Common use of SUBORDINATION AND ACKNOWLEDGEMENTS Clause in Contracts

SUBORDINATION AND ACKNOWLEDGEMENTS. 46. In the event of registration of a caveat by the Lessee pursuant to Paragraph 62 hereof in respect of this Lease and in the further event of a mortgage or mortgages being registered against the said lands and premises, such mortgage or mortgages shall take priority over such every respect and the Lessee shall within ten (10) days of the request of the Lessor execute and deliver to the Lessor any and all documents required to give effect to the foregoing, including postponements under the Land Titles Act of Alberta or any other applicable statute. Further, the Lessee shall within ten (10) days of the request thereof by the Lessor, from time to time, execute and deliver to the Lessor and, if required by the Lessor, to any mortgagee (including any trustee under a deed of trust and mortgage) designated by the Lessor, a certificate in writing to the then status of this Lease, including whether it is in full force and effect, as modified or unmodified, confirming the rent payable hereunder and the state of accounts between the Lessor and the Lessee and the existence or non-existence of defaults and any other matters pertaining to the Lease as to which the Lessor shall request of such certificate; PROVIDED FURTHER, that the Lessee, whenever requested by any mortgage (including any trustee under a deed of trust and mortgage), shall attorn to such mortgagee as a Lessee upon all terms and conditions of this Lease and shall execute promptly whenever requested by the Lessor or by such mortgagee an instrument of attornment.

SUBORDINATION AND ACKNOWLEDGEMENTS. 46. 46 In the event of registration of a caveat by the Lessee pursuant to Paragraph 62 hereof in respect of this Lease and in the further event of a mortgage or mortgages being registered against the said lands and premises, such mortgage or mortgages shall take priority over such every respect and the Lessee shall within ten (10) days of the request of the Lessor execute and deliver to the Lessor any and all documents required to give effect to the foregoing, including postponements under the Land Titles Act of Alberta or any other applicable statute. Further, the Lessee shall within ten (10) days of the request thereof by the Lessor, from time to time, execute and deliver to the Lessor and, if required by the Lessor, to any mortgagee (including any trustee under a deed of trust and mortgage) designated by the Lessor, a certificate in writing to the then status of this Lease, including whether it is in full force and effect, as modified or unmodified, confirming the rent payable hereunder and the state of accounts between the Lessor and the Lessee and the existence or non-existence of defaults and any other matters pertaining to the Lease as to which the Lessor shall request of such certificate; PROVIDED FURTHER, that the Lessee, whenever requested by any mortgage (including any trustee under a deed of trust and mortgage), shall attorn to such mortgagee as a Lessee upon all terms and conditions of this Lease and shall execute promptly whenever requested by the Lessor or by such mortgagee an instrument of attornment.