Subordination and Acknowledgment. This Lease shall at the option of the Landlord or the mortgagee under any mortgage now or hereafter existing affecting the Development, exercisable at any time and from time to time by the Landlord or such mortgagee, be either subject and subordinate to such mortgage and accordingly not binding upon such mortgagee or alternatively rank prior to such mortgage and accordingly be binding upon such mortgagee. On request at any time and from time to time of the Landlord or such mortgagee, the Tenant shall either postpone and subordinate this Lease or any caveat based thereon to such mortgage with the intent and effect that this Lease and all rights of the Tenant shall be subject to the rights of such mortgagee as fully as if the mortgage (regardless of when made) had been made prior to the making of this Lease, or alternatively to attorn to such mortgagee and become bound to it as its tenant of the Leased Premises for the then expired residue of the Term and upon the terms and conditions contained in this Lease, in each case as the Landlord or such mortgagee may require. Without limiting the foregoing (and notwithstanding that any previous attornment or subordination in favour of such mortgagee shall have been given) the Tenant shall execute promptly the appropriate instrument or postponement and subordination or alternatively the appropriate instrument of attornment, as the case may be, in order to give effect to the foregoing. Upon the written request of the Tenant, the Landlord shall use its reasonable efforts to obtain a non-disturbance agreement in favour of the Tenant from any financial encumbrancer of the Building who has or may in the future have priority to the Tenant’s rights in respect of the Leased Premises. Such agreement will provide that the Tenant, so long as it is not in default under the Lease, will be entitled to remain undisturbed in its possession of the Leased Premises upon the terms of this Lease notwithstanding the exercise of any and all rights of any financial encumbrancer. The Tenant shall pay to the Landlord the Landlord’s reasonable legal and administrative costs to obtain such agreement.
Subordination and Acknowledgment. This Lease shall at the option of the Landlord or the mortgagee under any mortgage now or hereafter existing affecting the Development, exercisable at any time and from time to time by the Landlord or such mortgagee, be either subject and subordinate to such mortgage and accordingly not binding upon such mortgagee or alternatively rank prior to such mortgage and accordingly be binding upon such mortgagee. On request at any time and from time to time of the Landlord or such mortgagee, the Tenant shall either postpone and subordinate this Lease or any caveat based thereon to such mortgage with the intent and'effect that this Lease and all rights of the Tenant shall be subject to the rights of such mortgagee as fully as if the mortgage (regardless of when made) had been made prior to the making of this Lease, or alternatively to attorn to such mortgagee and become bound to it as its tenant of the Leased Premises for the then expired residue of the Term and upon the terns and conditions contained in this Lease, in each case as the Landlord or such mortgagee may require. Without limiting the foregoing (and notwithstanding that any previous attornment or subordination in favour of such mortgagee shall have been given) the Tenant shall execute promptly the appropriate instrument or postponement and subordination or alternatively the reasonable and customary appropriate instrument of attornment, as the case may be, in order to give effect to the foregoing.
Subordination and Acknowledgment. This Lease is subject and subordinate to any contract, hypothec, emphyteusis, principal lease or any other encumbrance related to any method of financing or refinancing, which may, now or at any time in the future, affect in whole or in part the Leased Premises. This Lease is also subject to and subordinate to all renewals, modifications, consolidations, replacements or extensions of each of these hypothecs, emphyteuses, leases or encumbrances. At all times and from time to time the Lessor may, in writing and without any other consent or separate agreement on the part of the Lessee, postpone this Lease or subordinate or transfer the registration priority of this Lease to said hypothecs, emphyteuses, leases or encumbrances. Furthermore, the Lessee hereby undertakes to execute all documents required to give effect to this clause provided the Lessee receives a non-disturbance agreement from any successor hypothecary creditor.
