Subordination by Tenant. Subject to the following and without limiting the second paragraph of this Section 17.1, Tenant agrees that this Lease and its rights hereunder are subject and subordinate to the lien of any mortgage, deed of trust or other encumbrance, together with any renewals, extensions or replacements thereof, now or hereafter placed, charged or enforced against the Premises and Hotel, or any portion thereof, now or hereafter placed, charged or enforced against the Premises and Hotel, or any portion thereof, and Tenant agrees to execute and deliver at any time, and from time to time, upon ten (10) business days written demand by Landlord, such documents as may be reasonably requested to evidence and confirm such subordination; provided, however, that with respect to any existing mortgage or other encumbrance, no later than the date Tenant executes and delivers this Lease and, with respect to any future mortgage or other encumbrance, on or before the effective date thereof, Landlord shall obtain from its mortgagee or lienholder, as the case may be, a written agreement with Tenant in form and substance reasonably acceptable to Tenant providing as set forth below in this Section. The agreement shall be binding on the parties’ respective legal representatives, successors and assigns and shall provide that so long as Tenant shall pay and perform its all of its obligations under this Lease and so long as this Lease shall be in full force and effect (a) Tenant shall not be joined as a defendant in any proceeding which may be instituted to foreclose or enforce the mortgage or other encumbrance; (b) Tenant’s possession and use of the Premises and Hotel in accordance with the provisions of this Lease shall not be affected or disturbed by reason of the subordination to or any modification of or default under the mortgage or other encumbrance; (c) the mortgagee or lienholder will make available to the party entitled thereto the insurance proceeds payable in accordance with Article VII of this Lease and the condemnation proceeds payable under Article IX of this Lease; (d) the mortgagee or lienholder will recognize and allow (i) Tenant to exercise its option to extend the Lease for the Additional Term and (ii) Tenant’s Option to Purchase Premises, all on the terms provided in this Lease, and, without limiting the foregoing, the mortgagee or other lienholder shall, in connection with exercise of Tenant’s Option to Purchase Premises and at Tenant’s election, accept a prepayment of t...
Subordination by Tenant. This Lease and all rights of Tenant therein, and all interest or estate of Tenant in the Demised Premises shall be subject and subordinate to the lien of any mortgage, deed of trust, security instrument or other document of like nature ("Mortgage") which at any time may be placed upon the Demised Premises by Landlord, and to any replacements, renewals, amendments, modifications, extensions or refinancing thereof, and to each and every advance made under any Mortgage. Tenant agrees at any time hereafter, and from time to time on demand of Landlord, to execute and deliver to Landlord and the holder of the Mortgage (the "Mortgagee") any subordination agreements or other instruments, releases or other documents which may be reasonably required for the purpose of subjecting and subordinating this Lease to the lien of any Mortgage. Anything in this Section 16.1 to the contrary notwithstanding, so long as no Event of Default has occurred and is continuing, such subordination is conditioned upon, and such subordination agreements or other instruments, releases or documents must explicitly state that Tenant's right to quiet enjoyment under this Lease, and the right of Tenant to continue to occupy the Demised Premises and to conduct its business thereon in accordance with the covenants, conditions, provisions, terms and agreements of this Lease shall not be interfered with, hindered or molested.
Subordination by Tenant. This Lease and all rights of Tenant herein, and all interest of Tenant in the Premises, shall be subject and subordinate to the lien of any Mortgage which at any time may be placed upon all or any portion of the Park by Landlord. For the purposes of this Lease, the term "Mortgage" means any mortgage, deed of trust, sale and leaseback used for financing purposes, or other security instrument; any replacements, renewals, amendments, modifications, extensions or refinancings thereof, and each and every advance made under any Mortgage. For the purposes of this Lease, the term "Mortgagee" means the beneficial owner of any encumbrance created by a Mortgage and, in the case. of a sale and leaseback, the leaseback lessor. In order to confirm such subordination, Tenant agrees at any time, and from time to time on demand of Landlord, to execute and deliver to Landlord any instruments, releases or other documents that may be reasonably required for the purpose of confirming the subordination, including an instrument in the form of Exhibit E. So long as Tenant is not in default in the performance of any of Tenant's obligations under this Lease, such subordination shall not interfere with Tenant's right to quiet enjoyment under this Lease.
Subordination by Tenant. Tenant agrees that this Lease and its rights hereunder are subject and subordinate to the lien of any mortgage, deed of trust or other encumbrance, together with any renewals, extensions or replacements thereof, now or hereafter placed, charged or enforced against the Leased Property, or any portion thereof, and Tenant agrees to execute and deliver at any time, and from time to time, upon ten (10) calendar days written demand from Landlord, such documents as may be reasonably requested to evidence and confirm such subordination (but no such document shall be necessary to effectuate such subordination), and in the event that Tenant shall fail, neglect or refuse to execute and deliver any such documents to be executed by it within ten (10) calendar days after receipt of written request by Landlord, Tenant hereby appoints Landlord, its successors and assigns, the attorney-in-fact of Tenant irrevocably to execute and deliver any and all such documents for and on behalf of Tenant; provided, however, that, subject to the terms of this Lease, such subordination is and shall be subject to the condition that the mortgagee or beneficiary named in such mortgage or deed of trust shall recognize this Lease and shall not disturb the possession of Tenant except as expressly provided herein. Tenant acknowledges that the power of attorney granted hereby is coupled with an interest.
Subordination by Tenant. 48 16.2 Landlord's Default............................................................................................... 48 16.3 Attornment....................................................................................................... 48 ARTICLE XVII - SIGNS........................................................................................................ 49
Subordination by Tenant. Tenant agrees upon request of Landlord to subordinate this Lease and its rights hereunder to the lien of any mortgage, deed of trust or other encumbrance, together with any renewals, extensions or replacements thereof, now or hereafter placed, charged or enforced against the Real Property, or any portion thereof, or the overall development within which the Hotel Casino is situated, and to execute and deliver at any time, and from time to time, upon ten (10) calendar days written demand by Landlord, such documents as may be reasonably required and mandatory to effectuate such subordination; provided, however, Tenant shall not be required to effectuate such subordination, unless the mortgagee or beneficiary named in such mortgage, deed of trust, or other encumbrance shall first provide Tenant with a Non-Disturbance Agreement, in form and substance reasonably acceptable to Tenant, providing that, so long there is no Event of Default, that neither this Lease nor any of the rights to Tenant hereunder shall be terminated or modified or be subject to termination or modification.
Subordination by Tenant. Tenant agrees that this Lease shall, at the request of Landlord, be subordinate to any mortgages or deeds of trust that may hereafter be placed by Landlord upon the leased premises and to any and all advances to be made thereunder, and to the interest thereon, and all renewals, replacements and extensions thereof; provided, that the mortgagees or beneficiaries named in said mortgages or trust deeds shall agree to recognize the interest of Tenant and any applicable encumbrancer under Article XIV above in the event of foreclosure, if Tenant is not then in default. Tenant also agrees that any mortgagee or beneficiary may elect to have this Lease constitute a prior lien to its mortgage or deed of trust, and in the event of such election and upon notification by such mortgagee or beneficiary to Tenant to that effect, this Lease shall be deemed prior in lien to such mortgage or deed of trust, whether this Lease is dated prior to or subsequent to the date of said mortgage or deed of trust. Tenant agrees that upon the request of Landlord, or any mortgagee or beneficiary, Tenant shall execute whatever instruments may be required to carry out the intent of this Section in form reasonably acceptable to Tenant and Landlord.
Subordination by Tenant. As of the date set forth in Section 1.1 above, no mortgages or deeds of trust encumber Landlord's interest in the Project. Notwithstanding anything to the contrary contained in the Lease, Tenant shall not be obligated to subordinate its interest in the Lease to a future mortgage or deed of trust obtained by Landlord unless the lender provides Tenant with a commercially reasonable nondisturbance agreement.
Subordination by Tenant. As of the date set forth in Section 1.1 above, no mortgages or deeds of trust encumber Landlord’s interest in the Project. Notwithstanding anything to the contrary contained in the Lease, Tenant shall not be obligated to subordinate its interest in the Lease to a future mortgage or deed of trust obtained by Landlord unless the lender provides Tenant with a commercially reasonable nondisturbance agreement. By way of example, and not limitation, a commercially reasonable nondisturbance agreement shall include the following provisions: (i) provided Tenant is not in default, Tenant’s use, possession, and enjoyment of the Premises shall not be disturbed, (ii) all Tenant’s rights under this Lease shall be recognized, (iii) this Lease shall continue in full force and effect as long as Tenant is not in default and (iv) this Lease shall automatically become a lease directly between the successor to Landlord’s interest and Tenant.
Subordination by Tenant. Tenant agrees upon request of Landlord to subordinate this Lease and its rights hereunder to the lien of any mortgage, deed of trust or other encumbrance, together with any renewals, extensions or replacements thereof, now or hereafter placed, charged or enforced against the Premises, or any portion thereof, and to execute and deliver at any time, and from time to time, upon ten (10) calendar days written demand by Landlord, such documents as may be reasonably required to effectuate such subordination, provided that in connection with such subordination documents such mortgagee or beneficiary of agrees to provide a non-disturbance agreement for the benefit of Tenant whereby such mortgagee or beneficiary agrees that in the event of a sale or foreclosure under any mortgage, deed of trust or other encumbrance, the purchaser upon any such sale or foreclosure shall not disturb Tenant’s possession of the Premises for any reason other than one which would entitle Landlord to terminate the Lease under its terms. Notwithstanding the foregoing, Tenant shall not be required to subordinate its right to receive the Priority Management Fee hereunder unless and until Landlord has established and funded a reserve account in an aggregate amount sufficient at all times to cover payment to Tenant of the Priority Management Fee on a monthly basis for one year.
