SUBORDINATE LEASES Sample Clauses

SUBORDINATE LEASES. Each Lease affecting the Property entered into after the Acceptance Date hereof shall be absolutely subordinate to the lien of this Mortgage and shall also contain a provision, satisfactory to Lender, to the effect that in the event of the judicial or non-judicial foreclosure of the Property, at the election of the acquiring foreclosure purchaser, the particular Lease shall not be terminated and the tenant shall attorn to the purchaser.

SUBORDINATE LEASES. Each Lease executed after the date hereof shall be absolutely subordinate to the lien of this Deed To Secure Debt and shall also contain a provision, satisfactory to Grantee, to the effect that Grantee may elect to make the Lease superior to this Deed To Secure Debt and to require the tenant to attorn to Grantee. If requested to do so, the tenant shall agree to enter into a new Lease for the balance of the term upon the same terms and conditions. If Grantee requests, Grantor shall, to the extent allowed under the Lease, cause a tenant or tenants to enter into subordination and attornment agreements or nondisturbance agreements with Grantee on forms which have been approved by Grantee. Grantee acknowledges that certain of the Existing Leases provide that the subordination of the Lease is subject to the execution and delivery by Grantee and tenant of a Subordination, Non-Disturbance and Attornment Agreement ("SNDA") with respect to those Leases. Grantee agrees to provide a SNDA with those tenants if Grantee requires that such lease must be subordinate to the Deed To Secure Debt. In addition, Grantee agrees to provide a non-disturbance agreement to any tenant of over 10,000 square feet, provided Grantee has approved such lease and such tenant to whom non-disturbance is granted executes Grantee's standard form of non-disturbance agreement or such form reasonably satisfactory to Grantee.

SUBORDINATE LEASES. The Operating Lease and each Lease entered into after the Execution Date affecting the Property shall be absolutely subordinate to the lien of this Mortgage and shall also contain a provision, satisfactory to Lender, to the effect that in the event of the foreclosure of the Property, at the election of the acquiring foreclosure purchaser, the particular Lease shall not be terminated and the tenant shall attorn to the purchaser. Lender shall have the right in its sole and absolute discretion to make any Lease superior to the Mortgage. If requested to do so, the tenant shall agree to enter into a new Lease for the balance of the term upon the same terms and conditions. If Lender requests, Borrower and/or Operating Lessee as applicable shall cause a tenant or tenants to enter into subordination and attornment agreements or nondisturbance agreement with Lender on forms which have been approved by Lender. Borrower shall pay or cause to be paid by Operating Lessee all costs and expenses incurred by Lender in connection with granting a non-disturbance agreement including reasonable attorney’s fees, and a processing fee of $2,500.00 for each non-disturbance agreement.

SUBORDINATE LEASES. The Operating Lease and each Lease entered into after the Execution Date affecting the Property shall be absolutely subordinate to the lien of this Deed of Trust and shall also contain a provision, satisfactory to Beneficiary, to the effect that in the event of the judicial or non-judicial foreclosure of the Property, at the election of the acquiring foreclosure purchaser, the particular Lease shall not be terminated and the tenant shall attorn to the purchaser. If requested to do so, the tenant shall agree to enter into a new Lease for the balance of the term upon the same terms and conditions. If Beneficiary requests, Trustor and/or Operating Lessee as applicable shall cause a tenant or tenants to enter into subordination and attornment agreements or nondisturbance agreement with Beneficiary on forms which have been approved by Beneficiary.

SUBORDINATE LEASES. If the Grantor shall hereafter demise the Premises or any part thereof by leases subordinate or junior (either by the date thereof or by the express terms thereof) to the lien of this Deed of Trust, any such lease shall be subject to the condition that in the event of any foreclosure sale hereunder, by virtue of judicial proceedings or otherwise, such lease shall continue in full force and effect and the tenant thereunder will, upon request, attorn to and acknowledge the foreclosure purchaser(s) at such sale as landlords, unless the Beneficiary or such purchaser(s), or the Trustees, shall, at or prior to the time of sale or within sixty (60) days thereafter, notify the tenant in writing to vacate and surrender the leased premises within ninety (90) days from the date of sale upon which date the subject lease shall terminate. Any such lease shall be subject to the further condition that if such lease shall continue in full force and effect, the tenant shall not be credited as against such purchasers with any rent prepaid by the tenant to any party other than the purchaser(s) and allocable to the period after such sale, except that with respect to the rental of boat slips, the tenant shall not be credited with any rent prepaid more than one (1) year in advance by the tenant to any party other than the purchaser(s).

SUBORDINATE LEASES. Subject to the provisions herein pertaining to the Lease, each Lease affecting the Property shall be absolutely subordinate to the lien of this Mortgage and shall also contain a provision, satisfactory to Mortgagee, to the effect that in the event of the judicial or non-judicial foreclosure of the Property, at the election of the acquiring foreclosure purchaser, the particular Lease shall not be terminated and the tenant shall attorn to the purchaser, and that if requested to do so, the tenant shall enter into a new Lease for the balance of the term upon the same terms and conditions. If Mortgagee requests, Mortgagor shall cause a tenant or tenants to enter into subordination and attornment agreements or nondisturbance agreements with Mortgagee on forms which have been approved by Mortgagee. In the event that this Mortgage shall be foreclosed, Mortgagee and any purchaser at such foreclosure sale shall recognize the tenants under the Lease and shall not disturb their quiet enjoyment thereunder, provided however that nothing herein shall limit the rights of Mortgagee or such purchaser as the successor landlord to enforce the Lease, including to terminate the same in accordance with Illinois law in the event of an uncured default thereunder.

SUBORDINATE LEASES. Each Lease that is entered into after the Execution Date shall be absolutely subordinate to the lien of this Deed of Trust and shall also contain a provision, satisfactory to Beneficiary, to the effect that in the event of the judicial or non-judicial foreclosure of the Property, at the election of the acquiring foreclosure purchaser, the particular Lease shall not be terminated and the tenant shall attorn to the purchaser, and that if requested to do so, the tenant shall enter into a new Lease for the balance of the term upon the same terms and conditions; provided that as to any Lease that is entered into in conformity with the Leasing Guidelines or otherwise with the consent of Beneficiary, at Trustor’s request and expense, Beneficiary shall enter into its standard form of subordination, attornment and nondisturbance agreement with the applicable tenant. If Beneficiary requests, Trustor shall use commercially reasonable efforts to cause a tenant or tenants to enter into subordination and attornment agreements or nondisturbance agreement with Beneficiary on forms which have been approved by Beneficiary.

SUBORDINATE LEASES. Each Lease that is entered into after the Execution Date shall be absolutely subordinate to the lien of this Deed of Trust and shall also contain a provision, satisfactory to Beneficiary, to the effect that in the event of the judicial or non-judicial foreclosure of the Property, at the election of the acquiring foreclosure purchaser, the particular Lease shall not be terminated and the tenant shall attorn to the purchaser, and that if requested to do so, the tenant shall enter into a new Lease for the balance of the term upon the same terms and conditions; provided that as to any Lease that is entered into in conformity with the Leasing Guidelines or otherwise with the consent of Beneficiary, at Trustor’s request and expense, Beneficiary shall enter into its standard form of subordination, attornment and nondisturbance agreement with the applicable tenant. If Beneficiary requests, Trustor shall use commercially reasonable efforts to cause a tenant or tenants to enter into subordination and attornment agreements or nondisturbance agreement with Beneficiary on forms which have been approved by Beneficiary.