Subordination and Non-Disturbance Agreement. This Agreement is subordinate to the lien of all mortgages, deeds of trust, security instruments, ground leases, easement agreements and any covenants, conditions and restrictions (collectively, “Superior Interests”) now or hereafter covering all or any part of the Shopping Center, and to all amendments, modifications, consolidations, renewals, replacements and extensions thereof. Tenant also agrees that, if any mortgagee elects to have this Agreement prior to the lien of its mortgage and signifies such election in the instrument creating its lien, or by separate recorded instrument, this Agreement shall be prior in dignity to such mortgage. In the event of any proceedings brought for the enforcement of any instrument of any Superior Interest holder (including but not limited to a mortgage or lease), Tenant shall, upon demand by the Superior Interest holder, attorn to and recognize such Superior Interest holder as Landlord under this Agreement. Tenant hereby waives its rights under any current or future law which gives or purports to give Tenant any right to terminate or otherwise adversely affect this Agreement and the obligations of Tenant hereunder in the event of any such foreclosure proceeding or sale. Tenant agrees that, in order to confirm the provisions of this Article, but in no way limiting the self-operative effect of said provisions, Tenant shall execute and deliver whatever instruments may be required for such purposes within thirty (30) days following Landlord’s written request. Should Tenant fail to sign and return any such instruments within said thirty (30) day period, Tenant shall be in default hereunder without the benefit of any additional notice or cure periods specified in this Agreement.
Subordination and Non-Disturbance Agreement. A. Tenant will obtain from any Mortgagee that holds a Mortgage as of or after the Effective Date an agreement, reasonably satisfactory to Manager and recordable in the jurisdiction where each Hotel is located (the “SNDA”), which provides that:
Subordination and Non-Disturbance Agreement. Landlord hereby agrees to cause to be delivered to Tenant and Lender a Subordination and Non-Disturbance Agreement, in form and substance reasonably acceptable to Lender, duly executed by any holder of any deed of trust or mortgage on Landlord's reversionary fee interest in the Real Property that has been approved in accordance with the provisions of Paragraph 7(j) below ("Fee Mortgage"), which agreement shall provide, among other things, that such Fee Mortgage shall be junior and subordinate to this Lease, to any New Lease (as hereinafter defined) and to the Leasehold Mortgages at all times, and that such Fee Mortgagee shall not disturb Lender's or Tenant's possession of such property following a foreclosure of such deed of trust or mortgage.
Subordination and Non-Disturbance Agreement. Sterxxxx X. XxXxxx, Xx. ("XcCaxx") xereby agrees to cause his affiliates SBM-L Family Limited Partnership and SBM-L I&E Family Limited Partnership to grant to Group 1 an option to purchase the premises (the "Premises") located at 10420 Xxxxxxxxx Xxxxxxx xxx 10610 Wilcrest, each in Houston, Texas, to be described more particularly at a later date in Exhibit A to the Leases (the "SNDA Purchase Option"). The SNDA Purchase Option shall be granted to Group 1 pursuant to a written option agreement executed by Group 1 and the appropriate McCaxx xxxiliate, in form and substance satisfactory to Group 1, and delivered to Group 1 on or before the tenth (10th) day after the date hereof. The SNDA Purchase Option shall be exercisable only by written notice to the appropriate McCaxx xxxiliate, on a date (the "SNDA Exercise Date") at any time after (i) the expiration of ninety (90) days after the Closing Date, and (ii) the failure of the appropriate McCaxx xxxiliate to obtain a Mutual Recognition and Attornment Agreement in the form required under Article 11 to the Lease ("SNDA"), in form and substance reasonably satisfactory to Group 1, from each then current holder and owner of any indebtedness which is secured by liens or security interests covering the Premises (the "Indebtedness"). The SNDA Purchase Option may only be exercised by Group 1 with respect to those premises for which a SNDA has not been obtained. The purchase price of the SNDA Purchase Option shall be the principal amount outstanding under that portion of the Indebtedness attributable to the premises being purchased on the SNDA Exercise Date; provided, however, that the same has not been modified or amended after the date hereof. The purchase of such premises shall occur on or before thirty (30) days after the SNDA Exercise Date, and the appropriate McCaxx xxxiliate shall deliver to Group 1 a Special Warranty Deed and Bill xx Sale, executed and acknowledged by such affiliate covering the premises being purchased, subject to all matters currently affecting such premises (except the Indebtedness), together with all other documents customarily used for the sale of real property in Texas. Article 11(iv) of the Lease shall be modified to the extent necessary to reflect the foregoing provisions.
Subordination and Non-Disturbance Agreement. With respect to any current Mortgages and Superior Leases affecting the Premises, Landlord agrees (subject to the qualifications hereinafter set forth) to obtain from the holders of any such Mortgages and Superior Leases, a Subordination and Non-Disturbance Agreement (“SNDA”) in favor of Tenant on such Mortgagee’s or Lessor’s standard form, within thirty (30) days of the date of this Lease, which Tenant agrees to execute and deliver to Landlord within ten (10) business days after receipt thereof. With respect to any future Mortgages and current or future Superior Leases affecting the Building, Landlord agrees (subject to the qualifications hereinafter set forth) to request from the holders of any such Mortgages and Superior Leases, an SNDA in favor of Tenant on such Mortgagee’s or Lessor’s standard form, which Tenant agrees to execute and deliver to Landlord within ten (10) business days after receipt thereof; provided, however, Landlord shall have no liability to Tenant and this Lease shall not be affected in the event that Landlord is unable to obtain an SNDA from any current or future Mortgagee or Lessor, except that, in such event, this Lease shall not be subordinate to such Mortgage or Superior Lease. Notwithstanding the foregoing, in the event that Landlord delivers to Tenant said Mortgagee’s or Lessor’s commercially reasonable standard form of SNDA and Tenant fails or refuses to execute the same, this Lease shall be subject and subordinate to such Mortgage or Superior Lease. Landlord shall in no event be required to expend any monies or commence or prosecute litigation or reject financing which is otherwise satisfactory to it to obtain an SNDA, and Tenant agrees to be liable for any processing fees and reasonable attorneys’ fees charged by the holders of such superior instruments in connection with obtaining such SNDA. Landlord represents that as of the date of this Lease: (i) there are no Superior Leases affecting the Premises and (ii) the only Mortgage affecting the Premises is that certain Consolidated, Amended and Restated Mortgage and Security Agreement between Landlord and JPMorgan Chase Bank, N.A. dated as of December 22, 2004, and recorded with the Office of the New York City Register, New York County (the “Recorder’s Office”) on January 28, 2005 as CRFN 2005000057656 (the “Consolidated Mortgage”) which Consolidated Mortgage was assigned to Xxxxx Fargo Bank, N.A., as Trustee for the Registered Holders of X.X. Xxxxxx Chase Commercial Mortgage...
Subordination and Non-Disturbance Agreement. Robexx X. Xxxxxx XX xxxeby agrees to grant to Group 1 an option to purchase the premises (the "Premises") located at 13130 X. Xxxxxxxx Xxxension, in Oklahoma City, Oklahoma, to be described more particularly at a later date in Exhibit A to the Lease (the "SNDA Purchase Option"). The SNDA Purchase Option shall be granted to Group 1 pursuant to a written option agreement executed by Group 1 and Robexx X. Xxxxxx XX, xx form and substance satisfactory to Group 1, and delivered to Group 1 on or before the tenth (10) day after the date hereof. The SNDA Purchase Option shall be exercisable only by written notice to Robexx X. Xxxxxx XX, xx a date (the "SNDA Exercise Date") at any time after (i) the expiration of ninety (90) days after the Closing Date, and (ii) the failure of Robexx X. Xxxxxx XX xx obtain a Mutual Recognition and Attornment Agreement in the form required under Article 11 to the Lease ("SNDA"), in form and substance reasonably satisfactory to Group 1, from each then current holder and owner of any indebtedness which is secured by liens or security interests covering the Premises (the "Indebtedness"). The SNDA Purchase Option may only be exercised by Group 1 with respect to those premises for which a SNDA has not been obtained. The purchase price of the SNDA Purchase Option shall be the principal amount outstanding under that portion of the Indebtedness attributable to the premises being purchased on the SNDA Exercise Date; provided, however, that the same has not been modified or amended after the date hereof. The purchase of such premises shall occur on or before thirty (30) days after the SNDA Exercise Date, and Robexx X. Xxxxxx XX xxxll deliver to Group 1 a Special Warranty Deed and Bill xx Sale, executed and acknowledged by Robexx X. Xxxxxx XX xxxering the premises being purchased, subject to all matters currently affecting such premises (except the Indebtedness), together with all other documents customarily used for the sale of real property in Oklahoma. Article 11(iv) of the Lease shall be modified to the extent necessary to reflect the foregoing provisions.
Subordination and Non-Disturbance Agreement. This lease is subject and subordinate at all times to the lien of existing and future mortgages on the leased property. Although no instrument or act by TENANT is necessary to effect such subordination, TENANT shall, nevertheless, execute and deliver such further instrument subordinating the lease to the lien of all such mortgages, in the form reasonably desired by the mortgagee. TENANT hereby appoints LANDLORD its attorney-in-fact, irrevocably, to execute and deliver any such instrument for TENANT.
Subordination and Non-Disturbance Agreement. (a) Subject to the terms of this Section 11.2, this Lease and all rights of the Tenant shall be subject and subordinate to the lien of any and all Mortgages from time to time in existence against the Lands or any part thereof, whether freehold or leasehold, provided, however, Landlord shall, upon receipt of a request from Tenant, use reasonable efforts to obtain a commercially reasonable non-disturbance agreement from any existing or potential mortgagees providing that so long Tenant is not in default in any of its obligations hereunder the party to which it is subordinating its interest shall not disturb the Tenant’s possession of the Premises during the Term. On or within 60 days following execution and delivery of this Lease, Landlord shall obtain and deliver to Tenant a consent, non-disturbance and recognition agreements (“Master Lease NDAs”) from the lessors under all of the Master Leases in effect as of the date of this Lease in the form attached hereto as Schedule “L”. The subordination of this Lease to any future ground leases or other overleases shall be conditioned upon Tenant’s receipt of a Master Lease NDA in substantially the form attached hereto as Schedule “L” from the lessors. Landlord shall extend (or cause the extension of) all overleases for term or terms that enable the Term of this Lease (as it may be extended).
Subordination and Non-Disturbance Agreement. This Lease and all rights of Tenant shall be subject and subordinate to any institutional mortgage(s) or deed(s) of trust that hereafter may be made a lien against the Premises, and any renewals, extensions, modifications, consolidations or replacements thereof, provided however, that any such mortgagee(s) or trustee(s) shall execute and deliver to Tenant a nondisturbance agreement in form and content substantially similar to that attached hereto as Exhibit F, and which shall other-wise contain the following provisions (i) recognition of Tenant's right of quiet enjoyment of the Premises as set forth herein for the Term, and (ii) that each mortgage or deed of trust shall acknowledge the rights of Landlord and Tenant to apply the proceeds of casualty insurance policies maintained by Landlord and Tenant to be utilized for the restoration and repair of the Premises following any casualty or partial eminent domain taking, and shall recognize Tenant's interest in any condemnation or insurance proceeds, and (iii) that each mortgage or deed of trust shall provide that any purchaser at a foreclosure sale or the mortgagee or trustee upon entry, shall assume, perform and be bound by the obligations of the Landlord hereunder. Each such mortgagee, trustee or purchaser shall be obligated to perform Landlord's covenants hereunder only after the earlier of taking possession of or title to the Premises and only as to obligations which arise thereafter.
Subordination and Non-Disturbance Agreement. 19 35. ENVIRONMENTAL........................................................20
