Subordination Attornment and Estoppel. This Lease, at Landlord’s option, shall be subordinate to the lien of any first deed of trust or first mortgage subsequently placed upon the real property of which the Premises are a part, and to any and all advances made on the security thereof, and to all renewals, modifications, consolidations, replacements and extensions thereof, as well as any reciprocal easement agreement now or hereafter recorded against the office building project and any amendments thereto, and Tenant shall execute any documents required by Landlord or Landlord’s mortgagee in this regard within ten (10) days of written request to do so and Tenant’s failure or refusal to do so shall constitute a material default by Tenant hereunder and Landlord may, without further notice to Tenant, declare the term hereof ended, and Landlord may at its option execute any such documents on behalf of Tenant as Tenant’s attorney-in-fact and in Tenant’s name, place and stead, to execute such documents, such appointment to be irrevocable and coupled with an interest; provided, however, that as to the lien of any such deed of trust or mortgage, 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 otherwise terminated pursuant to its terms. If any mortgagee, trustee or ground Landlord shall elect to have this Lease prior to the lien of its mortgage, deed of trust or ground lease, and shall give written notice thereof to Tenant, this Lease shall be deemed prior to such mortgage, deed of trust or ground lease, whether this Lease is dated prior or subsequent to the date of said mortgage, deed of trust or ground lease or the date of recording thereof. In the event any proceedings or brought for foreclosure, or in the event of the exercise of the power of sale under any mortgage or deed of trust made by Landlord covering the Premises, Tenant shall, at the new owner’s option, attorn to the purchaser upon any such foreclosure or sale and recognize such purchaser as Landlord under this Lease. If upon any sale, assignment or hypothecation of the Premises or the land thereunder by Landlord, or at any other time, an estoppel certificate, and/or financial statement or Tenant, Tenant agrees, within ten (10) days thereafter, to deliver such financial statement, and to deliver such estoppel certificate (in the form of that attached hereto or as may be required by Landlord’s mortgagee or purchaser or to Landlord certifying the requested information, including among other things, the dates of commencement and termination of this Lease, the amounts of security deposits, that this Lease is in full force and effect, if such be the case, and that there are no differences, offsets or defaults of Landlord, or noting such differences, offsets or defaults as actually exist. Tenant shall be liable for any loss or liability resulting from any incorrect information certified, and such mortgagee and purchaser shall have the right to rely on such estoppel certificate and financial statement. Tenant shall in the same manner acknowledge and execute any assignment of rights to receive rents as required by any mortgagee of Landlord. Should Tenant fail to provide such estoppel certificate, financial statement or assignment of rights within ten (10) days of the service on Tenant or a written request therefor, then it is agreed between the parties hereto that Landlord may suffer substantial damage as a result of Tenant’s failure and therefore Tenant shall pay to Landlord daily Additional Rental, in addition to all other rental due under this Lease, in an amount equal to one-thirtieth (1/30th) of the Base Rent (as set forth in Section 4 hereof) for each day commencing on the eleventh (11th) day after service of the request for such estoppel certificate, financial statement or assignment of rights until the same is provided to Landlord, its mortgagee or purchaser. Said daily Additional Rental shall be due and payable daily for each day commencing on the eleventh (11th) day following the service of such request, and in default three (3) days after each such daily due date. In addition but without limitation of the foregoing, Landlord may at its option execute any such documents on behalf of Tenant as Tenant’s attorney-in-fact, and Tenant does hereby appoint Landlord as Tenant’s attorney-in-fact and in Tenant’s name, place and stead, to execute such documents, such appointment to be irrevocable and coupled with an interest.
Appears in 3 contracts
Samples: Office Lease (Obagi Medical Products, Inc.), Office Lease (Obagi Medical Products, Inc.), Office Lease (Obagi Medical Products, Inc.)
Subordination Attornment and Estoppel. This Lease, at Landlord’s option, shall be 19.1 Tenant accepts this Lease subject and subordinate to the lien of any first mortgage, deed of trust trust, or first mortgage subsequently other lien presently existing or hereafter placed upon the real property of which Leased Premises or upon the Premises are Development as a partwhole, and to any and all advances made on the security thereof, and to all renewals, modifications, consolidations, replacements renewals and extensions thereof, as well as any reciprocal easement agreement now or hereafter recorded against the office building project and any amendments thereto, and ; but Tenant shall execute any documents required by Landlord or Landlord’s mortgagee in this regard within ten (10) days of written request to do so and Tenant’s failure or refusal to do so shall constitute a material default by Tenant hereunder and Landlord may, without further notice to Tenant, declare the term hereof ended, and Landlord may at its option execute agrees that any such documents on behalf of Tenant as Tenant’s attorney-in-fact and in Tenant’s name, place and stead, mortgagee shall have the right at any time to execute such documents, such appointment to be irrevocable and coupled with an interest; provided, however, that as to the lien of any such deed of trust or mortgage, 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 otherwise terminated pursuant to its terms. If any mortgagee, trustee or ground Landlord shall elect to have this Lease prior to the lien of its mortgage, deed of trust or ground lease, and shall give written notice thereof to Tenant, this Lease shall be deemed prior to subordinate such mortgage, deed of trust or ground lease, whether other lien to this Lease on such terms and subject to such conditions as such mortgagee may deem appropriate in its discretion. Landlord is dated prior or subsequent hereby irrevocable vested with full power and authority, if it so elects at any time, to the date of said subordinate this Lease to any mortgage, deed of trust trust, or ground lease other lien hereafter placed upon the Leased Premises or upon the date Development as a whole. Tenant agrees, upon demand to execute such further instruments subordinating this Lease as Landlord may reasonably request, provided such subordination shall be upon the express condition that this Lease shall be recognized by the mortgagee, and that the rights of recording thereofTenant shall remain in full force and effect during the term of this Lease so long as Tenant shall continue to perform all of the covenants and conditions of this Lease. In the event that Tenant should fail to execute any proceedings or brought for foreclosure, or in the event of the exercise of the power of sale under any mortgage or deed of trust made by Landlord covering the Premisessuch instrument promptly as reasonably requested, Tenant shallhereby irrevocably constitutes Landlord its attorney-in-fact to execute such instrument in Tenant's name, at place and stead.
19.2 Upon the new owner’s option, attorn written request of any person or party succeeding to the purchaser upon any such foreclosure or sale and recognize such purchaser as interest of Landlord under this Lease. If upon , Tenant shall automatically become the tenant of and attorn to such successor in interest without any sale, assignment or hypothecation change in any of the Premises terms of this Lease. No successor in interest shall be (a) bound by any payment of rent for more than one month in advance, except payments of security for the performance by Tenant of Tenant's obligations under this Lease, (b) subject to any offset, defense or the land thereunder by damages arising out of a default or any obligations of any preceding Landlord, or at (c) bound by any other timeamendment of this Lease entered into after Tenant has been given notice of the name and address of Landlord's mortgagee and without the written consent of Landlord's mortgagee or such successor in interest. The subordination, an estoppel certificateattornment and mortgage protection clauses of this Section 19 shall be self-operative and no further instruments of subordination, and/or financial statement attornment or mortgagee protection need be required by any mortgagee or successor in interest thereto. Nevertheless, upon the written request therefor and without any compensation or consideration being payable to Tenant, Tenant agreesagrees to execute, within ten (10) days thereafter, to have acknowledged and deliver such financial statement, and to deliver such estoppel certificate (in the form of that attached hereto or instruments as may be required reasonably requested to confirm the same.
19.3 Tenant agrees that it will from time to time upon request by Landlord execute and deliver to the Landlord’s mortgagee or purchaser or to Landlord , an Estoppel Certificate , certifying the requested information, including among other things, the dates of commencement and termination of this Lease, the amounts of security deposits, that this Lease is unmodified and in full force and effect (or if there have been modifications, that the same is in full force and effect, if such be effect as so modified) and further stating the case, dates to which rent and that there are no differences, offsets or defaults of Landlord, or noting such differences, offsets or defaults as actually existother charges payable under this Lease have been paid. Tenant shall be liable for any loss or liability resulting from any incorrect information certifiedagree to sign the Estoppel Certificate, and such mortgagee and purchaser shall have the right to rely on such estoppel certificate and financial statement. Tenant shall in the same manner acknowledge and execute any assignment of rights to receive rents as required by any mortgagee of Landlord. Should Tenant fail to provide such estoppel certificate, financial statement or assignment of rights within ten (10) days of the service on Tenant or a written request therefor, then it is agreed between the parties hereto that Landlord may suffer substantial damage as a result of Tenant’s failure and therefore Tenant shall pay to Landlord daily Additional Rental, in addition to all other rental due under this Lease, in an amount equal to one-thirtieth (1/30th) of the Base Rent (as set forth in Section 4 hereof) for each day commencing on the eleventh (11th) day after service of the request for such estoppel certificate, financial statement or assignment of rights until the same is provided to Landlord, its mortgagee or purchaser. Said daily Additional Rental shall be due and payable daily for each day commencing on the eleventh (11th) day following the service of such request, and in default three (3) business days after each such daily due date. In addition but without limitation of the foregoing, Landlord may at its option execute any such documents on behalf of Tenant as Tenant’s attorney-in-fact, and Tenant does hereby appoint Landlord as Tenant’s attorney-in-fact and in Tenant’s name, place and stead, to execute such documents, such appointment to be irrevocable and coupled with an interest.same being presented by Landlord
Appears in 1 contract
Subordination Attornment and Estoppel. This Lease, at Landlord’s option, Lease is and shall be subject and subordinate to the lien of any first deed of trust all mortgages that may now or first mortgage subsequently placed upon the real property of which hereafter affect the Premises are a part, and to any and all advances made or the building located on the security thereofPremises, and to all renewals, modifications, consolidations, replacements replacements, and extensions thereof, as well as of the mortgages provided that (i) any reciprocal easement agreement such mortgage now existing or hereafter recorded against placed upon the office Premises or the building project and located on the Premises shall provide that so long as there shall be outstanding no continuing event of default in any amendments theretoof the terms, and conditions, covenants, or agreements of this Lease on the part of the Tenant shall execute any documents required by Landlord or Landlord’s mortgagee in this regard within ten (10) days to be performed, the leasehold estate of written request to do so the Lease created hereby and Tenant’s failure or refusal to do so shall constitute a material default by Tenant hereunder peaceful and Landlord may, without further notice to Tenant, declare the term hereof ended, and Landlord may at its option execute any such documents on behalf of Tenant as Tenant’s attorney-in-fact and in Tenant’s name, place and stead, to execute such documents, such appointment to be irrevocable and coupled with an interest; provided, however, that as to the lien of any such deed of trust or mortgage, Tenant’s right to quiet possession of the Premises shall not be disturbed if by any foreclosure of such mortgage, and (ii) the mortgagee, Landlord and Tenant shall enter into a three party non-subordination and attornment agreement, which agreement shall be reasonably acceptable to Landlord’s lender, confirming that Tenant’s possession will not be disturbed in the event of foreclosure or deed in lieu of foreclosure, as long as Tenant is not in default under the Lease beyond any notice and so long opportunity to cure provided therein. Except as Tenant otherwise provided above, this Section shall pay the rent be self-operative and observe and perform all no further instrument of the provisions subordination shall be necessary. However, in confirmation of this Lease, unless this Lease is otherwise terminated pursuant to its terms. If any mortgagee, trustee or ground Landlord shall elect to have this Lease prior to the lien of its mortgage, deed of trust or ground lease, and shall give written notice thereof to Tenant, this Lease shall be deemed prior to such mortgage, deed of trust or ground lease, whether this Lease is dated prior or subsequent to the date of said mortgage, deed of trust or ground lease or the date of recording thereof. In the event any proceedings or brought for foreclosure, or in the event of the exercise of the power of sale under any mortgage or deed of trust made by Landlord covering the Premisessubordination, Tenant shall, at the new owner’s option, attorn to the purchaser upon any such foreclosure or sale and recognize such purchaser as Landlord under this Lease. If upon any sale, assignment or hypothecation of the Premises or the land thereunder by Landlord, or at any other time, an estoppel certificate, and/or financial statement or Tenant, Tenant agrees, within ten (10) days thereafter, to deliver such financial statement, and to deliver such estoppel certificate (in the form of that attached hereto or as may be required by Landlord’s mortgagee or purchaser or to Landlord certifying the requested informationwritten request, including among other things, the dates of commencement and termination of this Lease, the amounts of security deposits, that this Lease is in full force and effect, if such be the case, and that there are no differences, offsets or defaults of Landlord, or noting such differences, offsets or defaults as actually exist. Tenant shall be liable for any loss or liability resulting from any incorrect information certified, and such mortgagee and purchaser shall have the right to rely on such estoppel certificate and financial statement. Tenant shall in the same manner acknowledge and execute any assignment of rights certificate that Landlord may request. From time to receive rents as required by any mortgagee of Landlord. Should Tenant fail to provide such estoppel certificatetime, financial statement or assignment of rights within each party upon written request from the other no later than ten (10) days after such request, shall execute and deliver to the requesting party an estoppel certificate in favor of such party designated by the service on requesting party substantially in the form attached hereto as Exhibit “C”, or such other form as the parties may mutually agree. If Tenant or a written request thereforfails to execute and deliver to Landlord an estoppel certificate within such ten (10) day period, then it is agreed between the parties hereto that Landlord may suffer substantial damage as a result of Tenant’s failure and therefore Tenant shall pay to Landlord daily Additional Rental, in addition to all other rental due under this Lease, in an amount equal to one-thirtieth One Hundred Dollars (1/30th$100.00) of the Base Rent (as set forth in Section 4 hereof) per day for each day commencing on the eleventh (11th) day after service of the request for such estoppel certificate, financial statement or assignment of rights thereafter until the same certificate is provided executed and delivered to Landlord, its mortgagee or purchaser. Said daily Additional Rental shall be due and payable daily for each day commencing on the eleventh (11th) day following the service of such request, and in default three (3) days after each such daily due date. In addition but without limitation of the foregoing, Landlord may at its option execute any such documents on behalf of Tenant as Tenant’s attorney-in-fact, and Tenant does hereby appoint Landlord as Tenant’s attorney-in-fact and in Tenant’s name, place and stead, to execute such documents, such appointment to be irrevocable and coupled with an interest.
Appears in 1 contract
Subordination Attornment and Estoppel. This (a) Subject to and conditioned upon the full satisfaction of all other provisions of this Lease, including, without limitation, the requirements of Sections 11 and 12 hereof, and further subject to the provisions of this Section 25, this Lease and the leasehold estate created hereby shall be, at the option and upon written declaration of Landlord’s option, shall be subordinate subject, subordinate, and inferior to the lien and estate of any first deed of trust or first mortgage subsequently placed upon the real property of which the Premises are a part, mortgages and to any and all advances made on the security thereof, and to all renewals, modificationsextensions, consolidations, or replacements and extensions thereof, as well as any reciprocal easement agreement now or hereafter recorded against the office building project and any amendments thereto, and Tenant shall execute any documents required imposed by Landlord or Landlord’s mortgagee in this regard within ten (10) days of written request to do so and Tenant’s failure or refusal to do so shall constitute a material default by Tenant hereunder and Landlord may, without further notice to Tenant, declare upon the term hereof ended, and Landlord may at its option execute any such documents on behalf of Tenant as Tenant’s attorney-in-fact and in Tenant’s name, place and stead, to execute such documents, such appointment to be irrevocable and coupled with an interestPremises; provided, however, that as this Lease shall not be subordinate to any mortgage or any renewal, extension, or replacement thereof, unless and until Landlord provides Tenant with an agreement (the lien “Non-Disturbance Agreement”), signed and acknowledged by each holder of any such deed mortgage setting forth that so long as no Event of trust or mortgageDefault has occurred, Landlord’s and Tenant’s rights and obligations hereunder shall remain in force and Tenant’s right to possession shall be upheld. Tenant shall, promptly following a request by Landlord and after receipt of the Non-Disturbance Agreement, execute and acknowledge any subordination agreement or other documents reasonably required to establish of record the priority of any such encumbrance over this Lease, so long as such agreement does not otherwise increase Tenant’s obligations or diminish Tenant’s rights hereunder.
(b) In the event of foreclosure of any mortgage, whether superior or subordinate to this Lease, then (i) this Lease shall continue in force; (ii) Tenant’s quiet possession of the Premises shall not be disturbed if Tenant is not in default and so long as no Event of Default has occurred; (iii) Tenant shall pay attorn to and recognize the mortgagee or purchaser at foreclosure sale (the “Successor Landlord”) as Tenant’s landlord for the remaining Term of this Lease; and (iv) the Successor Landlord shall not be bound by (a) any payment of rent for more than one (1) month in advance; (b) any ending of this Lease or any amendment or modification of this Lease without the Successor Landlord’s consent after the Successor Landlord’s name is given to Tenant, unless the amendment, modification, or ending is specifically authorized by the original Lease and observe does not require Landlord’s prior agreement or consent; and perform (c) any liability for any act or omission of a prior landlord, including Landlord. At the request of the Successor Landlord, Tenant shall execute a new lease for the Premises, setting forth all of the provisions of this Lease, unless this Lease is otherwise terminated pursuant to its terms. If any mortgagee, trustee or ground Landlord shall elect to have this Lease prior to except that the lien term of its mortgage, deed of trust or ground lease, and shall give written notice thereof to Tenant, this Lease the new lease shall be deemed prior to such mortgage, deed of trust or ground lease, whether this Lease is dated prior or subsequent to for the date of said mortgage, deed of trust or ground lease or the date of recording thereof. In the event any proceedings or brought for foreclosure, or in the event balance of the exercise of the power of sale under any mortgage or deed of trust made by Landlord covering the Premises, Tenant shall, at the new owner’s option, attorn to the purchaser upon any such foreclosure or sale and recognize such purchaser as Landlord under this Lease. If upon any sale, assignment or hypothecation of the Premises or the land thereunder by Landlord, or at any other time, an estoppel certificate, and/or financial statement or Tenant, Tenant agrees, within ten (10) days thereafter, to deliver such financial statement, and to deliver such estoppel certificate (in the form of that attached hereto or as may be required by Landlord’s mortgagee or purchaser or to Landlord certifying the requested information, including among other things, the dates of commencement and termination Term of this Lease.
(c) Tenant shall execute and deliver to Landlord, within thirty (30) days after receipt of Landlord’s request, any estoppel certificate or other statement to be furnished to any prospective purchaser of or any lender against the amounts Premises. Such estoppel certificate shall acknowledge and certify each of security depositsthe following matters, to the extent each may be true: (i) that this Lease is in full force effect and effectnot subject to any rental offsets, if such be claims, or defenses to its enforcement; (ii) the casecommencement and termination dates of the Term; (iii) that Tenant is paying rent on a current basis; (iv) that this Lease constitutes the entire agreement between Tenant and Landlord relating to the Premises; (v) that Tenant has accepted the Premises and is in possession thereof; (vi) that this Lease has not been modified, altered, or amended except in specified respects by specified instruments; (vii) that Tenant has no notice of any prior assignment, hypothecation, or pledge of rents or this Lease; and (viii) that there are no differencesneither Tenant nor, offsets to the knowledge of Tenant, Landlord is in default under this Lease beyond any applicable cure or defaults grace period. Tenant shall also, upon request of Landlord, or noting certify and agree for the benefit of any lender against the Premises (“Lender”) that Tenant will not look to such differences, offsets or defaults Lender: (a) as actually exist. Tenant shall be being liable for any loss act or liability resulting from omission of Landlord; (b) as being obligated to cure any incorrect information certifieddefaults of Landlord under this Lease which occurred prior to the time Lender, and such mortgagee and purchaser shall have the right to rely on such estoppel certificate and financial statement. Tenant shall its successor or assigns, acquired Landlord’s interest in the same manner acknowledge and execute any assignment of rights to receive rents Premises by foreclosure or otherwise; (c) as required being bound by any mortgagee payment of Landlord. Should rent or additional rent by Tenant fail to provide such estoppel certificate, financial statement or assignment of rights within ten (10) days of the service on Tenant or a written request therefor, then it is agreed between the parties hereto that Landlord may suffer substantial damage as a result of Tenant’s failure and therefore Tenant shall pay to Landlord daily Additional Rental, for more than one (1) month in addition advance; or (d) as being bound by Landlord to all other rental due under any amendment or modification of this Lease, in an amount equal to one-thirtieth (1/30th) of the Base Rent (as set forth in Section 4 hereof) for each day commencing on the eleventh (11th) day after service of the request for such estoppel certificate, financial statement or assignment of rights until the same is provided to Landlord, its mortgagee or purchaser. Said daily Additional Rental shall be due and payable daily for each day commencing on the eleventh (11th) day following the service of such request, and in default three (3) days after each such daily due date. In addition but Lease without limitation of the foregoing, Landlord may at its option execute any such documents on behalf of Tenant as TenantLender’s attorney-in-fact, and Tenant does hereby appoint Landlord as Tenant’s attorney-in-fact and in Tenant’s name, place and stead, to execute such documents, such appointment to be irrevocable and coupled with an interestwritten consent.
Appears in 1 contract
Samples: Lease Agreement (Pantry Inc)
Subordination Attornment and Estoppel. 01. This Lease, at Landlord’s option, shall be Lease is subject and subordinate to the lien following:
(a) Any condominium declaration and map covering the Premises, as amended from time to time; and
(b) All renewals, extensions, modifications, consolidations and replacements of any first deed all the foregoing.
02. This Lease is subject and subordinate to all applicable federal, state, county and municipal laws, ordinances, codes, orders, rules and regulations, permits and certificates of trust or first mortgage subsequently placed upon the real property of which the Premises are a part, and to any and all advances made on the security thereof, occupancy and to all covenants, conditions, declarations, encroachments, restrictions, reservations, rights, rights-of-way and easements and all conditions, renewals, extensions, modifications, consolidationsconsolidations and replacements thereof (except to the extent any such time shall expressly provide that this Lease is superior thereto), replacements and extensions thereof, as well as any reciprocal easement agreement now or hereafter recorded affecting or placed, charged or enforced against all or any portion of the office building project and Building or any amendments thereto, and Tenant shall execute any documents required by interest of Landlord in the Building or Landlord’s mortgagee 's interest in this regard within ten (10) days of written request to do so Lease and the leasehold estate created by it.
03. This Lease and Tenant’s failure or refusal 's rights under it are and will remain subject and subordinate to do so shall constitute a material default by Tenant hereunder each and Landlord mayevery underlying lease, without further notice to Tenantindenture, declare the term hereof ended, and Landlord may at its option execute any such documents on behalf of Tenant as Tenant’s attorney-in-fact and in Tenant’s name, place and stead, to execute such documents, such appointment to be irrevocable and coupled with an interest; provided, however, that as to the lien of any such deed of trust or mortgage, 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 otherwise terminated pursuant to its terms. If any mortgagee, trustee or ground Landlord shall elect to have this Lease prior to the lien of its mortgage, deed of trust or other encumbrance (and all voluntary and involuntary advances thereon) that may now or hereafter encumber all or any interest in the Property, and to all increases, renewals, recastings, modifications, consolidations, participations, replacements and extensions thereof (collectively referred to as a "Mortgage"). If any mortgagee (including the ground lessor under any underlying lease) becomes the owner of the Property by reason of termination of the underlying lease, and shall give written notice thereof to Tenant, this Lease shall be deemed prior to such mortgage, deed of trust or ground lease, whether this Lease is dated prior or subsequent to the date of said mortgage, deed of trust or ground lease or the date of recording thereof. In the event any proceedings or brought for foreclosure, or acceptance of a deed in lieu of foreclosure, then at the event election of the exercise mortgagee, Tenant will be bound to such mortgagee or its designee under all terms and conditions of this Lease, and Tenant will be deemed to have attorned to and recognized such mortgagee or its designee as Landlord's successor-in-interest for the remainder of the power term of sale under any mortgage or deed of trust made by Landlord covering the Premises, Tenant shall, at the new owner’s option, attorn to the purchaser upon any such foreclosure or sale and recognize such purchaser as Landlord under this Lease. If upon any saleAs used in this Section above, assignment or hypothecation whenever the context allows, the word "mortgagee" also includes a purchaser of the Premises Property interest in question at a foreclosure sale.
04. The foregoing is self-operative, and no further instrument of subordination and/or attornment will be necessary unless required by Landlord or the land thereunder by Landlordmortgagee, or at any other timedeclarant under the Declaration, an estoppel certificate, and/or financial statement or in which case Tenant, Tenant agrees, within ten (10) days thereafterafter written request, to will execute and deliver such financial statement, and to deliver such estoppel certificate (in the form of that attached hereto or as may be required by Landlord’s mortgagee or purchaser or without charge any documents acceptable to Landlord certifying or such other requesting party in order to confirm the requested information, including among other things, the dates of commencement and termination of this Lease, the amounts of security deposits, subordination and/or attornment set forth above.
05. Should mortgagee request that this Lease is in full force and effectTenant's rights under it be made superior, if such be rather than subordinate, to the casemortgage, and that there are no differencesthen Tenant, offsets or defaults of Landlord, or noting such differences, offsets or defaults as actually exist. Tenant shall be liable for any loss or liability resulting from any incorrect information certified, and such mortgagee and purchaser shall have the right to rely on such estoppel certificate and financial statement. Tenant shall in the same manner acknowledge and execute any assignment of rights to receive rents as required by any mortgagee of Landlord. Should Tenant fail to provide such estoppel certificate, financial statement or assignment of rights within ten (10) days after written request, will execute and deliver without charge an agreement to that effect, in form and content reasonably acceptable to mortgagee.
06. Tenant agrees, at any time and from time to time, to execute, acknowledge and deliver to Landlord within fifteen (15) days following receipt of the service on Tenant or a Landlord's written request thereforany documents and instruments which may reasonably be required by Landlord or by the holder or beneficiary of a mortgage or deed of trust to evidence or effectuate such subordination. Tenant further agrees, then it is agreed between the parties hereto that Landlord may suffer substantial damage as a result of Tenant’s failure at any time and therefore Tenant shall pay from time to Landlord daily Additional Rentaltime, in addition to all other rental due under this Lease, in an amount equal to one-thirtieth (1/30th) of the Base Rent (as set forth in Section 4 hereof) for each day commencing on the eleventh (11th) day after service of the request for such estoppel certificate, financial statement or assignment of rights until the same is provided to Landlord, its mortgagee or purchaser. Said daily Additional Rental shall be due and payable daily for each day commencing on the eleventh (11th) day following the service of such request, and in default three (3) days after each such daily due date. In addition but without limitation of the foregoing, Landlord may at its option execute any such documents on behalf of Tenant as Tenant’s attorney-in-fact, and Tenant does hereby appoint Landlord as Tenant’s attorney-in-fact and in Tenant’s name, place and stead, to execute such documents, such appointment to be irrevocable and coupled with an interest.within fifteen
Appears in 1 contract
Samples: Lease Agreement
Subordination Attornment and Estoppel. This Lease, at Landlord’s option, shall be Lease and the rights of Tenant are expressly subject and subordinate to the lien and provisions of any first mortgage, deed of trust trust, deed to secure debt, ground lease, assignment of leases, or first mortgage subsequently placed upon other security instrument or operating agreement (collectively a "Security Instrument") now or hereafter encumbering the real property Premises, Building, Property, or any part thereof, and all amendments, renewals, modifications and extensions of which the Premises are a part, and to any such Security Instrument and to all advances made on the security thereof, and to all renewals, modifications, consolidations, replacements and extensions thereof, as well as any reciprocal easement agreement now or hereafter recorded against the office building project to be made upon such Security Instrument. Tenant shall, within 7 days after receipt of written notice by Landlord, execute and any amendments theretodeliver such further instruments, and Tenant shall execute any documents in such form as may be required by Landlord or Landlord’s mortgagee in any holder of a proposed or existing Security Instrument, subordinating this regard within ten (10) days of written request to do so and Tenant’s failure or refusal to do so shall constitute a material default by Tenant hereunder and Landlord may, without further notice to Tenant, declare the term hereof ended, and Landlord may at its option execute any such documents on behalf of Tenant as Tenant’s attorney-in-fact and in Tenant’s name, place and stead, to execute such documents, such appointment to be irrevocable and coupled with an interest; provided, however, that as Lease to the lien of any such deed of trust Security Instrument as may be requested in writing by Landlord or mortgage, Tenant’s right holder from time 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 otherwise terminated pursuant to its terms. If any mortgagee, trustee or ground Landlord shall elect to have this Lease prior to the lien of its mortgage, deed of trust or ground lease, and shall give written notice thereof to Tenant, this Lease shall be deemed prior to such mortgage, deed of trust or ground lease, whether this Lease is dated prior or subsequent to the date of said mortgage, deed of trust or ground lease or the date of recording thereof. time In the event any proceedings or brought for foreclosure, or in the event of the exercise foreclosure of any such Security Instrument by voluntary agreement or otherwise, or the commencement of any judicial action seeking such foreclosure, Tenant, at the request of the power then Landlord, shall attorn to such mortgagee or purchaser in foreclosure Tenant agrees to execute and deliver at any time upon request of sale under such mortgagee, purchaser, or their successors, any mortgage or deed of trust made by Landlord covering the Premises, instrument to further evidence such attornment. Tenant shall, at the new owner’s option, attorn to the purchaser upon any such foreclosure or sale and recognize such purchaser as Landlord under this Lease. If upon any sale, assignment or hypothecation within 7 days of the Premises or the land thereunder receipt of written notice by Landlord, or at any other time, an estoppel certificate, and/or financial statement or Tenant, Tenant agrees, within ten (10) days thereafter, to deliver such financial statement, and to deliver such estoppel certificate (in the form of that attached hereto or as may be required by Landlord’s mortgagee or purchaser or to Landlord a statement in writing certifying the requested informationthat this Lease is unmodified and in full force and effect, including among other thingsor, the dates of commencement and termination of if there have been modifications, that this Lease, the amounts of security depositsas modified, that this Lease is in full force and effect; providing a true, correct and complete copy of the Lease and any and all modifications of the Lease; the amount of each item of the Rent then payable under this Lease and the date to which the Rent has been paid; that Landlord is not in default under this Lease or, if in default, a detailed description of such default; that Tenant is or is not in possession of the Premises, as the case may be; and containing such other information and agreements as may be reasonably requested If requested, Landlord will use commercially reasonable efforts to obtain a Subordination and Non-Disturbance Agreement from the case, and that there are no differences, offsets Lender or defaults mortgage-holder of Landlord, or noting such differences, offsets or defaults as actually exist. Tenant the Building All costs relating to the securing of this agreement shall be liable a direct cost paid for any loss or liability resulting from any incorrect information certified, and such mortgagee and purchaser shall have the right to rely on such estoppel certificate and financial statement. Tenant shall in the same manner acknowledge and execute any assignment of rights to receive rents as required by any mortgagee of Landlord. Should Tenant fail to provide such estoppel certificate, financial statement or assignment of rights within ten (10) days of the service on Tenant or a written request therefor, then it is agreed between the parties hereto that Landlord may suffer substantial damage as a result of Tenant’s failure and therefore Tenant shall pay to Landlord daily Additional Rental, in addition to all other rental due under this Lease, in an amount equal to one-thirtieth (1/30th) of the Base Rent (as set forth in Section 4 hereof) for each day commencing on the eleventh (11th) day after service of the request for such estoppel certificate, financial statement or assignment of rights until the same is provided to Landlord, its mortgagee or purchaser. Said daily Additional Rental shall be due and payable daily for each day commencing on the eleventh (11th) day following the service of such request, and in default three (3) days after each such daily due date. In addition but without limitation of the foregoing, Landlord may at its option execute any such documents on behalf of Tenant as Tenant’s attorney-in-fact, and Tenant does hereby appoint Landlord as Tenant’s attorney-in-fact and in Tenant’s name, place and stead, to execute such documents, such appointment to be irrevocable and coupled with an interest.
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Subordination Attornment and Estoppel. 22.1 This Lease, at Landlord’s option, shall be Lease is subject and subordinate to the lien of any first deed of trust or first mortgage subsequently placed upon the real property of which the Premises are a part, and to any and all advances made on Mortgages which may now or hereafter encumber the security thereofBuilding or the Project, to all funds and all indebtedness intended to be secured by such Mortgages, and to all renewalsand any renewal, extensions, modifications, consolidationsrecastings or refinancings thereof. The holder of any Mortgage to which this Lease is subordinate shall have the right at any time to declare this Lease to be superior to the lien of such Mortgage and Tenant agrees to execute all documents required by such holder in confirmation thereof.
22.2 In confirmation of the foregoing subordination, replacements Tenant shall, at Landlord's request from time to time, promptly execute any requisite or appropriate certificate or other document. Tenant hereby irrevocably constitutes and extensions thereofappoints Landlord as Tenant's attorney-in-fact to execute any such certificate or other document for or on behalf of Tenant. Tenant agrees that in the event of sale of Landlord's interest in the Building or the Project to a purchaser, or in the event any proceeding is brought for the foreclosure or other enforcement of any Mortgage encumbering the Building or the Project, if this Lease is not extinguished upon such foreclosure or enforcement, then Tenant shall attorn to the purchaser at such foreclosure or trustee's sale, if requested to do so by such purchaser, and shall recognize such purchaser as well as the Landlord under this Lease, and Tenant waives the provisions of any reciprocal easement agreement statute or rule of law, now or hereafter recorded in effect, which may give or purport to give Tenant any right to terminate or otherwise adversely affect this Lease and the obligations of Tenant hereunder in the event any such foreclosure or other proceeding is prosecuted or completed. For purposes of this Section, all references to a purchaser shall be deemed to include a party who enters into a purchase/sale agreement with the Landlord, such party's successor and assigns, a purchaser at any foreclosure or trustee's sale, and such purchaser's successors and assigns at any foreclosure or trustee's sale shall be deemed to include such purchaser's successors and assigns. Tenant agrees that upon such attornment, such purchaser shall not be (a) bound by any payment of annual Base Rent or Additional Rent for more than one (1) month in advance, except prepayments in the nature of security for the performance by Tenant of its obligations under this Lease to the extent such prepayments have been delivered to such purchaser, (b) bound by any amendment of this Lease made without the consent of the Mortgagee whose Mortgage was enforced at such sale, (c) liable for damages for any act or omission of any prior landlord, or (d) subject to any offsets or defenses which Tenant might have against any prior landlord, provided, however, that after succeeding to Landlord's interest under this Lease, such purchaser shall perform in accordance with the office building project terms of this Lease all obligations of Landlord arising after the date such purchaser acquires title to the Building or the Project. Upon request by such purchaser, Tenant shall execute and deliver an instrument or instruments confirming its attornment.
22.3 In the event that any amendments theretoMortgagee or prospective Mortgagee requires, as a condition of such financing or refinancing, that modifications to this Lease be obtained, and provided that such modifications (i) are reasonable; (ii) do not adversely affect in a material manner Tenant's use of the Premises as herein permitted; and (iii) do not increase the Rent and other sums to be paid by Tenant hereunder, Landlord may submit to Tenant a written amendment to this Lease incorporating such required modifications, and Tenant shall execute hereby covenants and agrees to execute, acknowledge and deliver such amendment to Landlord within five (5) days of Tenant's receipt thereof.
22.4 Landlord agrees to submit this Lease to any documents Mortgagee (or prospective Mortgagee) whose approval is required pursuant to the provisions of its Mortgage (or prospective Mortgage) and in good faith to attempt to obtain such approval. Notwithstanding any other provision of this Lease, Landlord may, at its option, terminate this Lease by written notice to Tenant if such approval has not been obtained within sixty (60) days after the full execution of this Lease.
22.5 Tenant agrees, at any time and from time to time, upon not less than ten (10) days, prior written notice by Landlord, to execute, acknowledge before a Notary Public, and deliver to Landlord a statement in writing (i) certifying that this Lease is unmodified and in full force and effect (or if there have been modifications, that the Lease is in full force and effect as modified and stating the modifications); (ii) stating the dates to which the rent and any other charges hereunder have been paid by Tenant; (iii) stating whether or not, to the best knowledge of Tenant, Landlord is in default in the performance of any covenant, agreement or condition contained in this Lease, and if so, specifying the nature of such default; (iv) stating the address to which notices to Tenant are to be sent; (v) stating that this Lease is subject and subordinate to all Mortgages encumbering the Building; (vi) stating that Tenant has accepted the Premises and that all work thereto has been completed by Landlord (or, if not, specifying the incomplete work); and (vii) containing such other certifications as Landlord may reasonable request. Any such statement delivered by Tenant may be relied upon by any owner of the Building or the Project, any prospective purchaser of the Building or the Project, any Mortgagee or prospective Mortgagee of the Building or the Project or of Landlord’s mortgagee 's interest therein, or any prospective assignee of any such Mortgagee or any other person or entity. Tenants acknowledges that time is of the essence to the delivery of such statements by Tenant to Landlord, and that such statements are materially necessary by Landlord in obtaining financing or refinancing secured by the Building or the Project. Tenant shall be liable for such damages suffered by Landlord. These damages include, but are not limited to, out-of-pocket expenses related to obtaining another mortgage, attorney's cost associated with enforcement of this regard provision, economic losses associated with loss of opportunity.
22.6 Failure to deliver the Estoppel Certificate within the said ten (10) days of written request to do so and Tenant’s failure or refusal to do so shall constitute a material default by Tenant hereunder and Landlord may, without further notice to Tenant, declare the term hereof ended, and Landlord may at its option execute any such documents on behalf of Tenant as Tenant’s attorney-in-fact and in Tenant’s name, place and stead, to execute such documents, such appointment to be irrevocable and coupled with an interest; provided, however, that as to the lien of any such deed of trust or mortgage, 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 otherwise terminated pursuant to its terms. If any mortgagee, trustee or ground Landlord shall elect to have this Lease prior to the lien of its mortgage, deed of trust or ground lease, and shall give written notice thereof to Tenant, this Lease shall be deemed prior to such mortgage, deed conclusive upon Tenant for the benefit of trust or ground lease, whether this Lease is dated prior or subsequent to the date of said mortgage, deed of trust or ground lease or the date of recording thereof. In the event Landlord and any proceedings or brought for foreclosure, or in the event of the exercise of the power of sale under any mortgage or deed of trust made by Landlord covering the Premises, Tenant shall, at the new owner’s option, attorn to the purchaser upon any such foreclosure or sale and recognize such purchaser as Landlord under this Lease. If upon any sale, assignment or hypothecation of the Premises or the land thereunder by Landlord, or at any other time, an estoppel certificate, and/or financial statement or Tenant, Tenant agrees, within ten (10) days thereafter, to deliver such financial statement, and to deliver such estoppel certificate (in the form of that attached hereto or as may be required by Landlord’s mortgagee or purchaser or successor to Landlord certifying the requested information, including among other things, the dates of commencement and termination of this Lease, the amounts of security deposits, that this Lease is in full force and effect, if such effect and has not been modified except as may be represented by the case, and that there are no differences, offsets or defaults of Landlord, or noting such differences, offsets or defaults as actually existparty requesting the certificate. If Tenant shall be liable for any loss or liability resulting from any incorrect information certified, and such mortgagee and purchaser shall have fails to deliver the right to rely on such estoppel certificate and financial statement. Tenant shall in Certificate within the same manner acknowledge and execute any assignment of rights to receive rents as required by any mortgagee of Landlord. Should Tenant fail to provide such estoppel certificate, financial statement or assignment of rights within said ten (10) days of the service on days, Tenant or a written request therefor, then it is agreed between the parties hereto that Landlord may suffer substantial damage as a result of Tenant’s by such failure irrevocably constitutes and therefore Tenant shall pay to Landlord daily Additional Rental, in addition to all other rental due under this Lease, in an amount equal to one-thirtieth (1/30th) of the Base Rent (as set forth in Section 4 hereof) for each day commencing on the eleventh (11th) day after service of the request for such estoppel certificate, financial statement or assignment of rights until the same is provided to Landlord, its mortgagee or purchaser. Said daily Additional Rental shall be due and payable daily for each day commencing on the eleventh (11th) day following the service of such request, and in default three (3) days after each such daily due date. In addition but without limitation of the foregoing, Landlord may at its option execute any such documents on behalf of Tenant as Tenant’s attorney-in-fact, and Tenant does hereby appoint appoints Landlord as Tenant’s its special attorney-in-fact and in Tenant’s name, place and stead, to execute such documents, such appointment and deliver the Estoppel Certificate to be irrevocable and coupled with an interestany third party.
Appears in 1 contract
Samples: Master Office Lease Agreement (Opinion Research Corp)
Subordination Attornment and Estoppel. This LeaseA. Tenant acknowledges that its rights under this Lease are and shall always be subordinated to the operation and effect of any mortgage, at Landlord’s optiondeed of trust, ground lease or other similar security instrument and of all the covenants and restrictions running with the land, now or to be placed upon all or any portion of the Office Building and the Office Building Area, and shall be subordinate subject to the lien legal operation and effect of any first deed the loan documents related to landlord's existing loan. The subordination provisions of trust or first mortgage subsequently placed upon the real property this Subsection 15.A shall be self-operative and no further instruments of which the Premises are a partsubordination shall be required. In confirmation of such subordination, and to any and all advances made on the security thereof, and to all renewals, modifications, consolidations, replacements and extensions thereof, as well as any reciprocal easement agreement now or hereafter recorded against the office building project and any amendments thereto, and Tenant shall execute and deliver promptly any documents required by certificate or other instrument which Landlord or any holder of any mortgage or any trustee under any Deed of Trust to which their Lease is subordinate, may reasonably request. In the event of any sale of the Office Building and/or Office Building Area, or any part thereof, pursuant to any foreclosure or other provisions of any Deed of Trust or mortgage, this Lease shall continue in full force and effect, and the Tenant will, upon request, attorn to and acknowledge the purchaser or purchasers at such sale or sales as Landlord hereunder. Unless the Beneficiary of such Deed of Trust or other Mortgagee or such purchaser or purchasers or the Trustees under the Deed of Trust shall, at or prior to the time of such sale or sales or within sixty (60) days thereafter, notify the Tenant, in writing, to vacate and surrender the leased Premises within ninety (90) days from the date of such sale or sales, in the event of which notice this Lease Shall fully terminate and expire at the end of such period of ninety (90) days from and after the date of such sale or sales. Tenant, upon request, will execute an attornment instrument and attorn to such Mortgagees or Trustees or to any successor in interest of Landlord’s mortgagee in , and become its tenant on the same terms and covenants of this regard Lease for the unexpired portion of the Term. Tenant also agrees, within ten twenty one (1021) days of a written request to do so and Tenant’s failure or refusal to do so shall constitute a material default by Tenant hereunder and Landlord may, without further notice to Tenant, declare the term hereof ended, and Landlord may at its option execute any such documents on behalf of Tenant as Tenant’s attorney-in-fact and in Tenant’s name, place and steadLandlord, to execute such documentsexecute, such appointment acknowledge and deliver to be irrevocable and coupled with an interest; provided, however, that as Landlord or to the lien of any such deed of trust or mortgage, 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 otherwise terminated pursuant to its terms. If any mortgagee, trustee or ground other similar secured party designated by Landlord shall elect to have this Lease prior to the lien of its mortgage, deed of trust or ground lease, and shall give written notice thereof to Tenant, this Lease shall be deemed prior to such mortgage, deed of trust or ground lease, whether a certificate in writing stating: (i) that this Lease is dated prior unmodified and in full force and effect (or subsequent to the date of said mortgage, deed of trust or ground lease or the date of recording thereof. In the event any proceedings or brought for foreclosure, or in the event of the exercise of the power of sale under any mortgage or deed of trust made by Landlord covering the Premises, Tenant shall, at the new owner’s option, attorn to the purchaser upon any such foreclosure or sale and recognize such purchaser as Landlord under this Lease. If upon any sale, assignment or hypothecation of the Premises or the land thereunder by Landlord, or at any other time, an estoppel certificate, and/or financial statement or Tenant, Tenant agrees, within ten (10) days thereafter, to deliver such financial statement, and to deliver such estoppel certificate (in the form of that attached hereto or as may be required by Landlord’s mortgagee or purchaser or to Landlord certifying the requested information, including among other things, the dates of commencement and termination of this Lease, the amounts of security depositsif there have been modifications, that this the Lease is in full force and effect, if such be effect as modified and identifying the case, and that there are no differences, offsets or defaults of Landlordmodification agreements), or noting such differences, offsets if this Lease is not in full force and effect the certificate shall so state; (ii) the date to which Rent has been paid; (iii) whether or defaults as actually exist. not there is any existing default by Tenant shall be liable for any loss or liability resulting from any incorrect information certified, and such mortgagee and purchaser shall have the right to rely on such estoppel certificate and financial statement. Tenant shall in the same manner acknowledge and execute payment of Rent or any assignment of rights to receive rents as required by any mortgagee of Landlord. Should Tenant fail to provide such estoppel certificate, financial statement or assignment of rights within ten (10) days of the service on Tenant or a written request therefor, then it is agreed between the parties hereto that Landlord may suffer substantial damage as a result of Tenant’s failure and therefore Tenant shall pay to Landlord daily Additional Rental, in addition to all other rental sums due under this Lease, in and whether or not there is any other existing default by either party and whether a notice of default has been served, and, if there is such a default, specifying its nature and extent; (iv) whether or not there are then any set-offs, defenses or counterclaims against enforcement or the obligations to be perform by Tenant under this Lease; and (v) such other matters relating to this Lease as may be reasonably request by Landlord or any mortgagees, trustees or other secured party, it being intended that any such certificate delivered pursuant to this Section may be relied upon by any such mortgagee, trustee or other secured party; and (vi) an amount equal to one-thirtieth (1/30th) acknowledgement of the Base Rent (as set forth in Section 4 hereof) for each day commencing any Deed of Trust or mortgage on the eleventh (11th) day after service Office Building and/or Office Building Area in form acceptable to the mortgagee, trustees or beneficiary of the trust.
B. Failure of Tenant to respond timely to a request for such estoppel certificate, financial statement made pursuant to this Section shall operate as a conclusive presumption that Landlord is not in default of any covenant of this Lease and that it is unmodified except as Landlord otherwise indicates.
C. No lender who holds a mortgage or assignment is a beneficiary under a deed of rights until the same is provided to Landlord, its mortgagee or purchaser. Said daily Additional Rental trust shall be due and payable daily liable to Tenant for each day commencing on the eleventh (11th) day following the service any act of such request, and in default three (3) days after each such daily due date. In addition but without limitation of the foregoing, Landlord may at its option execute any such documents on behalf of Tenant as Tenant’s attorney-in-fact, and Tenant does hereby appoint Landlord as Tenant’s attorney-in-fact and in Tenant’s name, place and stead, to execute such documents, such appointment to be irrevocable and coupled with an interestprior Landlord.
Appears in 1 contract
Subordination Attornment and Estoppel. This a) Subject to and conditioned upon the full satisfaction of all other provisions of this Lease, including, without limitation, the requirements of Sections 11 and 12 hereof, and further subject to the provisions of this Section 25, this Lease and the leasehold estate created hereby shall be, at the option and upon written declaration of Landlord’s option, shall be subordinate subject, subordinate, and inferior to the lien and estate of any first deed of trust or first mortgage subsequently placed upon the real property of which the Premises are a part, mortgages and to any and all advances made on the security thereof, and to all renewals, modificationsextensions, consolidations, or replacements and extensions thereof, as well as any reciprocal easement agreement now or hereafter recorded against the office building project and any amendments thereto, and Tenant shall execute any documents required imposed by Landlord or Landlord’s mortgagee in this regard within ten (10) days of written request to do so and Tenant’s failure or refusal to do so shall constitute a material default by Tenant hereunder and Landlord may, without further notice to Tenant, declare upon the term hereof ended, and Landlord may at its option execute any such documents on behalf of Tenant as Tenant’s attorney-in-fact and in Tenant’s name, place and stead, to execute such documents, such appointment to be irrevocable and coupled with an interestPremises; provided, however, that as this Lease shall not be subordinate to any mortgage or any renewal, extension, or replacement thereof, unless and until Landlord provides Tenant with an agreement (the lien “Non-Disturbance Agreement”), signed and acknowledged by each holder of any such deed of trust or mortgagemortgage setting forth that so long as Tenant is not in default hereunder, Landlord’s and Tenant’s rights and obligations hereunder shall remain in force and Tenant’s right to possession shall be upheld. Tenant shall, promptly following a request by Landlord and after receipt of the Non-Disturbance Agreement, execute and acknowledge any subordination agreement or other documents reasonably required to establish of record the priority of any such encumbrance over this Lease, so long as such agreement does not otherwise increase Tenant’s obligations or diminish Tenant’s rights hereunder.
b) In the event of foreclosure of any mortgage, whether superior or subordinate to this Lease, then (i) this Lease shall continue in force; (ii) Tenant’s quiet possession of the Premises shall not be disturbed if Tenant is not in default and so long as hereunder; (iii) Tenant shall pay attorn to and recognize the mortgagee or purchaser at foreclosure sale (the “Successor Landlord”) as Tenant’s landlord for the remaining term of this Lease; and (iv) the Successor Landlord shall not be bound by (a) any payment of rent for more than one (1) month in advance; (b) any amendment, modification, or ending of this Lease without the Successor Landlord’s consent after the Successor Landlord’s name is given to Tenant, unless the amendment, modification, or ending is specifically authorized by the original Lease and observe does not require Landlord’s prior agreement or consent; and perform (c) any liability for any act or omission of a prior landlord, including Landlord. At the request of the Successor Landlord, Tenant shall execute a new lease for the Premises, setting forth all of the provisions of this Lease except that the term of the new lease shall be for the balance of the term of this Lease.
c) Tenant shall execute and deliver to Landlord, unless this within thirty (30) days after receipt of Landlord’s request, any estoppel certificate or other statement to be furnished to any prospective purchaser of or any lender against the Premises. Such estoppel certificate shall acknowledge and certify each of the following matters, to the extent each may be true: (i) that the Lease is otherwise terminated pursuant in effect and not subject to any rental offsets, claims, or defenses to its termsenforcement; (ii) the commencement and termination dates of the Term; (iii) that Tenant is paying rent on a current basis; (iv) that the Lease constitutes the entire agreement between Tenant and Landlord relating to the Premises; (v) that Tenant has accepted the Premises and is in possession thereof; (vi) that the Lease has not been modified, altered, or amended except in specified respects by specified instruments; (vii) that Tenant has no notice of any prior assignment, hypothecation, or pledge of rents or the Lease; and (viii) that neither Tenant nor, to the knowledge of Tenant, Landlord is in default under the Lease beyond any applicable cure or grace period. If Tenant shall also, upon request of Landlord, certify and agree for the benefit of any mortgagee, trustee lender against the Premises (“Lender”) that Tenant will not look to such Lender: (a) as being liable for any act or ground omission of Landlord; (b) as being obligated to cure any defaults of Landlord shall elect to have this under the Lease which occurred prior to the lien of time Lender, its mortgagesuccessor or assigns, deed of trust or ground lease, and shall give written notice thereof to Tenant, this Lease shall be deemed prior to such mortgage, deed of trust or ground lease, whether this Lease is dated prior or subsequent to the date of said mortgage, deed of trust or ground lease or the date of recording thereof. In the event any proceedings or brought for foreclosure, or acquired Landlord’s interest in the event Premises by foreclosure or otherwise; (c) as being bound by any payment of rent or additional rent by Tenant to Landlord for more than one (1) month in advance; or (d) as being bound by Landlord to any amendment or modification of the exercise of the power of sale under any mortgage or deed of trust made by Landlord covering the Premises, Tenant shall, at the new ownerLease without Lender’s option, attorn to the purchaser upon any such foreclosure or sale and recognize such purchaser as Landlord under this Lease. If upon any sale, assignment or hypothecation of the Premises or the land thereunder by Landlord, or at any other time, an estoppel certificate, and/or financial statement or Tenant, Tenant agrees, within ten (10) days thereafter, to deliver such financial statement, and to deliver such estoppel certificate (in the form of that attached hereto or as may be required by Landlord’s mortgagee or purchaser or to Landlord certifying the requested information, including among other things, the dates of commencement and termination of this Lease, the amounts of security deposits, that this Lease is in full force and effect, if such be the case, and that there are no differences, offsets or defaults of Landlord, or noting such differences, offsets or defaults as actually exist. Tenant shall be liable for any loss or liability resulting from any incorrect information certified, and such mortgagee and purchaser shall have the right to rely on such estoppel certificate and financial statement. Tenant shall in the same manner acknowledge and execute any assignment of rights to receive rents as required by any mortgagee of Landlord. Should Tenant fail to provide such estoppel certificate, financial statement or assignment of rights within ten (10) days of the service on Tenant or a written request therefor, then it is agreed between the parties hereto that Landlord may suffer substantial damage as a result of Tenant’s failure and therefore Tenant shall pay to Landlord daily Additional Rental, in addition to all other rental due under this Lease, in an amount equal to one-thirtieth (1/30th) of the Base Rent (as set forth in Section 4 hereof) for each day commencing on the eleventh (11th) day after service of the request for such estoppel certificate, financial statement or assignment of rights until the same is provided to Landlord, its mortgagee or purchaser. Said daily Additional Rental shall be due and payable daily for each day commencing on the eleventh (11th) day following the service of such request, and in default three (3) days after each such daily due date. In addition but without limitation of the foregoing, Landlord may at its option execute any such documents on behalf of Tenant as Tenant’s attorney-in-fact, and Tenant does hereby appoint Landlord as Tenant’s attorney-in-fact and in Tenant’s name, place and stead, to execute such documents, such appointment to be irrevocable and coupled with an interestconsent.
Appears in 1 contract
Samples: Lease Agreement (Pantry Inc)
Subordination Attornment and Estoppel. This Lease, at Landlord’s option, shall be 19.1 Tenant accepts this Lease subject and subordinate to any mortgage, deed of trust, or other lien presently existing or hereafter placed upon the lien of Leased Premises or upon the Development as a whole, and to any first renewals and extensions thereof; but Tenant agrees that any such mortgagee shall have the right at any time to subordinate such mortgage, deed of trust or first mortgage subsequently other lien to this Lease on such terms and subject to such conditions as such mortgagee may deem appropriate in its discretion. Landlord is hereby irrevocable vested with full power and authority, if it so elects at any time, to subordinate this Lease to any mortgage, deed of trust, or other lien hereafter placed upon the real property of which Leased Premises or upon the Premises are Development as a partwhole. Tenant agrees, upon demand to execute such further instruments subordinating this Lease as Landlord may reasonably request, provided such subordination shall be upon the express condition that this Lease shall be recognized by the mortgagee, and to any and all advances made on that the security thereof, and to all renewals, modifications, consolidations, replacements and extensions thereof, as well as any reciprocal easement agreement now or hereafter recorded against the office building project and any amendments thereto, and rights of Tenant shall execute any documents required by Landlord or Landlord’s mortgagee remain in this regard within ten (10) days of written request to do so full force and Tenant’s failure or refusal to do so shall constitute a material default by Tenant hereunder and Landlord may, without further notice to Tenant, declare effect during the term hereof ended, of this Lease so long as Tenant shall continue to perform all of the covenants and Landlord may at its option conditions of this Lease. In the event that Tenant should fail to execute any such documents on behalf of instrument promptly as reasonably requested, Tenant as Tenant’s hereby irrevocably constitutes Landlord its attorney-in-fact and to execute such instrument in Tenant’s name, place and stead, to execute such documents, such appointment to be irrevocable and coupled with an interest; provided, however, that as .
19.2 Upon the written request of any person or party succeeding to the lien interest of any such deed of trust or mortgage, 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 otherwise terminated pursuant to its terms. If any mortgagee, trustee or ground Landlord shall elect to have this Lease prior to the lien of its mortgage, deed of trust or ground lease, and shall give written notice thereof to Tenant, this Lease shall be deemed prior to such mortgage, deed of trust or ground lease, whether this Lease is dated prior or subsequent to the date of said mortgage, deed of trust or ground lease or the date of recording thereof. In the event any proceedings or brought for foreclosure, or in the event of the exercise of the power of sale under any mortgage or deed of trust made by Landlord covering the Premises, Tenant shall, at the new owner’s option, attorn to the purchaser upon any such foreclosure or sale and recognize such purchaser as Landlord under this Lease. If upon , Tenant shall automatically become the tenant of and attorn to such successor in interest without any sale, assignment or hypothecation change in any of the Premises terms of this Lease. No successor in interest shall be (a) bound by any payment of rent for more than one month in advance, except payments of security for the performance by Tenant of Tenant’s obligations under this Lease, (b) subject to any offset, defense or the land thereunder by damages arising out of a default or any obligations of any preceding Landlord, or at (c) bound by any other time, an estoppel certificate, and/or financial statement or Tenant, amendment of this Lease entered into after Tenant agrees, within ten (10) days thereafter, to deliver such financial statement, has been given notice of the name and to deliver such estoppel certificate (in address of Landlord’s mortgagee and without the form written consent of that attached hereto or as may be required by Landlord’s mortgagee or purchaser or to Landlord certifying the requested informationsuch successor in interest. The subordination, including among other things, the dates of commencement attornment and termination mortgage protection clauses of this LeaseArticle shall be self-operative and no further instruments of subordination, attornment or mortgagee protection need be required by any mortgagee or successor in interest thereto. Nevertheless, upon the amounts of security depositswritten request therefore and without any compensation or consideration being payable to Tenant, Tenant agrees to execute, have acknowledged and deliver such instruments as may be reasonably requested to confirm the same.
19.3 Tenant agrees that it will from time to time upon request by Landlord execute and deliver to the Landlord, an Estoppel Certificate , certifying that this Lease is unmodified and in full force and effect (or if there have been modifications, that the same is in full force and effect, if such be effect as so modified) and further stating the case, dates to which rent and that there are no differences, offsets or defaults of Landlord, or noting such differences, offsets or defaults as actually existother charges payable under this Lease have been paid. Tenant shall be liable for any loss or liability resulting from any incorrect information certifiedagree to sign the Estoppel Certificate, and such mortgagee and purchaser shall have the right to rely on such estoppel certificate and financial statement. Tenant shall in the same manner acknowledge and execute any assignment of rights to receive rents as required by any mortgagee of Landlord. Should Tenant fail to provide such estoppel certificate, financial statement or assignment of rights within ten (10) 3 business days of the service on Tenant or a written request therefor, then it is agreed between the parties hereto that Landlord may suffer substantial damage as a result of Tenant’s failure and therefore Tenant shall pay to Landlord daily Additional Rental, in addition to all other rental due under this Lease, in an amount equal to one-thirtieth (1/30th) of the Base Rent (as set forth in Section 4 hereof) for each day commencing on the eleventh (11th) day after service of the request for such estoppel certificate, financial statement or assignment of rights until the same is provided to being presented by Landlord, its mortgagee or purchaser. Said daily Additional Rental shall be due and payable daily for each day commencing on the eleventh (11th) day following the service of such request, and in default three (3) days after each such daily due date. In addition but without limitation of the foregoing, Landlord may at its option execute any such documents on behalf of Tenant as Tenant’s attorney-in-fact, and Tenant does hereby appoint Landlord as Tenant’s attorney-in-fact and in Tenant’s name, place and stead, to execute such documents, such appointment to be irrevocable and coupled with an interest.
Appears in 1 contract
Samples: Lease Agreement (Omega Protein Corp)
Subordination Attornment and Estoppel. This Lease, at Landlord’s option, shall be Lease and the rights of Tenant are expressly subject and subordinate to the lien and provisions of any first mortgage, deed of trust trust, deed to secure debt, ground lease, assignment of leases, or first mortgage subsequently placed upon other security instrument or operating agreement (collectively a “Security Instrument”) now or hereafter encumbering the real property Premises, Building, Property, or any part thereof, and all amendments, renewals, modifications and extensions of which the Premises are a part, and to any such Security Instrument and to all advances made on the security thereof, and to all renewals, modifications, consolidations, replacements and extensions thereof, as well as any reciprocal easement agreement now or hereafter recorded against the office building project to be made upon such Security Instrument. Tenant shall, within 7 days after receipt of written notice by Landlord, execute and any amendments theretodeliver such further instruments, and Tenant shall execute any documents in such form as may be required by Landlord or Landlord’s mortgagee in any holder of a proposed or existing Security Instrument, subordinating this regard within ten (10) days of written request to do so and Tenant’s failure or refusal to do so shall constitute a material default by Tenant hereunder and Landlord may, without further notice to Tenant, declare the term hereof ended, and Landlord may at its option execute any such documents on behalf of Tenant as Tenant’s attorney-in-fact and in Tenant’s name, place and stead, to execute such documents, such appointment to be irrevocable and coupled with an interest; provided, however, that as Lease to the lien of any such deed of trust Security Instrument as may be requested in writing by Landlord or mortgage, Tenant’s right holder from time 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 otherwise terminated pursuant to its terms. If any mortgagee, trustee or ground Landlord shall elect to have this Lease prior to the lien of its mortgage, deed of trust or ground lease, and shall give written notice thereof to Tenant, this Lease shall be deemed prior to such mortgage, deed of trust or ground lease, whether this Lease is dated prior or subsequent to the date of said mortgage, deed of trust or ground lease or the date of recording thereoftime. In the event of the foreclosure of any proceedings such Security Instrument by voluntary agreement or brought for otherwise, or the commencement of any judicial action seeking such foreclosure, or in Tenant, at the event request of the exercise then Landlord, shall attorn to such mortgagee or purchaser in foreclosure. Tenant agrees to execute and deliver at any time upon request of the power of sale under such mortgagee, purchaser, or their successors, any mortgage or deed of trust made by Landlord covering the Premises, instrument to further evidence such attornment. Tenant shall, at the new owner’s option, attorn to the purchaser upon any such foreclosure or sale and recognize such purchaser as Landlord under this Lease. If upon any sale, assignment or hypothecation within 7 days of the Premises or the land thereunder receipt of written notice by Landlord, or at any other time, an estoppel certificate, and/or financial statement or Tenant, Tenant agrees, within ten (10) days thereafter, to deliver such financial statement, and to deliver such estoppel certificate (in the form of that attached hereto or as may be required by Landlord’s mortgagee or purchaser or to Landlord a statement in writing certifying the requested informationthat this Lease is unmodified and in full force and effect, including among other thingsor, the dates of commencement and termination of if there have been modifications, that this Lease, the amounts of security depositsas modified, that this Lease is in full force and effect; providing a true, correct and complete copy of the Lease and any and all modifications of the Lease; the amount of each item of the Rent then payable under this Lease and the date to which the Rent has been paid; that Landlord is not in default under this Lease or, if in default, a detailed description of such default; that Tenant is or is not in possession of the Premises, as the case may be; and containing such other information and agreements as may be reasonably requested. If requested, Landlord will use commercially reasonable efforts to obtain a Subordination and Non-Disturbance and Attornment Agreement (“SNDA”) Agreement from the Lender(s) (the Security Holders) or mortgage-holder of the Building. All costs relating to the securing of this agreement shall be a direct cost paid for by Tenant.
(a) No Exercise or Mortgage Remedies Against Tenant. So long as Tenant has not committed any default that has continued beyond applicable cure periods (an “Event of Default”), Mortgagee shall not name or join Tenant as a defendant in any exercise of Mortgagee’s Rights and remedies arising upon a default under the Mortgage unless applicable law requires Tenant to be made a part thereto as a condition to proceeding against Landlord or prosecuting such rights and remedies. In the latter case, and that there are no differences, offsets or defaults of Landlord, or noting such differences, offsets or defaults as actually exist. Mortgagee may join Tenant shall be liable for any loss or liability resulting from any incorrect information certified, and such mortgagee and purchaser shall have the right to rely on such estoppel certificate and financial statement. Tenant shall in the same manner acknowledge and execute any assignment of rights to receive rents as required by any mortgagee of Landlord. Should Tenant fail to provide such estoppel certificate, financial statement or assignment of rights within ten (10) days of the service on Tenant or a written request therefor, then it is agreed between the parties hereto that Landlord may suffer substantial damage as a result defendant in such action only for such purpose and not to terminate the Lease or otherwise adversely affect Tenant’s rights under the Lease or this Agreement in such action.
(b) If any Event of Default has not occurred, then, when Successor Landlord takes title to Landlord’s Premises: (i) Successor Landlord shall not terminate or disturb Tenant’s possession of Tenant’s failure Premises under the Lease, except in accordance with the terms of the Lease and therefore this Agreement; (ii) Successor Landlord shall be bound to Tenant under all the terms and conditions of the Lease for any prior default (except as provided in this Agreement); Tenant shall pay recognize and attorn to Landlord daily Additional Rental, in addition to all other rental due under this Lease, in an amount equal to one-thirtieth (1/30th) of the Base Rent (as set forth in Section 4 hereof) for each day commencing on the eleventh (11th) day after service of the request for such estoppel certificate, financial statement or assignment of rights until the same is provided to Landlord, its mortgagee or purchaser. Said daily Additional Rental shall be due and payable daily for each day commencing on the eleventh (11th) day following the service of such request, and in default three (3) days after each such daily due date. In addition but without limitation of the foregoing, Landlord may at its option execute any such documents on behalf of Tenant as Tenant’s attorney-in-fact, and Tenant does hereby appoint Successor Landlord as Tenant’s attorney-in-fact direct landlord under the Lease as affected by this Agreement; and (iii) the Lease shall continue in full force and effect as a direct lease, in accordance with its terms (except as provided in this Agreement), between Successor Landlord and Tenant’s name, place and stead, to execute such documents, such appointment to be irrevocable and coupled with an interest.
Appears in 1 contract
Subordination Attornment and Estoppel. This Lease, at Landlord’s option, shall be subordinate to the lien of any first deed of trust or first mortgage subsequently placed upon the real property of which the Premises are a part, and to any and all advances made on the security thereof, and to all renewals, modifications, consolidations, replacements and extensions thereof, as well as any reciprocal easement agreement now or hereafter recorded against the office building project and any amendments thereto, and Tenant shall execute any documents required by Landlord or Landlord’s mortgagee in this regard within ten (10) days of written request to do so and Tenant’s failure or refusal to do so shall constitute a material default by Tenant hereunder and Landlord may, without further notice to Tenant, declare the term hereof ended, and Landlord may at its option execute any such documents on behalf of Tenant as Tenant’s attorney-in-fact and in Tenant’s name, place and stead, to execute such documents, such appointment to be irrevocable and coupled with an interest; : provided, however, that as to the lien of any such deed of trust or mortgage, 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 a result of the provisions of this Lease, unless this Lease is otherwise terminated pursuant to its termssuch subordination. If any mortgagee, trustee or ground Landlord lessor shall elect to have this Lease prior to the lien of its mortgage, deed of trust or ground lease, and shall give written notice thereof to Tenant, this Lease shall be deemed prior to such mortgage, deed of trust or ground lease, whether this Lease is dated prior or to subsequent to the date of said mortgage, deed of trust or ground lease or the date of recording thereof. Upon the request of Landlord or any mortgagee or beneficiary holding a secured interest in the Shopping Center, Tenant shall execute and return to Landlord, within ten (10) days after demand therefor, a subordination agreement in recordable form subordinating this Lease to existing or future secured interests. In the event any proceedings or are brought for foreclosure, or in the event of the exercise of the power of sale under any mortgage or deed of trust made by Landlord covering the Premises, Tenant shall, at the new owner’s option, shall attorn to the purchaser Purchaser upon any such foreclosure or sale and recognize such purchaser as Landlord under this Lease. If upon any sale, assignment assignment, or hypothecation of the Shopping Center, the Premises or the land thereunder by Landlord, or at any other time, an estoppel certificate, certificate and/or financial statement or shall be requested of Tenant, Tenant agreesshall, within ten (10) days thereafter, to deliver such financial statement, and to deliver such estoppel certificate (in the form of that attached hereto or as may be required by Landlord’s recordable form) addressed to any such proposed mortgagee or purchaser or to Landlord Landlord, certifying the requested information, including among other things, things the dates of commencement and termination of this Lease, the amounts amount of the security depositsdeposit, if any, and that this Lease is in full force and effect, effect (if such be the case, ) and that there are no differences, offsets or defaults of Landlord, or noting such differences, offsets or defaults as actually exist. Tenant shall be liable for any loss or liability resulting from any incorrect information certified, and such mortgagee and purchaser shall have the right to rely on such estoppel certificate and financial statement. Tenant shall in the same manner acknowledge and execute any assignment of rights to receive rents as required by any mortgagee of Landlord. Should Tenant fail to provide such estoppel certificate, financial statement statement, subordination agreement, or assignment of rights within ten (10) days of the service on Tenant or a Landlord’s written request therefor, then it is agreed between the parties hereto that Landlord may suffer substantial damage as a result of Tenant’s failure and therefore Tenant shall pay to Landlord daily Additional Rental, in addition to all other rental due under this Lease, in an amount equal to one-thirtieth (1/30thl/30th) of the Base Rent (as set forth in Section 4 hereof) Guaranteed Minimum Monthly Rental for each day commencing on the eleventh (11th) day after service of the request for such estoppel certificate, financial statement or assignment of rights until the same is provided to Landlord, its mortgagee or purchaser. Said daily Additional Rental shall be due and payable daily for each day commencing on the eleventh (11th) day following the service of such request, and in default three (3) days after each such daily due date. In addition but without limitation of the foregoing, Landlord may at its option execute any such documents on behalf of Tenant as Tenant’s attorney-in-fact, and Tenant does hereby appoint Landlord as Tenant’s attorney-in-fact and in Tenant’s name, place and stead, to execute such documents, such appointment to be irrevocable and coupled with an interest.
Appears in 1 contract
Samples: Lease (1st Pacific Bancorp)
Subordination Attornment and Estoppel. This Lease, at Landlord’s option, shall be Lease and the rights of Tenant are expressly subject and subordinate to the lien and provisions of any first mortgage, deed of trust trust, deed to secure debt, ground lease, assignment of leases, or first mortgage subsequently placed upon other security instrument or operating agreement (collectively a "Security Instrument") now or hereafter encumbering the real property Premises, Building, Property, or any part thereof, and all amendments, renewals, modifications and extensions of which the Premises are a part, and to any such Security Instrument and to all advances made on the security thereof, and to all renewals, modifications, consolidations, replacements and extensions thereof, as well as any reciprocal easement agreement now or hereafter recorded against the office building project to be made upon such Security Instrument. Tenant shall, within 7 days after receipt of written notice by Landlord, execute and any amendments theretodeliver such further instruments, and Tenant shall execute any documents in such form as may be required by Landlord or Landlord’s mortgagee in any holder of a proposed or existing Security Instrument, subordinating this regard within ten (10) days of written request to do so and Tenant’s failure or refusal to do so shall constitute a material default by Tenant hereunder and Landlord may, without further notice to Tenant, declare the term hereof ended, and Landlord may at its option execute any such documents on behalf of Tenant as Tenant’s attorney-in-fact and in Tenant’s name, place and stead, to execute such documents, such appointment to be irrevocable and coupled with an interest; provided, however, that as Lease to the lien of any such deed of trust Security Instrument as may be requested in writing by Landlord or mortgage, Tenant’s right holder from time 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 otherwise terminated pursuant to its terms. If any mortgagee, trustee or ground Landlord shall elect to have this Lease prior to the lien of its mortgage, deed of trust or ground lease, and shall give written notice thereof to Tenant, this Lease shall be deemed prior to such mortgage, deed of trust or ground lease, whether this Lease is dated prior or subsequent to the date of said mortgage, deed of trust or ground lease or the date of recording thereoftime. In the event of the foreclosure of any proceedings such Security Instrument by voluntary agreement or brought for otherwise, or the commencement of any judicial action seeking such foreclosure, or in Tenant, at the event request of the exercise then Landlord, shall attorn to such mortgagee or purchaser in foreclosure. *Tenant agrees to execute and deliver at any time upon request of such mortgagee, purchaser, or their successors, any instrument to further evidence such attornment. *Subject to Landlords commercially reasonable efforts to obtain a Subordination and Non-Disturbance Agreement from the Lender or mortgage-holder of the power of sale under any mortgage or deed of trust made by Landlord covering the PremisesBuilding, Tenant shall, at the new owner’s option, attorn to the purchaser upon any such foreclosure or sale and recognize such purchaser as Landlord under this Lease. If upon any sale, assignment or hypothecation within 7 days of the Premises or the land thereunder receipt of written notice by Landlord, or at any other time, an estoppel certificate, and/or financial statement or Tenant, Tenant agrees, within ten (10) days thereafter, to deliver such financial statement, and to deliver such estoppel certificate (in the form of that attached hereto or as may be required by Landlord’s mortgagee or purchaser or to Landlord a statement in writing certifying the requested informationthat this Lease is unmodified and in full force and effect, including among other thingsor, the dates of commencement and termination of if there have been modifications, that this Lease, the amounts of security depositsas modified, that this Lease is in full force and effect; providing a true, correct and complete copy of the Lease and any and all modifications of the Lease; the amount of each item of the Rent then payable under this Lease and the date to which the Rent has been paid; that Landlord is not in default under this Lease or, if in default, a detailed description of such default; that Tenant is or is not in possession of the Premises, as the case may be; and containing such other information and agreements as may be reasonably requested. Landlord will use commercially reasonable efforts to obtain a Subordination and Non-Disturbance Agreement from the case, and that there are no differences, offsets Lender or defaults mortgage-holder of Landlord, or noting such differences, offsets or defaults as actually existthe Building. Tenant All costs relating to the securing of this agreement shall be liable a direct cost paid for any loss or liability resulting from any incorrect information certified, and such mortgagee and purchaser shall have the right to rely on such estoppel certificate and financial statement. Tenant shall in the same manner acknowledge and execute any assignment of rights to receive rents as required by any mortgagee of Landlord. Should Tenant fail to provide such estoppel certificate, financial statement or assignment of rights within ten (10) days of the service on Tenant or a written request therefor, then it is agreed between the parties hereto that Landlord may suffer substantial damage as a result of Tenant’s failure and therefore Tenant shall pay to Landlord daily Additional Rental, in addition to all other rental due under this Lease, in an amount equal to one-thirtieth (1/30th) of the Base Rent (as set forth in Section 4 hereof) for each day commencing on the eleventh (11th) day after service of the request for such estoppel certificate, financial statement or assignment of rights until the same is provided to Landlord, its mortgagee or purchaser. Said daily Additional Rental shall be due and payable daily for each day commencing on the eleventh (11th) day following the service of such request, and in default three (3) days after each such daily due date. In addition but without limitation of the foregoing, Landlord may at its option execute any such documents on behalf of Tenant as Tenant’s attorney-in-fact, and Tenant does hereby appoint Landlord as Tenant’s attorney-in-fact and in Tenant’s name, place and stead, to execute such documents, such appointment to be irrevocable and coupled with an interest.
Appears in 1 contract
Samples: Lease Agreement (Insurance Management Solutions Group Inc)
Subordination Attornment and Estoppel. This Lease, at Landlord’s option, shall be Lease and the rights of Tenant are expressly subject and subordinate to the lien and provisions of any first mortgage, deed of trust trust, deed to secure debt, or first mortgage subsequently placed upon ground lease, now or hereafter encumbering the real property Premises, Building and Project, ("Security Instrument") or any part thereof, and all amendments, renewals, modifications and extensions of which the Premises are a part, and to any such Security Instrument and to all advances made on the security thereof, and to all renewals, modifications, consolidations, replacements and extensions thereof, as well as any reciprocal easement agreement now or hereafter recorded against the office building project to be made upon such Security Instrument. Tenant shall, within 7 days after receipt of written notice by Landlord, execute and any amendments theretodeliver such further instruments, and Tenant shall execute any documents in such form as may be required by Landlord or Landlord’s mortgagee in any holder of a proposed or existing Security Instrument, subordinating this regard within ten (10) days of written request to do so and Tenant’s failure or refusal to do so shall constitute a material default by Tenant hereunder and Landlord may, without further notice to Tenant, declare the term hereof ended, and Landlord may at its option execute any such documents on behalf of Tenant as Tenant’s attorney-in-fact and in Tenant’s name, place and stead, to execute such documents, such appointment to be irrevocable and coupled with an interest; provided, however, that as Lease to the lien of any such deed of trust Security Instrument as may be requested in writing by Landlord or mortgage, Tenant’s right security holder from time 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 otherwise terminated pursuant to its terms. If any mortgagee, trustee or ground Landlord shall elect to have this Lease prior to the lien of its mortgage, deed of trust or ground lease, and shall give written notice thereof to Tenant, this Lease shall be deemed prior to such mortgage, deed of trust or ground lease, whether this Lease is dated prior or subsequent to the date of said mortgage, deed of trust or ground lease or the date of recording thereoftime. In the event of the foreclosure of any proceedings such Security Instrument by voluntary agreement or brought for otherwise, or the commencement of any judicial action seeking such foreclosure, Tenant, upon request, shall attorn to such mortgagee or purchaser in the event foreclosure. Tenant agrees to execute and deliver at any time upon request of the exercise such mortgagee, purchaser, or their successors, any instrument to further evidence such attornment. This provision will be self operative and no further instrument of the power of sale under any mortgage or deed of trust made by Landlord covering the Premises, subordination will be required in order to effect it. Tenant shall, at the new owner’s option, attorn to the purchaser upon any such foreclosure or sale and recognize such purchaser as Landlord under this Lease. If upon any sale, assignment or hypothecation within 7 days of the Premises or the land thereunder receipt of written notice by Landlord, or at any other time, an estoppel certificate, and/or financial statement or Tenant, Tenant agrees, within ten (10) days thereafter, to deliver such financial statement, and to deliver such estoppel certificate (in the form of that attached hereto or as may be required by Landlord’s mortgagee or purchaser or to Landlord a statement in writing certifying the requested informationthat this Lease is unmodified and in full force and effect, including among other thingsor, the dates of commencement and termination of if there have been modifications, that this Lease, the amounts of security depositsas modified, that this Lease is in full force and effect; providing a true, correct and complete copy of the Lease and any and all modifications of the Lease; the amount of each item of the Rent then payable under this Lease and the date to which the Rent has been paid; that Landlord is not in default under this Lease or, if in default, a detailed description of such be the case, and default; that there are no differences, offsets Tenant is or defaults of Landlord, or noting such differences, offsets or defaults as actually exist. Tenant shall be liable for any loss or liability resulting from any incorrect information certified, and such mortgagee and purchaser shall have the right to rely on such estoppel certificate and financial statement. Tenant shall is not in the same manner acknowledge and execute any assignment of rights to receive rents as required by any mortgagee of Landlord. Should Tenant fail to provide such estoppel certificate, financial statement or assignment of rights within ten (10) days possession of the service on Tenant or a written request thereforPremises, then it is agreed between as the parties hereto that Landlord case may suffer substantial damage be; and containing such other information and agreement as a result of may be reasonably requested. If requested by Tenant’s failure and therefore Tenant shall pay to Landlord daily Additional Rental, in addition to all other rental due under this Lease, in an amount equal to one-thirtieth (1/30th) of the Base Rent (as set forth in Section 4 hereof) for each day commencing on the eleventh (11th) day after service of the request for such estoppel certificate, financial statement or assignment of rights until the same is provided to Landlord, its mortgagee or purchaser. Said daily Additional Rental shall be due and payable daily for each day commencing on the eleventh (11th) day following the service of such request, and in default three (3) days after each such daily due date. In addition but without limitation of the foregoing, Landlord may at its option execute will use commercially reasonable efforts to obtain a Subordination and Non-Disturbance Agreement from the holder of any such documents on behalf of Tenant as Tenant’s attorney-in-fact, and Tenant does hereby appoint Landlord as Tenant’s attorney-in-fact and in Tenant’s name, place and stead, to execute such documents, such appointment to be irrevocable and coupled with an interestSecurity Instrument.
Appears in 1 contract
Samples: Lease Agreement (Vpgi Corp)