Subordination and Nondisturbance. Tenant’s interest in this Lease shall be subject and subordinate in all respects to any fee owner, ground or prime lease (including, without limitation, any Over-Lease or master lease agreement resulting from a sale by Landlord of its interest in the Property to a third party and a lease-back of the entire Property by Landlord from such third party) or the lien of any mortgage or deed of trust which may now or hereafter be placed on the Property. Upon Tenant’s request, Landlord shall request and use commercially reasonable efforts to obtain from any present or future mortgagee, trustee, fee owner, ground or prime lessor, or any person having an interest in the Premises superior to this Lease (a “Superior Interest”) a written subordination and nondisturbance agreement in recordable form, providing that so long as Tenant performs all of the terms, covenants and conditions of this Lease and agrees to attorn to the mortgagee, beneficiary of the deed of trust, purchaser at a foreclosure sale, ground or prime lessor or fee owner, Tenant’s rights under this Lease shall not be disturbed and shall remain in full force and effect for the Term, and Tenant shall not be joined by the holder of any mortgage or deed of trust in any action or proceeding to foreclose thereunder, unless such joinder is required for jurisdictional purposes. Landlord shall not have any liability to Tenant if it is not able to obtain such subordination and nondisturbance agreement.
Appears in 3 contracts
Sources: Lease Agreement (Pactiv Evergreen Inc.), Lease Agreement (Reynolds Group Holdings LTD), Lease Agreement (Reynolds Consumer Products Inc.)
Subordination and Nondisturbance. Tenant’s interest This Lease, all rights of Tenant in this Lease shall be Lease, and all interest or estate of Tenant in the Property, is subject and subordinate in all respects to any fee owner, ground or prime lease (including, without limitation, any Over-Lease or master lease agreement resulting from a sale by Landlord of its interest in the Property to a third party and a lease-back of the entire Property by Landlord from such third party) or the lien of any mortgage Mortgage. Tenant will, on Landlord's demand, execute and deliver to Landlord or deed to any other person Landlord designates any instruments, releases or other documents reasonably required to subject and subordinate this Lease to the lien of trust which may now or hereafter be placed on the Propertyany Mortgage. Upon Tenant’s request, Landlord shall request and use commercially reasonable efforts The foregoing subordination to obtain from any present existing or future Mortgage provided for in this Section is expressly conditioned upon the mortgagee, trustee, fee owner, ground or prime lessor, 's written agreement that if mortgagee or any person having an interest (i.e., mortgagee or such other person being hereinafter sometimes called "Successor Landlord") acquires title to the Property and Premises pursuant to the exercise of any remedy provided for in the Premises superior to this Lease (a “Superior Interest”) a written subordination and nondisturbance agreement in recordable form, providing that so long as Tenant performs all any mortgage or any related security document or by reason of the termsacceptance of a deed in lieu of foreclosure or otherwise, covenants and conditions of this Lease and agrees to attorn to the mortgagee, beneficiary of the deed of trust, purchaser at a foreclosure sale, ground or prime lessor or fee owner, Tenant’s rights under this Lease shall not be disturbed and shall remain continue in full force and effect as a direct lease between Tenant and Successor Landlord and Successor Landlord shall covenant and agree for the Term, and so long as Tenant shall not be joined in default under the provisions of the Lease for a period beyond the time allowed therein to cure a default, Tenant's leasehold interest under the Lease shall not terminated or disturbed nor shall Tenant's rights and obligations under the Lease be disturbed by any steps or proceedings taken by Successor Landlord in the holder exercise of any of its rights under any mortgage or deed of trust in any action or proceeding to foreclose thereunder, unless such joinder is required for jurisdictional purposesrelated security documents. Successor Landlord shall not have be liable for any liability to default under the terms of this Lease on behalf of Landlord or any predecessor in interest of Successor Landlord. The lien of any existing or future Mortgage will not cover Tenant's moveable trade fixtures or other personal property of Tenant if it is not able to obtain such subordination and nondisturbance agreementlocated in or on the Premises or the Parking Premises.
Appears in 1 contract
Sources: Lease Agreement (Wells Real Estate Investment Trust Inc)
Subordination and Nondisturbance. TenantThis Lease, and any Option or right of first refusal granted hereby, at Landlord’s interest in this Lease option, shall be subject and subordinate in all respects to any fee ownerground lease, ground or prime lease (includingmortgage, without limitation, any Over-Lease or master lease agreement resulting from a sale by Landlord of its interest in the Property to a third party and a lease-back of the entire Property by Landlord from such third party) or the lien of any mortgage or deed of trust which may trust, or any other hypothecation or security now or hereafter be placed upon the Building (collectively “Mortgage”) and to any and all advances made on the Propertysecurity thereof and to all renewals, modifications, consolidations, replacements and extensions thereof. Upon Notwithstanding such subordination, Tenant’s request, Landlord shall request and use commercially reasonable efforts right to obtain from any present or future mortgagee, trustee, fee owner, ground or prime lessor, or any person having an interest in quiet possession of the Premises superior to this Lease (a “Superior Interest”) a written subordination shall not be disturbed if Tenant is not in default and nondisturbance agreement in recordable form, providing that so long as Tenant performs shall pay all Base Rent and Additional Rent and shall observe and perform all of the provisions of this Lease, unless this Lease is otherwise terminated pursuant to its terms. If any mortgagee, covenants and conditions of trustee or ground lessor shall elect to have this Lease and agrees to attorn any Options granted hereby be senior to the mortgageelien of its mortgage, beneficiary of the deed of trust, purchaser at a foreclosure sale, ground or prime lessor or fee owner, Tenant’s rights under this Lease shall not be disturbed and shall remain in full force and effect for the Term, and Tenant shall not be joined by the holder of any mortgage or deed of trust in any action or proceeding ground lease, and shall give written notice thereof to foreclose thereunderTenant, unless this Lease and such joinder is required for jurisdictional purposes. Landlord Options shall not have any liability be deemed senior to Tenant if it is not able such mortgage, deed of trust or ground lease, whether this Lease or such Options are dated prior or subsequent to obtain such subordination and nondisturbance agreementthe date of said mortgage, deed of trust or ground lease or the date of recording thereof.
Appears in 1 contract
Sources: Building Lease (Health Grades Inc)
Subordination and Nondisturbance. Tenant’s interest in Without the necessity of any additional document being executed by Tenant for the purpose of effecting a subordination, and at the election of Landlord or any first mortgagee with a lien on the Real Property or any ground lessor, this Lease shall be subject and subordinate in at all respects times to any fee owner, ground or prime lease (including, without limitation, any Over-Lease or master lease agreement resulting from a sale by Landlord of its interest in the Property to a third party and a lease-back of the entire Property by Landlord from such third party) or the lien of any mortgage or deed of trust which may now exist or hereafter be placed on executed in any amount for which the PropertyReal Property (including the Buildings), or Landlord’s interest or estate in any of said items is specified as security. Upon Tenant’s requestNotwithstanding the foregoing, Landlord shall request and use commercially reasonable efforts have the right to obtain from subordinate or cause to be subordinated any present or future mortgagee, trustee, fee owner, ground or prime lessor, or any person having an interest in the Premises superior such liens to this Lease (a “Superior Interest”) a written subordination and nondisturbance agreement in recordable form, providing Lease. In the event that so long as Tenant performs all of the terms, covenants and conditions of this Lease and agrees to attorn to the mortgagee, beneficiary of the deed of trust, purchaser at a foreclosure sale, ground or prime lessor or fee owner, Tenant’s rights under this Lease shall not be disturbed and shall remain in full force and effect for the Term, and Tenant shall not be joined by the holder of any mortgage or deed of trust is foreclosed or a conveyance in lieu of foreclosure is made for any action reason, Tenant shall, if requested by the mortgagee or proceeding beneficiary, as applicable, attorn to foreclose thereunderand become the Tenant of the successor in interest to Landlord and in such event Tenant’s right to possession of the Real Property (including the Buildings) shall not be disturbed if Tenant is not in default and so long as Tenant shall pay the rent and all other amounts required to be paid to Landlord pursuant to the terms hereof and observe and perform all of the provisions of this Lease, unless the Lease is otherwise terminated pursuant to its terms. Tenant covenants and agrees to execute and deliver, upon demand by Landlord, any additional documents evidencing the priority or subordination of this Lease with respect to any such joinder is required for jurisdictional purposeslien of any such mortgage or deed of trust. Landlord Should Tenant fail to sign and return any such documents within ten (10) business days of receipt, Tenant shall not have any liability to Tenant if it is not able to obtain such subordination and nondisturbance agreementbe in default.
Appears in 1 contract
Sources: Lease Agreement (Perma-Pipe International Holdings, Inc.)