SUBORDINATION AND NON-DISTURBANCE. XXXXXX shall obtain not later than fifteen (15) days following the execution of this Agreement, a Non‑Disturbance Agreement, as defined below, from its existing mortgagee(s), ground LESSORs and master LESSORs, if any, of the Property. At LESSOR's option, this Agreement shall be subordinate to any future master lease, ground lease, mortgage, deed of trust or other security interest (a “Mortgage”) by LESSOR which from time to time may encumber all or part of the Property, Tower or right-of-way; provided, however, as a condition precedent to LESSEE being required to subordinate its interest in this Agreement to any future Mortgage covering the Tower or Property, LESSOR shall obtain for LESSEE's benefit a non‑disturbance and attornment agreement for XXXXXX's benefit in the form reasonably satisfactory to LESSEE, and containing the terms described below (the “Non‑Disturbance Agreement”), and shall recognize XXXXXX's right to remain in occupancy of and have access to the Premises as long as LESSEE is not in default of this Agreement beyond applicable notice and cure periods. The Non‑Disturbance Agreement shall include the encumbering party's (“Lender's”) agreement that, if Lender or its successor‑in‑interest or any purchaser of Lender’s or its successor’s interest (a “Purchaser”) acquires an ownership interest in the Tower or Property, Lender or such successor‑in‑interest or Purchaser will (1) honor all of the terms of the Agreement, (2) fulfill LESSOR's obligations under the Agreement, and (3) promptly cure all of the then‑existing LESSOR defaults under the Agreement. Such Non‑Disturbance Agreement must be binding on all of Lender's participants in the subject loan (if any) and on all successors and assigns of Lender and/or its participants and on all Purchasers. In return for such Non‑Disturbance Agreement, XXXXXX will execute an agreement for Xxxxxx's benefit in which LESSEE (1) confirms that the Agreement is subordinate to the Mortgage or other real property interest in favor of Xxxxxx, (2) agrees to attorn to Lender if Xxxxxx becomes the owner of the Tower or Property and (3) agrees accept a cure by Xxxxxx of any of LESSOR's defaults, provided such cure is completed within the deadline applicable to LESSOR. In the event LESSOR defaults in the payment and/or other performance of any mortgage or other real property interest encumbering the Property, LESSEE, may, at its sole option and without obligation, cure or correct LESSOR's default and upon doing so, LESSEE shall be subrogated to any and all rights, titles, liens and equities of the holders of such mortgage or other real property interest and LESSEE shall be entitled to deduct and setoff against all rents that may otherwise become due under this Agreement the sums paid by LESSEE to cure or correct such defaults.
Appears in 1 contract
Samples: Communications Lease Agreement
SUBORDINATION AND NON-DISTURBANCE. XXXXXX shall obtain not later than fifteen (15) days following the execution of this Agreement, a Non‑Disturbance Non-Disturbance Agreement, as defined below, from its existing mortgagee(s), ground LESSORs and master LESSORs, if any, of the Property. At LESSOR's option, this Agreement shall be subordinate to any future master lease, ground lease, mortgage, deed of trust or other security interest (a “Mortgage”) by LESSOR which from time to time may encumber all or part of the Property, Tower or right-of-way; provided, however, as a condition precedent to LESSEE being required to subordinate its interest in this Agreement to any future Mortgage covering the Tower or Property, LESSOR shall obtain for LESSEE's benefit a non‑disturbance non-disturbance and attornment agreement for XXXXXX's benefit in the form reasonably satisfactory to LESSEE, and containing the terms described below (the “Non‑Disturbance Non-Disturbance Agreement”), and shall recognize XXXXXX's right to remain in occupancy of and have access to the Premises as long as LESSEE is not in default of this Agreement beyond applicable notice and cure periods. The Non‑Disturbance Non-Disturbance Agreement shall include the encumbering party's (“Lender's”) agreement that, if Lender or its successor‑in‑interest successor-in-interest or any purchaser of Lender’s or its successor’s interest (a “Purchaser”) acquires an ownership interest in the Tower or Property, Lender or such successor‑in‑interest successor-in-interest or Purchaser will (1) honor all of the terms of the Agreement, (2) fulfill LESSOR's obligations under the Agreement, and (3) promptly cure all of the then‑existing then-existing LESSOR defaults under the Agreement. Such Non‑Disturbance Non-Disturbance Agreement must be binding on all of Lender's participants in the subject loan (if any) and on all successors and assigns of Lender and/or its participants and on all Purchasers. In return for such Non‑Disturbance Non-Disturbance Agreement, XXXXXX will execute an agreement for Xxxxxx's benefit in which LESSEE (1) confirms that the Agreement is subordinate to the Mortgage or other real property interest in favor of Xxxxxx, (2) agrees to attorn to Lender if Xxxxxx becomes the owner of the Tower or Property and (3) agrees accept a cure by Xxxxxx of any of LESSORXXXXXX's defaults, provided such cure is completed within the deadline applicable to LESSOR. In the event LESSOR defaults in the payment and/or other performance of any mortgage or other real property interest encumbering the Property, LESSEE, may, at its sole option and without obligation, cure or correct LESSOR's default and upon doing so, LESSEE shall be subrogated to any and all rights, titles, liens and equities of the holders of such mortgage or other real property interest and LESSEE shall be entitled to deduct and setoff against all rents that may otherwise become due under this Agreement the sums paid by LESSEE to cure or correct such defaults.
Appears in 1 contract
Samples: Communications Lease Agreement
SUBORDINATION AND NON-DISTURBANCE. XXXXXX shall obtain not later than fifteen (15) days following the execution of this Agreement, a Non‑Disturbance Non-Disturbance Agreement, as defined below, from its existing mortgagee(s), ground LESSORs and master LESSORs, if any, of the Property. At LESSOR's option, this Agreement shall be subordinate to any future master lease, ground lease, mortgage, deed of trust or other security interest (a “Mortgage”) by LESSOR which from time to time may encumber all or part of the Property, Tower or right-of-way; provided, however, as a condition precedent to LESSEE being required to subordinate its interest in this Agreement to any future Mortgage covering the Tower or Property, LESSOR shall obtain for LESSEE's benefit a non‑disturbance non-disturbance and attornment agreement for XXXXXXLESSEE's benefit in the form reasonably satisfactory to LESSEE, and containing the terms described below (the “Non‑Disturbance Non-Disturbance Agreement”), and shall recognize XXXXXXLESSEE's right to remain in occupancy of and have access to the Premises as long as LESSEE is not in default of this Agreement beyond applicable notice and cure periods. The Non‑Disturbance Non-Disturbance Agreement shall include the encumbering party's (“Lender's”) agreement that, if Lender or its successor‑in‑interest successor-in-interest or any purchaser of Lender’s or its successor’s interest (a “Purchaser”) acquires an ownership interest in the Tower or Property, Lender or such successor‑in‑interest successor-in-interest or Purchaser will (1) honor all of the terms of the Agreement, (2) fulfill LESSOR's obligations under the Agreement, and (3) promptly cure all of the then‑existing then-existing LESSOR defaults under the Agreement. Such Non‑Disturbance Non-Disturbance Agreement must be binding on all of Lender's participants in the subject loan (if any) and on all successors and assigns of Lender and/or its participants and on all Purchasers. In return for such Non‑Disturbance Non-Disturbance Agreement, XXXXXX will execute an agreement for Xxxxxx's benefit in which LESSEE LESSEE
(1) confirms that the Agreement is subordinate to the Mortgage or other real property interest in favor of Xxxxxx, (2) agrees to attorn to Lender if Xxxxxx becomes the owner of the Tower or Property and (3) agrees accept a cure by Xxxxxx of any of LESSORXXXXXX's defaults, provided such cure is completed within the deadline applicable to LESSOR. In the event LESSOR defaults in the payment and/or other performance of any mortgage or other real property interest encumbering the Property, LESSEE, may, at its sole option and without obligation, cure or correct LESSOR's default and upon doing so, LESSEE shall be subrogated to any and all rights, titles, liens and equities of the holders of such mortgage or other real property interest and LESSEE shall be entitled to deduct and setoff against all rents that may otherwise become due under this Agreement the sums paid by LESSEE to cure or correct such defaults.
Appears in 1 contract
Samples: Communications Lease Agreement
SUBORDINATION AND NON-DISTURBANCE. XXXXXX Lessor shall obtain not later than fifteen (15) days following the execution of this Agreement, a Non‑Disturbance Non-Disturbance Agreement, as defined below, from its existing mortgagee(s), ground LESSORs Lessor and master LESSORsLessor, if any, of the PropertyPremises. At LESSOR's Lessor’s option, this Agreement shall be subordinate to any future master lease, ground lease, mortgage, deed of trust or other security interest (a “Mortgage”) by LESSOR Lessor which from time to time may encumber all or part of the Property, Tower Premises or right-of-way; provided, however, as a condition precedent to LESSEE Lessee being required to subordinate its interest in this Agreement to any future Mortgage covering the Tower or PropertyPremises, LESSOR Lessor shall obtain for LESSEE's Lessee’s benefit a non‑disturbance non-disturbance and attornment agreement for XXXXXX's Lessee’s benefit in the form reasonably satisfactory to LESSEELessee, and containing the terms described below (the “Non‑Disturbance Non- Disturbance Agreement”), and shall recognize XXXXXX's Lessee’s right to remain in occupancy of and have access to the Premises as long as LESSEE Lessee is not in default of this Agreement beyond applicable notice and cure periods. The Non‑Disturbance Non- Disturbance Agreement shall include the encumbering party's ’s (“Lender's’s”) agreement that, if Lender or its successor‑in‑interest successor- in-interest or any purchaser of Lender’s or its successor’s interest (a “Purchaser”) acquires an ownership interest in the Tower or PropertyPremises, Lender or such successor‑in‑interest successor-in-interest or Purchaser will (1) honor all of the terms of the Agreement, (2) fulfill LESSOR's obligations under the Agreement, and (3) promptly cure all of the then‑existing LESSOR defaults under the Agreement. Such Non‑Disturbance Agreement must be binding on all of Lender's participants in the subject loan (if any) and on all successors and assigns of Lender and/or its participants and on all Purchasers. In return for such Non‑Disturbance Agreement, XXXXXX will execute an agreement for Xxxxxx's benefit in which LESSEE (1) confirms that the Agreement is subordinate to the Mortgage or other real property interest in favor of Xxxxxx, (2) agrees to attorn to Lender if Xxxxxx becomes the owner of the Tower or Property and (3) agrees accept a cure by Xxxxxx of any of LESSOR's defaults, provided such cure is completed within the deadline applicable to LESSOR. In the event LESSOR defaults in the payment and/or other performance of any mortgage or other real property interest encumbering the Property, LESSEE, may, at its sole option and without obligation, cure or correct LESSOR's default and upon doing so, LESSEE shall be subrogated to any and all rights, titles, liens and equities of the holders of such mortgage or other real property interest and LESSEE shall be entitled to deduct and setoff against all rents that may otherwise become due under this Agreement the sums paid by LESSEE to cure or correct such defaults.and
Appears in 1 contract
Samples: Lease Agreement
SUBORDINATION AND NON-DISTURBANCE. XXXXXX Within 15 days of the Effective Date, LESSOR shall obtain not later than fifteen a Non-Disturbance Agreement (15) days following the execution of this Agreement, a Non‑Disturbance Agreement, as defined below, ) from its existing mortgagee(s), ground LESSORs lessors and master LESSORslessors, if any, of the Property. At LESSOR's option, this Agreement shall be subordinate to any future master lease, ground lease, mortgage, deed of trust or other security interest (a “Mortgage”) by LESSOR which from time to time may encumber all or part of the Property, Tower or right-of-way; provided, however, as a condition precedent to LESSEE being required to subordinate its interest in this Agreement to any future Mortgage covering the Tower or Property, LESSOR shall obtain for LESSEE's benefit a non‑disturbance non-disturbance and attornment agreement for XXXXXXLESSEE's benefit in the form reasonably satisfactory to LESSEE, and containing the terms described below (the “Non‑Disturbance Non-Disturbance Agreement”), and shall recognize XXXXXXLESSEE's right to remain in occupancy of and have access to the Premises as long as LESSEE is not in default of rights under this Agreement beyond applicable notice and cure periodsAgreement. The Non‑Disturbance Non-Disturbance Agreement shall include the encumbering party's (“Lender's”) agreement that, if Lender or its successor‑in‑interest successor-in-interest or any purchaser of Lender’s or its successor’s interest (a “Purchaser”) acquires an ownership interest in the Tower or Property, Lender or such successor‑in‑interest successor-in-interest or Purchaser will (1) honor all of the terms of the Agreement, (2) fulfill LESSOR's obligations under the Agreement, and (3) promptly cure all of the then‑existing LESSOR defaults under the Agreement. Such Non‑Disturbance Non-Disturbance Agreement must be binding on all of Lender's participants in the subject loan (if any) and on all successors and assigns of Lender and/or its participants and on all Purchasers. In return for such Non‑Disturbance Non-Disturbance Agreement, XXXXXX LESSEE will execute an agreement for XxxxxxLender's benefit in which LESSEE (1) confirms that the Agreement is subordinate to the Mortgage or other real property interest in favor of XxxxxxLender, (2) agrees to attorn to Lender if Xxxxxx Lender becomes the owner of the Tower or Property and (3) agrees to accept a cure by Xxxxxx Lender of any of LESSOR's defaults, provided such cure is completed within the deadline applicable to LESSOR. In the event LESSOR defaults in the payment and/or other performance of any mortgage or other real property interest encumbering the Property, LESSEE, may, at its sole option and without obligation, cure or correct LESSOR's default and upon doing so, LESSEE shall be subrogated to any and all rights, titles, liens and equities of the holders of such mortgage or other real property interest and LESSEE shall be entitled to deduct and setoff against all rents that may otherwise become due under this Agreement the sums paid by LESSEE to cure or correct such defaults.
Appears in 1 contract
Samples: Land Lease Agreement
SUBORDINATION AND NON-DISTURBANCE. XXXXXX LESSOR shall obtain not later than fifteen (15) days following the execution of this Agreement, a Non‑Disturbance Non-Disturbance Agreement, as defined below, from its existing mortgagee(s), ground LESSORs lessors and master LESSORslessors, if any, of the Property. At LESSOR's option, this Agreement shall be subordinate to any future master lease, ground lease, mortgage, deed of trust or other security interest (a “Mortgage”) by LESSOR which from time to time may encumber all or part of the Property, Tower or right-of-way; provided, however, as a condition precedent to LESSEE being required to subordinate its interest in this Agreement to any future Mortgage covering the Tower or Property, LESSOR shall obtain for LESSEE's benefit a non‑disturbance non-disturbance and attornment agreement for XXXXXXLESSEE's benefit in the form reasonably satisfactory to LESSEE, and containing the terms described below (the “Non‑Disturbance Non-Disturbance Agreement”), and shall recognize XXXXXXLESSEE's right to remain in occupancy of and have access to the Premises as long as LESSEE is not in default of this Agreement beyond applicable notice and cure periods. The Non‑Disturbance Non-Disturbance Agreement shall include the encumbering party's (“Lender's”) agreement that, if Lender or its successor‑in‑interest successor-in-interest or any purchaser of Lender’s or its successor’s interest (a “Purchaser”) acquires an ownership interest in the Tower or Property, Lender or such successor‑in‑interest successor-in-interest or Purchaser will (1) honor all of the terms of the Agreement, (2) fulfill LESSOR's obligations under the Agreement, and (3) promptly cure all of the then‑existing then-existing LESSOR defaults under the Agreement. Such Non‑Disturbance Non-Disturbance Agreement must be binding on all of Lender's participants in the subject loan (if any) and on all successors and assigns of Lender and/or its participants and on all Purchasers. In return for such Non‑Disturbance Non-Disturbance Agreement, XXXXXX LESSEE will execute an agreement for XxxxxxLender's benefit in which LESSEE (1) confirms that the Agreement is subordinate to the Mortgage or other real property interest in favor of XxxxxxLender, (2) agrees to attorn to Lender if Xxxxxx Lender becomes the owner of the Tower or Property and (3) agrees accept a cure by Xxxxxx Lender of any of LESSOR's defaults, provided such cure is completed within the deadline applicable to LESSOR. In the event LESSOR defaults in the payment and/or other performance of any mortgage or other real property interest encumbering the Property, LESSEE, may, at its sole option and without obligation, cure or correct LESSOR's default and upon doing so, LESSEE shall be subrogated to any and all rights, titles, liens and equities of the holders of such mortgage or other real property interest and LESSEE shall be entitled to deduct and setoff against all rents that may otherwise become due under this Agreement the sums paid by LESSEE to cure or correct such defaults.
Appears in 1 contract
Samples: Water Tower Lease Agreement
SUBORDINATION AND NON-DISTURBANCE. XXXXXX LESSOR shall obtain not later than fifteen (15) days following the execution of this Agreement, a Non‑Disturbance Non-Disturbance Agreement, as defined below, from its existing mortgagee(s), ground LESSORs lessors and master LESSORslessors, if any, of the Property. At LESSOR's option, this Agreement shall be subordinate to any future master lease, ground lease, mortgage, deed of trust or other security interest (a “Mortgage”) by LESSOR which from time to time may encumber all or part of the Property, Tower Property or right-of-way; provided, however, as a condition precedent to LESSEE being required to subordinate its interest in this Agreement to any future Mortgage covering the Tower or Property, LESSOR shall obtain for LESSEE's benefit a non‑disturbance non-disturbance and attornment agreement for XXXXXXLESSEE's benefit in the form reasonably satisfactory to LESSEE, and containing the terms described below (the “Non‑Disturbance Non-Disturbance Agreement”), and shall recognize XXXXXXLESSEE's right to remain in occupancy of and have access to the Premises as long as LESSEE is not in default of this Agreement beyond applicable notice and cure periods. The Non‑Disturbance Non-Disturbance Agreement shall include the encumbering party's (“Lender's”) agreement that, if Lender or its successor‑in‑interest successor-in-interest or any purchaser of Lender’s or its successor’s interest (a “Purchaser”) acquires an ownership interest in the Tower or Property, Lender or such successor‑in‑interest successor-in-interest or Purchaser will (1) honor all of the terms of the Agreement, (2) fulfill LESSOR's obligations under the Agreement, and (3) promptly cure all of the then‑existing then-existing LESSOR defaults under the Agreement. Such Non‑Disturbance Non-Disturbance Agreement must be binding on all of Lender's participants in the subject loan (if any) and on all successors and assigns of Lender and/or its participants and on all Purchasers. In return for such Non‑Disturbance Non-Disturbance Agreement, XXXXXX LESSEE will execute an agreement for XxxxxxLender's benefit in which LESSEE (1) confirms that the Agreement is subordinate to the Mortgage or other real property interest in favor of XxxxxxLender, (2) agrees to attorn to Lender if Xxxxxx Lender becomes the owner of the Tower or Property and (3) agrees to accept a cure by Xxxxxx Lender of any of LESSOR's defaults, provided such cure is completed within the deadline applicable to LESSOR. In the event LESSOR defaults in the payment and/or other performance of any mortgage or other real property interest encumbering the Property, LESSEE, may, at its sole option and without obligation, cure or correct LESSOR's default and upon doing so, LESSEE shall be subrogated to any and all rights, titles, liens and equities of the holders of such mortgage or other real property interest and LESSEE shall be entitled to deduct and setoff against all rents that may otherwise become due under this Agreement the sums paid by LESSEE to cure or correct such defaults.
Appears in 1 contract
Samples: Land Lease Agreement
SUBORDINATION AND NON-DISTURBANCE. XXXXXX Lessor shall obtain not later than fifteen (15) days following the execution of this Agreement, a Non‑Disturbance Non-Disturbance Agreement, as defined below, from its existing mortgagee(s), ground LESSORs Lessors, and master LESSORsLessors, if any, of the Property. At LESSOR's Lessor’s option, this Agreement shall be subordinate to any future master lease, ground lease, mortgage, deed of trust trust, or other security interest (a “Mortgage”) by LESSOR Lessor which from time to time may encumber all or part of the Property, Tower Tower, or right-of-way; provided, however, as a condition precedent to LESSEE Lessee being required to subordinate its interest in this Agreement to any future Mortgage covering the Tower or Property, LESSOR Lessor shall obtain for LESSEE's Lessee’s benefit a non‑disturbance non-disturbance and attornment agreement for XXXXXX's Xxxxxx’s benefit in the form reasonably satisfactory to LESSEELessee, and containing the terms described below (the “Non‑Disturbance Non-Disturbance Agreement”), and shall recognize XXXXXX's Xxxxxx’s right to remain in occupancy of and have access to the Premises as long as LESSEE Lessee is not in default of this Agreement beyond applicable notice and cure periods. The Non‑Disturbance Non-Disturbance Agreement shall include the encumbering party's Party’s (“Lender's’s”) agreement that, if Lender or its successor‑in‑interest successor-in-interest or any purchaser of Lender’s or its successor’s interest (a “Purchaser”) acquires an ownership interest in the Tower or Property, Lender or such successor‑in‑interest successor-in-interest or Purchaser will (1) honor all of the terms of the Agreement, (2) fulfill LESSOR's Lessor’s obligations under the Agreement, and (3) promptly cure all of the then‑existing LESSOR then-existing Lessor defaults under the Agreement. Such Non‑Disturbance Non-Disturbance Agreement must be binding on all of Lender's ’s participants in the subject loan (if any) and on all successors and assigns of Lender and/or its participants and on all Purchasers. In return for such Non‑Disturbance Non-Disturbance Agreement, XXXXXX Xxxxxx will execute an agreement for Xxxxxx's ’s benefit in which LESSEE Lessee (1) confirms that the Agreement is subordinate to the Mortgage or other real property interest in favor of Xxxxxx, (2) agrees to attorn to Lender if Xxxxxx becomes the owner of the Tower or Property and (3) agrees accept a cure by Xxxxxx of any of LESSOR's Lessor’s defaults, provided such cure is completed within the deadline applicable to LESSORLessor. In the event LESSOR Lessor defaults in the payment and/or other performance of any mortgage or other real property interest encumbering the Property, LESSEELessee, may, at its sole option and without obligation, cure or correct LESSOR's Lessor’s default and upon doing so, LESSEE Lessee shall be subrogated to any and all rights, titles, liens and equities of the holders of such mortgage or other real property interest and LESSEE Lessee shall be entitled to deduct and setoff against all rents that may otherwise become due under this Agreement the sums paid by LESSEE Lessee to cure or correct such defaults.
Appears in 1 contract
Samples: Water Tower Lease Agreement
SUBORDINATION AND NON-DISTURBANCE. XXXXXX In the event that LESSOR shall become a party other than the Town, then LESSOR shall obtain not later than fifteen (15) days following the execution of this Agreement, a Non‑Disturbance Non-Disturbance Agreement, as defined below, and, if required by the Mortgage, as defined below, a written consent, from its existing mortgagee(s), ground LESSORs lessors and master LESSORslessors, if any, of the Property. At LESSOR's option, this Agreement shall be subordinate to any future master lease, ground lease, mortgage, deed of trust or other security interest (a “Mortgage”) by LESSOR XXXXXX which from time to time may encumber all or part of the Property, Tower or right-of-way; provided, however, as a condition precedent to LESSEE being required to subordinate its interest in this Agreement to any future Mortgage covering the Tower or Property, LESSOR shall obtain for LESSEEXXXXXX's benefit a non‑disturbance non-disturbance and attornment agreement for XXXXXX's benefit in the form reasonably satisfactory to LESSEE, and containing the terms described below (the “Non‑Disturbance Non-Disturbance Agreement”), and shall recognize XXXXXX's right to remain in occupancy of and have access to the Premises as long as LESSEE is not in default of this Agreement beyond applicable notice and cure periods. The Non‑Disturbance Non-Disturbance Agreement shall include the encumbering party's (“Lender's”) agreement that, if Lender or its successor‑in‑interest successor-in-interest or any purchaser of Lender’s or its successor’s interest (a “Purchaser”) acquires an ownership interest in the Tower or Property, Lender or such successor‑in‑interest successor-in-interest or Purchaser will (1) honor all of the terms of the Agreement, (2) fulfill LESSOR's obligations under the Agreement, and (3) promptly cure all of the then‑existing then-existing LESSOR defaults under the Agreement. Such Non‑Disturbance Non-Disturbance Agreement must be binding on all of Lender's participants in the subject loan (if any) and on all successors and assigns of Lender and/or its participants and on all Purchasers. In return for such Non‑Disturbance Non-Disturbance Agreement, XXXXXX will execute an agreement for Xxxxxx's benefit in which LESSEE (1) confirms that the Agreement is subordinate to the Mortgage or other real property interest in favor of Xxxxxx, (2) agrees to attorn to Lender if Xxxxxx becomes the owner of the Tower or Property Property, and (3) agrees to accept a cure by Xxxxxx Lender of any of LESSORXXXXXX's defaults, provided such cure is completed within the deadline applicable to LESSOR. In the event LESSOR defaults in the payment and/or other performance of any mortgage or other real property interest encumbering the Property, LESSEE, may, at its sole option and without obligation, cure or correct LESSOR's default and upon doing so, LESSEE shall be subrogated to any and all rights, titles, liens and equities of the holders of such mortgage or other real property interest and LESSEE shall be entitled to deduct and setoff against all rents that may otherwise become due under this Agreement the sums paid by LESSEE to cure or correct such defaults.
Appears in 1 contract
Samples: Water Tower Lease Agreement