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:
1. the right, title and interest of Manager in and to such Hotel under this Agreement will be subject and subordinate to the lien of the Mortgage;
2. if there is a Foreclosure under the Mortgage, then Manager will not be named as a party in any Foreclosure, and so long as no Manager Event of Default (beyond the applicable notice and cure period, if any) has occurred thereunder which entitles Tenant to terminate this Agreement with respect to such Hotel, (a) this Agreement will not terminate by reason of such Foreclosure, (b) Mortgagee and any Subsequent Tenant will recognize the rights of Manager under this Agreement, and (c) Manager’s rights to operate such Hotel under this Agreement will not be disturbed; and
3. if there is a Foreclosure under the Mortgage, then Manager will be obligated to each Subsequent Tenant to perform under the terms of this Agreement with the same force and effect as if the Subsequent Tenant were the Tenant, for as long as the Subsequent Tenant meets the requirements of Section 10.02.A.
B. If the SNDA requires Manager to pay amounts otherwise due to Tenant under this Agreement directly to Mortgagee or its designee, rather than to Tenant, then Tenant hereby irrevocably consents to such payment.
C. If Tenant does not obtain an SNDA for any Mortgage, then Manager may terminate this Agreement upon at least sixty (60) days’ prior written notice to Tenant without affecting Manager’s other rights and remedies under this Agreement.
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. 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. 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
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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.
(A) NONDISTURBANCE. So Long as TENANT is not in default in the payment of rent or additional rent or in the performance of any term of the lease, TENANT'S possession of the leased property and its rights and privileges under the lease or any renewal thereof shall not be diminished or interfered with by any mortgagee.
Subordination and Non-Disturbance Agreement. Lessor shall use commercially reasonable efforts to obtain and deliver to Lessee, upon Lessee’s written request, a Subordination, Non-disturbance and Attornment Agreement (the “SNDA”) from Lessor’s mortgagee providing, as a condition to Lessee’s subordination or attornment to such mortgagee, that Lessee shall not be disturbed in its possession of the Property during the Term. Nor its rights under the Lease terminated, so long as Lessee is not in default under the Lease beyond any applicable cure period.
Subordination and Non-Disturbance Agreement. Robexx X. Xxxxxx XX xxreby agrees to grant to Group 1 an option to purchase the premises (the "Premises") located at 13300 X. Xxxxxxxx Xxxension and 13220 X. Xxxxxxxx Xxxension, each 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 (10th) 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
Subordination and Non-Disturbance Agreement. Lessee agrees that this Lease shall be subject and subordinate to any mortgage on the Demised Premises provided that the holder of such mortgage shall to enter into an agreement in writing with Lessee, which agreement shall be reasonably acceptable to Lessee and such mortgagee, which shall provide that the mortgagee thereunder shall agree that the mortgagee, and its successor and assigns, shall not evict Lessee or disturb Lessee’s possession under this Lease, or join Lessee as a named party defendant in any foreclosure proceeding pursuant to the mortgage (except to the extent required by law) provided no event of default shall have occurred and be continuing under this Lease, and, if required by such mortgagee, shall confirm the subordination provided for above. A form of agreement shall be deemed acceptable if the terms and provisions do not change the terms and conditions of this Lease or the Lessee’s rights hereunder, do not affect Lessee’s use and occupancy of the Demised Premises and Improvements or otherwise materially adversely affect the rights of Lessee.
Subordination and Non-Disturbance Agreement. Landlord shall use commercially reasonable efforts to request a non-disturbance agreement from Landlord’s first priority mortgage lender (on such lender’s standard form) for the benefit of Tenant. Landlord shall not be in breach of this Lease or incur any obligation to Tenant if, for any reason whatsoever, such lender refuses to enter into a non-disturbance agreement. All costs and expenses (including, without limitation, Landlord’s and lender’s legal fees and all costs of recordation) incurred in requesting, obtaining, negotiating and/or recording any non-disturbance agreement shall be borne by Tenant.
