Common use of Rights of Mortgagee Clause in Contracts

Rights of Mortgagee. It is understood and agreed that the rights and interests of Tenant under this Lease shall be subject and subordinate to any mortgages or deeds of trust that may hereafter be placed upon the Commercial Unit and/or the Building and/or the Lot, and/or any part of the foregoing, and to any and all advances to be made thereunder, and to the interest thereon, and all renewals, modifications, replacements and extensions thereof, if the mortgagee or trustee named in said mortgages or deeds of trust shall elect by notice delivered to Tenant to subject and subordinate the rights and interest of Tenant under this Lease to the lien of its mortgage or deed of trust; it is further agreed that any mortgagee or trustee may elect to give the rights and interest of Tenant under this Lease priority over the lien of its mortgage or deed of trust. In the event of either such election, and upon 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 whatever instruments may be required for such 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 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 provide that such modification shall become effective and binding upon Tenant and shall have the same force and effect as an amendment to this Lease for all purposes. Tenant hereby appoints such holder as Txxxxx's attorney-in-fact to execute any such modification upon default of Tenant in complying with such holder's request.

Appears in 2 contracts

Samples: Agreement (Paratek Pharmaceuticals, Inc.), Paratek Pharmaceuticals, Inc.

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Rights of Mortgagee. It is understood Landlord represents and agreed that warrants to Tenant that, as of the rights and interests Execution Date of Tenant under 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 mortgages mortgage now or deeds of trust that may hereafter be placed upon on the Commercial Unit and/or Site or the Building and/or the LotBuilding, and/or any part of the foregoingor both, and to any and all advances each advance made or hereafter to be made thereunderunder any mortgage, and to the interest thereon, and all renewals, modifications, consolidations, replacements and extensions thereofthereof and all substitutions therefor provided, if however, and notwithstanding anything to the mortgagee contrary contained in this Lease, that as a condition precedent to Tenant’s agreement to subordinate this Lease to mortgages hereafter placed on the Site or trustee named the Building or both, the holder of any such mortgage shall enter into with Tenant a non-disturbance agreement in said mortgages or deeds of trust shall elect by notice delivered which such holder agrees, subject to Tenant commercially reasonable limitations, to subject and subordinate recognize the rights and interest of Tenant under this Lease (including, without limitation, the right to use and occupy the lien Premises) so long as no Event of its mortgage or deed of trust; it is further agreed that any mortgagee or trustee may elect to give the rights and interest of Tenant under this Lease priority over the lien of its mortgage or deed of trustDefault continues uncured hereunder. In the event confirmation of either such electionsubordination and recognition, and upon 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 whatever promptly such instruments of subordination and recognition as such mortgagee may be required for reasonably request subject to receipt of such purposes, and in the event instruments of recognition from such mortgagee as 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 domay reasonably request. In the event that any holder mortgagee or prospective its respective successor in title shall succeed to the interest of Landlord, then, this Lease shall nevertheless continue in full force and effect 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 any a mortgage which includes the Premises as part of Premises, executed and recorded prior to the mortgaged premises, shall request any modification of any of the provisions date of this Lease, other than a provision directly related shall so elect, this Lease and the rights of Tenant hereunder, shall be superior in right to the rents payable hereunderrights of such holder, 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 provide that such modification shall become effective and binding upon Tenant and shall have 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 amendment instrument in which such holder subordinates its rights under such mortgage to this Lease for all purposes. Tenant hereby appoints such holder as Txxxxx's attorney-in-fact to execute any such modification upon default of Tenant in complying with such holder's requestLease.

Appears in 2 contracts

Samples: Agreement (Carbon Black, Inc.), Agreement (Carbon Black, Inc.)

Rights of Mortgagee. It is understood and agreed that the rights and interests of Tenant under Lessee accepts this Lease shall be subject and subordinate to any mortgages recorded lease, mortgage or deeds deed of trust that may lien presently existing, if any, or hereafter be placed upon encumbering the Commercial Unit and/or the Building and/or the LotProperty and to all existing ordinances and recorded restrictions, and/or any part of the foregoingcovenants, easements, and to any and all advances to be made thereunder, and agreements with respect to the Property, Lessor hereby is irrevocably vested with full power and authority to subordinate Lessee's interest thereon, and all renewals, modifications, replacements and extensions thereof, if the mortgagee or trustee named in said mortgages or deeds of trust shall elect by notice delivered to Tenant to subject and subordinate the rights and interest of Tenant under this Lease to the lien of its any mortgage or deed of trust; it is further agreed that trust lien hereafter placed on the Property. Upon any mortgagee foreclosure, judicially or trustee may elect to give non- judicially, of any such mortgage, or the rights and sale of the Property in lieu of foreclosure, or any other transfer of Lessor's interest of Tenant under this Lease priority over in the lien of its mortgage Property, whether or deed of trust. In the event of either such electionnot in connection with a mortgage, Lessee hereby does, and upon notification by hereafter agrees to attorn to the purchaser at such mortgagee foreclosure sale or trustee to Tenant the grantee under any deed in lieu of foreclosure or to that effectany other transferee of Lessor's interest, the rights and interest of Tenant under this Lease shall be deemed to be subordinate torecognize such purchaser, grantee, or to have priority over, other transferee 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 whatever instruments may be required for such 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 any mortgage which includes the Premises as part of the mortgaged premises, shall request any modification of any of the provisions of Lessor under this Lease, and no further attornment or other than a provision directly related agreement shall be required to effect or evidence Lessee's attornment to and recognition of such purchaser or grantee as Lessor hereunder. Such agreement of Lessee to attorn shall survive any such foreclosure sale, trustee's sale, conveyance in lieu thereof, or any other transfer of Lessor's interest in the Property. Lessee, upon demand, at any time, before or after any such foreclosure sale, trustee's sale, conveyance in lieu thereof, or other transfer shall execute, acknowledge, and deliver to the rents payable hereunderprospective transferee and/or mortgagee the Lease Subordination, Non-disturbance and Attornment Agreement and any additional written instruments and certificates evidencing such attornment all on substantially the duration of same terms as those herein as the term hereofmortgagee or other prospective transferee may reasonably require. Notwithstanding anything to the contrary implied in this Section, 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 provide that such modification shall become effective and binding upon Tenant and any mortgagee under any mortgage shall have the same force and effect as an amendment right at any time to subordinate any such mortgage to this Lease for all purposes. Tenant hereby appoints on such holder terms and subject to such conditions as Txxxxx's attorney-in-fact to execute any such modification upon default of Tenant the mortgagee in complying with such holder's requestits discretion may consider appropriate.

Appears in 2 contracts

Samples: Office Lease Agreement (Titan Exploration Inc), Office Lease Agreement (Pure Resources Inc)

Rights of Mortgagee. It is understood Landlord has the unrestricted right to convey, mortgage and agreed that refinance the rights Building, or any part thereof. Tenant agrees, within seven (7) days after notice, to execute and interests deliver to Landlord or its mortgagee or designee such instruments as Landlord or its mortgagee may require, certifying the amount of Tenant under the Security Deposit and whether this Lease shall 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 is and at all times will be subject and subordinate to any all present and future mortgages or deeds of trust that ground leases which may hereafter be placed upon the Commercial Unit and/or affect the Building and/or the Lot, and/or any part of the foregoing, and to any and all advances to be made thereunderrecastings, and to the interest thereon, and all renewals, modifications, replacements consolidations, replacements, and extensions thereof, if the mortgagee or trustee named in said mortgages or deeds of trust shall elect by notice delivered to Tenant to subject and subordinate the rights and interest of Tenant under this Lease to the lien of its mortgage or deed of trust; it is further agreed that any mortgagee or trustee may elect to give the rights and interest of Tenant under this Lease priority over the lien of its mortgage or deed of trust. In the event of either such electionmortgage(s), and upon notification by such mortgagee or trustee to Tenant to that effect, the rights all increases and interest voluntary and involuntary advances made thereunder. The foregoing will be self-operative and no further instrument of Tenant under this Lease shall subordination will 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 whatever instruments may be required for such 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 dorequired. In the event that any the holder or prospective holder ("Lender") of any mortgage which includes encumbrance ("Mortgage") on the Premises as part Building or any other person acquires title to the Building pursuant to the exercise of any remedy provided for in the Mortgage or by reason of the mortgaged premisesacceptance 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, and except as provided below, this Lease shall request any modification of any continue in full force and effect as a direct Lease between Tenant and Purchaser, except that, notwithstanding anything to the contrary herein or in the Lease, the provisions of the provisions 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, other than and no event has occurred that has continued to exist for a provision directly related period of time (after notice, if any, required by this Lease) as would entitle Landlord to the rents payable hereunderterminate this Lease or would cause without further action by Landlord, the duration termination 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 provide that such modification shall become effective and binding upon Tenant and shall have the same force and effect as an amendment to this Lease for all purposes. or would entitle Landlord to dispossess the Tenant hereby appoints such holder as Txxxxx's attorney-in-fact to execute any such modification upon default of Tenant in complying with such holder's request.thereunder:

Appears in 2 contracts

Samples: Lease (Park N View Inc), Lease (Park N View Inc)

Rights of Mortgagee. It Tenant accepts this Lease subject and subordinate to any recorded mortgage, deed of trust or other lien presently existing or hereafter to exist with respect to the Leased Premises. Landlord is understood hereby irrevocably vested with full power and agreed that authority to subordinate Tenant's interest under this Lease to any mortgage, deed of trust or other hen hereafter placed on the rights Leased Premises, and Tenant agrees upon demand to execute such additional instruments subordinating this Lease as Landlord or the holder of any such mortgage, deed of trust, or lien may require. If the interests of Tenant Landlord under this Lease shall be subject and subordinate to transferred by reason of foreclosure or other proceedings for enforcement of any mortgages or deeds of trust that may hereafter be placed upon mortgage on the Commercial Unit and/or the Building and/or the Lot, and/or any part of the foregoing, and to any and all advances to be made thereunder, and to the interest thereon, and all renewals, modifications, replacements and extensions thereof, if the mortgagee or trustee named in said mortgages or deeds of trust shall elect by notice delivered to Tenant to subject and subordinate the rights and interest of Tenant under this Lease to the lien of its mortgage or deed of trust; it is further agreed that any mortgagee or trustee may elect to give the rights and interest of Tenant under this Lease priority over the lien of its mortgage or deed of trust. In the event of either such election, and upon 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 trustLeased Premises. Tenant shall execute be bound to the transferee (sometimes called the "Purchaser") under the terms and deliver whatever instruments may be required conditions of this Lease for such 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 any mortgage which includes the Premises as part balance of the mortgaged premisesremaining lease term, shall request including any modification of any of the provisions of this Leaseextensions or renewals, 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 provide that such modification shall become effective and binding upon Tenant and shall have the same force and effect as an amendment to if the Purchaser were Landlord under this Lease for all purposesLease. Tenant hereby appoints further agrees to attorn to the Purchaser, including the mortgagee under any such mortgagee if it be the Purchaser, as 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 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 as Txxxxx's attorneyof any mortgage, deed of trust, or lien, and each such Purchaser, shall be a third-in-fact to execute any such modification upon default party beneficiary of Tenant in complying with such holder's requestthe provisions of this Paragraph.

Appears in 2 contracts

Samples: Commercial Lease Agreement (Avanex Corp), Commercial Lease Agreement (Avanex Corp)

Rights of Mortgagee. It Tenant accepts this Lease subject and subordinate to any recorded mortgage, deed of trust or other lien (a "Mortgage") presently existing or hereafter to exist with respect to the Leased Premises. Further, but without limiting the preceding sentence, Landlord is understood hereby irrevocably vested with full power and agreed authority to subordinate and/or to evidence such subordination of Tenant's interest under this Lease to any Mortgage hereafter placed on the Leased Premises, and Tenant agrees upon demand to execute such additional instruments subordinating this Lease, and further defining the terms of such subordination, as well as the attornment discussed below, as Landlord or the holder of any such Mortgage, may require. Tenant agrees to provide to the holder of any such Mortgage, whose name and address have been provided to Tenant (a "Mortgagee"), a copy of each notice to Landlord which alleges any act, omission, or condition that might constitute a default by Landlord hereunder and Mortgagee, in its sole discretion, shall have all rights of Landlord hereunder to cure any such default. If the rights and interests of Tenant Landlord under this Lease shall be subject and subordinate to transferred by reason of foreclosure or other proceedings for enforcement of any mortgages or deeds of trust that may hereafter be placed upon Mortgage on the Commercial Unit and/or Leased Premises, at the Building and/or the Lot, and/or any part election of the foregoing, and to any and all advances to transferee (sometimes called the "Purchaser") Tenant shall be made thereunder, and bound to the interest thereonPurchaser under the terms and conditions of this Lease for the balance of the remaining Lease term, and all including any extensions or renewals, modifications, replacements and extensions thereof, if the mortgagee or trustee named in said mortgages or deeds of trust shall elect by notice delivered to Tenant to subject and subordinate the rights and interest of Tenant under this Lease to the lien of its mortgage or deed of trust; it is further agreed that any mortgagee or trustee may elect to give the rights and interest of Tenant under this Lease priority over the lien of its mortgage or deed of trust. In the event of either such election, and upon 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 whatever instruments may be required for such 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 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 provide that such modification shall become effective and binding upon Tenant and shall have the same force and effect as an if the Purchaser were Landlord under this Lease; provided, however, that such Purchaser shall not be liable or bound to Tenant (i) for any act or omission of any prior landlord, (ii) for any offsets or defenses which Tenant might have against any prior landlord, (iii) for or by any Rent which Tenant might have paid for more than the current month, (iv) by any amendment or modification of, or consensual termination agreement with respect to, the Lease made without the Mortgagee's consent, (v) for any Security Deposit given by Tenant to a prior landlord unless such deposit is actually received by such Purchaser, (vi) for any repairs or replacements required by this Lease arising prior to the date Purchaser takes possession of the Leased Premises, or (vii) for all purposesany moving, relocation or refurbishment allowance or any construction of or payment or allowance for tenant improvements to the Leased Premises or any part thereof for the benefit of Tenant except as set forth in this Lease. Tenant hereby appoints such holder further agrees at the election of the Purchaser to attorn to the Purchaser, including the Mortgagee if it be the Purchaser, as Txxxxxits Landlord. Such attornment shall be effective without the execution of any further instruments upon the Purchaser's attorney-in-fact 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 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, but Tenant agrees upon demand to execute any such modification upon additional instruments defining the terms of such attornment as Landlord or the Purchaser may require. Each such Mortgagee and each such Purchaser shall be a third-party beneficiary of the provisions of this Paragraph. *Upon written request by Tenant and provided Tenant is not in default of Tenant in complying with such holder's requestany terms, conditions, or provisions of the Lease, Landlord agrees to use best efforts to obtain a non-disturbance agreement from any lender or purchaser.

Appears in 1 contract

Samples: Commercial Lease Agreement (Adams Golf Inc)

Rights of Mortgagee. It is understood and agreed that the rights and interests of Except as otherwise provided herein, Tenant under accepts this Lease shall be Agreement subject and subordinate to any mortgages recorded mortgage or deeds of trust that may deed to secure debt presently existing or hereafter be placed created upon the Commercial Unit and/or building or project of which the Building and/or Premises are a part, and to all recorded restrictions, covenants, easements and agreements with respect to the Lotbuilding or project of which the Premises are a part, and/or whether presently existing or hereafter created, and all amendments, modifications or restatements thereof and all replacements and substitutions therefor provided, however, that the subordination of this Agreement to any deed to secure debt or mortgage hereafter placed on the building or project of which the Premises are a part shall be expressly conditioned upon the receipt by Tenant of a non-disturbance agreement in a form reasonably satisfactory to Tenant from the holder of any such security deed or mortgage. Landlord further agrees to use its best efforts to obtain a non-disturbance agreement in a form reasonably satisfactory to Tenant from the holder of any deed to secure debt or mortgage presently encumbering the building or project of which the Premises are a part within sixty (60) days of the foregoingdate hereof. Landlord is hereby irrevocably vested with full power and authority to subordinate Tenant's interest under this Agreement to the lien and security title of any mortgage or deed to secure debt and to any such recorded restrictions, covenants, easements and agreements hereafter placed on the Premises, and to any future instrument amending, modifying, restating, replacing or substituting for any such existing recorded restrictions, covenants, easements and all advances to be made thereunderagreements, and Tenant agrees upon demand to execute such additional instruments subordinating this Agreement as Landlord may require so long as Landlord provides Tenant with a non-disturbance agreement from the interest thereon, and all renewals, modifications, replacements and extensions thereof, if holder of the mortgagee security deed presently encumbering the building or trustee named in said mortgages or deeds project of trust shall elect by notice delivered to Tenant to subject and subordinate which the rights and interest Premises are a part. If the interests of Tenant Landlord under this Lease to the lien Agreement shall be transferred by reason of its foreclosure or other proceedings for enforcement of any mortgage or deed of trust; it is further agreed that any mortgagee or trustee may elect to give the rights and interest of Tenant under this Lease priority over the lien of its mortgage or deed of trust. In the event of either such election, and upon 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 whatever instruments may be required for such 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 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 secure debt on the Premises, or by any deed in lieu thereof, Tenant agrees that Tenant will enter into a written agreement in recordable form shall be bound to the transferee (sometimes called the "Purchaser") at the option of the Purchaser, under the terms, covenants and conditions of this Agreement for the balance of the Term remaining, including any extensions or renewals, with Landlord or such holder or prospective holder which shall effect such modification and provide that such modification shall become effective and binding upon Tenant and shall have the same force and effect as an amendment if the Purchaser were Landlord under this Agreement, and, if requested by the Purchaser, Xxxxxx agrees to this Lease for all purposes. Tenant hereby appoints such holder as Txxxxx's attorney-in-fact attorn to execute the Purchaser (including the mortgagee or the grantee under any such modification upon default of Tenant in complying with such holder's requestmortgage or deed to secure debt if it be the Purchaser) as its landlord.

Appears in 1 contract

Samples: Industrial Tenancy Agreement

Rights of Mortgagee. It is understood and agreed that the rights and interests of Tenant under this This Lease shall be subject and subordinate to any mortgages mortgage now or deeds of trust that may hereafter be placed upon on the Commercial Unit and/or Site or the Building and/or the LotBuilding, and/or any part of the foregoingor both, and to any and all advances each advance made or hereafter to be made thereunderunder any mortgage, and to the interest thereon, and all renewals, modifications, consolidations, replacements and extensions thereof, if thereof and all substitutions therefor provided that in the mortgagee or trustee named in said mortgages or deeds case of trust shall elect by notice delivered a future mortgage the holder of such mortgage agrees to Tenant to subject and subordinate recognize the rights and interest of Tenant under this Lease (including the right to use and occupy the lien Premises) upon the payment of its mortgage or deed of trust; it is further agreed that any mortgagee or trustee may elect to give the rights rent and interest of other charges payable by Tenant under this Lease priority over and the lien performance by Tenant of its mortgage or deed of trustTenant’s obligations hereunder. In the event confirmation of either such electionsubordination and recognition, and upon 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 whatever promptly such instruments of subordination and recognition as such mortgagee may be required for reasonably request subject to receipt of such purposes, and instruments of recognition from such mortgagee as Tenant may reasonably request (Tenant hereby agreeing to pay any legal or other fees charged by the mortgagee in connection with providing 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 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 provide that such modification shall become effective and binding upon Tenant and shall have the same force and effect as an amendment to this Lease for all purposessame). Tenant hereby appoints such holder mortgagee (from time to time) as Txxxxx's Tenant’s attorney-in-fact to execute any such modification 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 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's request, 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. If in connection with obtaining financing for the Building or Complex, 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

Samples: Sublease Agreement (Minerva Neurosciences, Inc.)

Rights of Mortgagee. It Tenant accepts this Lease subject and subordinate to any recorded mortgage, deed of trust or other lien presently existing or hereafter to exist with respect to the Leased Premises. Landlord and its mortgagee is understood hereby irrevocably vested with full power and agreed that authority to subordinate Tenant's interest under this Lease to any mortgage, deed of trust or other lien hereafter placed on the rights Leased Premises, and Tenant agrees upon demand to execute such additional instruments subordinating this Lease as Landlord or the holder of any such mortgage, deed of trust, or lien may require. If the interests of Tenant Landlord under this Lease shall be subject and subordinate to any mortgages transferred by reason of foreclosure or deeds of trust that may hereafter be placed upon the Commercial Unit and/or the Building and/or the Lot, and/or any part of the foregoing, and to any and all advances to be made thereunder, and to the interest thereon, and all renewals, modifications, replacements and extensions thereof, if the mortgagee or trustee named in said mortgages or deeds of trust shall elect by notice delivered to Tenant to subject and subordinate the rights and interest of Tenant under this Lease to the lien of its mortgage or deed of trust; it is further agreed that any mortgagee or trustee may elect to give the rights and interest of Tenant under this Lease priority over the lien of its mortgage or deed of trust. In the event of either such election, and upon 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 whatever instruments may be required other proceedings for such 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 enforcement of any mortgage which includes on 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 Leased Premises, Tenant agrees that Tenant will enter into a written agreement in recordable form shall be bound to the transferee (sometimes called the "Purchaser") under the terms and conditions of this Lease for the balance of the remaining lease term, including any extensions or renewals, with Landlord or such holder or prospective holder which shall effect such modification and provide that such modification shall become effective and binding upon Tenant and shall have the same force and effect as an amendment to if the Purchaser were Landlord under this Lease for all purposesLease. Tenant hereby appoints further agrees to attorn to the Purchaser, including the mortgagee under any such mortgage if it be the Purchaser, as 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 then remaining balance of the term of this Lease, and any extensions and renewals, shall be the same as those set forth in this Lease. Each such holder as Txxxxx's attorneyof any mortgage, deed of trust, or lien, and each such Purchaser, shall be a third-in-fact to execute any such modification upon default party beneficiary of Tenant in complying with such holder's requestthe provisions of this Paragraph.

Appears in 1 contract

Samples: Lease Agreement (Company Doctor)

Rights of Mortgagee. It Tenant accepts this Lease subject and subordinate to any recorded mortgage, deed of trust or other lien (a "Mortgage") presently existing or hereafter to exist with respect to the Leased Premises. Further, but without limiting the preceding sentence, Landlord is understood hereby irrevocably vested with full power and agreed authority to subordinate and/or to evidence such subordination of Tenant's interest under this Lease to any Mortgage hereafter placed on the Leased Premises, and Tenant agrees upon demand to execute such additional instruments subordinating this Lease, and further defining the terms of such subordination, as well as the attornment discussed below, as Landlord or the holder of any such Mortgage, may require. Tenant agrees to provide to the holder of any such Mortgage, whose name and address have been provided to Tenant (a "Mortgagee"), a copy of each notice to Landlord which alleges any act, omission, or condition that might constitute a default by Landlord hereunder and Mortgagee, in its sole discretion, shall have all rights of Landlord hereunder to cure any such default. If the rights and interests of Tenant Landlord under this Lease shall be subject and subordinate to transferred by reason of foreclosure or other proceedings for enforcement of any mortgages or deeds of trust that may hereafter be placed upon Mortgage on the Commercial Unit and/or Leased Premises, at the Building and/or the Lot, and/or any part election of the foregoing, and to any and all advances to transferee (sometimes called the "Purchaser") Tenant shall be made thereunder, and bound to the interest thereonPurchaser under the terms and conditions of this Lease for the balance of the remaining Lease term, and all including any extensions or renewals, modifications, replacements and extensions thereof, if the mortgagee or trustee named in said mortgages or deeds of trust shall elect by notice delivered to Tenant to subject and subordinate the rights and interest of Tenant under this Lease to the lien of its mortgage or deed of trust; it is further agreed that any mortgagee or trustee may elect to give the rights and interest of Tenant under this Lease priority over the lien of its mortgage or deed of trust. In the event of either such election, and upon 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 whatever instruments may be required for such 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 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 provide that such modification shall become effective and binding upon Tenant and shall have the same force and effect as an if the Purchaser were Landlord under this Lease; provided, however, that such Purchaser shall not be liable or bound to Tenant (i) for any act or omission of any prior landlord, (ii) for any offsets or defenses which Tenant might have against any prior landlord, (iii) for or by any Rent which Tenant might have paid for more than the current month, (iv) by any amendment or modification of, or consensual termination agreement with respect to, the Lease made without the Mortgagee's consent, (v) for any Security Deposit given by Tenant to a prior landlord unless such COMMERCIAL LEASE AGREEMENT - PAGE 22 -------------------------- LEASE 2 deposit is actually received by such Purchaser, (vi) for any repairs or replacements required by this Lease arising prior to the date Purchaser takes possession of the Leased Premises, or (vii) for all purposesany moving, relocation or refurbishment allowance or any construction of or payment or allowance for tenant improvements to the Leased Premises or any part thereof for the benefit of Tenant except as set forth in this Lease. Tenant hereby appoints such holder further agrees at the election of the Purchaser to attorn to the Purchaser, including the Mortgagee if it be the Purchaser, as Txxxxxits Landlord. Such attornment shall be effective without the execution of any further instruments upon the Purchaser's attorney-in-fact 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 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, but Tenant agrees upon demand to execute any such modification upon additional instruments defining the terms of such attornment as Landlord or the Purchaser may require. Each such Mortgagee and each such Purchaser shall be a third-party beneficiary of the provisions of this Paragraph. *Upon written request by Tenant and provided Tenant is not in default of Tenant in complying with such holder's requestany terms, conditions, or provisions of the Lease, Landlord agrees to use best efforts to obtain a non-disturbance agreement from any lender or purchaser.

Appears in 1 contract

Samples: Lease Agreement (Adams Golf Inc)

Rights of Mortgagee. It is understood and agreed that the rights and interests of Tenant under this Lease shall be subject and subordinate to any mortgages or deeds of trust that may hereafter be placed upon the Commercial Unit and/or the Building and/or the Lot, and/or any part of the foregoingLand, and to any and all advances to be made thereunder, and to the interest thereon, and all renewals, modifications, replacements and extensions thereof, if the mortgagee or trustee named in said mortgages or deeds of trust shall elect by notice delivered to Tenant to subject and subordinate the rights and interest of Tenant under this Lease to the lien of its mortgage or deed of trust; it is further agreed that any mortgagee or trustee may elect to give the rights and interest of Tenant under this Lease priority over the lien of its mortgage or deed of trust. In the event of either such election, and upon 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 whatever instruments may be required for such purposes, and in the event Tenant fails so to do within ten (10) days after demand in writing, Txxxxx Xxxxxx does hereby make, constitute and irrevocably appoint Landlord as its attorney-in-fact coupled with an interest and given as security and in its name, place and stead so to do. In the event that any holder or prospective holder of 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 or Tenant's subletting and assignment rights, Xxxxxx 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 provide that such modification shall become effective and binding upon Tenant and shall have the same force and effect as an amendment to this Lease for all purposes. Tenant hereby appoints such holder as TxxxxxXxxxxx's attorney-in-fact as aforesaid to execute any such modification upon default of Tenant in complying with such holder's request.

Appears in 1 contract

Samples: Be Free Inc

Rights of Mortgagee. It is understood and agreed that the rights and interests of Tenant under Lessee accepts this Lease shall be subject and subordinate to any mortgages recorded lease, mortgage or deeds deed of trust that may lien presently existing, if any, or hereafter be placed upon encumbering the Commercial Unit and/or the Building and/or the LotProperty and to all existing ordinances and recorded restrictions, and/or any part of the foregoingcovenants, easements, and to any and all advances to be made thereunder, and agreements with respect to the Property, Lessor hereby is irrevocably vested with full power and authority to subordinate Lessee's interest thereon, and all renewals, modifications, replacements and extensions thereof, if the mortgagee or trustee named in said mortgages or deeds of trust shall elect by notice delivered to Tenant to subject and subordinate the rights and interest of Tenant under this Lease to the lien of its any mortgage or deed of trust; it is trust lien hereafter placed on the Property. Upon any foreclosure, judicially or non-judicially, of any such mortgage, or the sale of the Property in lieu of foreclosure, or any other transfer of Lessor's interest in the Property, whether or not in connection with a mortgage, Lessee hereby does, and hereafter agrees to attorn to the purchaser at such foreclosure sale or to the grantee under any deed in lieu of foreclosure or to any other transferee of Lessor's interest, and shall recognize such purchaser, grantee, or other transferee as Lessor under this Lease, and no further agreed that attornment or other agreement shall be required to effect or evidence Lessee's attornment to and recognition of such purchaser or grantee as Lessor hereunder. Such agreement of Lessee to attorn shall survive any such foreclosure sale, trustee's sale, conveyance in lieu thereof, or any other transfer of Lessor's interest in the Property. Lessee, upon demand, at any time, before or after any such foreclosure sale, trustee's sale, conveyance in lieu thereof, or other transfer shall execute, acknowledge, and deliver to the prospective transferee and/or mortgagee the Lease Subordination, Non-disturbance and Attornment Agreement and any additional written instruments and certificates evidencing such attornment as the mortgagee or trustee other prospective transferee may elect to give the rights and interest of Tenant under this Lease priority over the lien of its mortgage or deed of trust. In the event of either such electionreasonably require, and upon notification by such mortgagee or trustee to Tenant to that effect, the rights Lessee hereby irrevocably appoints Lessor as Lessee's agent 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 whatever instruments may be required for such 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 for the purpose of executing, acknowledging, and delivering any such instruments and certificates. Notwithstanding anything to the contrary implied in this Section, any mortgagee under any mortgage shall have the right at any time to subordinate any such mortgage to this Lease on such terms and subject to such conditions as the mortgagee in its namediscretion may consider appropriate. Any actions or instruments executed by Lessee shall be conditioned upon the mortgagee or transferee executing a letter of non-disturbance reasonably satisfactory in form and substance to Lessee. Any instrument executed by Lessee under this Section shall not in any manner limit the rights and privileges granted to Lessee in this Lease, place and stead so to do. In the event that any holder or prospective holder of any mortgage which includes the Premises as part of the mortgaged premises, nor shall request any modification it relieve Lessor's successors in interest (including mortgagees) of any of the provisions of Lessor's obligations and duties under 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 provide that such modification shall become effective and binding upon Tenant and shall have the same force and effect as an amendment to this Lease for all purposes. Tenant hereby appoints such holder as Txxxxx's attorney-in-fact to execute any such modification upon default of Tenant in complying with such holder's request.

Appears in 1 contract

Samples: Office Lease (Vista Energy Resources Inc)

Rights of Mortgagee. It is understood and agreed that the rights and interests of Except as otherwise provided herein, Tenant under accepts this Lease shall be Agreement subject and subordinate to any mortgages recorded mortgage or deeds of trust that may deed to secure debt presently existing or hereafter be placed created upon the Commercial Unit and/or building or project of which the Building and/or Premises are a part, and to all recorded restrictions, covenants, easements and agreements with respect to the Lotbuilding or project of which the Premises are a part, and/or whether presently existing or hereafter created, and all amendments, modifications or restatements thereof and all replacements and substitutions therefor provided, however, that the subordination of this Agreement to any deed to secure debt or mortgage hereafter placed on the building or project of which the Premises are a part shall be expressly conditioned upon the receipt by Tenant of a non-disturbance agreement in a form reasonably satisfactory to Tenant from the holder of any such security deed or mortgage. Landlord further agrees to use its best efforts to obtain a non-disturbance agreement in a form reasonably satisfactory to Tenant from the holder of any deed to secure debt or mortgage presently encumbering the building or project of which the Premises are a part within sixty (60) days of the foregoingdate hereof. Landlord is hereby irrevocably vested with full power and authority to subordinate Tenant's interest under this Agreement to the lien and security title of any mortgage or deed to secure debt and to any such recorded restrictions, covenants, easements and agreements hereafter placed on the Premises, and to any future instrument amending, modifying, restating, replacing or substituting for any such existing recorded restrictions, covenants, easements and all advances to be made thereunderagreements, and Tenant agrees upon demand to execute such additional instruments subordinating this Agreement as Landlord may require so long as Landlord provides Tenant with a non-disturbance agreement from the interest thereon, and all renewals, modifications, replacements and extensions thereof, if holder of the mortgagee security deed presently encumbering the building or trustee named in said mortgages or deeds project of trust shall elect by notice delivered to Tenant to subject and subordinate which the rights and interest Premises are a part. If the interests of Tenant Landlord under this Lease to the lien Agreement shall be transferred by reason of its foreclosure or other proceedings for enforcement of any mortgage or deed of trust; it is further agreed that any mortgagee or trustee may elect to give the rights and interest of Tenant under this Lease priority over the lien of its mortgage or deed of trust. In the event of either such election, and upon 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 whatever instruments may be required for such 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 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 secure debt on the Premises, or by any deed in lieu thereof, Tenant agrees that Tenant will enter into a written agreement in recordable form shall be bound to the transferee (sometimes called the "Purchaser") at the option of the Purchaser, under the terms, covenants and conditions of this Agreement for the balance of the Term remaining, including any extensions or renewals, with Landlord or such holder or prospective holder which shall effect such modification and provide that such modification shall become effective and binding upon Tenant and shall have the same force and effect as an amendment if the Purchaser were Landlord under this Agreement, and, if requested by the Purchaser, Tenant agrees to this Lease for all purposes. Tenant hereby appoints such holder as Txxxxx's attorney-in-fact attorn to execute the Purchaser (including the mortgagee or the grantee under any such modification upon default of Tenant in complying with such holder's requestmortgage or deed to secure debt if it be the Purchaser) as its landlord.

Appears in 1 contract

Samples: Industrial Tenancy Agreement

Rights of Mortgagee. It is understood and agreed that the rights and interests of Tenant under this This Lease shall be subject and subordinate to any mortgages mortgage now or deeds of trust that may hereafter be placed upon the Commercial Unit and/or on the Building and/or or the Lot, and/or Land or any part of the foregoingthereof (“Mortgage”), and to any and all advances to be made thereunder, and to the interest thereon, and all renewals, modifications, consolidations, replacements and extensions thereofthereof and all substitutions therefor, if provided that in the mortgagee or trustee named in said mortgages or deeds case of trust shall elect by notice delivered a future Mortgage the holder of such Mortgage agrees to recognize the right of Tenant to subject use and subordinate occupy the rights Premises upon the payment of rent and interest of other charges payable by Tenant under this Lease to and the lien performance by Tenant of its mortgage or deed of trust; it is further agreed that any mortgagee or trustee may elect to give the rights and interest of Tenant under this Lease priority over the lien of its mortgage or deed of trustTenant’s obligations hereunder. In the event confirmation of either such electionsubordination and recognition, and upon 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 whatever promptly such instruments of subordination as such mortgagee may be required for reasonably request, subject to receipt of such purposes, and in the event instruments of recognition from such mortgagee as 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 domay reasonably request. In the event that any holder mortgagee or prospective its respective successor in title shall succeed to the interest of Landlord, then this Lease shall nevertheless continue in full force and effect 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 any mortgage which includes a Mortgage, executed and recorded prior to the Premises as part of the mortgaged premises, shall request any modification of any of the provisions Date of this Lease, other than a provision directly related shall so elect, this Lease, and the rights of Tenant hereunder, shall be superior in right to the rents payable hereunderrights of such holder, 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 provide that such modification shall become effective and binding upon Tenant and shall have 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 or by the recording in the appropriate registry or recorder’s office of an amendment instrument in which such holder subordinates its rights under such Mortgage to 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 for all purposes. as a condition to such financing, Tenant hereby appoints will not unreasonably withhold, delay or condition its consent thereto, provided that such holder as Txxxxx's attorney-in-fact to execute any such modification upon default modifications do not increase the monetary obligations of Tenant in complying with such holder's requesthereunder or materially adversely affect the leasehold interest hereby created or Tenant’s rights hereunder.

Appears in 1 contract

Samples: Lease Agreement (EPIRUS Biopharmaceuticals, Inc.)

Rights of Mortgagee. It is understood and agreed that the rights and interests of Tenant under accepts this Lease shall be subject and ------------------- subordinate to any mortgages recorded lease, mortgage or deeds deed of trust that may lien presently existing, if any, or hereafter be placed upon encumbering the Commercial Unit and/or the Building and/or the LotProperty and to all existing ordinances and recorded restrictions, and/or any part of the foregoingcovenants easements, and to any and all advances to be made thereunder, and agreements with respect to the Property. Landlord hereby is irrevocably vested with full power and authority to subordinate Tenant's interest thereon, and all renewals, modifications, replacements and extensions thereof, if the mortgagee or trustee named in said mortgages or deeds of trust shall elect by notice delivered to Tenant to subject and subordinate the rights and interest of Tenant under this Lease to the lien of its any mortgage or deed of trust; it is trust lien hereafter placed on the Property. Upon any foreclosure, judicially or non-judicially, of any such mortgage, or the sale of the Property in lieu of foreclosure, or any other transfer of Landlord's interest in the Property, whether or not in connection with a mortgage, Tenant hereby does, and hereafter agrees to attorn to the purchaser at such foreclosure sale or to the grantee under any deed in lieu of foreclosure or to any other transferee of Landlord's interest, and shall recognize such purchaser, grantee, or other transferee as Landlord under this Lease, and no further agreed that attornment or other agreement shall be required to effect or evidence Tenant's attornment to and recognition of such purchaser or grantee as Landlord hereunder. Such agreement of Tenant to attorn shall survive any such foreclosure sale, trustee's sale, conveyance in lieu thereof, or any other transfer of Landlord's interest in the Property. Tenant, upon demand, at any time, before or after any such foreclosure sale, trustee's sale, conveyance in lieu thereof, or other transfer shall execute, acknowledge, and deliver to the prospective transferee and/or mortgage a Lease Subordination, Non-Disturbance and Attornment Agreement and any additional written instruments and certificates evidencing such attornment as the mortgagee or trustee other prospective transferee may elect to give the rights and interest of Tenant under this Lease priority over the lien of its mortgage or deed of trust. In the event of either such electionreasonably require, and upon 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 whatever instruments may be required for such 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 appoints Landlord as its Tenant's agent and attorney-in-fact for the purpose of executing, acknowledging, and delivering any such instruments and certificates. Notwithstanding anything to the contrary implied in its namethis Section, place and stead so to do. In the event that any holder or prospective holder of mortgagee under 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 provide that such modification shall become effective and binding upon Tenant and shall have the same force and effect as an amendment right at any time to subordinate any such mortgage to this Lease for all purposes. Tenant hereby appoints on such holder terms and subject to such conditions as Txxxxx's attorney-in-fact to execute any such modification upon default of Tenant the mortgagee in complying with such holder's requestits discretion may consider appropriate.

Appears in 1 contract

Samples: Standard Lease (Paradigm Genetics Inc)

Rights of Mortgagee. It is understood and agreed that Subject to the rights and interests terms of any non-disturbance agreement with any Lender, Tenant under accepts this Lease shall be subject and subordinate to any mortgages recorded lease, mortgage, deed to secure debt or deeds deed of trust that may lien presently existing, if any, or hereafter be placed upon encumbering the Commercial Unit and/or the Building and/or the Lot, and/or Property and any part of the foregoing, and to any and all advances to be made thereunder, and to the interest thereon, and all renewals, modifications, extensions or replacements thereof and extensions thereofto all existing ordinances and recorded restrictions, if covenants, easements, and agreements with respect to the mortgagee or trustee named in said mortgages or deeds of trust shall elect by notice delivered Property. Landlord hereby is irrevocably vested with full power and authority to Tenant to subject and subordinate the rights and Tenant’s interest of Tenant under this Lease to the lien of its mortgage any mortgage, deed to secure debt or deed of trust; it is trust lien hereafter placed on the Property, and Tenant agrees upon demand to execute additional instruments subordinating this Lease as Landlord may require. Upon any foreclosure, or any other transfer of Landlord’s interest in the Property, whether or not in connection with a mortgage, Tenant hereby does, and hereafter agrees to attorn to the purchaser at such foreclosure sale or to the grantee under any deed in lieu of foreclosure or to any other transferee of Landlord’s interest, and shall recognize such purchaser, grantee, or other transferee as Landlord under this Lease, and no further agreed that attornment or other agreement shall be required to effect or evidence Tenant’s attornment to and recognition of such purchaser or grantee as Landlord hereunder. Such agreement of Tenant to attorn shall survive any such foreclosure sale, trustee’s sale, conveyance in lieu thereof, or any other transfer of Landlord’s interest in the Property. Tenant, upon demand, at any time, before or after any such foreclosure sale, trustee’s sale, conveyance in lieu thereof, or other transfer shall execute, acknowledge and deliver to the mortgagee any written instruments and certificates evidencing such attornment as the mortgagee or trustee other prospective transferee may elect to give the rights and interest of Tenant under this Lease priority over the lien of its mortgage or deed of trust. In the event of either such electionreasonably require, and upon 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 whatever instruments may be required for such 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 appoints Landlord as its Tenant’s agent and attorney-in-fact for the purpose of executing, acknowledging, and delivering any such instruments and certificates. Notwithstanding anything to the contrary implied in its namethis Section, place and stead so to do. In the event that any holder or prospective holder of mortgagee under 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 provide that such modification shall become effective and binding upon Tenant and shall have the same force and effect as an amendment right at any time to subordinate any such mortgage to this Lease on such terms and subject to such conditions as the mortgagee in its discretion may consider appropriate. Landlord agrees that it shall exercise reasonable efforts to obtain a non-disturbance and attornment agreement (“SNDA”) for all purposes. Tenant hereby appoints such holder as Txxxxx's attorney-in-fact from any grantee or transferee, at Tenant’s sole cost and expense, upon written request from Tenant; provided, however, Tenant shall submit to execute Landlord with any such modification upon default request a check in the amount of Tenant two thousand dollars ($2,000.00) for Landlord to hold in complying with escrow to apply towards the costs of such holder's requestSNDA.

Appears in 1 contract

Samples: Lease (Targacept Inc)

Rights of Mortgagee. It is understood and agreed that the rights and interests of Tenant under this This Lease shall be subject and subordinate to any mortgages mortgage now or deeds of trust that may hereafter be placed upon the Commercial Unit and/or on the Building and/or or the Lot, and/or Lot or any part of the foregoingthereof (“Mortgage”), and to any and all advances to be made thereunder, and to the interest thereon, and all renewals, modifications, consolidations, replacements and extensions thereofthereof and all substitutions therefor, if provided that in the mortgagee or trustee named in said mortgages or deeds case of trust shall elect by notice delivered a future Mortgage the holder of such Mortgage agrees to recognize the right of Tenant to subject use and subordinate occupy the rights Premises upon the payment of rent and interest of other charges payable by Tenant under this Lease to and the lien performance by Tenant of its mortgage or deed of trust; it is further agreed that any mortgagee or trustee may elect to give the rights and interest of Tenant under this Lease priority over the lien of its mortgage or deed of trustTenant’s obligations hereunder. In the event confirmation of either such electionsubordination and recognition, and upon 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 whatever promptly such instruments of subordination as such mortgagee may be required for reasonably request, subject to receipt of such purposes, and in the event instruments of recognition from such mortgagee as 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 domay reasonably request. In the event that any holder mortgagee or prospective its respective successor in title shall succeed to the interest of Landlord, then this Lease shall nevertheless continue in full force and effect 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 any mortgage which includes a Mortgage, executed and recorded prior to the Premises as part of the mortgaged premises, shall request any modification of any of the provisions Date of this Lease, other than a provision directly related shall so elect, this Lease, and the rights of Tenant hereunder, shall be superior in right to the rents payable hereunderrights of such holder, 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 provide that such modification shall become effective and binding upon Tenant and shall have 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 or by the recording in the appropriate registry or recorder’s office of an amendment instrument in which such holder subordinates its rights under such Mortgage to 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 for all purposes. as a condition to such financing, Tenant hereby appoints will not unreasonably withhold, delay or condition its consent thereto, provided that such holder as Txxxxx's attorney-in-fact to execute any such modification upon default modifications do not increase the monetary obligations of Tenant in complying with such holder's requesthereunder or materially adversely affect the leasehold interest hereby created or Tenant’s rights hereunder.

Appears in 1 contract

Samples: Lease Agreement (Hubspot Inc)

Rights of Mortgagee. It is understood and agreed that the rights and interests of Tenant under accepts this Lease shall be subject and subordinate to any mortgages recorded lease, mortgage or deeds deed of trust that may lien presently existing, if any, or hereafter be placed upon encumbering the Commercial Unit and/or the Building and/or the LotProperty to all existing ordinances and recorded restrictions, and/or any part of the foregoingcovenants, easements, and to any and all advances to be made thereunder, and agreements with respect to the Property. Landlord hereby is irrevocably vested with full power and authority to subordinate Tenant's interest thereon, and all renewals, modifications, replacements and extensions thereof, if the mortgagee or trustee named in said mortgages or deeds of trust shall elect by notice delivered to Tenant to subject and subordinate the rights and interest of Tenant under this Lease to the lien of its any mortgage or deed of trust; it is trust lien hereafter placed on the Property. Upon any foreclosure, judicially or non-judicially, of any such mortgage, or the sale of the Property in lieu of foreclosure, or any other transfer of Landlord's interest in the Property, whether or not in connection with a mortgage, Tenant hereby does, and hereafter agrees to attorn to the purchaser at such foreclosure sale or to the grantee under any deed in lieu of foreclosure or to any other transferee of Landlord's interest, and shall recognize such purchaser, grantee, or other transferee as Landlord under this Lease, and no further agreed that attornment or other agreement shall be required to effect of evidence Tenant's attornment to and recognition of such purchaser or grantee as Landlord hereunder. Such agreement of Tenant to attorn shall survive any such foreclosure sale, trustee's sale, conveyance in lieu thereof, or any other transfer of Landlord's interest in the Property. Tenant, upon demand, at any time, before or after any such foreclosure sale, trustee's sale, conveyance in lieu thereof, or other transfer shall execute, acknowledge, and deliver to the prospective transferee and/or mortgagee a Lease Subordination, Non-disturbance and Attornment Agreement, and any additional written instruments and certificates evidencing such attornment as the mortgagee or trustee other prospective transferee may elect to give the rights and interest of Tenant under this Lease priority over the lien of its mortgage or deed of trust. In the event of either such electionreasonably require, and upon 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 whatever instruments may be required for such 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 appoints Landlord as its Tenant's agent and attorney-in-fact for the purpose of executing, acknowledging and delivering any such instruments and certificates. Notwithstanding anything to the contrary implied in its namethis Section, place and stead so to do. In the event that any holder or prospective holder of mortgagee under 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 provide that such modification shall become effective and binding upon Tenant and shall have the same force and effect as an amendment right at any time to subordinate any such mortgage to this Lease for all purposeson such terms and subject to such conditions as the mortgagee in its discretion may consider appropriate. Tenant hereby appoints such holder as Txxxxx's attorney-in-fact Landlord shall use its best efforts to execute any such modification upon default of Tenant obtain a "Nondisturbance" agreement in complying with such holder's requestform reasonably satisfactory to Tenant.

Appears in 1 contract

Samples: Office Lease (FWT Inc)

Rights of Mortgagee. It Tenant accepts this Lease subject and subordinate to any recorded mortgage, deed of trust or other lien presently existing or hereafter to exist with respect to the Leased Premises. Landlord is understood hereby irrevocably vested with full power and agreed that authority to subordinate Tenant's interest under this Lease to any mortgage, deed of trust or other lien hereafter placed on the rights Leased Premises, and Tenant agrees upon demand to execute such additional instruments subordinating this Lease as Landlord or the holder of any such mortgage, deed of trust, or lien may require. If the interests of Tenant Landlord under this Lease shall be subject and subordinate to transferred by reason of foreclosure or other proceedings for enforcement of any mortgages or deeds of trust that may hereafter be placed upon mortgage on the Commercial Unit and/or the Building and/or the Lot, and/or any part of the foregoing, and to any and all advances to be made thereunder, and to the interest thereon, and all renewals, modifications, replacements and extensions thereof, if the mortgagee or trustee named in said mortgages or deeds of trust shall elect by notice delivered to Tenant to subject and subordinate the rights and interest of Tenant under this Lease to the lien of its mortgage or deed of trust; it is further agreed that any mortgagee or trustee may elect to give the rights and interest of Tenant under this Lease priority over the lien of its mortgage or deed of trust. In the event of either such election, and upon 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 trustLeased Premises. Tenant shall execute be bound to the transferee (sometimes called the "purchaser") under the terms and deliver whatever instruments may be required conditions of this Lease for such 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 any mortgage which includes the Premises as part balance of the mortgaged premisesremaining lease term, shall request including any modification of any of the provisions of this Leaseextensions or renewals, 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 provide that such modification shall become effective and binding upon Tenant and shall have the same force and effect as an amendment to if the Purchaser were Landlord under this Lease for all purposesLease. Tenant hereby appoints further agrees to attorn to the Purchaser, including the mortgagee under any such mortgage if it be the Purchaser, as 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 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 as Txxxxx's attorneyof any mortgage, deed of trust, or lien, and each such Purchaser, shall be a third-in-fact to execute any such modification upon default party beneficiary of Tenant in complying with such holder's requestthe provisions of this Paragraph.

Appears in 1 contract

Samples: Lease Agreement (Monitronics International Inc)

Rights of Mortgagee. It Landlord represents that Landlord is understood the current fee simple owner of the Project, and agreed that the rights and interests of Tenant under accepts this Lease shall be subject and subordinate to any the liens, interests, mortgages or and/or deeds of trust that may hereafter be placed upon set forth on Exhibit "C-1" attached hereto (the Commercial Unit and/or "Existing Mortgages") copies of which have ------------- ------------------ been provided to Tenant prior to the Building and/or date hereof. Tenant agrees contemporaneously to provide to the Lotholder of any Existing Mortgage, and/or any part of the foregoing, whose name and address are set forth on Exhibit "C-1" and to any future holder of a ------------- mortgagee or deed of trust whose name and all advances address have been provided to be made thereunderTenant (each a "Mortgagee"), a copy of each notice to Landlord which alleges any act, --------- omission, or condition that might constitute a default by Landlord hereunder or otherwise give rise to any Tenant remedy hereunder or at law, and Mortgagee, in its sole discretion, shall have all rights of Landlord hereunder to cure any such default. Landlord reserves the interest thereon, and all renewals, modifications, replacements and extensions thereof, if the mortgagee or trustee named in said mortgages or deeds of trust shall elect by notice delivered right to Tenant to OFFICE LEASE AGREEMENT - Page - 27 ---------------------- subject and subordinate the rights and interest of Tenant under this Lease at all times to the lien of its mortgage or deed of trust; it is further agreed that any mortgagee or trustee may elect to give the rights and interest of Tenant under this Lease priority over the lien of its mortgage or deed of trust. In the event of either such election, and upon 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 other deeds of trust, whether vendor's liens, or mortgages now or hereafter affecting Landlord's interest in the Project (any one of which shall be referred to herein as the "Deed of Trust"); provided, however, that so long as Tenant is not in default of ------------- its obligations beyond the applicable notice and grace periods provided herein (i) no default by Landlord under any such Deed of Trust shall affect Tenant's rights under this Lease is dated prior Lease; (ii) Tenant will not be named by the holder or Landlord as a party in any foreclosure or other proceeding with respect to such Deed of Trust unless required by law; (iii) the holder of any such Deed of Trust agrees that the insurance proceeds resulting from any fire or subsequent other casualty or from any taking by eminent domain will be available for restoration of the Building and Project under terms and conditions acceptable to the date holder; (iv) the holder of said mortgage the Deed of Trust shall recognize the Lease and any amendments allowed under the Deed of Trust or deed otherwise approved by the Mortgagee in writing in advance of trust. execution and be bound thereto; and (v) the holder of any such Deed of Trust will execute with Tenant shall execute and deliver whatever instruments may be required for such purposesLandlord a Subordination, Non-Disturbance and Attornment Agreement in the event form required by such holder and reasonably Acceptable to Tenant. Attached hereto as Exhibit "C" is the form of such ----------- agreement that the current Mortgagee has agreed to sign with Landlord and Tenant, subject to such Mortgagee's review of this Lease. If Tenant fails so has not received such agreement signed by the Lender, Landlord and Guarantor to do be named therein within ten thirty (1030) days after demand in writingthe full execution hereof, Txxxxx does hereby make, constitute Tenant may terminate this Lease by written notice to Landlord within the following five (5) days and irrevocably appoint Landlord as its attorney-in-fact and in its name, place and stead so to do. In receive the event that any holder or prospective holder of any mortgage which includes the Premises as part return of the mortgaged premisesSecurity Deposit and Base Rent deposit, and neither party shall request have any modification of any of the provisions of this Lease, other than a provision directly related to the rents payable further liability 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 failing in recordable form with Landlord or which timely termination such holder or prospective holder which right shall effect such modification and provide that such modification shall become effective and binding upon Tenant and shall have the same force and effect as an amendment to this Lease for all purposes. Tenant hereby appoints such holder as Txxxxx's attorney-in-fact to execute any such modification upon default of Tenant in complying with such holder's requestautomatically end.

Appears in 1 contract

Samples: Office Lease Agreement (Efficient Networks Inc)

Rights of Mortgagee. It is understood and agreed that (a) If any holder of a mortgage or holder of a ground lease of property which includes the rights and interests of Tenant under this Lease shall be subject and subordinate Premises, originally given to any mortgages or deeds of trust that may hereafter be placed upon the Commercial Unit and/or the Building and/or the Lot, and/or any part of the foregoinga lender, and to any executed and all advances to be made thereunder, and to the interest thereon, and all renewals, modifications, replacements and extensions thereof, if the mortgagee or trustee named in said mortgages or deeds of trust shall elect by notice delivered to Tenant to subject and subordinate the rights and interest of Tenant under this Lease to the lien of its mortgage or deed of trust; it is further agreed that any mortgagee or trustee may elect to give the rights and interest of Tenant under this Lease priority over the lien of its mortgage or deed of trust. In the event of either such election, and upon 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 recorded subsequent to the date of said this Lease, shall so elect, the interest of the Tenant hereunder shall be subordinate to the rights of such holder. If any holder of a mortgage or deed of trust. Tenant shall execute and deliver whatever instruments may be required for such 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 any mortgage a ground lease of property which includes the Premises as part of the mortgaged premises, shall request any modification of any of originally given to a lender, and executed and recorded prior to the provisions date of this Lease, other than a provision directly related shall so elect, this Lease, and the rights of the Tenant hereunder, shall be superior in right to the rents payable hereunderrights of such holder, 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 provide that such modification shall become effective and binding upon Tenant and shall have the same force and effect as an amendment to if this Lease had been executed and delivered, and recorded, or a statutory notice hereof recorded, prior to the execution, delivery and recording of any such mortgage. If in connection with obtaining financing for all purposesthe Building, a bank, insurance company, pension trust or other institutional lender shall request reasonable modifications in this Lease as a condition to such financing, the Tenant will not unreasonably withhold, delay or condition its consent thereto, provided that such modifications do not materially increase the obligations of the Tenant hereunder or materially adversely affect the Tenant or the leasehold interest hereby created. No assignment of this Lease and no agreement to make or accept any surrender, termination or cancellation of this Lease and no agreement to modify so as to reduce the rent, change the term, or otherwise materially change the rights of the Landlord under this Lease, or to relieve the Tenant of any obligations or liability under this Lease, shall be valid unless consented to in writing by the Landlord's mortgagees of record, if any. Tenant hereby appoints such holder as Txxxxx's attorney-in-fact agrees on request of the Landlord to execute and deliver from time to time any such modification upon default agreement which may reasonably be deemed necessary to implement the provisions of Tenant in complying with such holder's requestthis Section 17.12.

Appears in 1 contract

Samples: Industrial Imaging Corp

Rights of Mortgagee. It Lessee accepts this Lease subject and subordinate to any recorded mortgage, deed of trust or other lien presently existing upon the Leased Premises. Lessee further agrees that this Lease is understood subject and agreed that subordinate to any mortgage, deed of trust or other lien hereafter placed on the rights and Leased Premises, and, although this provision is self-operative, Lessee agrees upon demand to execute additional instruments subordinating this Lease as Lessor may require. If the interests of Tenant Lessor under this Lease shall be subject and subordinate to transferred by reason of foreclosure or other proceedings for enforcement of any mortgages or deeds mortgage, deed of trust that may hereafter or other lien on the Leased Premises, Lessee shall be placed upon the Commercial Unit and/or the Building and/or the Lot, and/or any part of the foregoing, and to any and all advances to be made thereunder, and bound to the interest thereontransferee (sometimes called the "Purchaser") under the terms, covenants and all renewals, modifications, replacements and extensions thereof, if the mortgagee or trustee named in said mortgages or deeds conditions of trust shall elect by notice delivered to Tenant to subject and subordinate the rights and interest of Tenant under this Lease to for the lien of its mortgage or deed of trust; it is further agreed that any mortgagee or trustee may elect to give the rights and interest of Tenant under this Lease priority over the lien of its mortgage or deed of trust. In the event of either such election, and upon 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 whatever instruments may be required for such 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 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 balance of the term hereofremaining, and any extensions or the sizerenewals, 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 provide that such modification shall become effective and binding upon Tenant and shall have the same force and effect as an amendment if the Purchaser were Lessor under this Lease, and Lessee agrees to attorn to and upon the request of the Purchaser including the mortgagee or beneficiary under any such mortgage or deed of trust if it be the Purchaser, as its lessor, the attornment to be effective and self-operative without the execution of any further instruments upon the Purchaser succeeding to the interest of Lessor under this Lease for all purposesand requiring such attornment. Tenant hereby appoints The respective rights and obligations of Lessee and the Purchaser upon the attornment, to the extent of the 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. Notwithstanding that such holder as Txxxxx's attorneyattornment is self-in-fact operative, Lessee agrees to execute any such modification upon further agreements in confirmation thereof as shall be reasonably requested by Lessor or such mortgagee or beneficiary, and Lessee further agrees to include in such agreements such other provisions as may be reasonably requested by Lessor or such mortgagee or beneficiary, including without limitation provisions for notice of default and opportunity to cure to such mortgagee or beneficiary and the non-liability of Tenant in complying with such holder's requestmortgagee or beneficiary for claims against the Lessor.

Appears in 1 contract

Samples: Commercial Lease Agreement (Avtel Communications Inc/Ut)

Rights of Mortgagee. It is understood and agreed that the rights and interests of Tenant under accepts this Lease shall be subject and subordinate to any mortgages recorded lease, mortgage or deeds deed of trust that may lien presently existing, if any, or hereafter be placed upon encumbering the Commercial Unit and/or the Building and/or the LotProperty and to all existing ordinances and recorded restrictions, and/or any part of the foregoingcovenants, easements, and to any and all advances to be made thereunder, and agreements with respect to the Property. Landlord hereby is irrevocably vested with full power and authority to subordinate Tenant’s interest thereon, and all renewals, modifications, replacements and extensions thereof, if the mortgagee or trustee named in said mortgages or deeds of trust shall elect by notice delivered to Tenant to subject and subordinate the rights and interest of Tenant under this Lease to the lien of its any mortgage or deed of trust; it is further agreed that trust lien hereafter placed on the Property. Upon any mortgagee foreclosure, judicially or trustee may elect to give non-judicially, of any such mortgage, or the rights and sale of the Property in lieu of foreclosure, or any other transfer of Landlord’s interest of in the Property, whether or not in connection with a mortgage, Tenant under this Lease priority over the lien of its mortgage or deed of trust. In the event of either such electionhereby does, and upon notification by hereafter agrees to attorn to the purchaser at such mortgagee foreclosure sale or trustee to Tenant the grantee under any deed in lieu of foreclosure or to that effectany other transferee of Landlord’s interest, the rights and interest of Tenant under this Lease shall be deemed to be subordinate torecognize such purchaser, grantee, or to have priority over, other transferee 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 whatever instruments may be required for such 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 any mortgage which includes the Premises as part of the mortgaged premises, shall request any modification of any of the provisions of under this Lease, and no further attornment or other than agreement shall be required to effect or evidence Tenant’s attornment to and recognition of such purchaser or grantee as Landlord hereunder provided Tenant is given a provision directly related Non-Disturbance and Attornment Agreement. Such agreement of Tenant to attorn shall survive any such foreclosure sale, trustee’s sale, conveyance in lieu thereof, or any other transfer of Landlord’s interest in the Property. Tenant, upon demand, at any time, before or after any such foreclosure sale, trustee’s sale, conveyance in lieu thereof, or other transfer shall execute, acknowledge, and deliver to the rents payable hereunderprospective transferee and/or mortgage a Lease Subordination, Non-Disturbance and Attornment Agreement and any additional written instruments and certificates evidencing such attornment as the duration of mortgagee or other prospective transferee may reasonably require. Notwithstanding anything to the term hereofcontrary implied in this Section, 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 provide that such modification shall become effective and binding upon Tenant and any mortgagee under any mortgage shall have the same force and effect as an amendment right at any time to subordinate any such mortgage to this Lease for all purposes. Tenant hereby appoints on such holder terms and subject to such conditions as Txxxxx's attorney-in-fact to execute any such modification upon default of Tenant the mortgagee in complying with such holder's requestits discretion may consider appropriate.

Appears in 1 contract

Samples: Liposcience Inc

Rights of Mortgagee. It is understood and agreed that the rights and interests of Tenant under this This Lease shall be subject and subordinate to any mortgages or deeds of trust that may hereafter be placed upon the Commercial Unit and/or first mortgage on the Building and/or the LotLand, and/or now or at any part time hereafter in effect, unless the holder of the foregoing, and to any and all advances to be made thereunder, and to the interest thereon, and all renewals, modifications, replacements and extensions thereof, if the mortgagee or trustee named in said mortgages or deeds of trust shall elect such mortgage elects by notice delivered to Tenant to subject and have this Lease superior to its mortgage. In addition, Landlord shall have the option to subordinate the rights and interest of Tenant under this Lease to the lien of its any other first mortgage or deed of trust; it is further agreed that any mortgagee or trustee may elect to give the rights and interest of Tenant under this Lease priority over the lien of its mortgage or deed of trust. In the event of either such election, and upon 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 whatever instruments may be required for such 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 any mortgage trust which includes the Premises as part of the mortgaged premisespremises encumbered by such mortgage or deed of trust. Any such subordination to any first mortgage hereafter in effect shall be subject to the condition that the holder thereof enters into an agreement with Tenant by the terms of which (a) in the event of acquisition of title by such holder through foreclosure proceedings or otherwise, and provided Tenant is not in default hereunder, the holder will agree to recognize the rights of Tenant under this Lease and to accept Tenant as tenant of the Premises under the terms and conditions of this Lease and (b) Tenant will agree to recognize the holder of such mortgage as Landlord in such event. This agreement shall request be made to expressly bind and inure to the benefit of the successors and assigns of Tenant and of the holder and upon anyone purchasing said Premises at any modification foreclosure sale. Any such mortgage to which the Lease shall be subordinated may contain such terms, provisions and conditions as the holder deems usual or customary. The Land or Building, or both, are separately and together hereinafter in this Article 13.13 referred to as the “Mortgaged Premises”. The word “mortgagee” as used in this Lease shall mean the holder of such mortgage at the time being in question. Upon entry and taking possession of the Mortgaged Premises for any purpose other than foreclosure, the mortgagee shall have all rights of Landlord and during the period of such possession, the duty to perform all Landlord’s obligations under this Lease. Unless and until the holder of the mortgage so takes possession of the Mortgaged Premises or takes title to the Mortgage Premises after a foreclosure of its mortgage, no such holder shall be liable to perform any other of Landlord’s covenants and obligations under this Lease, except as may be agreed upon by any mortgagee and Tenant. Except as otherwise provided in Article 13.13 hereof, no such holder of a mortgage shall be liable, either as mortgagee or as holder of a collateral assignment of this Lease, to perform, or be liable in damages for failure to perform, any of the obligations of Landlord unless and until such holder shall enter and take possession of the Mortgaged Premises for the purpose of foreclosing a mortgage or takes title to the Mortgaged Premises after a foreclosure of its mortgage. Upon entry for the purpose of foreclosing a mortgage or taking title to the Mortgaged Premises, such holder shall be liable to perform all of the subsequent obligations of Landlord, subject to the provisions of this Article 13.13 and subject to and with the benefit of the provisions of Article 13. 13, provided that a discontinuance of any foreclosure proceeding shall be deemed a conveyance under said provisions to the owner of the equity of the Mortgaged Premises. No act or failure to act on the part of Landlord which would entitle Tenant under the terms of this Lease, other than or by law, to be relieved of Tenant’s obligations hereunder or to terminate this Lease, shall result in a provision directly related 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 rents payable hereunderact or failure to act on the part of Landlord which could or would give basis to Tenant’s rights (provided, the duration of the term hereofthat, 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 mortgagees have sent Tenant written notice of the existence of the applicable mortgages and the addresses of the holders thereof); and (ii) such mortgagees, after receipt of such notice, have failed or prospective holder refused to correct or cure the condition complained of within a reasonable time thereafter; but nothing contained in this Article 13.13 shall be deemed to impose any obligation on any such mortgagee to correct or cure any such condition. “Reasonable time” as used above means and includes a reasonable time to obtain possession of the Mortgaged Premises, if the mortgagee elects to do so, and a reasonable time to correct or cure the condition if such condition is determined to exist. No assignment of this Lease (other than to a Permitted Transferree) and no agreement to make or accept any surrender, termination or cancellation of this Lease and no agreement to modify this Lease so as to reduce the rent, change the Term or otherwise materially change the rights of Landlord under this Lease or to relieve Tenant of any obligations or liability under this Lease, shall be valid unless consented to in writing by Landlord’s mortgagees of record, if any. In connection therewith, Tenant shall be entitled to rely (without independent investigation) on the representation of Landlord as to whether any mortgages of record exist relating to the Premises and, if so, as to the holders thereof. The covenants and agreements contained in this Lease with respect to the rights, powers and benefits of a mortgagee (particularly, without limitation thereby, the covenants and agreement contained in this Article 13.13) constitute a continuing offer to any person, corporation or other entity, which shall effect by accepting or requiring an assignment of this Lease or by entry or foreclosure assumes the obligations herein set forth with respect to such modification and provide that mortgagee; such modification shall become effective and binding upon Tenant and shall have the same force and effect as an amendment mortgagee is hereby constituted a party to this Lease for all purposesas an obligee hereunder to the same extent as though its name were written hereon as such, and such mortgagee shall be entitled to enforce such provisions in its own name. Tenant hereby appoints agrees on request of Landlord to execute and deliver from time to time any agreement, in form and substance reasonably acceptable to the holder of any mortgage encumbering the Premises (provided, that such holder as Txxxxx's attorney-in-fact is a commercial bank or other financial institution), which may reasonably be deemed necessary to implement the provisions of this Article 13.13. Tenant shall execute any and deliver such modification upon default subordination agreement to the holder within twenty (20) days of Tenant in complying with Tenant’s receipt of such holder's requestrequest (and the form of agreement).

Appears in 1 contract

Samples: Lease (Service Bancorp Inc)

Rights of Mortgagee. It Tenant accepts this Lease subject and subordinate to any recorded mortgage, deed of trust or other lien presently existing or hereafter to exist with respect to the Leased Premises. Landlord is understood hereby irrevocably vested with full power and agreed that authority to subordinate Tenant's interest under this Lease to any mortgage, deed of trust or other lien hereafter placed on the rights Leased Premises, and Tenant agrees upon demand to execute such additional instruments subordinating this Lease as Landlord or the holder of any such mortgage, deed of trust, or lien my require. If the interests of Tenant Landlord under this Lease shall be subject and subordinate to transferred by reason of foreclosure or other proceedings for enforcement of any mortgages or deeds of trust that may hereafter be placed upon mortgage on the Commercial Unit and/or the Building and/or the Lot, and/or any part of the foregoing, and to any and all advances to be made thereunder, and to the interest thereon, and all renewals, modifications, replacements and extensions thereof, if the mortgagee or trustee named in said mortgages or deeds of trust shall elect by notice delivered to Tenant to subject and subordinate the rights and interest of Tenant under this Lease to the lien of its mortgage or deed of trust; it is further agreed that any mortgagee or trustee may elect to give the rights and interest of Tenant under this Lease priority over the lien of its mortgage or deed of trust. In the event of either such election, and upon 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 trustLeased Premises. Tenant shall execute be bound to the transferee (sometimes called the "Purchaser") under the terms and deliver whatever instruments may be required conditions of this lease for such 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 any mortgage which includes the Premises as part balance of the mortgaged premisesremaining Lease term, shall request including any modification of any of the provisions of this Leaseextensions or renewals, 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 provide that such modification shall become effective and binding upon Tenant and shall have the same force and effect as an amendment to if the Purchaser were Landlord under this Lease for all purposesLease. Tenant hereby appoints further agrees to attorn to the Purchaser, including the mortgagee under any such mortgage if it be the Purchaser, as 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 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 as Txxxxx's attorneyof any mortgage, deed of trust, or lien, and each such Purchaser, shall be a third-in-fact to execute any such modification upon default party beneficiary of Tenant in complying with such holder's requestthe provisions of this Paragraph.

Appears in 1 contract

Samples: Lease Agreement (Migratec Inc)

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Rights of Mortgagee. It is understood and agreed that the rights and interests of Tenant under this This Lease shall be subject and subordinate to any mortgages or deeds of trust that may hereafter be placed upon existing mortgage currently encumbering the Commercial Unit and/or the Building and/or the Lot, and/or any part of the foregoing, Premises and to any and all advances made or to be made thereunderthereunder and any extensions, and to the interest thereon, and all renewals, modifications, replacements and extensions renewals or modifications thereof, if unless the mortgagee or trustee named in said mortgages or deeds holder of trust shall elect by notice delivered such mortgage elects to Tenant to subject and subordinate cause the rights and interest of Tenant under this Lease to the lien of its mortgage or deed of trust; it is further agreed that any mortgagee or trustee may elect be superior to give the rights and interest of Tenant under this Lease priority over the lien of its mortgage or deed of trustsuch mortgage. In the event of either such election, and upon notification by such mortgagee or trustee to Tenant to that effect, the rights and interest of Tenant under this This Lease shall be deemed subordinate to be subordinate toany future mortgages or ground leases from time to time encumbering the Premises, executed 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 delivered subsequent to the date of said this Lease and to any and all advances made or to be made thereunder and any extensions, renewals or modifications thereof (unless the holder or ground lessor elects to cause the Lease to be superior to such mortgage or deed of trust. ground lease), provided such mortgagee or ground lessor enters into an agreement (upon such terms as are customarily required by institutional lenders) recognizing Tenant shall execute under this Lease and deliver whatever instruments may be required for such purposes, and providing that in the event of a foreclosure Tenant fails so shall remain undisturbed under this Lease if Tenant is not in default (after applicable notice and grace periods) under any of the terms and conditions of this Lease (a “nondisturbance agreement”). Tenant agrees to do execute such instruments of subordination in confirmation of the foregoing agreement as such holder may request within ten (10) business 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 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 provide that such modification shall become effective and binding upon Tenant and shall have the same force and effect as an amendment to this Lease for all purposesreceipt thereof. Tenant hereby appoints such holder as Txxxxx's attorney-in-fact acknowledges and agrees that Landlord’s ability to obtain a nondisturbance agreement from Tenant is an important component of Landlord’s ability to finance, sell and/or obtain investors for the Project and, accordingly, at Landlord’s option, Tenant’s failure to execute any and deliver such modification upon subordination agreement within the foregoing time frame shall be an immediate default of Tenant Tenant’s obligations under this Lease and shall entitle Landlord to exercise any of its rights or remedies under this Lease without further notice or demand in complying with the event such holder's requestfailure continues for three (3) business days after notice of such failure. Landlord agrees to use reasonable efforts to obtain a nondisturbance agreement from the holder of the existing mortgage on the Premises.

Appears in 1 contract

Samples: Expansion Option Agreement (Color Kinetics Inc)

Rights of Mortgagee. It is understood and agreed that the rights and interests of Tenant under accepts this Lease shall be subject and subordinate to any mortgages recorded lease, mortgage, deed to secure debt or deeds deed of trust that may lien presently existing, if any, or hereafter be placed upon encumbering the Commercial Unit and/or the Building and/or the Lot, and/or Property and any part of the foregoing, and to any and all advances to be made thereunder, and to the interest thereon, and all renewals, modifications, extensions or replacements thereof and extensions thereofto all existing ordinances and recorded restrictions, if covenants, easements, and agreements with respect to the mortgagee or trustee named in said mortgages or deeds of trust shall elect by notice delivered Property. Landlord hereby is irrevocably vested with full power and authority to Tenant to subject and subordinate the rights and Tenant’s interest of Tenant under this Lease to the lien of its mortgage any mortgage, deed to secure debt or deed of trust; it is trust lien hereafter placed on the Property, and Tenant agrees upon demand to execute additional instruments subordinating this Lease as Landlord may require. Upon any foreclosure, or any other transfer of Landlord’s interest in the Property, whether or not in connection with a mortgage, Tenant hereby does, and hereafter agrees to attorn to the purchaser at such foreclosure sale or to the grantee under any deed in lieu of foreclosure or to any other transferee of Landlord’s interest, and shall recognize such purchaser, grantee, or other transferee as Landlord under this Lease, and no further agreed that attornment or other agreement shall be required to effect or evidence Tenant’s attornment to and recognition of such purchaser or grantee as Landlord hereunder. Such agreement of Tenant to attorn shall survive any such foreclosure sale, trustee’s sale, conveyance in lieu thereof, or any other transfer of Landlord’s interest in the Property. Tenant, upon demand, at any time, before or after any such foreclosure sale, trustee’s sale, conveyance in lieu thereof, or other transfer shall execute, acknowledge and deliver to the mortgagee any written instruments and certificates evidencing such attornment as the mortgagee or trustee other prospective transferee may elect to give the rights and interest of Tenant under this Lease priority over the lien of its mortgage or deed of trust. In the event of either such electionreasonably require, and upon 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 whatever instruments may be required for such 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 appoints Landlord as its Tenant’s agent and attorney-in-fact for the purpose of executing, acknowledging, and delivering any such instruments and certificates. Notwithstanding anything to the contrary implied in its namethis Section, place and stead so to do. In the event that any holder or prospective holder of mortgagee under 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 provide that such modification shall become effective and binding upon Tenant and shall have the same force and effect as an amendment right at any time to subordinate any such mortgage to this Lease for all purposes. Tenant hereby appoints on such holder terms and subject to such conditions as Txxxxx's attorney-in-fact to execute any such modification upon default of Tenant the mortgagee in complying with such holder's requestits discretion may consider appropriate.

Appears in 1 contract

Samples: Office Lease Agreement (Heartland Payment Systems Inc)

Rights of Mortgagee. It Tenant accepts this Lease subject and subordinate to any recorded mortgage or deed of trust lien presently existing or hereafter created upon the Building and to all existing recorded restrictions, covenants, easements and agreements with respect to the Building. Landlord is understood hereby irrevocably vested with full power and agreed that authority to subordinate Tenant's interest under this Lease to any first mortgage or deed of trust lien hereafter placed on the rights Premises, and Tenant agrees upon demand to execute additional instruments subordinating this lease as Landlord may require. If the interests of Tenant Landlord under this Lease shall be subject and subordinate to transferred by reason of foreclosure or other proceedings for enforcement of any mortgages or deeds of trust that may hereafter be placed upon the Commercial Unit and/or the Building and/or the Lot, and/or any part of the foregoing, and to any and all advances to be made thereunder, and to the interest thereon, and all renewals, modifications, replacements and extensions thereof, if the mortgagee or trustee named in said mortgages or deeds of trust shall elect by notice delivered to Tenant to subject and subordinate the rights and interest of Tenant under this Lease to the lien of its first mortgage or deed of trust; it is further agreed that any mortgagee or trustee may elect to give the rights and interest of Tenant under this Lease priority over the lien of its mortgage or deed of trust. In the event of either such election, and upon 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 whatever instruments may be required for such 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 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 trust on the Premises, Tenant agrees that Tenant will enter into a written agreement in recordable form shall be bound to the transferee (sometimes called the "Purchaser") at the option of the Purchaser, under the terms, covenants and conditions of this Lease for the balance of the term remaining, including any extensions or renewals, with Landlord or such holder or prospective holder which shall effect such modification and provide that such modification shall become effective and binding upon Tenant and shall have the same force and effect as an amendment if the Purchaser were Landlord under this Lease, and, if requested by the Purchaser, Tenant agrees to attorn to the Purchaser, including the first mortgagee under any such mortgage if it be the Purchaser, as its Landlord. Notwithstanding the foregoing, Landlord shall, within thirty (30) days after Tenant's execution of this Lease, provide Tenant with evidence reasonably satisfactory to Tenant that each mortgagee whose lien is superior to the leasehold estate created by this Lease for all purposeshas entered into a written agreement, reasonably satisfactory in form and substance to Tenant, by which such mortgagee has agreed that so long as no default by Tenant under this Lease has occurred or has continued beyond any applicable grace period. Tenant hereby appoints will not be disturbed in Tenant's possession and enjoyment of the Premises by any foreclosure or other action to enforce such holder as Txxxxxmortgagee's attorneylien. If Landlord fails to provide such evidence within such 30-in-fact day period, Tenant may, at Tenant's option, terminate this Lease by notice to execute Landlord. In addition, the subordination of this Lease to any such modification future mortgage or deed of trust is conditioned upon default the execution by the mortgagee or beneficiary of Tenant a similar written agreement, also reasonably satisfactory in complying with such holder's requestform and substance to Tenant.

Appears in 1 contract

Samples: Sublease Agreement (Trizetto Group Inc)

Rights of Mortgagee. It is understood Lessee accepts this Lease subject and agreed subordinate to any recorded mortgage or deed of trust lien presently or hereafter created upon the building or project and to all existing recorded restrictions, covenants, easements and agreements with respect to the building or project, provided such mortgage or other document provides that the rights Lessee shall not be disturbed in its possession of the Leased Premises in accordance with this Lease provided Lessee is not in default under this Lease. Lessor is hereby irrevocably vested with full power and interests authority to subordinate Lessee's interest under this Lease to any mortgagor deed of Tenant trust hereafter placed on the Leased Premises, and Lessee agrees upon demand to execute additional instruments subordinating this Lease as Lessor may require, provided such mortgage or other document provides that the Lessee shall not be disturbed in its possession of the Leased Premises in accordance with this Lease provided Lessee is not in default under this Lease. If the interest of Lessor under this Lease shall be subject and subordinate to transferred by reason of foreclosure or other proceedings for enforcement of any mortgages or deeds of trust that may hereafter be placed upon the Commercial Unit and/or the Building and/or the Lot, and/or any part of the foregoing, and to any and all advances to be made thereunder, and to the interest thereon, and all renewals, modifications, replacements and extensions thereof, if the mortgagee or trustee named in said mortgages or deeds of trust shall elect by notice delivered to Tenant to subject and subordinate the rights and interest of Tenant under this Lease to the lien of its first mortgage or deed of trust; it is further agreed that any mortgagee or trustee may elect trust on the Leased Premises, Lessee shall be bound to give the rights transferee (sometimes called the "Purchaser") at the option of the Purchaser, under the terms, covenants and interest conditions of Tenant under this Lease priority over for the lien of its mortgage or deed of trust. In the event of either such election, and upon 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 whatever instruments may be required for such 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 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 balance of the term hereofremaining, including any extensions or the sizerenewals, 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 provide that such modification shall become effective and binding upon Tenant and shall have the same force and effect as an amendment if the Purchaser were Lessor under this Lease, and, if requested by Purchaser, Lessee agrees to this Lease for all purposes. Tenant hereby appoints such holder as Txxxxx's attorney-in-fact attorn to execute the Purchaser, including the first mortgage under any such modification upon default of Tenant in complying with such holder's requestmortgage if it be the Purchaser, as its Lessor.

Appears in 1 contract

Samples: Lease Agreement (Equity Inns Inc)

Rights of Mortgagee. It is understood and agreed that the rights and interests of Tenant under accepts this Lease shall be subject and subordinate to any mortgages recorded lease, mortgage or deeds deed of trust that may lien presently existing, if any, or hereafter be placed upon encumbering the Commercial Unit and/or the Building and/or the Lot, and/or Property and any part of the foregoing, and to any and all advances to be made thereunder, and to the interest thereon, and all renewals, modifications, extensions or replacements thereof and extensions thereofto all existing ordinances and recorded restrictions, if covenants, easements, and agreements with respect to the mortgagee or trustee named in said mortgages or deeds of trust shall elect by notice delivered Property. Landlord hereby is irrevocably vested with full power and authority to Tenant to subject and subordinate the rights and Tenant's interest of Tenant under this Lease to the lien of its any mortgage or deed of trust; it is further agreed that any mortgagee or trustee may elect trust lien hereafter placed on the Property, and Tenant agrees upon demand to give the rights and interest of Tenant under execute additional instruments subordinating this Lease priority over as Landlord may require. Upon any foreclosure, judicially or non-judicially, of any such mortgage, or the lien sale of its mortgage the Property in lieu of foreclosure, or deed any other transfer of trust. In Landlord's interest in the event of either such electionProperty, whether or not in connection with a mortgage, Tenant hereby does, and upon notification by hereafter agrees to attorn to the purchaser at such mortgagee foreclosure sale or trustee to Tenant the grantee under any deed in lieu of foreclosure or to that effectany other transferee of Landlord's interest, the rights and interest of Tenant under this Lease shall be deemed to be subordinate torecognize such purchaser, grantee, or to have priority over, other transferee 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 whatever instruments may be required for such 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 any mortgage which includes the Premises as part of the mortgaged premises, shall request any modification of any of the provisions of under this Lease, and no further attornment or other than a provision directly related agreement shall be required to effect or evidence Tenant's attornment to and recognition of such purchaser or grantee as Landlord hereunder. Such agreement of Tenant to attorn shall survive any such foreclosure sale, trustee's sale, conveyance in lieu thereof, or any other transfer of Landiord's interest in the Property. Tenant, upon demand, at any time, before or after any such foreclosure sale, trustee's sale, conveyance in lieu thereof, or other transfer shall execute, acknowledge, and deliver to the rents payable hereundermortgagee any written instruments and certificates evidencing such attornment as the mortgagee or other prospective transferee may reasonably require. Notwithstanding anything to the contrary implied in this Article, 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 provide that such modification shall become effective and binding upon Tenant and any mortgagee under any mortgage shall have the same force and effect as an amendment right at any time to subordinate any such mortgage to this Lease for all purposes. Tenant hereby appoints on such holder terms and subject to such conditions as Txxxxx's attorney-in-fact to execute any such modification upon default of Tenant the mortgagee in complying with such holder's requestits discretion may consider appropriate.

Appears in 1 contract

Samples: Improvements Agreement (Developed Technology Resource Inc)

Rights of Mortgagee. It is understood and agreed that the rights and interests of Tenant under accepts this Lease shall be subject and ------------------- subordinate to any mortgages recorded lease, mortgage or deeds deed of trust that may lien presently existing, if any, or hereafter be placed upon encumbering the Commercial Unit and/or the Building and/or the LotProperty and to all existing ordinances and recorded restrictions, and/or any part of the foregoingcovenants, easements, and to any and all advances to be made thereunder, and agreements with respect to the Property. Landlord hereby is irrevocably vested with full power and authority to subordinate Tenant's interest thereon, and all renewals, modifications, replacements and extensions thereof, if the mortgagee or trustee named in said mortgages or deeds of trust shall elect by notice delivered to Tenant to subject and subordinate the rights and interest of Tenant under this Lease to the lien of its any mortgage or deed of trust; it is further agreed that trust lien hereafter placed on the Property. Upon any mortgagee foreclosure, judicially or trustee may elect to give non-judicially, of any such mortgage, or the rights and sale of the Property in lieu of foreclosure, or any other transfer of Landlord's interest of in the Property, whether or not in connection with a mortgage, Tenant under this Lease priority over the lien of its mortgage or deed of trust. In the event of either such electionhereby does, and upon notification by hereafter agrees to attorn to the purchaser at such mortgagee foreclosure sale or trustee to Tenant the grantee under any deed in lieu of foreclosure or to that effectany other transferee of Landlord's interest, the rights and interest of Tenant under this Lease shall be deemed to be subordinate torecognize such purchaser, grantee, or to have priority over, other transferee 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 whatever instruments may be required for such 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 any mortgage which includes the Premises as part of the mortgaged premises, shall request any modification of any of the provisions of under this Lease, and no further attornment or other than agreement shall be required to effect or evidence Tenant's attornment to and recognition of such purchaser or grantee as Landlord hereunder provided Tenant is given a provision directly related Non-Disturbance and Attornment Agreement. Such agreement of Tenant to attorn shall survive any such foreclosure sale, trustee's sale, conveyance in lieu thereof, or any other transfer of Landlord's interest in the Property. Tenant, upon demand, at any time, before or after any such foreclosure sale, trustee's sale, conveyance in lieu thereof, or other transfer shall execute, acknowledge, and deliver to the rents payable hereunderprospective transferee and/or mortgage a Lease Subordination, Non-Disturbance and Attornment Agreement and any additional written instruments and certificates evidencing such attornment as the duration of mortgagee or other prospective transferee may reasonably require. Notwithstanding anything to the term hereofcontrary implied in this Section, 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 provide that such modification shall become effective and binding upon Tenant and any mortgagee under any mortgage shall have the same force and effect as an amendment right at any time to subordinate any such mortgage to this Lease for all purposes. Tenant hereby appoints on such holder terms and subject to such conditions as Txxxxx's attorney-in-fact to execute any such modification upon default of Tenant the mortgagee in complying with such holder's requestits discretion may consider appropriate.

Appears in 1 contract

Samples: Liposcience Inc

Rights of Mortgagee. It is understood Landlord shall have the right at all times to mortgage or hypothecate its ownership of the Leased Premises and agreed that its lessor's interest in this Lease. At the rights and interests option of Tenant under the mortgagee of any mortgage or beneficiary of any deed of trust constituting a lien on all or part of the Leased Premises (said mortgagee or beneficiary being called herein the "Mortgagee"), this Lease shall be either (i) subject and subordinate subordinated to any mortgages or deeds of trust that may hereafter be placed upon the Commercial Unit and/or the Building and/or the Lot, and/or any part of the foregoing, and to any and all advances to be made thereunder, and to the interest thereon, and all renewals, modifications, replacements and extensions thereof, if the mortgagee or trustee named in said mortgages or deeds of trust shall elect by notice delivered to Tenant to subject and subordinate the rights and interest of Tenant under this Lease (ii) prior to the lien of its any mortgage placed on or deed against the Leased Premises on or against Landlord's interest or estate therein without the necessity of trust; it is having further agreed that instruments on the part of Tenant to effectuate such subordination. Notwithstanding the foregoing, in the event of a foreclosure of any mortgagee such mortgage, or trustee may elect to give of any other action or proceeding for the enforcement thereof, or of any sale thereunder, this Lease will not be barred, terminated, cut off or foreclosed, nor will the rights and interest possession of Tenant under hereunder be disturbed, if Tenant shall not then be in default in the payment of rent due or the performance of Tenant's other obligations hereunder. Upon the request of any Mortgagee, Tenant agrees to execute any amendment to this Lease priority over which does not, in the lien reasonable opinion of its mortgage or deed Tenant's counsel, materially adversely affect Tenant's rights hereunder. Upon receipt of trust. In the event written request of either such election, and upon notification by such mortgagee or trustee to Tenant to that effectso do, Landlord shall obtain a non-disturbance agreement from the rights Mortgagee. Concurrently with the mutual execution 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 whatever instruments may be required for such 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 any mortgage which includes the Premises as part of the mortgaged premises, shall request any modification of any of the provisions delivery of this Lease, Landlord shall deliver to Tenant a non-disturbance agreement from any existing Mortgagee or 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 provide that such modification shall become effective and binding upon Tenant and shall have the same force and effect as an amendment to this Lease for all purposes. Tenant hereby appoints such holder as Txxxxx's attorney-in-fact to execute any such modification upon default of Tenant in complying with such holder's requestlienholder.

Appears in 1 contract

Samples: Foodbrands America Inc

Rights of Mortgagee. It is understood and agreed that Section 15.1. The rights of the rights and interests of Tenant under this Lease shall be and are subject and subordinate at all times to the lien of any mortgages or deeds of trust that may now or hereafter be placed upon in force against the Commercial Unit and/or Property or the Building and/or the LotBuilding, and/or any part or both of the foregoingthem, and to any and all advances made or hereafter to be made thereunderupon the security thereof, and to the interest thereon, and all renewals, modifications, amendments, consolidations, replacements and extensions thereof, if the . This Article is self-operative and no further instrument of subordination shall be required. Any mortgagee or trustee named in said mortgages or deeds beneficiary under a deed of trust shall may, however, elect by notice delivered to Tenant to subject and subordinate the rights and interest of Tenant under have this Lease be superior to the lien of its mortgage or deed of trust; it is further agreed that any mortgagee or trustee may elect to give the rights and interest of Tenant under this Lease priority over the lien of its mortgage or deed of trust. In the event of either such electionAt Landlord's request, and upon notification by such mortgagee or trustee to Tenant to Xxxxxx shall execute a document in recordable form confirming 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 subordinate (or at the mortgagee's or beneficiary's election, superior) to or subsequent to the date of said any mortgage or deed of trust. Tenant shall execute and deliver whatever instruments may be required for Tenant, at the option of any mortgagee or beneficiary under a deed of trust ("Landlord's Mortgagee"), agrees (a) to attorn to such purposes, and mortgagee or beneficiary in the event Tenant fails so of a foreclosure sale or deed in lieu thereof, and (b) to do within ten (10) days after demand in writingexecute such attornment, Txxxxx does hereby makesecurity, constitute and irrevocably appoint Landlord assignment or related agreements as its attorney-in-fact and in its name, place and stead so to doLandlord's Mortgagee may reasonably require. In the event that any holder or prospective holder of any mortgage act or omission by Landlord which includes would give Tenant the Premises as part right to terminate this Lease or to claim a partial or total eviction from the Premises, Tenant shall not exercise any such right (a) until it has notified in writing the Landlord's Mortgagee of such act or omission, and (b) until a reasonable period for remedying such act or omission shall have elapsed following the giving of such notice, and Landlord's Mortgagee shall not with reasonable diligence have commenced and continued to remedy such act or omission or to cause the same to be remedied. Xxxxxxxx will notify Xxxxxx in writing of the mortgaged premises, shall request any modification name and address of each Landlord's Mortgagee upon the execution of this Lease and subsequently inform Xxxxxx of any new Landlord's Mortgagee immediately upon the execution of the provisions a mortgage or deed of trust encumbering title Building. No Landlord's Mortgagee shall be bound by any cancellation, amendment or modification of this Lease, other than a or waiver of any 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 provide that such modification shall become effective and binding upon Tenant and shall have the same force and effect as an amendment to this Lease for all purposes. Tenant hereby appoints such holder as Txxxxxwhich has not been consented to in writing by that Landlord's attorney-in-fact to execute any such modification upon default of Tenant in complying with such holder's requestMortgagee.

Appears in 1 contract

Samples: Lease Summary (Expresspoint Technology Systems Inc)

Rights of Mortgagee. It is understood and agreed that the rights and interests of Tenant under accepts this Lease shall be subject and subordinate to any mortgages recorded lease, mortgage, deed to secure debt or deeds deed of trust that may lien presently existing, if any, or hereafter be placed upon encumbering the Commercial Unit and/or the Building and/or the Lot, and/or Property and any part of the foregoing, and to any and all advances to be made thereunder, and to the interest thereon, and all renewals, modifications, extensions or replacements thereof and extensions thereofto all existing ordinances and recorded restrictions, if covenants, easements, and agreements with respect to the mortgagee or trustee named in said mortgages or deeds of trust shall elect by notice delivered Property. Landlord hereby is irrevocably vested with full power and authority to Tenant to subject and subordinate the rights and Tenant’s interest of Tenant under this Lease to the lien of its mortgage any mortgage, deed to secure debt or deed of trust; it is trust lien hereafter placed on the Property, and Tenant agrees upon demand to execute additional instruments subordinating this Lease as Landlord may require. Upon any foreclosure, or any other transfer of Landlord’s interest in the Property, whether or not in connection with a mortgage, Tenant hereby does, and hereafter agrees to attorn to the purchaser at such foreclosure sale or to the grantee under any deed in lieu of foreclosure or to any other transferee of Landlord’s interest, and shall recognize such purchaser, grantee, or other transferee as Landlord under this Lease, and no further agreed that attornment or other agreement shall be required to effect or evidence Tenant’s attornment to and recognition of such purchaser or grantee as Landlord hereunder. Such agreement of Tenant to attorn shall survive any such foreclosure sale, trustee’s sale, conveyance in lieu thereof, or any other transfer of Landlord’s interest in the Property. Tenant, upon demand, at any time, before or after any such foreclosure sale, trustee’s sale, conveyance in lieu thereof, or other transfer shall execute, acknowledge and deliver to the mortgagee any written instruments and certificates evidencing such attornment as the mortgagee or trustee other prospective transferee may elect to give the rights and interest of Tenant under this Lease priority over the lien of its mortgage or deed of trust. In the event of either such electionreasonably require, and upon 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 whatever instruments may be required for such 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 appoints Landlord as its Tenant’s agent and attorney-in-fact for the purpose of executing, acknowledging, and delivering any such instruments and certificates. Notwithstanding anything to the contrary contained or implied in its namethis Section (i), place and stead so to do. In the event that any holder or prospective holder of mortgagee under 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 provide that such modification shall become effective and binding upon Tenant and shall have the same force and effect as an amendment right at any time to subordinate any such mortgage to this Lease for all purposes. Tenant hereby appoints on such holder terms and subject to such conditions as Txxxxx's attorney-in-fact to execute any such modification upon default the mortgagee in its discretion may consider appropriate and (ii) the rights and obligations of Tenant in complying with such holder's requesthereunder are subject to applicable banking regulations.

Appears in 1 contract

Samples: Office Lease Agreement (Circle Bancorp)

Rights of Mortgagee. It Tenant accepts this Lease subject and subordinate to any recorded mortgage, deed of trust or other lien (a "Mortgage") presently existing or hereafter to exist with respect to the Leased Premises. Further, but without limiting the preceding sentence, Landlord is understood hereby irrevocably vested with full power and agreed authority to subordinate and/or to evidence such subordination of Tenant's interest under this Lease to any Mortgage hereafter placed on the Leased Premises, and Tenant agrees upon demand to execute such additional instruments subordinating this Lease, and further defining the terms of such subordination, as well as the attornment discussed below, as Landlord or the holder of any such Mortgage, may require. Tenant agrees to provide to the holder of any such Mortgage, whose name and address have been provided to Tenant (a "Mortgagee"), a copy of each notice to Landlord which alleges any act, omission, or condition that might constitute a default by Landlord hereunder and Mortgagee, in its sole discretion, shall have all rights of Landlord hereunder to cure any such default. If the rights and interests of Tenant Landlord under this Lease shall be subject and subordinate to transferred by reason of foreclosure or other proceedings for enforcement of any mortgages or deeds of trust that may hereafter be placed upon Mortgage on the Commercial Unit and/or Leased Premises, at the Building and/or the Lot, and/or any part election of the foregoing, and to any and all advances to transferee (sometimes called the "Purchaser") Tenant shall be made thereunder, and bound to the interest thereonPurchaser under the terms and conditions of this Lease for the balance of the remaining Lease term, and all including any extensions or renewals, modifications, replacements and extensions thereof, if the mortgagee or trustee named in said mortgages or deeds of trust shall elect by notice delivered to Tenant to subject and subordinate the rights and interest of Tenant under this Lease to the lien of its mortgage or deed of trust; it is further agreed that any mortgagee or trustee may elect to give the rights and interest of Tenant under this Lease priority over the lien of its mortgage or deed of trust. In the event of either such election, and upon 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 whatever instruments may be required for such 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 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 provide that such modification shall become effective and binding upon Tenant and shall have the same force and effect as an if the Purchaser were Landlord under this Lease; provided, however, that such Purchaser shall not be liable or bound to Tenant (i) for any act or omission of any prior landlord, (ii) for any offsets or defenses which Tenant might have against any prior landlord, (iii) for or by any Rent which Tenant might have paid for more than the current month, (iv) by any amendment modification of, or consensual termination agreement with respect to, the Lease made without the Mortgagee's consent, (v) for any Security Deposit given by Tenant to a prior landlord unless such deposit is actually received by such Purchaser, (vi) for any repairs or replacements required by this Lease arising prior to the date Purchaser takes possession of the Leased Premises, or (vii) for all purposesany moving, relocation or refurbishment allowance or any construction of or payment or allowance for tenant improvements to the Leased Premises or any part thereof for the benefit of Tenant except as set forth in this Lease. Tenant hereby appoints such holder further agrees at the election of the Purchaser to attorn to the Purchaser, including the Mortgagee if it be the Purchaser, as Txxxxxits Landlord. Such attornment shall be effective without the execution of any further instruments upon the Purchaser's attorney-in-fact 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 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, but Tenant agrees upon demand to execute any such modification upon default additional instruments defining the terms of Tenant in complying with such holder's requestattornment as Landlord or the Purchaser may require. Each such Mortgagee and each such Purchaser shall be a third-party beneficiary of the provisions of this Paragraph.

Appears in 1 contract

Samples: Lease Agreement (HPL Technologies Inc)

Rights of Mortgagee. It is understood and agreed that the rights and interests of Tenant under accepts this Lease shall be subject and subordinate to any mortgages or deeds of trust that may hereafter be placed upon the Commercial Unit and/or the Building and/or the Lotrecorded Lease, and/or any part of the foregoing, and to any and all advances to be made thereunder, and to the interest thereon, and all renewals, modifications, replacements and extensions thereof, if the mortgagee or trustee named in said mortgages or deeds of trust shall elect by notice delivered to Tenant to subject and subordinate the rights and interest of Tenant under this Lease to the lien of its mortgage or deed of trust; it trust lien presently existing, if any, or hereafter encumbering the Property and to all existing ordinances and recorded restrictions, covenants, easements, and agreements with respect to the Property. Landlord hereby is further agreed that any mortgagee or trustee may elect irrevocably vested with full power and authority to give the rights and subordinate Tenants interest of Tenant under this Lease priority over the lien of its lease to any mortgage or deed of trusttrust lien hereafter placed on the Property. In Upon any foreclosure, judicially or non-judicially, of any such mortgage, or the event sale of either such electionthe Property in lieu of foreclosure, or any other transfer of Landlord's interest in the Property, whether or not in connection with a mortgage, Tenant hereby does, and upon notification hereafter agrees to attorn to the purchaser at such foreclosure sale or to the grantee under any deed in lieu of foreclosure or to any other transfer of Landlord's interest, and shall recognize such purchaser, grantee, or other transferee as Landlord under this Lease, end no further attornment or other agreement shall be required to effect evidence Tenant's attornment to and recognition of such purchaser or grantee as Landlord hereunder. Such agreement of Tenant to attorn shall survive any such foreclosure sale, trustee's sale, conveyance in lieu thereof, or any other transfer of Landlord's interest in the Property. Tenant, within ten (10 days after receipt of a request to do so, at any time, before or after any such foreclosure sale, trustee's sale, conveyance in lieu thereof, or other transfer shall execute, acknowledge and deliver to the prospective transferee and/or mortgagee the Lease Subordination, Non-disturbance and Attornment Agreement attached hereto as Exhibit C and incorporated by reference herein, and any additional written instruments and certificates evidencing such attornment as the 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 other prospective transferee 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 whatever instruments may be required for such purposesreasonably require, and Tenant hereby irrevocably appoints Landlord as Tenants agent and attorney-in-fact for the purpose of executing, acknowledging, and delivering any such instruments and certificates, in the event Tenant fails so to do within ten (10) days after demand furnish the requested non-disturbance and attornment agreement as required by this Article 9.4 . Notwithstanding anything to the contrary implied 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 this Section any holder or prospective holder of mortgagee under 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 provide that such modification shall become effective and binding upon Tenant and shall have the same force and effect as an amendment right at any time to subordinate any such mortgage to this Lease for all purposes. Tenant hereby appoints on such holder terms and subject to such conditions as Txxxxx's attorney-in-fact to execute any such modification upon default of Tenant the mortgagee in complying with such holder's requestits discretion may consider appropriate.

Appears in 1 contract

Samples: Office Lease (Access Integrated Technologies Inc)

Rights of Mortgagee. It is understood and agreed that the rights and interests of Tenant under this This Lease shall be subject and subordinate to any mortgages mortgage now or deeds of trust that may hereafter be placed upon on the Commercial Unit and/or Site or the Building and/or the LotBuilding, and/or any part of the foregoingor both, and to any and all advances each advance made or hereafter to be made thereunderunder any mortgage, and to the interest thereon, and all renewals, modifications, consolidations, replacements and extensions thereof, if thereof and all substitutions therefor provided that the mortgagee or trustee named in said mortgages or deeds holder of trust shall elect by notice delivered such mortgage agrees to Tenant to subject and subordinate recognize the rights and interest of Tenant under this Lease (including the right to use and occupy the lien Premises) upon the payment of its mortgage or deed of trust; it is further agreed that any mortgagee or trustee may elect to give the rights rent and interest of other charges payable by Tenant under this Lease priority over and the lien performance by Tenant of its mortgage or deed of trustTenant's obligations hereunder. In the event confirmation of either such electionsubordination and recognition, and upon 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 whatever such instruments of subordination and recognition as such mortgagee may be required for such purposes, and in the event Tenant fails so to do reasonably request within ten (10) business 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 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 provide that such modification shall become effective and binding upon Tenant and shall have the same force and effect as an amendment to this Lease for all purposesrequest. Tenant hereby appoints such holder mortgagee (from time to time) as TxxxxxTenant's attorney-in-fact to execute any such modification 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 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 requestoffice of an instrument in which such holder subordinates its rights under such mortgage to 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 leasehold interest hereby created.

Appears in 1 contract

Samples: Oasis Semiconductor Inc

Rights of Mortgagee. It is understood and agreed that the rights and interests of Tenant under this This Lease shall be subject and subordinate to any mortgages or deeds of trust that may hereafter be placed upon mortgage from time to time encumbering the Commercial Unit and/or the Building and/or the Lot, and/or any part of the foregoing, and to any and all advances to be made thereunder, and to the interest thereon, and all renewals, modifications, replacements and extensions thereof, if the mortgagee or trustee named in said mortgages or deeds of trust shall elect by notice delivered to Tenant to subject and subordinate the rights and interest of Tenant under this Lease to the lien of its mortgage or deed of trust; it is further agreed that any mortgagee or trustee may elect to give the rights and interest of Tenant under this Lease priority over the lien of its mortgage or deed of trust. In the event of either such election, and upon 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 trustPremises, whether this Lease is dated executed and delivered prior to or subsequent to the date Commencement Date, if the holder of said such mortgage shall so elect, and Tenant agrees to attorn to any party who acquires title to the Premises pursuant to the rights granted pursuant to any such mortgage. The subordination of this Lease to any such Mortgage and Tenant's agreement to attorn to any such party shall be self operative and no further instrument of subordination or deed of trustattornment shall be required. Tenant shall agrees to execute and deliver whatever such instruments may be required for such purposes, and of subordination and/or attornment 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 any mortgage which includes the Premises as part of the mortgaged premises, shall request any modification of any confirmation 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 section as such holder or prospective holder which shall effect may request, within fifteen (15) days after being notified of such modification request, and provide that such modification shall become effective and binding upon Tenant and shall have the same force and effect as an amendment to this Lease for all purposes. Tenant hereby appoints such holder as Txxxxx's attorney-in-fact to execute any such modification upon default of Tenant in complying with such holder's requestrequest shall constitute a Default of Tenant hereunder. Upon entry and taking possession of the Premises for any purpose other than foreclosure, the holder of a mortgage shall have all rights of Landlord and, during the period of such possession, the duty to perform all Landlord's obligations hereunder. Except during such period of possession, no such holder shall be liable, either as mortgagee or as holder of a collateral assignment of this Lease, to perform, or be liable in damages for failure to perform, any of the obligations of Landlord. No Basic Rent, additional rent, or any other charge shall be paid more than ten (10) days prior to the due dates thereof, and payments made in violation of this provision shall (except to the extent that such payments are actually received by a mortgagee in possession or in the process of foreclosing its mortgage) be a nullity as against such mortgagee, and Tenant shall be liable for the amount of such payments to such mortgagee. No assignment of this Lease and no agreement to make or accept any surrender, termination or cancellation of this Lease and no agreement to modify this Lease so as to reduce the rent, change the Term, or otherwise materially change the rights of Landlord under this Lease, or to relieve Tenant of any obligations or liability under this Lease, shall be valid as against any mortgagee unless consented to in writing by Landlord's mortgagees of record, if any. No act or failure to act out on the part of Landlord which would entitle Tenant under the terms of this Lease, or by law, to be relieved of any or any portion of Tenant's obligations hereunder to any Basic Rent or additional rent, or which would permit Tenant to terminate this Lease, shall result in such a 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 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 shall be deemed to impose any obligation on any such mortgagee to correct or cure any such condition. "Reasonable time" as used above means and includes a reasonable time to obtain possession of the mortgaged premises. If the mortgagee elects to do so, and a reasonable time to correct or cure the condition if such condition is determined to exist.

Appears in 1 contract

Samples: Agreement of Lease (Passport Restaurants Inc)

Rights of Mortgagee. It is understood and agreed that the rights and interests of Tenant under this This Lease shall be subject and subordinate to any mortgages mortgage now or deeds of trust that may hereafter be placed upon on the Commercial Unit and/or Site or the Building and/or the LotBuilding, and/or any part of the foregoingor both, and to any and all advances each advance made or hereafter to be made thereunderunder any mortgage, and to the interest thereon, and all renewals, modifications, consolidations, replacements and extensions thereof, if thereof and all substitutions therefor provided that in the mortgagee or trustee named in said mortgages or deeds case of trust shall elect by notice delivered a future mortgage the holder of such mortgage agrees to Tenant to subject and subordinate recognize the rights and interest of Tenant under this Lease (including the right to use and occupy the lien Premises) upon the payment of its mortgage or deed of trust; it is further agreed that any mortgagee or trustee may elect to give the rights rent and interest of other charges payable by Tenant under this Lease priority over and the lien performance by Tenant of its mortgage or deed of trustTenant’s obligations hereunder. In the event confirmation of either such electionsubordination and recognition, and upon 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 whatever promptly such instruments of subordination and recognition as such mortgagee may be required for reasonably request subject to receipt of such purposes, and instruments of recognition from such mortgagee as Tenant may reasonably request (Tenant hereby agreeing to pay any legal or other fees charged by the mortgagee in connection with providing 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 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 provide that such modification shall become effective and binding upon Tenant and shall have the same force and effect as an amendment to this Lease for all purposessame). Tenant hereby appoints such holder mortgagee (from time to time) as Txxxxx's Tenant’s attorney-in-fact to execute any such modification 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 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's request, 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. If in connection with obtaining financing for the Building or Office Park, 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

Samples: Agreement (Arsanis, Inc.)

Rights of Mortgagee. It is understood and agreed that the rights and interests of Tenant under this The Lease shall be subject and subordinate to any mortgages or deeds first mortgage on the Building, now in effect, unless the holder of trust that may hereafter be placed upon the Commercial Unit and/or the Building and/or the Lot, and/or any part of the foregoing, and to any and all advances to be made thereunder, and to the interest thereon, and all renewals, modifications, replacements and extensions thereof, if the mortgagee or trustee named in said mortgages or deeds of trust shall elect such mortgage elects by notice delivered to Tenant to subject and have this Lease superior to its mortgage. In addition, Landlord shall have the option to subordinate the rights and interest of Tenant under this Lease to the lien of its any other mortgage or deed of trust; it is further agreed that any mortgagee or trustee may elect to give the rights and interest of Tenant under this Lease priority over the lien of its mortgage or deed of trust. In the event of either such election, and upon 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 whatever instruments may be required for such 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 any mortgage trust which includes the Premises as part of the mortgaged premisesPremises, provided that the holder thereof enters into an agreement with Tenant by the terms of which (a) in the event of acquisition of title by such holder through foreclosure proceedings or otherwise, and provided Tenant is not in default hereunder, the holder will agree to recognize the rights of Tenant under this Lease and to accept Tenant as Tenant of the Premises under the terms and conditions of this Lease and (b) Tenant will agree to recognize the holder of such mortgage as Landlord in such event. This agreement shall request be made to expressly bind and inure to the benefit of the successors and assigns of Tenant and of the holder and upon anyone purchasing said Premises at any modification foreclosure sale. Any such mortgage to which the Lease shall be subordinated may contain such terms, provisions and conditions as the holder deems usual or customary. The Lot or Building, or both, are separately and together hereinafter in this Section 13.13 referred to as "the mortgaged Premises". The word "mortgagee" as used in this Lease shall include the holder for the time being whenever the context permits. Upon entry and taking possession of the mortgaged Premises for any purpose other than foreclosure, the holder of a mortgage shall have all rights of Landlord and during the period of such possession, the duty to perform all Landlord's obligations under this Lease. No such holder shall be liable to perform any other of Landlord's covenants and obligations under this Lease. Except as otherwise provided in Section 13.13 hereof, no such holder or a mortgage shall be liable, either as mortgagee or as holder of a collateral assignment of this Lease, to perform, or be liable in damages for failure to perform, any of the obligations of Landlord unless and until such holder shall enter and take possession of the mortgaged Premises for the purpose of foreclosing a mortgage. Upon entry for the purpose of foreclosing a mortgage, such holder shall be liable to perform all of the subsequent obligations of Landlord, subject to the provisions of this Section 13.13 and subject to and with the benefit of the provisions of this LeaseSection 13.13, other than Provided that a provision directly related discontinuance of any foreclosure proceeding shall be deemed a conveyance under said provisions to the rents payable hereunder, the duration owner of the term hereofequity of the mortgaged Premises. No fixed rent, additional rent, or any other charge shall be paid more then ten (10) days prior to the size, use or location due dates hereof and payments made in violation of this provision shall (except to 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 provide extent that such modification payments are actually received by a mortgagee in possession or in the process of foreclosing its mortgage) be a nullity as against such mortgagee and Tenant shall become effective and binding upon Tenant and shall have be liable for the same force and effect as an amendment amount of such payments to this Lease for all purposes. Tenant hereby appoints such holder as Txxxxx's attorney-in-fact to execute any such modification upon default of Tenant in complying with such holder's requestmortgagee.

Appears in 1 contract

Samples: First Lease (Details Inc)

Rights of Mortgagee. It is understood and agreed that the rights and interests of Tenant under accepts this Lease shall be subject and subordinate to any mortgages recorded lease, mortgage or deeds deed of trust that may lien presently existing, if any, or hereafter be placed upon encumbering the Commercial Unit and/or the Building and/or the LotProperty and to all existing ordinances and recorded restrictions, and/or any part of the foregoingcovenants, easements, and to any and all advances to be made thereunder, and agreements with respect to the Property. Landlord hereby is irrevocably vested with full power and authority to subordinate Tenant's interest thereon, and all renewals, modifications, replacements and extensions thereof, if the mortgagee or trustee named in said mortgages or deeds of trust shall elect by notice delivered to Tenant to subject and subordinate the rights and interest of Tenant under this Lease to the lien of its any mortgage or deed of trust; it is trust lien hereafter placed on the Property. Upon any foreclosure, judicially or non-judicially, of any such mortgage, or the sale of the Property in lieu of foreclosure, or any other transfer of Landlord's interest in the Property, whether or not in connection with a mortgage, Tenant hereby does, and hereafter agrees to attorn to the purchaser at such foreclosure sale or to the grantee under any deed in lieu of foreclosure or to any other transferee of Landlord's interest, and shall recognize such purchaser, grantee, or other transferee as Landlord under this Lease, and no further agreed that attornment or other agreement shall be required to effect or evidence Tenant's attornment to and recognition of such purchaser or grantee as Landlord hereunder. Such agreement of Tenant to attorn shall survive any such foreclosure sale, trustee's sale, conveyance in lieu thereof, or any other transfer of Landlord's interest in the Property. Tenant, upon demand, at any time, before or after any such foreclosure sale, trustee's sale, conveyance in lieu thereof, or other transfer shall execute, acknowledge, and deliver to the prospective transferee and or mortgagee a leases subordination, non-disturbance and attornment agreement and any additional written instruments and certificates evidencing such attornment as the mortgagee or trustee other prospective transferee may elect to give the rights and interest of Tenant under this Lease priority over the lien of its mortgage or deed of trust. In the event of either such electionreasonably require, and upon 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 whatever instruments may be required for such 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 appoints Landlord as its Tenant's agent and attorney-in-fact for the purpose of executing, acknowledging, and delivering any such instruments and certificates. Notwithstanding anything to the contrary implied in its namethis Section, place and stead so to do. In the event that any holder or prospective holder of mortgagee under 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 provide that such modification shall become effective and binding upon Tenant and shall have the same force and effect as an amendment right at any time to subordinate any such mortgage to this Lease for all purposes. Tenant hereby appoints on such holder terms and subject to such conditions as Txxxxx's attorney-in-fact to execute any such modification upon default of Tenant the mortgagee in complying with such holder's requestits discretion may consider appropriate.

Appears in 1 contract

Samples: Lease Agreement (Deep Down, Inc.)

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