxxxxxxxthe Site.
Appears in 1 contract
Samples: Sublease Agreement (Care.com Inc)
Rights of Mortgagee. This Lease shall be subject and subordinate to any mortgage now or hereafter on the Site, Site or the BuildingsBuilding, or the Complexboth, and to each advance made or hereafter to be made under any mortgage, and to all renewals, modifications, consolidations, replacements and extensions thereof and all substitutions therefor provided, however, provided that in consideration the holder of and as a condition precedent such mortgage agrees to Tenant's agreement to subordinate this Lease with respect to mortgages hereafter placed on the Site shall be the receipt of a commercially reasonable non-disturbance agreement from and wherein the applicable mortgagee expressly recognizes recognize the rights of Tenant under this Lease (including the right to use and occupy the Premises and to lease additional premises at the ComplexPremises) upon the payment of rent and other charges payable by Tenant under this Lease and the performance by Tenant of Tenant's ’s obligations hereunder. In confirmation of such subordination and recognition, Tenant shall execute and deliver promptly such instruments of subordination and recognition as such mortgagee may reasonably request subject to receipt of such instruments of recognition from such mortgagee as Tenant may reasonably request. Tenant hereby appoints such mortgagee (from time to time) as Tenant's attorney-in-fact to execute such subordination upon default of Tenant in complying with such mortgagee's (from time to time) request. In the event that any mortgagee or its respective successor in title shall succeed to the interest of Landlord, then, this Lease shall nevertheless continue in full force and effect and, provided Tenant has received the non-disturbance agreement required under this Section 8.15, and Tenant shall and does hereby agree to attorn to such mortgagee or successor and to recognize such mortgagee or successor as its landlord. If any holder of a mortgage which includes the Premises, executed and recorded prior to the date of this Lease, shall so elect, this Lease and the rights of Tenant hereunder, shall be superior in right to the rights of such holder, with the same force and effect as if this Lease had been executed, delivered and recorded, or a statutory notice Notice hereof recorded, prior to the execution, delivery and recording of any such mortgage. The election of any such holder shall become effective upon either notice from such holder to Tenant in the same fashion as notices from Landlord to Tenant are to be given hereunder or by the recording in the appropriate registry or recorder's ’s office of an instrument in which such holder subordinates its rights under such mortgage to this Lease. Landlord shall obtain and deliver to Tenant, as a condition of the effectiveness of this Lease, a non-disturbance agreement from the current mortgagee of the Premises and/or the Complex as of the date of this Lease, which said non-disturbance agreement shall be in the form attached hereto as Exhibit M (as the same may be modified by such changes as Tenant may request and such mortgagee may approve). Landlord represents and warrants to Tenant that Landlord is the fee simple owner of the Complex and, as of the date hereof, the Complex is not subject to any ground lease or xxxxxxxxx.
Appears in 1 contract
Samples: Lease Agreement (Vistaprint LTD)
Rights of Mortgagee. (A) This Lease shall be subject and subordinate to any mortgage now or hereafter on encumbering the Site, the Buildings, Office Tower (or the Complex, and to each advance made or hereafter to be made under any mortgagepart thereof), and to all renewals, modifications, consolidations, replacements and extensions thereof and all substitutions therefor provided(and Tenant’s rights under Article X shall be subject and subordinate to any mortgage now or hereafter on the Garage (or any part thereof), howeverand to all renewals, modifications, consolidations, replacements and extensions thereof and all substitutions therefor), provided that in consideration of and as a condition precedent to Tenant's agreement to subordinate this Lease with respect to mortgages hereafter placed on the Site shall be the receipt case of a commercially reasonable non-disturbance agreement from and wherein future mortgage, the applicable mortgagee expressly recognizes holder of such mortgage agrees to recognize the rights right of Tenant under this Lease (including the right to use and occupy the Premises and to lease additional premises at (or, in the Complexcase of the holder of any mortgage now or hereafter on the Garage (or any part thereof), Tenant’s rights under Article X) upon the payment of rent and other charges payable by Tenant under this Lease and the performance by Tenant of Tenant's ’s obligations hereunder. In confirmation of such subordination and recognition, and as a condition to such subordination with respect to any future mortgage, Tenant shall execute and deliver promptly such instruments of subordination and recognition as such mortgagee may reasonably request subject to receipt non-disturbance in the customary form used by the holder of such instruments of recognition from mortgage, with such mortgagee commercially reasonable changes as Tenant may reasonably request. Tenant hereby appoints such mortgagee .
(from time to timeB) as Tenant's attorney-in-fact to execute such subordination upon default of Tenant in complying with such mortgagee's (from time to time) request. In the event that any mortgagee or its respective successor in title shall succeed to the interest of Landlord, then, then this Lease shall nevertheless continue in full force and effect and, provided Tenant has received the non-disturbance agreement required under this Section 8.15, and Tenant shall and does hereby agree to attorn to such mortgagee or successor and to recognize such mortgagee or successor as its landlord. .
(C) If any holder of a mortgage which that includes the Premises, executed and recorded prior to the date of this LeaseExecution Date, shall so elect, this Lease Lease, and the rights of Tenant hereunder, shall be superior in right to the rights of such holder, with the same force and effect as if this Lease had been executed, delivered and recorded, or a statutory notice hereof recorded, prior to the execution, delivery and recording of any such mortgage. The election of any such holder shall become effective upon either notice from such holder to Tenant in the same fashion as notices from Landlord to Tenant are to be given hereunder or by the recording in the appropriate registry or recorder's ’s office of an instrument in which such holder subordinates its rights under such mortgage to this Lease. Landlord .
(D) If in connection with obtaining financing, a bank, insurance company, pension trust or other institutional lender shall obtain and deliver to Tenant, request reasonable modifications in this Lease as a condition to such financing, Tenant will not unreasonably withhold, delay or condition its consent thereto, provided that (i) such modifications do not increase the monetary obligations of Tenant hereunder or materially adversely affect the effectiveness of this Leaseleasehold interest hereby created or Tenant’s rights hereunder, a non-disturbance agreement from the current mortgagee of the Premises and/or the Complex as of the date of this Lease, which said non-disturbance agreement and (ii) Landlord shall be responsible for the payment of all reasonable costs incurred by Tenant in the form attached hereto as Exhibit M (as the same may be modified by complying with such changes as Tenant may request and request, such mortgagee may approve). Landlord represents and warrants to Tenant that Landlord is the fee simple owner of the Complex andas, as of the date hereoffor example, the Complex is not subject to any ground lease or xxxxxxxxxreasonable attorneys’ fees.
Appears in 1 contract
Samples: Lease Agreement (Rapid7, Inc.)
Rights of Mortgagee. This Lease shall be subject and subordinate to any mortgage now or hereafter on the Site, Site or the BuildingsBuilding, or the Complexboth, and to each advance made or hereafter to be made under any mortgage, and to all renewals, modifications, consolidations, replacements and extensions thereof and all substitutions therefor provided, however, provided that in consideration of and as a condition precedent to Tenant's agreement to subordinate this Lease with respect to mortgages hereafter placed on the Site shall be the receipt case of a commercially reasonable non-disturbance agreement from and wherein future mortgage the applicable mortgagee expressly recognizes holder of such mortgage agrees to recognize the rights of Tenant under this Lease (including the right to use and occupy the Premises and to lease additional premises at the ComplexPremises) upon the payment of rent and other charges payable by Tenant under this Lease and the performance by Tenant of Tenant's ’s obligations hereunder. In confirmation of such subordination and recognition, Tenant shall execute and deliver promptly such instruments of subordination and recognition as such mortgagee may reasonably request subject to receipt of such instruments of recognition from such mortgagee as Tenant may reasonably requestrequest (Tenant hereby agreeing to pay any legal or other fees charged by the mortgagee in connection with any changes to such instruments requested by Tenant). Tenant hereby appoints such mortgagee (from time to time) as Tenant's ’s attorney-in-fact to execute such subordination upon default of Tenant in complying with such mortgagee's ’s (from time to time) request. In the event that any mortgagee or its respective successor in title shall succeed to the interest of Landlord, then, this Lease shall nevertheless continue in full force and effect and, provided Tenant has received the non-disturbance agreement required under this Section 8.15, and Tenant shall and does hereby agree to attorn to such mortgagee or successor and to recognize such mortgagee or successor as its landlord. If any holder of a mortgage which includes the Premises, executed and recorded prior to the date of this Lease, shall so elect, this Lease and the rights of Tenant hereunder, shall be superior in right to the rights of such holder, with the same force and effect as if this Lease had been executed, delivered and recorded, or a statutory notice hereof recorded, prior to the execution, delivery and recording of any such mortgage. The election of any such holder shall become effective upon either notice from such holder to Tenant in the same fashion as notices from Landlord to Tenant are to be given hereunder or by the recording in the appropriate registry or recorder's ’s office of an instrument in which such holder subordinates its rights under such mortgage to this Lease. Landlord If in connection with obtaining financing for the Building or Complex, a bank, insurance company, pension trust or other institutional lender shall obtain and deliver to Tenant, request reasonable modifications in this Lease as a condition to such financing, Tenant will not unreasonably withhold, delay or condition its consent thereto, provided that such modifications do not increase the monetary obligations of Tenant hereunder or materially adversely affect the effectiveness of this Lease, a non-disturbance agreement from the current mortgagee of the Premises and/or the Complex as of the date of this Lease, which said non-disturbance agreement shall be in the form attached hereto as Exhibit M (as the same may be modified by such changes as Tenant may request leasehold interest hereby created and such mortgagee may approve). Landlord represents and warrants to Tenant provided that Landlord is pay for any reasonable fees incurred in connection with the fee simple owner of the Complex and, as of the date hereof, the Complex is not subject to any ground lease or xxxxxxxxxsame.
Appears in 1 contract
Rights of Mortgagee. This Lease shall be subject and subordinate to any mortgage now or hereafter on recorded against the Site, the Buildings, Site or the ComplexBuilding (or any part thereof or both), and to each advance made or hereafter to be made under any mortgage, and to all renewals, modifications, consolidations, replacements and extensions thereof and all substitutions therefor providedtherefor, however, provided that in consideration of and as a condition precedent to Tenant's agreement to subordinate this Lease with respect to mortgages hereafter placed on the Site shall be the receipt case of a commercially reasonable non-disturbance agreement from and wherein future mortgage the applicable mortgagee expressly recognizes the rights of Tenant under this Lease (including the right to use and occupy the Premises and to lease additional premises at the Complex) upon the payment of rent and other charges payable by Tenant under this Lease and the performance by Tenant of Tenant's obligations hereunder. In confirmation holder of such subordination and recognition, Tenant shall execute and deliver promptly such instruments of subordination and recognition mortgage enters into an SNDA (as such mortgagee may reasonably request subject to receipt of such instruments of recognition from such mortgagee as Tenant may reasonably request. Tenant hereby appoints such mortgagee (from time to time) as Tenant's attorney-in-fact to execute such subordination upon default of Tenant in complying with such mortgagee's (from time to time) requestdefined below). In the event that any mortgagee or its respective successor in title shall succeed to the interest of Landlord, then, then this Lease shall nevertheless continue in full force and effect and, provided Tenant has received the non-disturbance agreement required under this Section 8.15, and Tenant shall and does hereby agree to attorn to such mortgagee or successor and to recognize such mortgagee or successor as its landlord. If any holder of a mortgage which includes the Premises, executed and recorded prior to the date Date of this Lease, shall so elect, this Lease Lease, and the rights of Tenant hereunder, shall be superior in right to the rights of such holder, with the same force and effect as if this Lease had been executed, delivered and recorded, or a statutory notice hereof recorded, prior to the execution, delivery and recording of any such mortgage. The election of any such holder shall become effective upon either notice from such holder to Tenant in the same fashion as notices from Landlord to Tenant are to be given hereunder or by the recording in the appropriate registry or recorder's ’s office of an instrument in which such holder subordinates its rights under such mortgage to this Lease. Landlord If in connection with obtaining financing a bank, insurance company, pension trust or other institutional lender shall obtain and deliver to Tenant, request reasonable modifications in this Lease as a condition to such financing, Tenant will not unreasonably withhold, delay or condition its consent thereto, provided that (i) such modifications do not increase the monetary obligations of Tenant hereunder or materially adversely affect the effectiveness leasehold interest hereby created or Tenant’s rights hereunder and (ii) Landlord shall be responsible for the payment of all reasonable costs incurred by Tenant in complying with such request such as, for example, attorneys’ fees. Landlord agrees to cause the holder of any mortgage encumbering the Site in the future to enter into a subordination, non-disturbance and attornment agreement (an “SNDA”) with Tenant, which SNDA shall be on such holder’s standard form (with such modifications thereto requested by Tenant that such mortgage holder may reasonably approve), and that provides, among other things, that so long as Tenant is not in an Event of Default under this Lease, a non-disturbance agreement from the current mortgagee foreclosure or other enforcement of such mortgage shall not terminate Tenant’s right to possession of the Premises and/or and that Tenant’s rights under this Lease shall be recognized by the Complex holder of such mortgage to the extent and subject to the limitations in the SNDA. Landlord shall not be obligated to pay any fee or reimburse any costs of such holder. If such holder conditions its agreement to enter into such SNDA upon any such payment or reimbursement, any such costs associated with changes requested to such holder’s standard form shall be the sole responsibility of Tenant. Landlord represents and warrants that no mortgage encumbers the Site as of the date of this Lease, which said non-disturbance agreement shall be in the form attached hereto as Exhibit M (as the same may be modified by such changes as Tenant may request and such mortgagee may approve). Landlord represents and warrants to Tenant that Landlord is the fee simple owner of the Complex and, as of the date hereof, the Complex is not subject to any ground lease or xxxxxxxxx.
Appears in 1 contract
Rights of Mortgagee. This 9.1. At Landlord's election, this Lease shall be subject and subordinate to any mortgage now or hereafter on the Site, the BuildingsLot or Building, or both, which are separately and together hereinafter in this Article IX referred to as "the Complexmortgaged premises", and to each advance made or hereafter to be made under any mortgage, and to all renewals, modifications, consolidations, replacements and extensions thereof and all substitutions therefor providedtherefor, however, provided that in consideration of and as a condition precedent to Tenant's agreement to subordinate this Lease with respect shall not be so subordinated to mortgages hereafter placed on any mortgage unless the Site holder thereof shall be the receipt of execute and deliver to Tenant a commercially reasonable non-disturbance agreement from in such holder's standard form. This Section 9.1 shall be self-operative and wherein the applicable mortgagee expressly recognizes the rights no further instrument of Tenant under this Lease (including the right to use and occupy the Premises and to lease additional premises at the Complex) upon the payment of rent and other charges payable by Tenant under this Lease and the performance by Tenant of Tenant's obligations hereundersubordination shall be required. In confirmation of such subordination and recognitionsubordination, Tenant shall execute and deliver promptly such instruments of subordination and recognition as such any certificate that Landlord or any mortgagee may reasonably request subject to receipt of such instruments of recognition from such mortgagee as Tenant may reasonably request. Tenant hereby appoints such mortgagee (from time to time) as Tenant's attorney-in-fact to execute such subordination upon default of Tenant in complying with such mortgagee's (from time to time) request. In the event that any mortgagee or its respective successor in title shall succeed to the interest of Landlord, then, at the option of such mortgagee or successor, this Lease shall nevertheless continue in full force and effect and, provided Tenant has received the non-disturbance agreement required under this Section 8.15, and Tenant shall and does hereby agree to attorn to such mortgagee or successor and to recognize such mortgagee or successor as its landlordLandlord. If The word "mortgagee" as used in this Lease shall include the holder for the time being whenever the context permits.
9.2. No fixed rent, additional rent, or any holder of a mortgage which includes the Premises, executed and recorded other charge shall be paid more than ten days prior to the due date thereof and payments made in violation of this provision shall (except to the extent that such payments are actually received by a mortgagee) be a nullity as against such mortgagee and Tenant shall be liable for the amount of such payments to such mortgagee.
9.3. No act or failure to act on the part of Landlord which would entitle Tenant under the terms of this Lease, shall so elector by law, this Lease and the rights of Tenant hereunder, shall be superior in right to the rights of such holder, with the same force and effect as if this Lease had been executed, delivered and recorded, or a statutory notice hereof recorded, prior to the execution, delivery and recording of any such mortgage. The election of any such holder shall become effective upon either notice from such holder to Tenant in the same fashion as notices from Landlord to Tenant are to be given relieved of Tenant's obligations hereunder or by the recording in the appropriate registry or recorder's office of an instrument in which such holder subordinates its rights under such mortgage to this Lease. Landlord shall obtain and deliver to Tenant, as a condition of the effectiveness of terminate this Lease, shall result in a non-disturbance agreement from release or termination of such obligations or a termination of this Lease unless (i) Tenant shall have first given written notice of Landlord's act or failure to act to Landlord's mortgagees of record, if any, specifying the current mortgagee act or failure to act on the part of Landlord which could or would give basis to Tenant's rights; and (ii) such mortgagees, after receipt of such notice, have failed or refused to correct or cure the condition complained of within a reasonable time thereafter; but nothing contained in this Section 9.3 shall be deemed to impose any obligation on any such mortgagees to correct or cure any such condition. "Reasonable time" as used above means and includes a reasonable time to obtain possession of the Premises and/or mortgaged premises if the Complex as of mortgagee elects to do so and a reasonable time to correct or cure the date of this Lease, which said non-disturbance agreement shall be in the form attached hereto as Exhibit M (as the same may be modified by condition if such changes as Tenant may request and such mortgagee may approve). Landlord represents and warrants condition is determined to Tenant that Landlord is the fee simple owner of the Complex and, as of the date hereof, the Complex is not subject to any ground lease or xxxxxxxxxexist.
Appears in 1 contract
Rights of Mortgagee. This Lease shall be subject and subordinate to any mortgage now or hereafter on the Site, Building (or any part thereof) or on the Buildings, fee interest (or the Complex, and to each advance made or hereafter to be made under any mortgagepart thereof) held by Ground Lessor (as defined in Section 16.13 below), and to all renewals, modifications, consolidations, replacements and extensions thereof and all substitutions therefor providedtherefor, howeverprovided that the holder of such mortgage enters into subordination, that in consideration of and as a condition precedent to Tenant's agreement to subordinate this Lease with respect to mortgages hereafter placed on the Site shall be the receipt of a commercially reasonable non-disturbance agreement from and wherein the applicable mortgagee expressly recognizes the rights of Tenant under this Lease (including the right to use and occupy the Premises and to lease additional premises at the Complex) upon the payment of rent and other charges payable by Tenant under this Lease and the performance by Tenant of Tenant's obligations hereunder. In confirmation of such subordination and recognition, Tenant shall execute and deliver promptly such instruments of subordination and recognition as agreement with Tenant, in the standard form used by such mortgagee may reasonably request subject to receipt of holder, with such instruments of recognition from such mortgagee commercially reasonable changes as Tenant may reasonably request. Tenant hereby appoints such mortgagee request (from time to time) as “SNDA”), which may include an acknowledgment of Tenant's attorney-in-fact to execute such subordination upon default of Tenant ’s offset rights set forth in complying with such mortgagee's (from time to time) requestExhibit 2.1. In the event that any mortgagee or its respective successor in title shall succeed to the interest of LandlordLandlord or Ground Lessor, thenas applicable, then this Lease shall nevertheless continue in full force and effect and, provided Tenant has received the non-disturbance agreement required under this Section 8.15, and Tenant shall and does hereby agree to attorn to such mortgagee or successor and to recognize such mortgagee or successor as its landlordlandlord or ground lessor, as applicable. If any holder of a mortgage which includes the Premises, executed and recorded prior to the date Date of this Lease, shall so elect, this Lease Lease, and the rights of Tenant hereunder, shall be superior in right to the rights of such holder, with the same force and effect as if this Lease had been executed, delivered and recorded, or a statutory notice Notice hereof recorded, prior to the execution, delivery and recording of any such mortgage. The election of any such holder shall become effective upon either notice from such holder to Tenant in the same fashion as notices from Landlord to Tenant are to be given hereunder or by the recording in the appropriate registry or recorder's ’s office of an instrument in which such holder subordinates its rights under such mortgage to this Lease. Landlord If in connection with obtaining financing a bank, insurance company, pension trust or other institutional lender shall obtain and deliver to Tenant, request reasonable modifications in this Lease as a condition to such financing, Tenant will not unreasonably withhold, delay or condition its consent thereto, provided that such modifications do not increase the monetary obligations of Tenant hereunder or materially adversely affect the effectiveness of this Lease, a non-disturbance agreement from the current mortgagee of the Premises and/or the Complex as of the date of this Lease, which said non-disturbance agreement shall be in the form attached hereto as Exhibit M (as the same may be modified by such changes as Tenant may request and such mortgagee may approve). Landlord represents and warrants to Tenant that Landlord is the fee simple owner of the Complex and, as of the date hereof, the Complex is not subject to any ground lease leasehold interest hereby created or xxxxxxxxxTenant’s rights hereunder.
Appears in 1 contract
Rights of Mortgagee. This Lease shall be subject and subordinate to any mortgage now or hereafter on the Site, the Buildings, Site or the Complex, Building(s) or portion thereof and to each advance made or hereafter to be made under any mortgage, and to all renewals, modifications, consolidations, replacements and extensions thereof and all substitutions therefor providedprovided that the holder of such mortgage agrees. by a written instrument (an "SNDA") in the customary form required by such mortgagee as amended by such commercially reasonable changes as Tenant may request and the mortgagee may reasonably approve, however, that in consideration of and as a condition precedent to Tenant's agreement to subordinate recognize this Lease with respect to mortgages hereafter placed on the Site shall be the receipt of a commercially reasonable non-disturbance agreement from and wherein the applicable mortgagee expressly recognizes the rights of Tenant under this Lease hereunder (including the right to use and occupy the Premises and to lease additional premises at the ComplexPremises) upon the payment of rent and other charges payable by Tenant under this Lease and the performance by Tenant of Tenant's obligations hereunder. Tenant acknowledges and agrees that any SNDA shall require that Tenant provide to the holder of such mortgage written notice of any defaults of Landlord and commercially reasonable cure periods to be negotiated between Tenant and such holder. In confirmation of such subordination and recognition, Tenant shall execute and deliver promptly such instruments of subordination and recognition as such mortgagee may reasonably request subject to receipt of such instruments of recognition from such mortgagee as Tenant may reasonably request. Tenant hereby appoints such mortgagee (from time to time) as Tenant's attorney-in-fact to execute such subordination upon default of Tenant in complying with such mortgagee's (from time to time) request. In the event that any mortgagee or its respective successor in title shall succeed to the interest of Landlord, then, this Lease shall nevertheless continue in full force and effect and, provided Tenant has received the non-disturbance agreement required under this Section 8.15, and Tenant shall and does hereby agree to attorn to such mortgagee or successor and to recognize such mortgagee or successor as its landlord. If any holder of a mortgage which includes the Premises, executed and recorded prior to the date of this Lease, shall so elect, this Lease and the rights of Tenant hereunder, shall be superior in right to the rights of such holder, with the same force and effect as if this Lease had been executed, delivered and recorded, or a statutory notice Notice hereof recorded, prior to the execution, delivery and recording of any such mortgage. The election of any such holder shall become effective upon either notice from such holder to Tenant in the same fashion as notices from Landlord to Tenant are to be given hereunder or by the recording in the appropriate registry or recorder's office of an instrument in which such holder subordinates its rights under such mortgage to this Lease. Landlord shall obtain and deliver to Tenant, as a condition of the effectiveness of this Lease, a non-disturbance agreement from the current mortgagee of the Premises and/or the Complex as of the date of this Lease, which said non-disturbance agreement shall be in the form attached hereto as Exhibit M (as the same may be modified by such changes as Tenant may request and such mortgagee may approve). Landlord represents and warrants to Tenant that Landlord is the fee simple owner of the Complex and, as of the date hereof, the Complex is not subject to any ground lease or xxxxxxxxx.
Appears in 1 contract
Samples: Sublease (Datawatch Corp)
Rights of Mortgagee. This Lease shall be subject and subordinate to any mortgage now or hereafter on the Site, the Buildings, Building or the Complex, and to each advance made or hereafter to be made under any mortgage, and to all renewals, modifications, consolidations, replacements and extensions thereof and all substitutions therefor therefor, provided, however, that in consideration of and as a condition precedent to Tenant's ’s agreement to subordinate this Lease with respect to mortgages hereafter placed on the Site Building or the Complex shall be the receipt by Tenant of a commercially reasonable non-disturbance subordination, non‑disturbance and attornment agreement (an “SNDA”) from and wherein the applicable mortgagee expressly recognizes the rights of Tenant under this Lease (including the right to use and occupy the Premises and to lease additional premises at the ComplexPremises) upon the payment of rent and other charges payable by Tenant under this Lease and the performance by Tenant of Tenant's ’s obligations hereunder. In confirmation of such subordination and recognition, Tenant shall execute and deliver promptly such instruments of subordination and recognition as SNDA. The SNDA shall be in the customary form required by such mortgagee may reasonably request subject to receipt of as amended by such instruments of recognition from such mortgagee commercially reasonable changes as Tenant may reasonably request. Tenant hereby appoints such mortgagee (from time to time) as Tenant's attorney-in-fact to execute such subordination upon default of Tenant in complying with such mortgagee's (from time to time) requestrequire. In the event that any mortgagee or its respective successor in title shall succeed to the interest of Landlord, then, this Lease shall nevertheless continue in full force and effect and, provided Tenant has received the non-disturbance agreement required under this Section 8.15, and Tenant shall and does hereby agree to attorn to such mortgagee or successor and to recognize such mortgagee or successor as its landlord. If any holder of a mortgage which includes the Premises, executed and recorded prior to the date of this Lease, shall so elect, this Lease and the rights of Tenant hereunder, shall be superior in right to the rights of such holder, with the same force and effect as if this Lease had been executed, delivered and recorded, or a statutory notice hereof recorded, prior to the execution, delivery and recording of any such mortgage. The election of any such holder shall become effective upon either notice from such holder to Tenant in the same fashion as notices from Landlord to Tenant are to be given hereunder or by the recording in the appropriate registry or recorder's ’s office of an instrument in which such holder subordinates its rights under such mortgage to this Lease. Landlord shall obtain and deliver to Tenant, as a condition of the effectiveness of this Lease, a non-disturbance agreement from the current mortgagee of the Premises and/or the Complex as of the date of this Lease, which said non-disturbance agreement shall be in the form attached hereto as Exhibit M (as the same may be modified by such changes as Tenant may request and such mortgagee may approve). Landlord represents and warrants to Tenant that Landlord is the fee simple owner of the Complex and, as of the date hereof, the Complex is not subject to any ground lease or xxxxxxxxx.
Appears in 1 contract
Samples: Lease Agreement (Mimecast LTD)
Rights of Mortgagee. This Lease shall be subject and subordinate to any mortgage now or hereafter on the Site, Site or the BuildingsBuilding, or the Complexboth, and to each advance made or hereafter to be made under any mortgage, and to all renewals, modifications, consolidations, replacements and extensions thereof and all substitutions therefor provided, however, provided that in consideration the holder of and as a condition precedent such mortgage agrees to Tenant's agreement to subordinate this Lease with respect to mortgages hereafter placed on the Site shall be the receipt of a commercially reasonable non-disturbance agreement from and wherein the applicable mortgagee expressly recognizes recognize the rights of Tenant under this Lease (including including, without limitation, the right to use and occupy the Premises and to lease additional premises at the ComplexPremises) upon the payment of rent and other charges payable by Tenant under this Lease and the performance by Tenant of Tenant's ’s obligations hereunder. In confirmation of such subordination and recognition, Tenant shall execute and deliver promptly such commercially reasonable instruments of subordination and recognition as such mortgagee may reasonably request subject to receipt of such instruments of recognition from such mortgagee as Tenant may reasonably request. request (Tenant hereby appoints such agreeing to pay any legal or other fees charged by the mortgagee (from time to time) as Tenant's attorney-in-fact to execute such subordination upon default of Tenant in complying connection with such mortgagee's (from time to time) requestproviding the same). In the event that any mortgagee or its respective successor in title shall succeed to the interest of Landlord, then, this Lease shall nevertheless continue in full force and effect and, provided Tenant has received the non-disturbance agreement required under this Section 8.15, and Tenant shall and does hereby agree to attorn to such mortgagee or successor and to recognize such mortgagee or successor as its landlord. If any holder of a mortgage which includes the Premises, executed and recorded prior to the date of this Lease, shall so elect, this Lease and the rights of Tenant hereunder, shall be superior in right to the rights of such holder, with the same force and effect as if this Lease had been executed, delivered and recorded, or a statutory notice hereof recorded, prior to the execution, delivery and recording of any such mortgage. The election of any such holder shall become effective upon either notice from such holder to Tenant in the same fashion as notices from Landlord to Tenant are to be given hereunder or by the recording in the appropriate registry or recorder's ’s office of an instrument in which such holder subordinates its rights under such mortgage to this Lease. Landlord shall obtain represents and deliver to Tenant, as a condition of warrants that there is no mortgage or ground lease encumbering the effectiveness of this Lease, a non-disturbance agreement from Building or the current mortgagee of the Premises and/or the Complex Site as of the date of this Lease, which said non-disturbance agreement shall be in the form attached hereto as Exhibit M (as the same may be modified by such changes as Tenant may request and such mortgagee may approve). Landlord represents and warrants to Tenant that Landlord is the fee simple owner of the Complex and, as of the date hereof, the Complex is not subject to any ground lease or xxxxxxxxx.
Appears in 1 contract
Rights of Mortgagee. This Lease shall be subject and subordinate to any mortgage now or hereafter on the Site, Site or the BuildingsBuilding, or the Complex, and to each advance made or hereafter to be made under any mortgageboth, and to all renewals, modifications, consolidations, replacements and extensions thereof and all substitutions therefor providedtherefor, however, provided that in consideration the holder of and as a condition precedent such mortgage agrees to Tenant's agreement to subordinate this Lease with respect to mortgages hereafter placed on recognize the Site shall be the receipt of a commercially reasonable non-disturbance agreement from and wherein the applicable mortgagee expressly recognizes the rights right of Tenant under this Lease (including the right to use and occupy the Premises and to lease additional premises at the Complex) upon the payment of rent and other charges payable by Tenant under this Lease and the performance by Tenant of Tenant's obligations hereunder. In confirmation of such subordination and recognition, Tenant shall execute and deliver promptly such instruments of subordination and recognition as such mortgagee may reasonably request request, subject to receipt of such instruments of recognition from such mortgagee as Tenant may reasonably request. Tenant hereby appoints such mortgagee (from time to time) as Tenant's attorney-in-fact to execute such subordination upon default of Tenant in complying with such mortgagee's (from time to time) request. In the event that any mortgagee or its respective successor in title shall succeed to the interest of Landlord, then, then this Lease shall nevertheless continue in full force and effect and, provided Tenant has received the non-disturbance agreement required under this Section 8.15, and Tenant shall and does hereby agree to attorn to such mortgagee or successor and to recognize such mortgagee or successor as its landlord. If any holder of a mortgage which includes the Premises, executed and recorded prior to the date Date of this Lease, shall so electelect this Lease, this Lease and the rights of Tenant hereunder, shall be superior in right to the rights of such holder, with the same force and effect as if this Lease had been executed, delivered and recorded, or a statutory notice Notice hereof recorded, prior to the execution, delivery and recording of any such mortgage. The election of any such holder shall become effective upon either notice from such holder to Tenant in the same fashion as notices from Landlord to Tenant are to be given hereunder or by the recording in the appropriate registry or recorder's office of an instrument in which such holder subordinates its rights under such mortgage to this Lease. Landlord If in connection with obtaining financing for the Demised Premises a bank, insurance company, pension trust or other institutional lender shall obtain and deliver to Tenant, request reasonable modifications in this Lease as a condition to such financing, Tenant will not unreasonably withhold, delay or condition its consent thereto, provided that such modifications do not increase the monetary obligations of Tenant hereunder or materially adversely affect the effectiveness of this Lease, a non-disturbance agreement from the current mortgagee of the Premises and/or the Complex as of the date of this Lease, which said non-disturbance agreement shall be in the form attached hereto as Exhibit M (as the same may be modified by such changes as Tenant may request and such mortgagee may approve). Landlord represents and warrants to Tenant that Landlord is the fee simple owner of the Complex and, as of the date hereof, the Complex is not subject to any ground lease leasehold interest hereby created or xxxxxxxxxTenant's rights hereunder.
Appears in 1 contract
Samples: Lease Agreement (Streamline Inc)
Rights of Mortgagee. A. This Lease Lease, and all rights of Tenant hereunder, are and shall be subject and subordinate to any mortgage all mortgages which may now or hereafter on affect the Siteproperty whether or not such mortgages shall also cover other lands and/or buildings, the Buildings, or the Complex, and to each and every advance made or hereafter to be made under any mortgagesuch mortgages, and to all renewals, modifications, consolidations, replacements and extensions thereof of such mortgages and all substitutions therefor providedconsolidations of such mortgages, howeverprovided that, that in consideration of and as a condition precedent to Tenant's agreement to subordinate this Lease with respect to mortgages any such mortgage hereafter placed on the Site property, Landlord shall be deliver to Tenant an agreement by such holder to the receipt effect that, subject to qualifications of a commercially reasonable non-disturbance agreement from and wherein the applicable mortgagee expressly recognizes type set forth in the rights second sentence of Tenant under this Lease (including the right to use and occupy the Premises and to lease additional premises at the Complex) upon the payment of rent and other charges payable by Tenant under this Lease and the performance by Tenant paragraph B hereof, all of Tenant's obligations hereunderrights hereunder shall be recognized by such holder. In Such subordination shall be automatic and without need for any additional action or documentation. Without derogating from the foregoing, in confirmation of such subordination subordination, and recognitionsubject to the foregoing condition, Tenant shall execute promptly execute, acknowledge and deliver promptly any instrument that Landlord or the holder of any such instruments mortgage or any of subordination and recognition as such mortgagee their respective successors in interest may reasonably request to evidence such subordination. Landlord agrees to request the holder of any existing mortgage on the property to deliver an agreement by such holder to the effect that, subject to receipt the qualifications of the type set forth in the second sentence of paragraph B hereof, that such instruments holder recognizes all of recognition from such mortgagee as Tenant may reasonably request. Tenant hereby appoints such mortgagee (from time to time) as Tenant's attorney-in-fact rights hereunder. Any mortgage to execute such subordination upon default which this Lease is, at the time referred to, subject and subordinate, is herein called "Superior Mortgage" and the holder of Tenant in complying with such mortgagee's (from time to time) request. In a Superior Mortgage is herein called "Superior Mortgagee".
B. If any Superior Mortgagee or the event that nominee or designee of any mortgagee or its respective successor in title Superior Mortgagee shall succeed to the interest rights of Landlord (for the purposes of this paragraph B, the "Preceding Landlord") under this Lease, thenwhether through possession or foreclosure action or delivery of a new deed, or otherwise, then Tenant shall attorn to and recognize such party (herein called "Successor Landlord") so succeeding to the Preceding Landlord's rights as Tenant's Landlord under this Lease shall nevertheless continue in full force and effect and, provided Tenant has received the non-disturbance agreement required under this Section 8.15upon such Successor Landlord's request, Tenant shall and does hereby agree to attorn to such mortgagee or successor and to recognize such mortgagee or successor as its landlord. If any holder of a mortgage which includes the Premises, executed and recorded prior to the date of this Lease, shall so elect, this Lease and the rights of Tenant hereunder, shall be superior in right to the rights of such holder, with the same force and effect as if this Lease had been executed, delivered and recorded, or a statutory notice hereof recorded, prior to the execution, delivery and recording of any such mortgage. The election of any such holder shall become effective upon either notice from such holder to Tenant in the same fashion as notices from Landlord to Tenant are to be given hereunder or by the recording in the appropriate registry or recorder's office of an instrument in which such holder subordinates its rights under such mortgage to this Lease. Landlord shall obtain promptly execute and deliver any instrument that such Successor Landlord may reasonably request to evidence such attornment provided that such Successor Landlord give Tenant a written agreement to accept Tenant, as a condition of the effectiveness of this Lease, a non-disturbance agreement from the current mortgagee of the Premises and/or the Complex as of the date of this Lease, which said non-disturbance agreement shall be in the form attached hereto as Exhibit M (as the same may be modified by such changes as Tenant may request and such mortgagee may approve). Landlord represents and warrants to Tenant that Landlord is the fee simple owner of the Complex and, as of the date hereof, the Complex is not subject to any ground lease or xxxxxxxxx.'s
Appears in 1 contract
Rights of Mortgagee. This Lease shall be subject and subordinate to any mortgage now or hereafter on the Site, the Buildings, Building (or the Complex, and to each advance made or hereafter to be made under any mortgagepart thereof), and to all renewals, modifications, consolidations, replacements and extensions thereof and all substitutions therefor providedtherefor, however, provided that in consideration the case of and as a condition precedent future mortgage the holder of such mortgage agrees to Tenant's agreement to subordinate recognize this Lease with respect to mortgages hereafter placed on the Site shall be the receipt of a commercially reasonable non-disturbance agreement from and wherein the applicable mortgagee expressly recognizes the rights of Tenant under this Lease (including the right to use and occupy the Premises and to lease additional premises at the Complex) upon the payment of rent and other charges payable by Tenant under this Lease and the performance by Tenant of Tenant's obligations hereunder. In confirmation of such subordination and recognitionrecognition with respect to any future mortgage, Tenant shall execute and deliver promptly such instruments of subordination and recognition as such mortgagee may reasonably request request, subject to receipt of such instruments of recognition from such mortgagee as Tenant may reasonably request. Tenant hereby appoints such With respect to the current mortgage identified on Exhibit I attached hereto, Landlord will use commercially reasonable efforts to cause the mortgagee (from time to time) as Tenant's attorney-in-fact to execute such subordination upon default of Tenant a subordination, nondisturbance and attornment agreement in complying with such mortgagee's (from time to time) request. substantially the form attached hereto as Exhibit M. In the event that any mortgagee or its respective successor in title shall succeed to the interest of Landlord, then, then this Lease shall nevertheless continue in full force and effect and, provided Tenant has received the non-disturbance agreement required under this Section 8.15, and Tenant shall and does hereby agree to attorn to such mortgagee or successor and to recognize such mortgagee or successor as its landlord. If any holder of a mortgage which includes the Premises, executed and recorded prior to the date Date of this Lease, shall so elect, this Lease Lease, and the rights of Tenant hereunder, shall be superior in right to the rights of such holder, with the same force and effect as if this Lease had been executed, delivered and recorded, or a statutory notice hereof recorded, prior to the execution, delivery and recording of any such mortgage. The election of any such holder shall become effective upon either notice from such holder to Tenant in the same fashion as notices from Landlord to Tenant are to be given hereunder or by the recording in the appropriate registry or recorder's ’s office of an instrument in which such holder subordinates its rights under such mortgage to this Lease. Landlord If in connection with obtaining financing a bank, insurance company, pension trust or other institutional lender shall obtain and deliver to Tenant, request reasonable modifications in this Lease as a condition to such financing, Tenant will not unreasonably withhold, delay or condition its consent thereto, provided that such modifications do not materially increase the obligations of Tenant hereunder or materially adversely affect the effectiveness of this Lease, a non-disturbance agreement from the current mortgagee of the Premises and/or the Complex as of the date of this Lease, which said non-disturbance agreement shall be in the form attached hereto as Exhibit M (as the same may be modified by such changes as Tenant may request and such mortgagee may approve). Landlord represents and warrants to Tenant that Landlord is the fee simple owner of the Complex and, as of the date hereof, the Complex is not subject to any ground lease leasehold interest hereby created or xxxxxxxxxTenant’s rights hereunder.
Appears in 1 contract
Rights of Mortgagee. This Lease shall be subject and subordinate to any mortgage now or hereafter on the Site, Site or the BuildingsBuilding, or the Complexboth, and to each advance made or hereafter to be made under any mortgage, and to all renewals, modifications, consolidations, replacements and extensions thereof and all substitutions therefor provided, however, provided that in consideration the holder of and as a condition precedent such mortgage agrees to Tenant's agreement to subordinate this Lease with respect to mortgages hereafter placed on the Site shall be the receipt of a commercially reasonable non-disturbance agreement from and wherein the applicable mortgagee expressly recognizes recognize the rights of Tenant under this Lease (including including, without limitation, the right to use and occupy the Premises and to lease additional premises at the ComplexPremises) upon the payment of rent and other charges payable by Tenant under this Lease and the performance by Tenant of Tenant's ’s obligations hereunderhereunder as provided in a commercially reasonable form. In confirmation of such subordination and recognition, Tenant shall execute and deliver promptly such instruments of subordination and recognition as such mortgagee may reasonably request subject to receipt of such instruments of recognition from such mortgagee as Tenant may reasonably request. Tenant hereby appoints such mortgagee (from time to time) as Tenant's attorney-in-fact to execute such subordination upon default of Tenant in complying with such mortgagee's (from time to time) request. In the event that any mortgagee or its respective successor in title shall succeed to the interest of Landlord, then, this Lease shall nevertheless continue in full force and effect and, provided Tenant has received the non-disturbance agreement required under this Section 8.15, and Tenant shall and does hereby agree to attorn to such mortgagee or successor and to recognize such mortgagee or successor as its landlord. If any holder of a mortgage which includes the Premises, executed and recorded prior to the date of this Lease, shall so elect, this Lease and the rights of Tenant hereunder, shall be superior in right to the rights of such holder, with the same force and effect as if this Lease had been executed, delivered and recorded, or a statutory notice hereof recorded, prior to the execution, delivery and recording of any such mortgage. The election of any such holder shall become effective upon either notice from such holder to Tenant in the same fashion as notices from Landlord to Tenant are to be given hereunder or by the recording in the appropriate registry or recorder's ’s office of an instrument in which such holder subordinates its rights under such mortgage to this Lease. Landlord shall obtain represents and deliver to Tenant, as a condition of warrants that there is no mortgage or ground lease encumbering the effectiveness of this Lease, a non-disturbance agreement from Building or the current mortgagee of the Premises and/or the Complex Site as of the date of this Lease. As to any future mortgages, which said non-disturbance agreement Landlord shall be use reasonable efforts to obtain from such mortgagee a written instrument in recordable form and in the customary form attached hereto as Exhibit M (as the same may be modified by of such changes mortgagee, with such commercially reasonable revisions as Tenant may request and such mortgagee may approve). Landlord represents and warrants to accept (“Nondisturbance Agreement”) that, as long as there shall be no Event of Default of Tenant, Tenant that Landlord is the fee simple owner shall not be in default of the Complex andobligations on its part to be kept and performed under the terms of this Lease, as of the date hereofTenant’s possession hereunder will not be disturbed by any default in, the Complex is not subject to termination, and/or foreclosure of, such mortgage. Tenant shall be responsible for paying any ground lease fees or xxxxxxxxxexpenses charged by such mortgagee in connection with such Nondisturbance Agreement.
Appears in 1 contract
Samples: Lease Agreement (Allovir, Inc.)
Rights of Mortgagee. This Lease shall be subject and subordinate to any mortgage now or hereafter on the Site, Site or the BuildingsBuilding, or the Complexboth, and to each advance made or hereafter to be made under any mortgage, and to all renewals, modifications, consolidations, replacements and extensions thereof and all substitutions therefor provided, however, provided that in consideration the holder of and as a condition precedent such mortgage agrees to Tenant's agreement to subordinate this Lease with respect to mortgages hereafter placed on the Site shall be the receipt of a commercially reasonable non-disturbance agreement from and wherein the applicable mortgagee expressly recognizes recognize the rights of Tenant under this Lease (including the right to use and occupy the Premises and to lease additional premises at the ComplexPremises) upon the payment of rent and other charges payable by Tenant under this Lease and the performance by Tenant of Tenant's ’s obligations hereunder. In confirmation of such subordination and recognition, Tenant shall execute and deliver promptly such instruments of subordination and recognition as such mortgagee may reasonably request subject to receipt of such instruments of recognition from such mortgagee as Tenant may reasonably requestrequest (Tenant hereby agreeing to pay any legal or other fees charged by the mortgagee in connection with providing any instrument requested by Tenant). Tenant hereby appoints such mortgagee (from time to time) as Tenant's ’s attorney-in-fact to execute such subordination upon default of Tenant in complying with such mortgagee's ’s (from time to time) request. In the event that any mortgagee or its respective successor in title shall succeed to the interest of Landlord, then, this Lease shall nevertheless continue in full force and effect and, provided Tenant has received the non-disturbance agreement required under this Section 8.15, and Tenant shall and does hereby agree to attorn to such mortgagee or successor and to recognize such mortgagee or successor as its landlord. If any holder of a mortgage which includes the Premises, executed and recorded prior to the date of this Lease, shall so elect, this Lease and the rights of Tenant hereunder, shall be superior in right to the rights of such holder, with the same force and effect as if this Lease had been executed, delivered and recorded, or a statutory notice hereof recorded, prior to the execution, delivery and recording of any such mortgage. The election of any such holder shall become effective upon either notice from such holder to Tenant in the same fashion as notices from Landlord to Tenant are to be given hereunder or by the recording in the appropriate registry or recorder's ’s office of an instrument in which such holder subordinates its rights under such mortgage to this Lease. Landlord If in connection with obtaining financing a bank, insurance company, pension trust or other institutional lender shall obtain and deliver to Tenant, request reasonable modifications in this Lease as a condition to such financing, Tenant will not unreasonably withhold, delay or condition its consent thereto, provided that such modifications do not increase the monetary obligations of Tenant hereunder or materially adversely affect the effectiveness of this Lease, a non-disturbance agreement from the current mortgagee of the Premises and/or the Complex as of the date of this Lease, which said non-disturbance agreement shall be in the form attached hereto as Exhibit M (as the same may be modified by such changes as Tenant may request and such mortgagee may approve). Landlord represents and warrants to Tenant that Landlord is the fee simple owner of the Complex and, as of the date hereof, the Complex is not subject to any ground lease or xxxxxxxxxleasehold interest hereby created.
Appears in 1 contract
Samples: Lease Agreement (TESARO, Inc.)