Subordination and Attornment. This Lease is subject and subordinated to any mortgages, deeds of trust or underlying leases, as well as to any extensions or modifications thereof, now of record or hereafter placed of record. Library reserves the right to subject and subordinate this Lease at all times to the lien of any first mortgage now or hereafter placed upon Library's interest in the Premises, the Building or the Property, provided that Library shall within twenty-one (21) days after the commencement of the Initial Term (or within twenty-one (21) days after the execution of the mortgage if the Building or the Property becomes mortgaged after the commencement of the Initial Term), deliver to Tenant notice of said mortgage and a written Agreement in form satisfactory to Tenant whereby any mortgagee of the Building or the Property agrees not to disturb Tenant's operation of the Premises so long as Tenant is not in default of its obligations under this Lease or so long as the period for remedying such default shall not have expired. Tenant covenants and agrees, in the event any proceedings brought for the foreclosure of any first mortgage by a mortgagee who has previously agreed not to disturb Tenant's operation of the Premises, to attorn to the purchaser upon any foreclosure sale and to recognize such purchaser as the successor to all of the rights of Library under this Lease. In confirmation of the subordination and attornment of this Lease provided for in this Section, Tenant shall execute promptly any certificate that Library or any successor in interest reasonably may request.
Appears in 8 contracts
Samples: Lease Agreement, Lease Agreement, Lease Agreement
Subordination and Attornment. This Lease is subject and subordinated to any mortgages, deeds of trust or underlying leases, as well as to any extensions or modifications thereof, now of record or hereafter placed of record. Library reserves the right to shall be subject and subordinate this Lease at all times to the lien any existing mortgage or mortgages or to any future mortgage or mortgages, or to any renewal, replacement or extension of any first existing or future mortgage now or hereafter placed upon Library's mortgages that are currently or may in the future become a lien on the Premises, provided, however, that the mortgagee of any such existing or future mortgage agrees not to terminate this Lease, or disturb Tenant’s possession of the Premises, or do anything which will adversely affect the rights of Tenant hereunder, so long as Tenant pays the rent, and observes and performs all of the other obligations, provisions, covenants and conditions required of Tenant by this Lease, and Txxxxx agrees to execute whatever instruments may be required to effect such subordination. For the purposes of this Section, a mortgage shall be defined as any financing document representing an interest in the Premises, including, but not limited to, a Mortgage, Deed of Trust, or Land Contract. Further, Txxxxx acknowledges and agrees that, if Lxxxxx shall succeed to the Building or interest of Landlord under this Lease, Tenant shall be bound to Lender as Landlord, from and after Lxxxxx’s succession to the Propertyinterest of Landlord under the Lease, provided that Library and Lxxxxx shall within twenty-one (21) days after have the commencement same remedies against Tenant for the breach of any agreement contained in the Initial Term (or within twenty-one (21) days after the execution of the mortgage if the Building or the Property becomes mortgaged after the commencement of the Initial Term), deliver Lease as are available thereunder to Landlord. Tenant notice of said mortgage hereby agrees to assign over and a written Agreement in form satisfactory pay to Tenant whereby any mortgagee of the Building or the Property agrees not to disturb Tenant's operation of the Premises so long as Tenant is not in default of its obligations Lender all rents due and owing under this Lease or so long as the period for remedying such default shall not have expired. Tenant covenants and agrees, in the event any proceedings brought for the foreclosure of any first mortgage by a mortgagee who has previously agreed not subsequent to disturb Tenant's operation of the Premises, to attorn Lxxxxx’s succession to the purchaser upon any foreclosure sale and to recognize such purchaser as the successor to all interests of the rights of Library under this Lease. In confirmation of the subordination and attornment of this Lease provided for in this Section, Tenant shall execute promptly any certificate that Library or any successor in interest reasonably may requestLandlord.
Appears in 3 contracts
Samples: Restaurant Lease Agreement (Divall Insured Income Properties 2 Limited Partnership), Restaurant Lease Agreement (Divall Insured Income Properties 2 Limited Partnership), Restaurant Lease Agreement (Divall Insured Income Properties 2 Limited Partnership)
Subordination and Attornment. This Lease is subject and subordinated shall be subordinate to any mortgages, trust deeds of trust or underlying leasesand other financing instruments given by Landlord to its lenders and encumbering the Premises (collectively, “Mortgages”), so long as well as to any extensions or modifications thereof, now of record or hereafter placed of record. Library reserves the right to subject and subordinate this Lease at all times to the lien of any first mortgage now or hereafter placed upon Library's interest in the Premises, the Building or the Property, provided that Library shall within twenty-one (21) days after the commencement holders of the Initial Term Mortgages (or within twenty-one (21the “Mortgagees”) days after the execution of the mortgage if the Building or the Property becomes mortgaged after the commencement of the Initial Term), deliver to Tenant notice of said mortgage and a written Agreement in form satisfactory to Tenant whereby any mortgagee of the Building or the Property agrees agree not to disturb Tenant's operation of the Premises so long as Tenant is not in default of its obligations ’s rights under this Lease or so long as in connection with the period for remedying such default shall not have expiredexercise of their rights under the Mortgages. Tenant covenants and agrees, If Landlord’s interest in the event Premises is acquired by any proceedings brought for the ground lessor, beneficiary under a deed of trust, mortgagee, or purchaser at a foreclosure of any first mortgage by a mortgagee who has previously agreed not to disturb Tenant's operation of the Premisessale, to Tenant shall attorn to the purchaser upon any foreclosure sale transferee of or successor to Landlord’s interest in the Premises and to recognize such purchaser transferee or successor as the successor to all of the rights of Library Landlord under this Lease. In confirmation Tenant waives the [ * ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. protection of any statute or rule of law which gives or purports to give Tenant any right to terminate this Lease or surrender possession of the subordination and attornment Premises upon the transfer of this Lease provided for in this Section, Landlord’s interest. Tenant shall execute promptly sign and deliver any certificate that Library instrument or documents necessary or appropriate to evidence any successor in interest reasonably may requestsuch attornment or subordination or agreement to do so.
Appears in 2 contracts
Samples: Contract Research Agreement, Contract Research Agreement (Exelixis Inc)
Subordination and Attornment. (a) This Lease is and the rights of Tenant hereunder are subject and subordinated subordinate in all respects to all mortgages and ground leases which may now or hereafter be placed on or affect all or any part of the real property of which the Premises are a part and/or Landlord's interest or estate in such real property or ground leases, and to each advance made and/or hereafter to be made under any such mortgages, deeds of trust or underlying leasesand to all renewals, as well modifications, consolidations, replacements and extensions thereof and all substitutions therefor. Notwithstanding anything to the contrary in this Article IX contained, as to any extensions future mortgages or modifications thereof, now of record or hereafter placed of record. Library reserves the right to subject and subordinate this Lease at all times to the lien of any first mortgage now or hereafter placed upon Library's interest in the Premisesground leases, the Building or the Property, herein provided that Library subordination and attornment shall within twenty-one (21) days after the commencement of the Initial Term (or within twenty-one (21) days after the execution of the mortgage be effective only if the Building mortgagee or ground lessor therein, as the Property becomes mortgaged after the commencement of the Initial Term)case may be, deliver agrees, by a written instrument in recordable form and otherwise in a form reasonably acceptable to Tenant notice of said mortgage and a written Agreement in form satisfactory to Tenant whereby any such mortgagee of the Building or the Property agrees not to disturb Tenant's operation of the Premises so ground lessor, that, as long as Tenant is shall not be in terminable default of the obligations on its obligations part to be kept and performed under the terms of this Lease, this Lease will not be affected and Tenant's possession hereunder will not be disturbed by any default under and/or foreclosure or so long as the period for remedying termination of such default shall not have expiredmortgage or ground lease. Tenant covenants acknowledges and agreesagrees that the form of subordination, in the event any proceedings brought for the foreclosure of any first mortgage by a mortgagee who has previously agreed not to disturb Tenant's operation of the Premises, to attorn to the purchaser upon any foreclosure sale and to recognize such purchaser as the successor to all of the rights of Library under this Lease. In confirmation of the subordination non-disturbance and attornment of this Lease provided agreement attached hereto as Exhibit D is acceptable to Tenant for in this Section, Tenant shall execute promptly any certificate that Library or any successor in interest reasonably may requestfuture mortgages and ground leases.
Appears in 2 contracts
Samples: Lease Agreement (Lincoln National Corp), Lease Agreement (Lincoln National Corp)
Subordination and Attornment. (a) This Lease is subject and subordinated Lease, at the option of Landlord or any of its lenders, shall be subordinate to any mortgagesground lease, deeds of trust mortgage or underlying leasesany other hypothecation for security and any renewals, as well as to any future advances, modifications, consolidations, replacements and extensions or modifications thereof, now provided Tenant's rights hereunder continue to be recognized and Tenant's possession of record the Project is not disturbed so long as no Event of Default has occurred and is continuing. Landlord agrees for itself, its successors and assigns, promptly upon Tenant's request, to enter into or hereafter placed cause to be entered into by its lender a nondisturbance agreement in such regard for the benefit of record. Library reserves the Tenant on terms reasonably satisfactory to Tenant and Landlord.
(b) Provided Tenant's rights hereunder continue to be recognized and its right of possession is not disturbed so long as no Event of Default has occurred and is continuing, Tenant shall execute any documents required to subject and subordinate effectuate such subordination or to make this Lease at all times prior to the lien of any first mortgage, ground lease or other security device, as the case may be, and failing to do so within twenty (20) days after written demand, does hereby make, constitute and irrevocably appoint Landlord as Tenant's attorney-in-fact and in Tenant's name, place and stead, to do so and any out-of-pocket expenses incurred by Tenant in connection therewith shall be paid by Landlord upon Tenant's request.
(c) In the event of (a) a sale, assignment, ground lease, mortgage now or hereafter placed upon Libraryother transfer of Landlord's interest in the Premises, the Building Project or the Property, provided that Library shall within twenty-one any portion thereof or in this Lease; or (21b) days after the commencement of the Initial Term (or within twenty-one (21) days after the execution of the mortgage if the Building or the Property becomes mortgaged after the commencement of the Initial Term), deliver to Tenant notice of said mortgage and a written Agreement in form satisfactory to Tenant whereby any mortgagee of the Building or the Property agrees not to disturb Tenant's operation of the Premises so long as Tenant is not in default of its obligations under this Lease or so long as the period for remedying such default shall not have expired. Tenant covenants and agrees, in the event any proceedings brought for the foreclosure of, the granting of a deed in lieu of foreclosure of or the exercise of the power of sale under any first mortgage or security agreement made by a Landlord covering the Project or any portion thereof or this Lease, and provided that such mortgagee who has previously agreed or other transferee shall agree to recognize Tenant's rights hereunder and not to disturb Tenant's operation possession of the PremisesProject so long as an Event of Default has not occurred and is continuing, to Tenant shall attorn to the purchaser upon any foreclosure sale mortgagee or other transferee and to recognize such purchaser mortgagee or other transferee as the successor to all of the rights of Library Landlord under this Lease. In confirmation of the subordination and attornment of this Lease provided for in this Section, Tenant shall execute promptly any certificate that Library or any successor in interest reasonably may request.
Appears in 2 contracts
Samples: Lease Agreement (Amerihost Properties Inc), Purchase and Sale Agreement (Amerihost Properties Inc)
Subordination and Attornment. This Lease is subject Lease, and subordinated to any mortgagesall rights of Lessee hereunder, deeds of trust or underlying leases, as well as to any extensions or modifications thereof, now of record or hereafter placed of record. Library reserves the right to are and shall be subject and subordinate this Lease at in all times respects to the lien of any first mortgage all mortgages which may now or hereafter placed upon Library's interest in affect the Demised Premises, the Building whether or the Property, provided that Library not such mortgages shall within twenty-one (21) days after the commencement of the Initial Term (also cover other lands or within twenty-one (21) days after the execution of the mortgage if the Building or the Property becomes mortgaged after the commencement of the Initial Term), deliver to Tenant notice of said mortgage and a written Agreement in form satisfactory to Tenant whereby any mortgagee of the Building or the Property agrees not to disturb Tenant's operation of the Premises so long as Tenant is not in default of its obligations under this Lease or so long as the period for remedying such default shall not have expired. Tenant covenants and agrees, in the event any proceedings brought for the foreclosure of any first mortgage by a mortgagee who has previously agreed not to disturb Tenant's operation of the Premisesbuildings, to attorn each and every advance made or hereafter to the purchaser upon any foreclosure sale be made under such mortgages and to recognize all renewals, modifications, replacements, spreaders, consolidations and extensions of such purchaser as the successor mortgages provided such mortgage shall include a non disturbance provision with respect to all of the rights of Library under this Lease. In the event of any sale of the Demised Premises in a foreclosure of any such mortgage or the exercise by the holder of any such mortgages of any other remedies provided for by law or in such mortgage, Lessee, upon written request of the holder of the mortgage or the purchaser at such foreclosure or any person succeeding to the interest of the holder of the mortgage, shall attorn to such holder, purchaser or successor in interest, as the case may be, without change in the terms, covenants or conditions of this Lease. This Lease shall not be deemed to be terminated by any foreclosure proceedings or other remedies for the enforcement of the mortgage by such holder, purchaser or successor in interest. The provisions of this Article 30 shall be self-operative and no further instrument of subordination and/or attornment shall be required. In confirmation of the such subordination and attornment of this Lease provided for in this Sectionand/or attornment, Tenant Lessee promptly shall execute promptly and deliver at Lessee’s expense any certificate instrument that Library Lessor or the holder of any successor in interest such mortgage may reasonably may requestrequest to evidence such subordination and/or attornment; and Lessee hereby irrevocably constitutes and appoints Lessor as Lessee’s attorney-in-fact, coupled with an interest, to execute, acknowledge and deliver any such instruments for and on behalf of Lessee.
Appears in 2 contracts
Samples: Lease (Atlantic Express Transportation Corp), Lease (Atlantic Express Transportation Corp)
Subordination and Attornment. This Tenant agrees that it shall, promptly upon the request of Landlord at any time or times during the Term of this Lease, execute and deliver such documents and other instruments as Landlord may reasonably require and as may otherwise be reasonably satisfactory to Tenant, to cause this Lease is subject to be and subordinated to any mortgages, deeds of trust or underlying leases, as well as to any extensions or modifications thereof, now of record or hereafter placed of record. Library reserves the right to become subject and subordinate this Lease at all times to any mortgage or deed of trust, and any renewal, extension, replacement or modification thereof, covering the lien of any first mortgage now or hereafter placed upon Library's interest in real property on which the Premises, the Building or the PropertyBuildings are located, provided that Library such mortgage or deed of trust shall within twenty-one (21) days after contain provisions to the commencement of the Initial Term (or within twenty-one (21) days after the execution of the mortgage if the Building or the Property becomes mortgaged after the commencement of the Initial Term), deliver to Tenant notice of said mortgage and a written Agreement in form satisfactory to Tenant whereby any mortgagee of the Building or the Property agrees not to disturb Tenant's operation of the Premises effect that so long as Tenant is shall not be in default (beyond any applicable notice and cure periods) in the performance of its any obligations under to be performed by Tenant hereunder, the mortgagee, trustee or beneficiary, as the case may be, shall not terminate this Lease or so long as the period for remedying interest of Tenant in the Premises through foreclosure of such default mortgage or deed of trust, and shall not have expireddisturb the possession and use of the Premises by Tenant. In connection with the foregoing, a subordination, nondisturbance and attornment agreement in the form of Exhibit D, with no material modifications shall be deemed satisfactory to Tenant. Tenant covenants and agrees, agrees that in the event any proceedings brought for of the foreclosure enforcement, by judicial foreclosure, exercise of the power of sale, or otherwise, of any first mortgage or deed of trust covering the real property on which the Buildings are located by a mortgagee who has previously agreed not to disturb Tenant's operation the mortgagee, trustee or beneficiary thereunder of the Premisesthereof, to attorn to the purchaser upon any foreclosure sale and to recognize such purchaser as the successor to all of the rights of Library under this Lease. In confirmation of the subordination and attornment of this Lease provided for in this Sectioncase may be, Tenant shall execute promptly any certificate that Library or automatically become the lessee of any successor in interest reasonably may requestin title to said real property as a result of such enforcement, without change in the terms of this Lease. Tenant further agrees that upon request of any such successor in interest, Tenant will execute and deliver to such successor in interest an instrument or instruments confirming such attornment.
Appears in 2 contracts
Samples: Lease (Marrone Bio Innovations Inc), Lease (Marrone Bio Innovations Inc)
Subordination and Attornment. This Lease is subject and subordinated to any mortgagesall of Tenant’s rights hereunder are, deeds of trust or underlying leasesand shall at all times be, as well as to any extensions or modifications thereof, now of record or hereafter placed of record. Library reserves the right to automatically subject and subordinate this Lease at all times to any lease or other arrangement or right to possession under which Landlord is in control of the Demised Premises, to the lien rights of the owner of the Tract, to all rights of Landlord’s landlord or other party through or by whom Landlord’s interest is derived, and to the lien, terms and conditions of all Mortgages that now exist or that may hereafter affect or be placed upon the Demised Premises, the Building, the Tract or any first mortgage part thereof or interest therein (including, without limitation, any leasehold interest of Landlord, if Landlord shall now or at any time hereafter placed upon Library's hold its interest in the PremisesTract as lessee under any lease) and to all advances made upon the security of any such instrument or lien and to any interest accruing thereon, without the Building necessity of any further instrument or act on the Property, provided that Library shall within twenty-one part of Tenant to effectuate such subordination. If the holder of any Mortgage (21herein referred to as a “Mortgagee”) days after the commencement of the Initial Term (or within twenty-one (21) days after the execution of the mortgage if the Building purchaser at any foreclosure sale or the Property becomes mortgaged after the commencement under a power of the Initial Term)sale contained in any Mortgage shall, deliver at its sole option, so request, Tenant will attorn to Tenant notice of said mortgage and a written Agreement in form satisfactory to Tenant whereby any mortgagee of the Building recognize such Mortgagee or the Property agrees not to disturb Tenant's operation of the Premises so long purchaser as Tenant is not in default of its obligations Landlord under this Lease or so long as for the period for remedying such default shall not have expiredremaining balance of the term of this Lease, and subject to all the covenants and provisions contained herein. Tenant covenants shall, from time to time, upon written request, execute, acknowledge and agreesdeliver, in the event any proceedings brought for the foreclosure without charge, such further instruments of any first mortgage by a mortgagee who has previously agreed not to disturb Tenant's operation of the Premises, to attorn to the purchaser upon any foreclosure sale and to recognize such purchaser as the successor to all of the rights of Library under this Lease. In confirmation of the subordination and attornment of this Lease provided for in this Section, Tenant shall execute promptly any certificate that Library or any successor in interest reasonably as may requestbe requested.
Appears in 2 contracts
Samples: Lease Agreement (SEMrush Holdings, Inc.), Lease Agreement (SEMrush Holdings, Inc.)
Subordination and Attornment. This Lease 14.4.1 Upon the request of the Landlord and by such document as is subject and subordinated reasonably required by the Mortgagee, the Tenant will subordinate its rights hereunder to any mortgageshypothecs or mortgages resulting from any financing or refinancing, deeds of trust or underlying leasesanytime against the Building, as well as and to any extensions or modifications thereof, now of record or hereafter placed of record. Library reserves the right to subject and subordinate this Lease at all times to the lien of any first mortgage now or hereafter placed upon Library's interest in the Premises, the Building or the Propertyadvances made on that security, provided that Library upon Tenant’s request, the Landlord shall within twentyuse reasonable commercial efforts to obtain a non-one (21) days after the commencement of the Initial Term (or within twenty-one (21) days after the execution of the mortgage if the Building or the Property becomes mortgaged after the commencement of the Initial Term), deliver to Tenant notice of said mortgage and disturbance agreement in a written Agreement in form reasonably satisfactory to the Tenant whereby any the mortgagee of shall recognize the Building or Tenant’s rights under the Property agrees Lease and not to disturb the Tenant's operation ’s occupancy of the Premises so long as provided the Tenant is not in default of its obligations pursuant to the Lease, the whole at Tenant’s expense.
14.4.2 The Tenant will, if any legal proceedings are brought under any hypothec, mortgage or other financing or refinancing by the Landlord in respect of the Building, attorn to the encumbrance holder upon any such proceedings and recognize such encumbrance holder as the Landlord under this Lease Lease, if such encumbrance holder so elects, subject to the Landlord using reasonable commercial efforts to obtain a non-disturbance agreement at Tenant’s request and at Tenant’s sole cost and expense .
14.4.3 No subordination or so long as attornment under this Section will have the period for remedying such default shall not have expired. Tenant covenants effect of disturbing the Tenant’s occupation and agrees, in the event any proceedings brought for the foreclosure of any first mortgage by a mortgagee who has previously agreed not to disturb Tenant's operation possession of the Premises, to attorn to if the purchaser upon any foreclosure sale Tenant is not in default hereunder and to recognize such purchaser as the successor to complies with all of the rights covenants, terms and conditions of Library under this Lease. In confirmation of the subordination and attornment of this Lease provided for in this Section, Tenant shall execute promptly any certificate that Library or any successor in interest reasonably may request.
Appears in 2 contracts
Samples: Lease Agreement (DAVIDsTEA Inc.), Lease Agreement (DAVIDsTEA Inc.)
Subordination and Attornment. This Lease is subject and subordinated shall be subordinate to any mortgagespresent or future mortgage, deeds deed of trust trust, mortgage or underlying leasesother security interest covering the Property (the “mortgage”); provided, as well as to any extensions or modifications thereofhowever, now that at the option of record or hereafter placed of record. Library reserves the right to subject and subordinate mortgagee, this Lease at all times can be made superior to the lien of any first mortgage now or hereafter placed upon Library's interest in the Premisesmortgage. As a condition to such subordination, the Building or the Property, provided that Library shall within twenty-one (21) days after the commencement of the Initial Term (or within twenty-one (21) days after the execution holder of the mortgage if the Building or the Property becomes mortgaged after the commencement trustee of the Initial Term)deed of trust shall agree that the rights of Lessee under this Lease shall not be divested or in any way affected by a foreclosure or other default proceeding under the mortgage, deliver to Tenant notice of said mortgage and a written Agreement in form satisfactory to Tenant whereby any mortgagee of the Building or the Property agrees not to disturb Tenant's operation of the Premises obligations secured thereby, so long as Tenant Lessee is not in default under the terms of this Lease, and Lessee agrees that this Lease shall remain in full force and effect notwithstanding any such foreclosure or default proceeding. Lessee further agrees that it will attorn to the mortgagee, trustee or beneficiary under such mortgage or deed of trust, to their successors or assigns and to any purchaser or its assignee at a foreclosure sale if a commercially reasonably subordination agreement is executed between Lessee and such mortgagee. Lessee will, upon request by Lessor, execute and deliver to Lessor, or to any other person designated by Lessor, any instrument or instruments required to give effect to the provisions of this Section 10.3. Lessee agrees that upon the request of either Lessor or any mortgagee, Lessee shall send to such mortgagee copies of all notices sent to Lessor, such copies to be forwarded to such mortgagee as and when such notices are sent to Lessor and at the mailing address from time to time provided to Lessee by either Lessor or such mortgagee. In addition, Lessee agrees that it may not exercise any of its obligations remedies on account of a default by Lessor under this Lease or so long as the period for remedying unless and until such mortgagee shall have received written notice of such default shall not have expired. Tenant covenants from Lessee and agrees, in the event any proceedings brought for the foreclosure a period of any first mortgage by a mortgagee who has previously agreed not to disturb Tenant's operation of the Premises, to attorn to the purchaser upon any foreclosure sale and to recognize such purchaser as the successor to all of the rights of Library under this Lease. In confirmation of the subordination and attornment of this Lease provided for in this Section, Tenant shall execute promptly any certificate that Library or any successor in interest reasonably may request.thirty
Appears in 1 contract
Samples: Lease Agreement
Subordination and Attornment. This Tenant agrees that this Lease is subject and subordinated to any mortgages, deeds of trust or underlying leases, as well as to any extensions or modifications thereof, now of record or hereafter placed of record. Library reserves the right to shall be subject and subordinate to any mortgage, security deed, loan deed or similar instrument now on said Premises and to all advances already made, or which may be hereafter made, on account of said instruments to the full extent of all debts and charges secured thereby and to any renewals or extensions of all or any part thereof and to any such instruments which any owner of said Premises may hereafter at any time elect to place on said Premises (collectively, a "Security Instrument"), and Tenant agrees upon request to hereafter attorn to the holder of such Security Instrument as the Landlord under this Lease at all times and execute any paper or papers which the counsel for Landlord may deem necessary to accomplish that end and, if Tenant fails to do so, Tenant shall be in default of its non-monetary obligations under this Lease. Provided, however, that the lien subordination of any first mortgage now or hereafter placed upon Librarythis Lease and Tenant's interest in hereunder to any Security Instrument shall be contingent upon Landlord, Tenant and the Premises, the Building or the Property, provided that Library shall within twenty-one (21) days after the commencement holder of the Initial Term (or within twenty-one (21) days after the execution security interest under such instrument entering into an agreement reasonably acceptable to each of the mortgage if the Building or the Property becomes mortgaged after the commencement of the Initial Term), deliver to Tenant notice of said mortgage and a written Agreement in form satisfactory to Tenant them whereby any mortgagee of the Building or the Property such holder agrees not to disturb that Tenant's operation right of quiet enjoyment of the Premises will not be disturbed in the event of a foreclosure of such holder's interest under such instrument, so long as Tenant is does not default in default of its obligations under this Lease or so long as the period for remedying Lease, and fail to cure such default shall not have expired. Tenant covenants and agrees, within the time provided in the event any proceedings brought this Lease for the foreclosure cure of any first mortgage by a mortgagee who has previously agreed not to disturb Tenant's operation of the Premisesdefaults, to attorn to the purchaser upon any foreclosure sale and to recognize such purchaser as the successor to all of the rights of Library under this Lease. In confirmation of the subordination and attornment of this Lease provided for in this Section, Tenant shall execute promptly any certificate that Library or any successor in interest reasonably may requestif any.
Appears in 1 contract
Samples: Office Building Lease (Idealab)
Subordination and Attornment. This Landlord shall deliver to Tenant commercially reasonable non-disturbance agreement(s) in favor of Tenant for any ground lessors, mortgage holders or lien holders of Landlord who come into existence with respect to the Building at any time prior to the expiration of the Lease Term, and such delivery shall be a condition precedent to Tenant’s agreement to be bound by the terms of this Article 20. Subject to the foregoing, this Lease is subject and subordinated subordinate to all ground or underlying leases and to any mortgages, deeds of trust or underlying leases, as well as to any extensions or modifications thereof, now of record or hereafter placed of record. Library reserves the right to subject and subordinate this Lease at all times to the lien of any first mortgage mortgage(s) which may now or hereafter placed upon Library's interest in the Premises, the Building affect those leases or the Property, provided that Library shall within twenty-one (21) days after the commencement of the Initial Term (or within twenty-one (21) days after the execution of the mortgage if the Building or the Property becomes mortgaged after the commencement of the Initial Term), deliver to Tenant notice of said mortgage and a written Agreement in form satisfactory to Tenant whereby any mortgagee of the Building or the Property agrees not to disturb Tenant's operation of the Premises so long as Tenant is not in default of its obligations under this Lease or so long as the period for remedying such default shall not have expired. Tenant covenants and agrees, in the event any proceedings brought for the foreclosure of any first mortgage by a mortgagee who has previously agreed not to disturb Tenant's operation of the Premises, to attorn to the purchaser upon any foreclosure sale land and to recognize such purchaser as the successor to all of the rights of Library under this Leaserenewals, modifications, consolidations, replacements and extensions thereof. In confirmation of the This subordination and attornment of this Lease provided for in this Sectionshall be self-operative; however, Tenant shall execute promptly any certificate instrument that Library Landlord or any successor first mortgagee may request confirming subordination. Tenant hereby constitutes and appoints Landlord as Tenant’s attorney-in-fact to execute any such instrument on behalf of Tenant. Before any foreclosure sale under a mortgage, the mortgagee shall have the right to subordinate the mortgage to this Lease, and, in the event of a foreclosure, this Lease may continue in full force and effect and Tenant shall attorn to and recognize as its landlord the purchaser of Landlord’s interest reasonably may requestunder this Lease. Tenant shall, upon the request of a mortgagee or purchaser at foreclosure, execute, acknowledge and deliver any instrument that has for its purpose and effect the subordination of the lien of any mortgage to this Lease or Tenant’s attornment to the purchaser.
Appears in 1 contract
Subordination and Attornment. (A) Tenant recognizes that Landlord has financed all or part of the construction costs of the Building through financing which is secured by mortgages or similar encumbrances upon the land and the Building. In addition, Landlord may obtain XXX financing involving the execution and delivery of deed(s), leases, bond(s), mortgage(s) and an installment sale agreement. This Lease is subject and subordinated to any mortgages, deeds of trust or underlying leases, as well as to any extensions or modifications thereof, now of record or hereafter placed of record. Library reserves the right to Agreement shall be subject and subordinate this Lease at all times to any lease, sale agreement and mortgage(s) given to secure the lien of financing and any first other mortgage now or hereafter placed constituting a lien upon Library's interest in the PremisesLeased Property, and to all additions, increases, renewals, modifications, consolidations, replacements or extensions thereof. Although no instrument or act on the part of the Tenant shall be necessary to effectuate such subordination, the Building Tenant agrees to execute, acknowledge and deliver such further commercially reasonable instruments subordinating this Lease to such lease or sale agreement and mortgage. However, Landlord agrees to cause the PropertyXXX sale agreement and mortgage, provided or any other sale agreement or mortgage, and all other financing instruments to provide that Library the Lender shall within twenty-one (21) days after the commencement of the Initial Term (or within twenty-one (21) days after the execution of the mortgage if the Building or the Property becomes mortgaged after the commencement of the Initial Term)not have any right to terminate this Lease, deliver to Tenant notice of said mortgage and a written Agreement in form satisfactory to Tenant whereby any mortgagee of the Building or the Property agrees not to disturb Tenant's operation of the Premises so long as Tenant is not in default of its obligations under this Lease beyond any applicable notice and cure period.
(B) In the event of the cancellation or so long as termination of the period for remedying such default shall not have expired. Tenant covenants and agreessale agreement, including any extensions or renewals, or in the event any proceedings brought for of the foreclosure of any first mortgage by a mortgagee who has previously agreed not mortgage, the Tenant shall makefull and complete attornment to disturb Tenant's operation the XXX and/or other lender for the balance of the Premisesterm of this Lease, upon the same covenants and conditions as are contained herein, so as to attorn establish direct privity of estate and contract between XXX and/or other lender and the Tenant with the same force and effect as though this Lease Agreement were originally made directly between them. The Tenant shall thereafter make all rent payments directly to the purchaser upon any foreclosure sale and XXX or to recognize such purchaser the other lender, as the successor to all of the rights of Library under this Lease. In confirmation of the subordination and attornment of this Lease provided for in this Section, Tenant shall execute promptly any certificate that Library or any successor in interest reasonably case may requestbe.
Appears in 1 contract
Subordination and Attornment. This 25.1 Lessor represents, and warrants to Lessee that at the time of execution of this Lease is subject and subordinated to any mortgagesAgreement, no ground leases, deeds of trust trust, or underlying leasesmortgages (collectively, as well as "Security Instruments") encumber the Leased Premises.
25.2 Subject to any extensions or modifications thereofthe provisions of this Article, now of record or hereafter placed of record. Library reserves the right to (a) this Agreement shall be subject and subordinate this Lease at to all times future Security Instruments hereafter in force against the ground underlying the Leased Premises and to the lien of any first mortgage now or hereafter placed upon Library's interest in the Premisesall renewals, the Building or the Propertyextensions, provided that Library shall within twenty-one modifications, consolidations and replacements thereof and (21b) days after the commencement of the Initial Term (or within twenty-one (21) days after the execution of the mortgage if the Building or the Property becomes mortgaged after the commencement of the Initial Term), deliver to Tenant notice of said mortgage and a written Agreement in form satisfactory to Tenant whereby any mortgagee of the Building or the Property agrees not to disturb Tenant's operation of the Premises so long as Tenant is not in default of its obligations under this Lease or so long as the period for remedying such default shall not have expired. Tenant covenants and agrees, in the event any proceedings are brought for the foreclosure of any first mortgage by a mortgagee who has previously agreed not to disturb Tenant's operation of the Premisessuch Security Instrument or deed in lieu thereof (or if any ground lease is terminated), Lessee agrees to attorn to the lienholder or purchaser or any successors thereto upon any such foreclosure sale or deed in lieu thereof (or to the ground Lessor), if so requested to do so by such purchaser or lienholder or ground Lessor, and to recognize such purchaser or lienholder or ground Lessor as the successor to all of the rights of Library Lessor under this LeaseAgreement, provided, however, as a condition precedent to each such subordination under clause (a) above, and each such attornment and recognition under clause (b), above, such lienholder or purchaser or ground Lessor shall agree in writing, in a form satisfactory to Lessee in its sole discretion, to accept this Agreement, perform Lessor's obligations hereunder and not disturb Lessee's occupancy for the entire Term, so long as there does not remain outstanding an uncured Lessee default beyond all applicable notice and/or cure periods. In confirmation Lessor (and/or its successors or assigns) agrees to provide Lessee with non-disturbance agreement(s), satisfactory to Lessee in its sole discretion (and otherwise agreeing to recognize Lessee's rights, including, but not limited to rights, previously accrued, under any offset or abatement provision expressly provided herein) in favor of the subordination and attornment of this Lease provided for in this Section, Tenant shall execute promptly any certificate that Library or any successor in interest reasonably may requestLessee.
Appears in 1 contract
Samples: Build to Suit Lease Agreement (Motorcar Parts America Inc)
Subordination and Attornment. This Lease is and all rights of the Tenant hereunder are subject and subordinated subordinate to any mortgagesall underlying leases and charges or mortgages now or hereafter existing (including charges and mortgages by way of debenture, note, bond, deeds of trust or underlying leasesand mortgage and all instruments supplemental thereto), as well as to any extensions or modifications thereof, now of record or hereafter placed of record. Library reserves the right to subject and subordinate this Lease at all times to the lien of any first mortgage which may now or hereafter placed affect the Property or any part thereof and to all renewals, modifications, consolidations, replacements and extensions thereof provided the lessor, chargee, mortgagee or trustee agrees to accept this Lease if not in default; and in recognition of the foregoing the Tenant agrees that it will, whenever requested, attorn to such lessor, chargee, mortgagee or trustee as a tenant upon Library's interest in all the Premisesterms of this Lease. The Tenant agrees to execute promptly whenever requested by the Landlord or by the holder of any such lease, charge or mortgage an instrument of subordination or attornment, as the Building or the Propertycase may be, as may be required of it; provided that Library shall within twenty-one (21) days after such lessor, chargee, mortgagee or trustee concurrently delivers to the commencement Tenant an enforceable agreement, on terms reasonably satisfactory to the Tenant, providing that notwithstanding such subordination or attornment the Tenant will be entitled to quiet possession and enjoyment of the Initial Term (or within twenty-one (21) days after Leased Premises in accordance with the execution terms of the mortgage if the Building or the Property becomes mortgaged after the commencement of the Initial Term), deliver to Tenant notice of said mortgage and a written Agreement in form satisfactory to Tenant whereby any mortgagee of the Building or the Property agrees not to disturb Tenant's operation of the Premises so this Lease as long as Tenant it is not in default of its obligations under this Lease or so long as the period for remedying such default shall not have expired. Tenant covenants and agrees, in the event any proceedings brought for the foreclosure of any first mortgage by a mortgagee who has previously agreed not to disturb Tenant's operation of the Premises, to attorn to the purchaser upon any foreclosure sale and to recognize such purchaser as the successor to all of the rights of Library under this Lease. In confirmation of the subordination and attornment of this Lease provided for in this Section, Tenant shall execute promptly any certificate that Library or any successor in interest reasonably may requesthereunder.
Appears in 1 contract
Samples: Lease Agreement (Landstar Inc)
Subordination and Attornment. This Lease is subject and subordinated to any mortgages, deeds of trust or underlying leases, as well as to any extensions or modifications thereof, now of record or hereafter placed of record. Library Landlord reserves the right to place liens and encumbrances on the Premises superior in lien and effect to this Lease. This Lease and all rights of Tenant hereunder shall at the option of Landlord, be subject and subordinate this Lease at all times to the lien of any first mortgage liens and encumbrances now or hereafter placed imposed by Landlord upon Library's interest in the Premises, Premises or the Building or the Propertyany part thereof, provided that Library shall within twenty-one (21) days after the commencement of the Initial Term (or within twenty-one (21) days after the execution of the mortgage if the Building or the Property becomes mortgaged after the commencement of the Initial Term)and Tenant agrees to execute, acknowledge, and deliver to Tenant notice of said mortgage Landlord, upon request any and a written Agreement in form satisfactory all instruments that may be necessary or proper to Tenant whereby any mortgagee of the Building or the Property agrees not to disturb Tenant's operation of the Premises so long as Tenant is not in default of its obligations under subordinate this Lease and all rights herein to any such lien or so long encumbrance as the period for remedying such default shall not have expiredmay be required by Landlord. Tenant covenants and agrees, in In the event any proceedings are brought for the foreclosure of any first mortgage by a mortgagee who has previously agreed not to disturb Tenant's operation of on the Premises, to Tenant will attorn to the purchaser upon any at the foreclosure sale and to recognize such purchaser as the successor to all of the rights of Library Landlord under this Lease. In confirmation The purchase, by virtue of such foreclosure, shall be deemed to have assumed as substitute Landlord, the subordination terms and attornment conditions of this Lease provided for in until the resale or other disposition of its interest. Such assumption, however, shall not be deemed an acknowledgment by the purchaser of the validity of any then existing claims of Tenant against the prior Landlord. Tenant agrees to execute and deliver such further assurances and other documents, including a new lease upon the same terms and conditions contained herein, confirming the foregoing, as such purchaser may reasonably request. Tenant waives any right or election to terminate this Section, Tenant shall execute promptly Lease because of any certificate that Library or any successor in interest reasonably may requestsuch foreclosure proceedings.
Appears in 1 contract
Subordination and Attornment. 27.1 This Lease, and any option or right of first refusal granted hereby, at Landlord's option, shall be subordinate to any ground lease, mortgage, deed of trust, or any other hypothecation or security hereafter placed upon the Building or the land upon which the Building is situated or both, and to any and all advances made on the security thereof and to all renewals, modifications, consolidations, replacements and extensions thereof. Notwithstanding such subordination, Tenant's right to quiet possession of the Premises shall not be disturbed if Tenant is not in default and so long as Tenant shall pay the rent and observe and perform all of the provisions of this Lease, unless this Lease is subject and subordinated otherwise terminated pursuant to its terms. If any mortgages, deeds trustee or ground lessor shall elect to have this Lease and any Options granted hereby prior to the lien of its mortgage, deed of trust or underlying leasesground lease, as well as and shall give written notice thereof to any extensions or modifications thereofTenant, now of record or hereafter placed of record. Library reserves the right to subject and subordinate this Lease and such Options shall be deemed prior to such mortgage, deed of trust or ground lease, whether this Lease or such Options are dated prior or subsequent to the date of said mortgage, deed of trust or ground lease or the date of recording thereof. Landlord will use its best efforts to provide a standard lender non-disturbance agreement.
27.2 Tenant agrees, at all times the request of any successor of Landlord, to attorn to such successor and Tenant further agrees to execute any reasonable documents required to effectuate an attornment, a subordination, or to make this Lease or any Option granted herein prior to the lien of any first mortgage now mortgage, deed of trust or hereafter placed upon Libraryground lease, as the case may be. Tenant's interest in the Premises, the Building or the Property, provided that Library shall failure to execute such documents within twenty-one ten (2110) business days after the commencement receipt of the Initial Term (or within twenty-one (21) days after the execution of the mortgage if the Building or the Property becomes mortgaged after the commencement of the Initial Term), deliver written demand shall constitute a material default by Tenant hereunder without further notice to Tenant notice of said mortgage and a written Agreement in form satisfactory to Tenant whereby any mortgagee of the Building or the Property agrees not to disturb Tenant's operation of the Premises so long as Tenant is not in default of its obligations under this Lease or so long as the period for remedying such default shall not have expired. Tenant covenants and agrees, in the event any proceedings brought for the foreclosure of any first mortgage by a mortgagee who has previously agreed not to disturb Tenant's operation of the Premises, to attorn to the purchaser upon any foreclosure sale and to recognize such purchaser as the successor to all of the rights of Library under this Lease. In confirmation of the subordination and attornment of this Lease provided for in this Section, Tenant shall execute promptly any certificate that Library or any successor in interest reasonably may request.
Appears in 1 contract
Samples: Office Lease (Retix)
Subordination and Attornment. This Landlord may subordinate this Lease is subject and subordinated to any mortgagesfuture ground Lease, deeds deed of trust or underlying leases, as well as to any extensions or modifications thereof, now of record or hereafter placed of record. Library reserves the right to subject and subordinate this Lease at all times to the lien of any first mortgage now or hereafter placed upon Library's interest in encumbering the Premises, and advances made on the Building security thereof and any renewals, modifications, consolidations, replacements or the Propertyextensions thereof, provided that Library shall within twenty-one (21) days after the commencement of the Initial Term (whenever made or within twenty-one (21) days after the execution of the mortgage if the Building or the Property becomes mortgaged after the commencement of the Initial Term), deliver recorded. Landlord’s right to subordinate is subject to Landlord providing Tenant notice of said mortgage and with a written Subordination, Non-disturbance and Attornment Agreement in form satisfactory from the ground lessor, beneficiary or mortgagee wherein Tenant’s right to Tenant whereby any mortgagee of the Building or the Property agrees not to disturb Tenant's operation peaceable possession of the Premises so long as during the Term will not be disturbed if Tenant is not in default pays the Rent and performs all of its Tenant’s obligations under this Lease or so long as the period for remedying such default shall and is not have expired. Tenant covenants and agreesotherwise in default, in the event any proceedings brought for the foreclosure of any first mortgage by a mortgagee who has previously agreed not to disturb Tenant's operation of the Premises, to which case Tenant shall attorn to the purchaser upon any foreclosure sale and to recognize such purchaser as the transferee of or successor to all of Landlord’s interest in the rights of Library Premises and recognize the transferee or successor as Landlord under this Lease. In confirmation If any ground lessor, beneficiary or mortgagee elects to have this Lease superior to its ground lease, deed of trust or mortgage and gives Tenant written notice thereof, this Lease will be deemed superior to the ground lease, deed of trust or mortgage whether this Lease is dated prior or subsequent to the date of the subordination and attornment ground lease, deed of trust or mortgage or the date of recording thereof Tenant’s rights under this Lease, unless specifically modified at the time this Lease provided for in this Sectionis executed, Tenant shall execute promptly are subordinated to any certificate that Library existing ground lease, deed of trust or any successor in interest reasonably may requestmortgage encumbering the Premises.
Appears in 1 contract
Samples: Commercial Lease Agreement
Subordination and Attornment. This Lease is subject and subordinated to any mortgages, deeds of trust or underlying leases, as well as to any extensions or modifications thereof, now of record or hereafter placed of record. Library reserves the right to at all times shall be subject and subordinate to any ground or underlying leases, mortgages, trust deeds or like encumbrances, which may now or hereafter affect the Building or Premises, and to all renewals, modifications, consolidations, replacements and extensions of any such lease, mortgage, trust deed or like encumbrance. This clause shall be self-operative and no further instrument of subordination shall be required in order to effectuate the subordination. Tenant nonetheless agrees that, at the request of Landlord or any party of a ground or underlying lease or any holder of a note secured by a mortgagor like encumbrance, Tenant will execute any certificate or document reflecting the subordination of this Lease at all times to such ground or underlying lease or to the lien of any first mortgage or like encumbrance now or hereafter placed upon Library's interest in the Premises, the Building or Premises. In the Property, provided that Library shall within twenty-one (21) days after the commencement event of the Initial Term (or within twenty-one (21) days after the execution of the mortgage if the Building or the Property becomes mortgaged after the commencement of the Initial Term), deliver to Tenant notice of said mortgage and a written Agreement in form satisfactory to Tenant whereby any mortgagee sale of the Building or upon foreclosure, Tenant agrees, upon the Property agrees not to disturb Tenant's operation written request of the Premises so long as Tenant is not in default of its obligations under this Lease purchaser or so long as the period for remedying such default shall not have expired. Tenant covenants and agrees, in the event any proceedings brought for the foreclosure of any first mortgage by a mortgagee who has previously agreed not to disturb Tenant's operation of the Premisestransferee, to attorn to the purchaser upon any foreclosure sale or transferee and recognize the purchaser or transferee as the Landlord under this Lease and to recognize such purchaser as continue to be bound by the successor to all terms of the rights of Library under this Lease. In confirmation Tenant agrees if requested by Landlord to promptly execute any Subordination, Attornment or Estoppel Agreement required by Landlord's mortgage company or lender. Failure of the subordination and attornment Tenant to do so constitutes a material breach of this Lease provided for in lease and will operate as a default by the Tenant and landlord without further notice may proceed under Section 14 of this Section, Tenant shall execute promptly any certificate that Library or any successor in interest reasonably may requestlease.
Appears in 1 contract
Subordination and Attornment. This Lease is subject and subordinated Lease, at Landlord's option, shall be subordinate to any mortgagesmortgage, deeds deed of trust or underlying leases, as well as to any extensions or modifications thereof, now of record or hereafter placed of record. Library reserves the right to subject and subordinate this Lease at all times to the lien of any first mortgage (now or hereafter placed upon Library's interest in the Premises, the Building Complex), ground lease or the Property, provided that Library shall within twenty-one declaration of covenants (21) days after the commencement of the Initial Term (or within twenty-one (21) days after the execution of the mortgage if hereafter placed upon the Building or the Property becomes mortgaged after the commencement Complex) regarding maintenance and use of the Initial Term), deliver to Tenant notice of said mortgage and a written Agreement any areas contained in form satisfactory to Tenant whereby any mortgagee portion of the Building Complex, and to any and all advances made under any mortgage or the Property agrees not deed of trust and to disturb Tenant's operation all renewals, modifications, consolidations, replacements and extensions hereof. Tenant agrees, with respect to any of the Premises foregoing documents, that no documentation other than this Lease shall be required to evidence such subordination except that in the event that Tenant is required to execute a subordination agreement in favor of any lender of the building, Tenant shall not be required to execute any such subordination unless such lender shall provide Tenant with a non-disturbance agreement providing that in the vent of any foreclosure, so long as Tenant is not in default default, Tenant’s right to possession of its obligations under this Lease the Premises shall not be disturbed by any foreclosure. Tenant agrees to execute such documents as may be required to effectuate such subordination of the lien of any mortgage or so long deed of trust, as the period for remedying such default shall not have expiredcase may be, and by failing to do so within ten (10) days after written demand, Tenant does hereby make, constitute and irrevocably appoint Landlord as Tenant's attorney-in-fact and in Tenant's name, place and stead, to do so. This power of attorney is coupled with an interest. Tenant covenants and agreeshereby attorns to all successor owners of the Building, in the event any proceedings brought for the whether or not such ownership is acquired as a result of a sale, through foreclosure of any first a deed of trust or mortgage by a mortgagee who has previously agreed not to disturb Tenant's operation of the Premises, to attorn to the purchaser upon any foreclosure sale and to recognize such purchaser as the successor to all of the rights of Library under this Lease. In confirmation of the subordination and attornment of this Lease provided for in this Section, Tenant shall execute promptly any certificate that Library or any successor in interest reasonably may requestotherwise.
Appears in 1 contract
Samples: Office Building Lease (Solera National Bancorp, Inc.)
Subordination and Attornment. This Lease Landlord represents and warrants that there is subject and subordinated to any mortgages, no existing deeds of trust or underlying leases, as well as to any extensions or modifications thereof, now of record or hereafter placed of record. Library reserves mortgage encumbering the Demised Premises Landlord shall have the right to subject and subordinate this Lease at to any future ground Lease, deed of trust or mortgage encumbering the Demised Premises, and advances made on the security thereof and any renewals, modifications, consolidations, replacements or extensions thereof, whenever made or recorded. Landlord's right to obtain such a subordination is subject to Landlord's providing Tenant with a written Subordination, Nondisturbance and Attornment Agreement from the ground lessor, beneficiary or mortgagee (in form reasonably acceptable to Tenant) wherein Tenant's fight to peaceable possession of the Demised Premises during the Lease Term shall not be disturbed if Tenant pays the Rent and performs all times of Tenant's obligations under this Lease and is not otherwise in default, in which case Tenant shall attorn to the transferee of or successor to Landlord's interest in the Demised Premises and recognize the transferee or successor as Landlord under this Lease. If any ground lessor, beneficiary or mortgagee elects to have this Lease superior to the lien of any first its ground lease, deed of trust or mortgage now and gives Tenant written notice thereof this Lease shall be deemed superior to the ground lease, deed of trust or hereafter placed upon Library's interest in mortgage whether this Lease is dated prior or subsequent the Premisesdate of the ground lease, the Building deed of trust or mortgage or the Property, provided that Library shall within twenty-one (21) days after the commencement date of the Initial Term (or within twenty-one (21) days after the execution of the mortgage if the Building or the Property becomes mortgaged after the commencement of the Initial Term), deliver to Tenant notice of said mortgage and a written Agreement in form satisfactory to Tenant whereby any mortgagee of the Building or the Property agrees not to disturb Tenant's operation of the Premises so long as Tenant is not in default of its obligations under this Lease or so long as the period for remedying such default shall not have expired. Tenant covenants and agrees, in the event any proceedings brought for the foreclosure of any first mortgage by a mortgagee who has previously agreed not to disturb Tenant's operation of the Premises, to attorn to the purchaser upon any foreclosure sale and to recognize such purchaser as the successor to all of the rights of Library under this Lease. In confirmation of the subordination and attornment of this Lease provided for in this Section, Tenant shall execute promptly any certificate that Library or any successor in interest reasonably may requestrecording thereof.
Appears in 1 contract
Samples: Commercial Lease Agreement (Performance Printing Corp)
Subordination and Attornment. This Lease is and all rights of Tenant hereunder are and shall be subject and subordinated subordinate to any mortgagesmortgage, deeds deed to secure debt, deed of trust or underlying leases, as well as to any extensions or modifications thereof, other instrument in the nature thereof (herein called “Security Deed”) which may now of record or hereafter placed affect Landlord’s fee title to the Premises and/or Building. Tenant shall within fifteen (15) days of record. Library reserves request execute, acknowledge and deliver to Landlord, to Landlord’s designee and/or the right holder of any such Security Deed, the following: (i) such certificate or certificates that may be requested by Landlord or such holder to subject and subordinate evidence the subordination of this Lease at all times to such Security Deeds; (ii) such certificate or certificates that may be requested by Landlord or such holder to make this Lease superior to the lien of any first mortgage now or hereafter placed upon Library's interest in the Premises, the Building or the Propertysuch Security Deeds; and (iii) such attornment agreements as may be reasonably requested by successors to Landlord hereunder, provided such agreement sets forth that Library shall within twenty-one (21) days after the commencement of the Initial Term (or within twenty-one (21) days after the execution of the mortgage if the Building or the Property becomes mortgaged after the commencement of the Initial Term), deliver to Tenant notice of said mortgage and a written Agreement in form satisfactory to Tenant whereby any mortgagee of the Building or the Property agrees not to disturb Tenant's operation of the Premises so as long as Tenant is not in default hereunder beyond applicable notice and cure periods, Tenant’s possession of its obligations the Premises under this Lease or so long as the period for remedying such default shall not have expiredbe disturbed. Tenant covenants and agrees, in If the event any proceedings brought for the foreclosure holder of any first mortgage by a mortgagee who has previously agreed not such Security Deed shall hereafter succeed to disturb Tenant's operation of the Premises, to attorn to the purchaser upon any foreclosure sale and to recognize such purchaser as the successor to all of the rights of Library Landlord under this Lease. In confirmation , whether through possession or foreclosure action or delivery of a new lease, Tenant shall, at the subordination request of such holder, attorn to and attornment of recognize such successor as Tenant’s landlord under this Lease provided for in this Section, Tenant and shall promptly execute promptly and deliver any certificate instrument that Library or any successor in interest reasonably may requestbe necessary to evidence such attornment.
Appears in 1 contract
Subordination and Attornment. This Lease is subject and subordinated to any mortgages, deeds of trust or underlying leases, as well as to any extensions or modifications thereof, now of record or hereafter placed of record. Library Landlord reserves the right to place ---------------------------- liens and encumbrances on the Leased Premises superior in lien and effect to this Lease. This Lease, and all rights of Tenant hereunder shall be subject and subordinate this Lease at all times to the lien of any first mortgage liens and encumbrances now or hereafter placed imposed by Landlord upon Library's interest in the Premises, the Building Leased Premises or the PropertyShopping Center or any part thereof; provided, provided however, that Library shall within twenty-one (21) days after the commencement of the Initial Term (or within twenty-one (21) days after the execution of the mortgage if the Building or the Property becomes mortgaged after the commencement of the Initial Term), deliver to Tenant notice of said mortgage and a written Agreement in form satisfactory to Tenant whereby any mortgagee of the Building or the Property agrees not to disturb Tenant's operation of the Premises so long as Tenant is not in default under the terms and conditions of its obligations under this Lease, Tenant's possession of the Leased Premises shall not be disturbed. Tenant agrees to execute, acknowledge and deliver to Landlord, upon demand, any and all instruments required by Landlord or Landlord's lender(s) to subordinate this Lease and all rights herein to any such lien or so long as the period for remedying such default shall not have expiredencumbrance. Tenant covenants and agrees, in In the event any proceedings brought for the of a foreclosure of any first mortgage by on the Shopping Center or a mortgagee who has previously agreed not to disturb Tenant's operation of deed in lieu thereof, Tenant shall attorn to, and become the PremisesTenant of, to attorn to the purchaser upon any at the foreclosure sale or the grantee of such deed in lieu thereof, and to shall recognize such purchaser party as the successor to all of the rights of Library Landlord under this Lease. In confirmation of the subordination and attornment of Tenant waives any right to terminate this Lease provided for because of any such foreclosure proceedings or deed in this Section, Tenant shall execute promptly any certificate that Library or any successor in interest reasonably may requestlieu thereof.
Appears in 1 contract
Subordination and Attornment. This Lease is subject and subordinated to Upon written request of Landlord, or any mortgages, deeds mortgage or deed of trust beneficiary of Landlord, or underlying leasesground lessor of Landlord, as well as to any extensions or modifications thereofTenant shall, now of record or hereafter placed of record. Library reserves the right to subject and in writing, subordinate its rights under this Lease at all times to the lien of any first mortgage or deed of trust now or hereafter placed upon Library's interest in the Premises, effect with respect to the Building or Project, or to the Propertyinterest of any lease in which Landlord now or hereafter becomes lessee, and to all advances made or hereafter to be made thereunder, provided that Library Tenant receives a non-disturbance agreement from the holder of any such mortgage, deed of trust or ground lease now or hereafter recorded against the Project during the term of this Lease on such party's standard form. In addition, Landlord shall within twentyuse reasonable efforts to procure a non-one (21) days after disturbance agreement from the commencement holder of any mortgage, deed of trust or ground lease recorded against the Project as of the Initial Term (or within twenty-one (21) days after the execution date of this Lease, on such party's standard form. The holder of any security interest may, upon written notice to Tenant, elect to have this Lease prior to its security interest regardless of the mortgage if the Building or the Property becomes mortgaged after the commencement time of the Initial Term)granting or recording of such security interest. In the event of any foreclosure sale, deliver to Tenant notice transfer in lieu of said mortgage and a written Agreement in form satisfactory to Tenant whereby any mortgagee foreclosure or termination of the Building or the Property agrees not to disturb Tenant's operation of the Premises so long as lease in which Landlord is lessee, Tenant is not in default of its obligations under this Lease or so long as the period for remedying such default shall not have expired. Tenant covenants and agrees, in the event any proceedings brought for the foreclosure of any first mortgage by a mortgagee who has previously agreed not to disturb Tenant's operation of the Premises, to attorn to the purchaser upon any foreclosure sale and to recognize such purchaser purchaser, transferee or lessor as the successor to all of the rights of Library case may be, and recognize that party as Landlord under this Lease. In confirmation of , provided such party acquires and accepts the subordination and attornment of Promises subject to this Lease provided for in this Sectionand Tenant's possession is not disturbed as a result of such foreclosure, Tenant shall execute promptly any certificate that Library transfer or any successor in interest reasonably may requesttermination.
Appears in 1 contract
Samples: Office Building Lease (Scoop Inc/Ca)
Subordination and Attornment. This Lease is subject and subordinated shall be subordinate to any mortgagesdeed of trust, deeds of trust mortgage, or underlying leasesother security instrument (a "Mortgage"), as well as to any extensions or modifications thereof, now of record or hereafter placed of record. Library reserves the right to subject and subordinate this Lease at all times to the lien of any first mortgage that now or hereafter placed upon Librarycovers all or any part of the Premises (the mortgagee under any Mortgage is referred to herein as "Landlord's Mortgagee"), provided that Landlord's Mortgagee agrees not to disturb Tenant's rights under this lease while Tenant is not of default of its obligations hereunder. Subject to the foregoing; Tenant shall attorn to any party succeeding to Landlord's interest in the Premises, the Building whether by purchase, foreclosure, deed in lieu of foreclosure, power of sale, or the Propertyotherwise, upon such party's request, and shall execute such agreements confirming such attornment as such party may reasonably request provided that Library shall within twenty-one (21) days after in such agreement the commencement of the Initial Term (or within twenty-one (21) days after the execution of the mortgage if the Building or the Property becomes mortgaged after the commencement of the Initial Term), deliver to Tenant notice of said mortgage and a written Agreement in form satisfactory to Tenant whereby any mortgagee of the Building or the Property succeeding party agrees not to disturb Tenant's operation right to possession of the Premises so long as Tenant is not in default of its obligations under this Lease or so long as the period for remedying such default shall not have expiredhereunder. Tenant covenants and agrees, in In the event any proceedings brought for the foreclosure of any first mortgage by a mortgagee who has previously agreed not to disturb such request and upon Tenant's operation attornment as aforesaid, Tenant will automatically become the tenant of the Premises, to attorn to the purchaser upon any foreclosure sale and to recognize such purchaser as the successor to all Landlord's interest without change in the terms of the rights provisions of Library under this Lease. In confirmation ; provided, however, that such successor to Landlord's interest shall not be bound by (a) any payment of the subordination and attornment Rent for more than one month in advance (except prepayments for security deposits, if any), (b) any amendments or modifications of this Lease provided for in this Sectionmade without the prior written consent of Landlord's Mortgagee if Tenant was advised on the interest of same, or (c) any credits, offsets, defenses or claims which Tenant shall execute promptly any certificate that Library or any successor in interest reasonably may requesthave against Landlord.
Appears in 1 contract
Subordination and Attornment. This Tenant's interest under this Lease is subject and subordinated to any mortgages, deeds of trust or underlying leases, as well as to any extensions or modifications thereof, now of record or hereafter placed of record. Library reserves the right to subject and shall be subordinate this Lease at all times to the lien of any lender holding a first or second lien secured by the Property, whether now existing or hereafter created. Tenant covenants and agrees that it will promptly execute without further consideration any and all instruments desired by Landlord or Landlord's mortgagee subordinating this Lease in the manner requested by Landlord to all ground or underlying leases and to the lien of any mortgage and/or any deed of trust or other encumbrance which may now or hereafter placed upon Library's interest in affect the Premises, the Building together with all renewals, modifications, consolidations, replacements or the Property, extensions thereof; provided that Library any lienor or encumbrancer relying on the subordination reflected in this Lease or in such additional agreements will covenant with Tenant that this Lease shall within twenty-one (21) days after remain in full force and effect, and Tenant shall not be disturbed in the commencement event of the Initial Term (sale, foreclose or within twenty-one (21) days after the execution of the mortgage if the Building or the Property becomes mortgaged after the commencement of the Initial Term), deliver to Tenant notice of said mortgage and a written Agreement in form satisfactory to Tenant whereby any mortgagee of the Building or the Property agrees not to disturb Tenant's operation of the Premises other actions so long as Tenant is not in default of its obligations under this Lease or so long as the period for remedying such default shall not have expired. Tenant covenants hereunder; and agrees, provided further that in the event any proceedings brought for the foreclosure provision of this Lease conflicts with any provision of any first mortgage document executed by a mortgagee who has previously agreed not to disturb Tenant's operation Landlord in connection with any loan, the provisions of such loan documents shall supersede the Premises, provisions of this Lease. Tenant agrees to attorn to the purchaser upon successor in interest of Landlord following any foreclosure sale transfer of such interest either voluntarily or by operation of law and to recognize such purchaser successor as the successor to all of the rights of Library Landlord under this Lease. In confirmation of the subordination and attornment of However, if Landlord or any such mortgagee so elects, this Lease provided for shall be deemed prior in this Sectionlien to any mortgage, deed of trust or other encumbrance upon or including the Premises regardless of date of recording and Tenant shall will execute promptly any certificate that Library or any successor a statement in interest reasonably may writing to such effect at Landlord's request.
Appears in 1 contract
Samples: Assignment and Extension of Lease (Caldera Systems Inc)
Subordination and Attornment. This Lease is subject and subordinated to any mortgages, deeds of trust or underlying leases, as well as to any extensions or modifications thereof, now of record or hereafter placed of record. Library Landlord reserves the right to place liens and encumbrances on the Premises superior in lien and effect to this Lease. This Lease, and all rights of Tenant hereunder, shall, at the option of Landlord, be subject and subordinate this Lease at all times to the lien of any first mortgage liens and encumbrances now or hereafter placed imposed by Landlord upon Library's interest in the Premises, Premises or the Building or the Propertyany part thereof, provided that Library shall within twenty-one (21) days after the commencement of the Initial Term (or within twenty-one (21) days after the execution of the mortgage if the Building or the Property becomes mortgaged after the commencement of the Initial Term)and Tenant agrees to execute, acknowledge, and deliver to Tenant notice of said mortgage Landlord, upon request, any and a written Agreement in form satisfactory all instruments that may be necessary or proper to Tenant whereby any mortgagee of the Building or the Property agrees not to disturb Tenant's operation of the Premises so long as Tenant is not in default of its obligations under subordinate this Lease and all rights herein to any such lien or so long encumbrance as the period for remedying such default shall not have expiredmay be required by Landlord. Tenant covenants and agrees, in In the event any proceedings are brought for the foreclosure of any first mortgage by a mortgagee who has previously agreed not to disturb Tenant's operation of on the Premises, to Tenant will attorn to the purchaser upon any at the foreclosure sale and to recognize such purchaser as the successor to all of the rights of Library Landlord under this Lease. In confirmation The purchaser, by virtue of such foreclosure, shall be deemed to have assumed, as substitute Landlord, the subordination terms and attornment conditions of this Lease provided for until the resale or other disposition of its interest. Such assumption, however, shall not be deemed in acknowledgment by the purchaser of the validity of any then existing claims of Tenant against the prior Landlord. Tenant agrees to execute and deliver such further assurances and other documents, including a new lease upon the same terms and conditions contained herein, confirming the foregoing, as such purchaser may reasonably request. Tenant waives any right of election to terminate this Section, Tenant shall execute promptly Lease because of any certificate that Library or any successor in interest reasonably may requestsuch foreclosure proceedings.
Appears in 1 contract
Subordination and Attornment. This Lease is subject and subordinated shall be subordinate to any mortgagespresent or future mortgage, deeds deed of trust trust, mortgage or underlying leasesother security interest covering the Property (the “mortgage”); provided, as well as to any extensions or modifications thereofhowever, now that at the option of record or hereafter placed of record. Library reserves the right to subject and subordinate mortgagee, this Lease at all times can be made superior to the lien of any first mortgage now or hereafter placed upon Library's interest in the Premisesmortgage. As a condition to such subordination, the Building or the Property, provided that Library shall within twenty-one (21) days after the commencement of the Initial Term (or within twenty-one (21) days after the execution holder of the mortgage if the Building or the Property becomes mortgaged after the commencement trustee of the Initial Term)deed of trust shall agree that the rights of Lessee under this Lease shall not be divested or in any way affected by a foreclosure or other default proceeding under the mortgage, deliver to Tenant notice of said mortgage and a written Agreement in form satisfactory to Tenant whereby any mortgagee of the Building or the Property agrees not to disturb Tenant's operation of the Premises obligations secured thereby, so long as Tenant Lessee is not in default under the terms of this Lease, and Xxxxxx agrees that this Lease shall remain in full force and effect notwithstanding any such foreclosure or default proceeding. Xxxxxx further agrees that it will attorn to the mortgagee, trustee or beneficiary under such mortgage or deed of trust, to their successors or assigns and to any purchaser or its assignee at a foreclosure sale if a commercially reasonably subordination agreement is executed between Xxxxxx and such mortgagee. Lessee will, upon request by Lessor, execute and deliver to Lessor, or to any other person designated by Lessor, any instrument or instruments required to give effect to the provisions of this Section 10.3. Xxxxxx agrees that upon the request of either Lessor or any mortgagee, Lessee shall send to such mortgagee copies of all notices sent to Lessor, such copies to be forwarded to such mortgagee as and when such notices are sent to Lessor and at the mailing address from time to time provided to Lessee by either Lessor or such mortgagee. In addition, Xxxxxx agrees that it may not exercise any of its obligations remedies on account of a default by Lessor under this Lease or so long as the period for remedying unless and until such mortgagee shall have received written notice of such default shall not have expired. Tenant covenants from Lessee and agrees, in the event any proceedings brought for the foreclosure a period of any first mortgage by a mortgagee who has previously agreed not to disturb Tenant's operation of the Premises, to attorn to the purchaser upon any foreclosure sale and to recognize such purchaser as the successor to all of the rights of Library under this Lease. In confirmation of the subordination and attornment of this Lease provided for in this Section, Tenant shall execute promptly any certificate that Library or any successor in interest reasonably may request.thirty
Appears in 1 contract
Samples: Lease Agreement
Subordination and Attornment. This Lease is subject and subordinated shall be subordinate to any mortgages, deeds of trust ground lease or other underlying leases, as well as to any extensions or modifications thereof, now of record or hereafter placed of record. Library reserves the right to subject leasehold interest and subordinate this Lease at all times to the lien of any first mortgage now or deed of trust heretofore or hereafter placed upon Library's the Premises or the Building, to any and all advances made or to be made thereunder, to the interest on the obligations secured thereby, and to all renewals, replacements and extensions thereof; provided, however, that in the event any proceedings are brought for default under any such ground or underlying lease, or in the event of foreclosure or the exercise of the power of sale under any such mortgage or deed of trust, Tenant shall attorn to the purchaser of the Premises at such foreclosure or sale and recognize such purchaser as landlord under this Lease, provided such purchaser expressly agrees in writing to be bound by the terms of this Lease. If any mortgagee or beneficiary elects to have this Lease superior to its mortgage or deed of trust and gives notice of such election to Tenant, then this Lease shall thereupon become superior to the lien of such mortgage or deed of trust. Tenant covenants and agrees to execute and deliver upon demand without charge therefor, such further instruments evidencing subordination of this Lease to such ground or underlying leases and to the lien of any such mortgages or deeds of trust as may be required by Landlord or the purchaser of the Premises, the Building or the Property, provided that Library shall within twenty-one (21) days after the commencement of the Initial Term (or within twenty-one (21) days after the execution of the mortgage if the Building or the Property becomes mortgaged after the commencement of the Initial Term), deliver to Tenant notice of said mortgage and a written Agreement such lienholder agrees in form satisfactory to Tenant whereby any mortgagee of the Building or the Property agrees writing not to disturb Tenant's operation use and possession of the Premises so as long as Tenant is shall not be in default of its obligations under this Lease or so long as the period for remedying such default hereunder and provided further that Tenant shall not have expired. Tenant covenants and agrees, in the event any proceedings brought for the foreclosure of any first mortgage by a mortgagee who has previously agreed not to disturb Tenant's operation of the Premises, agree to attorn to the purchaser upon any foreclosure sale and to recognize such purchaser as the successor to all of the rights of Library under this Lease. In confirmation of the subordination and attornment of this Lease provided for in this Section, Tenant shall execute promptly any certificate that Library or any successor in interest reasonably may requestlienholder.
Appears in 1 contract
Subordination and Attornment. This (a) Conditioned upon any current or future mortgagee entering into a nondisturbance agreement with Tenant In a form satisfactory to Tenant, based upon Tenant’s exercise of commercially reasonable discretion, this Lease is and shall be subject and subordinated subordinate in all respects to any mortgages, and all mortgages and deeds of trust or underlying leases, as well as to any extensions or modifications thereof, now of record or hereafter placed of record. Library reserves the right to subject and subordinate this Lease at all times to the lien of any first mortgage now or hereafter placed upon Library's interest in on the PremisesBuildings, the Building Complex or the Propertyland on which it is situated, provided that Library shall within twenty-one and to all renewals, modifications, consolidations, replacements and extensions thereof.
(21b) days after the commencement of the Initial Term Subject to subsection (or within twenty-one (21) days after the execution of the mortgage c), if the Building interest of Landlord is transferred to any person (herein called (“Purchaser”) by reason of foreclosure or the Property becomes mortgaged after the commencement other proceedings for enforcement of the Initial Termany mortgage or deed of trust, or by delivery of a deed in lieu of such foreclosure or other proceedings, Tenant shall immediately and automatically attorn to Purchaser.
(c) Upon attornment under subsection (b), deliver to Tenant notice of said mortgage and a written Agreement in form satisfactory to Tenant whereby any mortgagee of the Building or the Property agrees not to disturb Tenant's operation of the Premises so long as Tenant is not in default of its obligations under this Lease or so long shall continue in full force and effect as the period for remedying such default shall not have expired. Tenant covenants a direct Lease between Purchaser and agreesTenant, in the event any proceedings brought for the foreclosure of any first mortgage by a mortgagee who has previously agreed not to disturb Tenant's operation of the Premises, to attorn to the purchaser upon any foreclosure sale and to recognize such purchaser as the successor to all of the rights same terms, conditions and covenants as are set forth in this Lease except that, after such attornment, Purchaser shall not be liable for any act of Library under this Lease. In confirmation omission of the any previous Landlord.
(d) The subordination and attornment provisions of this Lease provided for Section 23 shall be self- operating and except as set out in this Sectionsubsection (a), Tenant no further instrument shall execute promptly any certificate that Library be required. Nevertheless Tenant, on request by and without cost to Landlord or any successor in interest reasonably may requestinterest, shall execute and deliver any and all reasonable instruments further evidencing such subordination and (where applicable hereunder) attornment. Tenant hereby irrevocably appoints Landlord as attorney-In-fact of Tenant to execute, delivery and record any such documents and instruments in the name and on behalf of Tenant if Tenant fails to do so.
Appears in 1 contract
Samples: Lease Agreement (Zynex Inc)
Subordination and Attornment. This Lessee agrees that, subject to the requirements of Lessor's mortgagee, this Lease is subject and subordinated may be subordinate or superior to any mortgages, deeds of trust or underlying leases, as well as to any extensions or modifications thereof, now of record a mortgage heretofore or hereafter placed of record. Library reserves the right to subject and subordinate this Lease at all times to the lien of any first mortgage now or hereafter placed upon Library's interest in executed by Lessor encumbering the Premises, the Building Building, the Common Area and/or the Project. Lessee shall, upon request, execute any such document or the Property, instrument as may reasonably be required from time to time by Lessor's mortgagee to make this Lease superior or subordinate to any mortgage. Lessee further agrees to attorn to Lessor's mortgagee provided that Library such mortgagee shall within twentyagree not to disturb Lessee's possession of the Premises during the term of this Lease so long as Lessee is in compliance with all material terms, conditions and covenants set forth in this Lease. Lessor consents to Lessee's execution of any subordination, attornment and non-one disturbance agreement that may reasonably be requested by Lessor's mortgagee. Lessee further agrees to execute and deliver to Lessor or Lessor's mortgagee, not later than five (215) days after the commencement receipt of the Initial Term (or within twenty-one (21) days after the execution of the mortgage if the Building or the Property becomes mortgaged after the commencement of the Initial Term), deliver to Tenant notice of said mortgage and a written Agreement request therefore, and as often as requested, an estoppel certificate setting forth such information concerning this Lease as may reasonably be requested. If, in form satisfactory connection with financing obtained by Lessor with respect to Tenant whereby any the Premises, the Building, the Common Area and/or the Project, Lessor's mortgagee or other lender shall request that Lessee consent to reasonable modifications of this Lease as a condition to such financing, Lessee will not unreasonably withhold, delay or defer its consent provided that such modifications do not increase Lessee's monetary obligations hereunder, extend or reduce the Building or the Property agrees not to disturb Tenant's operation term of the Premises so long as Tenant is not in default of its obligations under this Lease or so long as adversely affect to any material extent the period for remedying such default shall not have expired. Tenant covenants and agrees, in the event leasehold interest granted to Lessee herein or any proceedings brought for the foreclosure other material term of any first mortgage by a mortgagee who has previously agreed not to disturb Tenant's operation of the Premises, to attorn to the purchaser upon any foreclosure sale and to recognize such purchaser as the successor to all of the rights of Library under this Lease. In confirmation of the subordination and attornment of this Lease provided for in this Section, Tenant shall execute promptly any certificate that Library or any successor in interest reasonably may request.
Appears in 1 contract
Samples: Lease Agreement
Subordination and Attornment. This Xxxxxx agrees that this Lease is subject and subordinated to any mortgages, deeds of trust or underlying leases, as well as to any extensions or modifications thereof, now of record or hereafter placed of record. Library reserves the right to shall be subject and subordinate this Lease at all times to the lien any mortgages or Deeds of any first mortgage Trust now or hereafter placed upon Library's the Premises and to all modifications thereto, and to all present and future advances made with respect to any such mortgage or deed of trust. Xxxxxx agrees, at any time during the term of this Lease, to execute any and all documents necessary to effectuate this subordination, which Landlord may request. Xxxxxx agrees to attorn to the mortgagee, trustee, or beneficiary under any such mortgage or deed of trust or the purchaser at a sale pursuant to the foreclosure thereof. In the event of the sale, assignment, or transfer by Landlord of its interest in the PremisesPremises to a successor in interest who expressly assumes the obligations of the Landlord hereunder, the Building Landlord shall thereupon be released or discharged from all of its covenants and obligations hereunder, except such obligations as shall have accrued prior to any such sale, assignment or transfer; and Xxxxxx agrees to look solely to any successor in interest of the Property, provided that Library Landlord for performance of any such obligations. Tenant shall within twenty-one have ten (2110) days after the commencement from its receipt of Landlord's request to deliver any such fully executed documents to Landlord. Xxxxxx's failure to execute and deliver any such documents shall constitute a default hereunder. Notwithstanding any of the Initial Term (or within twenty-one (21) days after the execution of the mortgage if the Building or the Property becomes mortgaged after the commencement of the Initial Term)foregoing, deliver to Tenant notice of said mortgage Xxxxxx's quiet possession and a written Agreement in form satisfactory to Tenant whereby any mortgagee of the Building or the Property agrees not to disturb Tenant's operation enjoyment of the Premises shall not be disturbed so long as Tenant is not in default of performs its obligations under this Lease or so long as the period for remedying such default shall not have expired. Tenant covenants and agrees, in the event any proceedings brought for the foreclosure of any first mortgage by a mortgagee who has previously agreed not to disturb Tenant's operation of the Premises, to attorn to the purchaser upon any foreclosure sale and to recognize such purchaser as the successor to all of the rights of Library under this Lease. In confirmation of the subordination and attornment of this Lease provided for in this Section, Tenant shall execute promptly any certificate that Library or any successor in interest reasonably may request.
Appears in 1 contract
Subordination and Attornment. This Lease is subject subject: and subordinated subordinate to any and all deeds to secure debt, mortgages, deeds of trust or underlying leases, as well as to any extensions or modifications thereof, now of record or hereafter placed of record. Library reserves the right to subject and subordinate this Lease at all times to the lien of any first mortgage other security instruments (“Security Instruments”) now or hereafter placed upon Library's interest in on the Premises, the Building or the Property, provided that Library shall within twenty-one (21) days after the commencement property of the Initial Term (or within twenty-one (21) days after the execution of the mortgage if the Building or the Property becomes mortgaged after the commencement of the Initial Term), deliver to Tenant notice of said mortgage and a written Agreement in form satisfactory to Tenant whereby any mortgagee of the Building or the Property agrees not to disturb Tenant's operation of which the Premises are a part, and this clause shall be self-operative without any further instrument necessary to effect such subordination; provided, however, in each case the holder of any Security Instrument shall agree that this Lease shall not be divested by foreclosure or other default proceedings thereunder so long as Tenant is not no Event of Default by Lessee shall then be existing under the terms of this Lease and that such holder or acquirer shall be bound hereby and responsible to perform all obligations of Lessor under this Lease. However, if requested by Lessor, Lessee shall promptly execute and deliver to Lessor any such certificate or certificates reasonably acceptable to Lessee as Lessor may reasonably request evidencing subordination of this Lease to or the assignment of this Lease as additional security for such mortgages or deeds of trust, so long as such certificate also evidences the within nondisturbance agreement. Provided such holder or acquirer shall so agree as provided in default the first sentence of this Xxxxxxxxx 00, Xxxxxx shall continue its obligations under this Lease in full force and effect notwithstanding any such default proceedings under a Security Instrument and shall attorn to the mortgagee, trustee or beneficiary of such Security Instrument, and their successors or assigns, and to the transferee under any foreclosure or default proceedings. Lessee will, upon request by Lessor, execute and deliver to Lessor or to any other person designated by Lessor, any instrument or instruments in form and content reasonably acceptable to Lessee evidencing its agreement to so attorn and perform under this Lease, so long as such instrument also evidences the period for remedying such default shall not have expired. Tenant covenants and agrees, in the event any proceedings brought for the foreclosure of any first mortgage by a mortgagee who has previously agreed not to disturb Tenant's operation of the Premises, to attorn to the purchaser upon any foreclosure sale and to recognize such purchaser as the successor to all of the rights of Library under this Lease. In confirmation of the subordination and attornment of this Lease provided for in this Section, Tenant shall execute promptly any certificate that Library or any successor in interest reasonably may requestwithin non-disturbance agreement.
Appears in 1 contract
Subordination and Attornment. This (a) Tenant agrees that its rights ---------------------------- under this Lease is are and shall remain subject and subordinated subordinate to the operation and effect of that certain Construction Loan and Term Loan Deed of Trust, Security Agreement and Assignment of Rents and that certain Assignment of Rents and Leases, both given by Landlord for the benefit of Lender, dated as of June 6, 1989, and to any mortgagesother mortgage, deeds indenture, deed of trust or underlying leasesother encumbrance, as well as to together with any extensions conditions, renewals, extensions, modifications, consolidations or modifications replacements thereof, now or hereinafter affecting or placed, charged or enforced against all or any portion of record the Premises. This clause shall be self-operative and no further instruments or hereafter placed of recordsubordination shall be required in order to effectuate it. Library reserves the right Nevertheless, Tenant shall execute, acknowledge and deliver to subject Landlord at any time and subordinate this Lease at all times from time to the lien of time, upon demand oil Landlord, such documents as may be requested by Landlord or such mortgagee or trustee to confirm or effectuate any first mortgage now or hereafter placed upon Library's interest in subordination hereunder.
(b) Tenant agrees that if Lender obtains title to the Premises, or if Lender notifies the Building or the Property, provided Tenant that Library shall within twenty-one (21) days after the commencement of the Initial Term (or within twenty-one (21) days after the execution of the mortgage if the Building or the Property becomes mortgaged after the commencement of the Initial Term), deliver to Tenant notice of said mortgage and a written Agreement in form satisfactory to Tenant whereby any mortgagee of the Building or the Property agrees not to disturb Tenant's operation of the Premises so long as Tenant Landlord is not in default of its obligations under this Lease thereunder, Tenant will pay to Lender or so long as the period for remedying such default shall not have expiredLender's designees all rent subsequently payable heraunder. Further, Tenant covenants and agrees, agrees that in the event any proceedings brought for the foreclosure of any first mortgage by a mortgagee who has previously agreed not Lender obtains title to disturb Tenant's operation of the Premises, to Tenant will, upon request of any such party, automatically become the Tenant of and attorn to the purchaser upon any foreclosure sale and to recognize such purchaser as the successor to all of the rights of Library under this Lease. In confirmation of the subordination and attornment of this Lease provided for in this Section, Tenant shall execute promptly any certificate that Library or any successor in interest reasonably may requestwithout changing the terms and provisions of the Lease.
Appears in 1 contract
Samples: Greenhouse Lease Agreement (Colorado Greenhouse Holdings Inc)
Subordination and Attornment. This Unless otherwise expressly agreed by the Landlord, this Lease is subject and subordinated to any mortgages, deeds the rights of trust or underlying leases, as well as to any extensions or modifications thereof, now of record or hereafter placed of record. Library reserves the right to Tenant hereunder shall be subject and subordinate to all existing or future Mortgages and to all renewals, modifications, consolidations, replacements and extensions thereof. Whenever requested by the Landlord or a Mortgagee, the Tenant shall enter into an agreement with the Mortgagee whereby the Tenant postpones or subordinates this Lease at all times to the lien interest of any first mortgage now stipulated Mortgagee, and agrees that if such Mortgagee becomes a mortgagee in possession or hereafter placed realizes on its security, it shall attorn to such Mortgagee as a tenant upon Library's interest in all the Premises, the Building or the Propertyterms of this Lease, provided that Library such Mortgagee shall within twenty-one enter into an agreement with the Tenant which shall provide that (21i) days after such Mortgagee shall not disturb the commencement Tenant and will permit the Tenant 10 remain in possession of the Initial Term (or within twenty-one (21) days after Leased Premises pursuant to the execution Terms of the mortgage if the Building or the Property becomes mortgaged after the commencement of the Initial Term), deliver to Tenant notice of said mortgage and a written Agreement in form satisfactory to Tenant whereby any mortgagee of the Building or the Property agrees not to disturb Tenant's operation of the Premises this Lease so long as the Tenant is not in default hereunder and has failed to remedy such default, and (ii) the Mortgagee shall not be liable for any acts, omissions or defaults of its obligations the Landlord under this the Lease or so long as at law or for any obligations required to be observed or performed by the period for remedying such default shall not have expired. Tenant covenants and agrees, in Landlord prior to the event any proceedings brought for date that the foreclosure of any first mortgage by Mortgagor becomes a mortgagee who has previously agreed not to disturb Tenant's operation of the Premises, to attorn to the purchaser upon any foreclosure sale and to recognize such purchaser as the successor to all of the rights of Library under this Lease. In confirmation of the subordination and attornment of this Lease provided for in this Section, Tenant shall execute promptly any certificate that Library possession or any successor in interest reasonably may requestrealizes on its security.
Appears in 1 contract
Samples: Employment Agreement (Futurelink Distribution Corp)
Subordination and Attornment. a. This Lease is shall be subject to and subordinated subordinate to any mortgages, deeds of trust or underlying leases, as well as to any extensions or modifications thereof, now of record or hereafter placed of record. Library reserves lease (including ground lease) wherein Landlord is the right to subject tenant and subordinate this Lease at all times to the lien of any first mortgage and all mortgages or deeds of trust, regardless of whether such lease, mortgages or deeds of trust now exist or may hereafter placed upon Library's interest in the Premises, be created with regard to all or any part of the Building or the Property, or both, and to any and all advances to be made thereunder, and to the interest thereon, and all modifications, consolidations, renewals, replacements, and extensions thereof. Tenant also agrees that any lessor or mortgagee may elect to have this Lease prior to any lease or lien of its mortgage or deed of trust, and in the event of such election and upon notification by such lessor or mortgagee to Tenant to that effect, this Lease shall be deemed prior to the said lease or lien of its mortgage or deed of trust, whether this Lease is dated prior to or subsequent to the date of said lease, mortgage or deed of trust.
b. In the event of the sale or assignment of Landlord's interest in the Premises (except in a sale - leaseback financing transaction), Tenant shall attorn to and recognize such purchaser or assignee or mortgagee as Landlord under this Lease, provided that Library the transferee or assignee assumes all of Landlord's obligations hereunder and provided further that Tenant shall within twenty-one (21) days after the commencement of the Initial Term (or within twenty-one (21) days after the execution of the mortgage if the Building or the Property becomes mortgaged after the commencement of the Initial Term), deliver to Tenant notice of said mortgage and a written Agreement not be disturbed in form satisfactory to Tenant whereby any mortgagee of the Building or the Property agrees not to disturb Tenant's operation of the Premises its possession so long as Tenant it is not in default of its obligations under this Lease or so long as the period for remedying such default shall not have expired. Tenant covenants and agrees, in hereunder.
c. In the event of any proceedings brought for the foreclosure of any first mortgage by a mortgagee who has previously agreed not to disturb Tenant's operation or deed of trust covering the Property, or in the event of the Premisesexercise of a power of sale pursuant thereto and upon the written request of a purchaser at such foreclosure proceedings, to Tenant shall, at the request of such purchaser, attorn to the purchaser upon any foreclosure sale and to recognize such purchaser as the successor to all of the rights of Library Landlord under this Lease. In confirmation , provided that the transferee or mortgagee assumes all of Landlord's obligations hereunder and provided further that Tenant shall not be disturbed in its possession so long as it is not in default hereunder.
d. Tenant agrees that, upon the subordination and attornment request of this Lease provided for in this SectionLandlord, or any such lessor or mortgagee, Tenant shall execute promptly any certificate that Library or any successor and deliver whatever instruments may reasonably be required for such purposes in interest reasonably may requestorder to carry out the intent of this Section.
Appears in 1 contract
Subordination and Attornment. This Tenant agrees that this Lease is subject and subordinated to any mortgages, deeds of trust or underlying leases, as well as to any extensions or modifications thereof, now of record or hereafter placed of record. Library reserves the right to shall be subject and subordinate this Lease at all times to the lien any mortgages or Deeds of any first mortgage Trust now or hereafter placed upon Library's interest in the Premises, the Building or the Property, provided that Library shall within twenty-one (21) days after the commencement of the Initial Term (or within twenty-one (21) days after the execution of the mortgage if the Building or the Property becomes mortgaged after the commencement of the Initial Term), deliver to Tenant notice of said mortgage and a written Agreement in form satisfactory to Tenant whereby any mortgagee of the Building or the Property agrees not to disturb Tenant's operation of the Premises so long as Tenant is not in default and to all modifications thereto, and to all present and future advances made with respect to any such mortgage or deed of its obligations under this Lease or so long as the period for remedying such default shall not have expiredtrust. Tenant covenants and agrees, in at any time during the event term of this Lease, to execute any proceedings brought for the foreclosure of any first mortgage by a mortgagee who has previously agreed not and all documents necessary to disturb Tenant's operation of the Premiseseffectuate this subordination, which Landlord may request. Tenant agrees to attorn to the mortgagee, trustee, or beneficiary under any such mortgage or deed of trust or the purchaser upon any at a sale pursuant to the foreclosure sale and thereof. In the event of the sale, assignment, or transfer by Landlord of its interest in the Premises to recognize such purchaser as a successor in interest who expressly assumes the successor to obligations of the Landlord hereunder, the Landlord shall thereupon be released or discharged from all of the rights of Library under this Lease. In confirmation of the subordination its covenants and attornment of this Lease provided for in this Sectionobligations hereunder, except such obligations AS shall have accrued prior to any such sale, assignment or transfer; and Tenant shall execute promptly any certificate that Library or agrees to look solely to any successor in interest reasonably may requestof the Landlord for performance of any such obligations. Tenant shall have ten (10) days from its receipt of Landlord's request to deliver any such fully executed documents to Landlord. Tenant's failure to execute and deliver any such documents shall constitute a default hereunder. NOTWITHSTANDING ANY OF THE FOREGOING, TENANT'S QUIET POSSESSION AND ENJOYMENT OF THE PREMISES SHALL NOT BE DISTURBED SO LONG AS TENANT PERFORMS ITS OBLIGATIONS UNDER THIS LEASE.
Appears in 1 contract
Subordination and Attornment. (A) Tenant recognizes that Landlord has financed all or part of the construction costs of the Building through financing which is secured by mortgages or similar encumbrances upon the land and the Building. In addition, Landlord may obtain IXX financing involving the execution and delivery of deed(s), leases, bond(s), mortgage(s) and an installment sale agreement. This Lease is subject and subordinated to any mortgages, deeds of trust or underlying leases, as well as to any extensions or modifications thereof, now of record or hereafter placed of record. Library reserves the right to Agreement shall be subject and subordinate this Lease at all times to any lease, sale agreement and mortgage(s) given to secure the lien of financing and any first other mortgage now or hereafter placed constituting a lien upon Library's interest in the PremisesLeased Property, and to all additions, increases, renewals, modifications, consolidations, replacements or extensions thereof. Although no instrument or act on the part of the Tenant shall be necessary to effectuate such subordination, the Building Tenant agrees to execute, acknowledge and deliver such further commercially reasonable instruments subordinating this Lease to such lease or sale agreement and mortgage. However, Landlord agrees to cause the PropertyIXX sale agreement and mortgage, provided or any other sale agreement or mortgage, and all other financing instruments to provide that Library the Lender shall within twenty-one (21) days after the commencement of the Initial Term (or within twenty-one (21) days after the execution of the mortgage if the Building or the Property becomes mortgaged after the commencement of the Initial Term)not have any right to terminate this Lease, deliver to Tenant notice of said mortgage and a written Agreement in form satisfactory to Tenant whereby any mortgagee of the Building or the Property agrees not to disturb Tenant's operation of the Premises so long as Tenant is not in default of its obligations under this Lease beyond any applicable notice and cure period.
(B) In the event of the cancellation or so long as termination of the period for remedying such default shall not have expired. Tenant covenants and agreessale agreement, including any extensions or renewals, or in the event any proceedings brought for of the foreclosure of any first mortgage by a mortgagee who has previously agreed not mortgage, the Tenant shall make full and complete attornment to disturb Tenant's operation the IXX and/or other lender for the balance of the Premisesterm of this Lease, upon the same covenants and conditions as are contained herein, so as to attorn establish direct privity of estate and contract between the IXX and/or other lender and the Tenant with the same force and effect as though this Lease Agreement were originally made directly between them. The Tenant shall thereafter make all rent payments directly to the purchaser upon any foreclosure sale and IXX or to recognize such purchaser the other lender, as the successor to all of the rights of Library under this Lease. In confirmation of the subordination and attornment of this Lease provided for in this Section, Tenant shall execute promptly any certificate that Library or any successor in interest reasonably case may requestbe.
Appears in 1 contract
Subordination and Attornment. This Lease Landlord and Tenant acknowledge and agree that there is subject and subordinated to currently no debt on the Project. Within twenty (20) days after written request from Landlord, or any mortgages, deeds first mortgagee or first deed of trust beneficiary of Landlord, or underlying leasesground lessor of Landlord, as well as to any extensions or modifications thereofTenant shall, now of record or hereafter placed of record. Library reserves the right to subject in writing and in a commercially reasonable form, subordinate its rights under this Lease at all times to the lien of any first mortgage now or first deed of trust, or to the interest of any lease in which Landlord is lessee, and to all advances made or hereafter placed to be made thereunder. The holder of any security interest may, upon Library's written notice to Tenant, elect to have this Lease prior to its security interest regardless of the time of the granting or recording of such security interest. Likewise, Landlord shall provide Tenant such a non-disturbance agreement as to any future mortgage, deed of trust, deed to secure debt or similar financing instrument. The subordination of the Lease to a future deed to secure debt, mortgage, deed of trust or similar financing instrument is contingent upon the receipt by Tenant of a commercially reasonable non-disturbance agreement. In the event of any foreclosure sale, transfer in lieu of foreclosure or termination of the Premiseslease in which Landlord is lessee, Tenant shall attorn to the Building purchaser, transferee or lessor as the Propertycase may be, and recognize that party as Landlord under this Lease, provided that Library shall within twenty-one (21) days after the commencement of the Initial Term (such purchaser, transferee or within twenty-one (21) days after the execution of the mortgage if the Building or the Property becomes mortgaged after the commencement of the Initial Term), deliver lessor agrees to Tenant notice of said mortgage recognize this Lease and a written Agreement in form satisfactory to Tenant whereby any mortgagee of the Building or the Property agrees not to disturb Tenant's operation of the Premises so long as Tenant is not in default of its obligations under this Lease or so long as the period for remedying such default shall not have expired. Tenant covenants and agrees, in the event any proceedings brought for the foreclosure of any first mortgage by a mortgagee who has previously agreed not to disturb Tenant's operation of the Premises, to attorn to the purchaser upon any foreclosure sale and to recognize such purchaser as the successor to all of the rights of Library under this Lease. In confirmation of the subordination and attornment of this Lease provided for in this Section, Tenant shall execute promptly any certificate that Library or any successor in interest reasonably may requesthereunder.
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Samples: Office Building Lease (Premiere Global Services, Inc.)