Common use of SUBORDINATION CLAUSE Clause in Contracts

SUBORDINATION CLAUSE. It is specifically understood and agreed by the parties hereto that this Agreement and all rights, privileges and benefits hereunder are and shall be at all times subject to, subordinate and inferior to the lien of any first mortgage or deed of trust hereinafter obtained by the Corporation, and to any and all modifications, extensions and renewals of such loans or advances and to any mortgage or deed of trust made in replacement of such mortgages or deed of trust and to such additional loans or advances as may thereafter be made by or borrowed from any beneficiary, its successors or assigns, together with interest thereon on the date any such loans or advances are made, and to any mortgages or deeds of trust, consolidation agreements and other accompanying documents given to secure any such additional loans or advances which may at any time hereafter be placed on the real property hereinafter described, or any part thereof by the Corporation. The Member hereby agrees to execute in a timely manner, at the Corporation’s request and expense, any instrument which the Corporation or any lender may deem necessary or desirable to effect the subordination of this Agreement to any such mortgage or deed of trust, and the Member hereby appoints the Corporation and each and every officer thereof, and any future officer, Member’s irrevocable attorney-in-fact during the term hereof to execute any such instrument on behalf of the Member. The Member does hereby expressly waive any and all notices of default and notices of foreclosure of said mortgage which may be required by law. In the event a waiver of such notices is not legally valid, the Member does hereby constitute and appoint the Corporation as Member’s agent to receive and accept such notices on the Member’s behalf. The real property encumbered by or which may in the future be encumbered by said mortgage or deed of trust is as set forth in the Declaration and Instrument of Adoption.

SUBORDINATION CLAUSE. It is specifically understood and agreed by the parties hereto that this Agreement and all rights, privileges and benefits hereunder are and 19.01 This Lease shall be subject and subordinate at all times subject to, subordinate and inferior to the lien of any first mortgage or deed of trust hereinafter obtained by the Corporation, and to any and all modifications, extensions and renewals of such loans or advances and to any mortgage or deed of trust made in replacement of such mortgages encumbrance or deed of trust and to such additional loans encumbrances which may now or advances as may thereafter be made by or borrowed from any beneficiary, its successors or assigns, together with interest thereon on the date any such loans or advances are made, and to any mortgages or deeds of trust, consolidation agreements and other accompanying documents given to secure any such additional loans or advances which may at any time hereafter be placed on made a lien upon the real property hereinafter describedProperty, or any part thereof by the Corporation. The Member hereby agrees to execute in a timely manner, at the Corporation’s request and expense, any instrument Building of which the Corporation Premises are a part or any lender may deem necessary upon Landlord’s interest therein. Tenant shall execute and deliver such further instrument or desirable instruments subordinating this Lease to effect the subordination lien of this Agreement to any such mortgage or deed of trust, encumbrance or encumbrances as shall be desired by any mortgagee or party secured or proposed mortgagee or party proposed to be secured, and the Member Tenant hereby appoints Landlord the Corporation and each and every officer thereof, and any future officer, Member’s irrevocable attorney-in-fact during the term hereof of Tenant, irrevocably, to execute and deliver any such instrument on behalf of or instruments for Tenant. If the Member. The Member does hereby expressly waive any and all notices of default and notices Landlord’s interest under this Lease shall be transferred by reason of foreclosure or other proceedings for enforcement of said mortgage which may be required by law. In the event a waiver of such notices is not legally valid, the Member does hereby constitute and appoint the Corporation as Member’s agent to receive and accept such notices on the Member’s behalf. The real property encumbered by or which may in the future be encumbered by said any mortgage or deed of trust on the Premises or Building, Tenant shall be bound to the transferee’s option, under the terms, covenants and conditions of this Lease for the remaining term, including any extensions or renewals, with the same force and effect as if the transferee were Landlord under this Lease, and if requested by transferee, Tenant agrees to attorn to the transferee as its landlord. Tenant agrees to give any Mortgagee, by certified mail, return receipt requested, a copy of any notice of default served upon Landlord, provided that prior to such notice Tenant has been notified in writing (by way of notice of Assignment of Rents and Leases, or otherwise) of the address of such mortgagees and/or trust deed holders. Tenant further agrees that if Landlord shall have failed to cure such default within the time provided for in this Lease, then the mortgagees and/or trust deed holders shall have an additional thirty (30) days within which to cure such default or if such default cannot be cured within that time, then such additional time as may be necessary if within such thirty (30) days, the mortgagee and/or trust deed holder has commenced and is as set forth diligently pursuing the remedies necessary to cure such default (including but not limited to commencement of foreclosure proceedings, if necessary, to effect such cure), in which event this Lease shall not be terminated while such remedies are being so diligently pursued. Tenant agrees that in the Declaration event of the sale of the Land or the Building, by foreclosure or deed in lieu thereof, the purchaser at such sale shall only be responsible for the return of any Security Deposit paid by Tenant to Landlord in connection with this Lease to the extent that such purchaser actually receives such Security Deposit. Tenant further agrees that any successor to Landlord’s interest shall not be (i) bound by any payment of monthly Rent or Additional Rent for more than one (1) month in advance under the Lease unless said sum is actually received by such transferee (ii) bound by any amendment, modification or termination of this Lease made without the consent of Landlord’s mortgagee or such successor in interest, (iii) liable for any breach, act or omission of any prior landlord under the Lease (including Landlord) or any damages arising therefrom; (iv) subject to any offsets or defenses which Tenant might have against any prior landlord (including Landlord), (v) liable for any late completion of any construction of the Premises or tenant improvement work to the Premises commenced or agreed to by any prior landlord under the Lease (including Landlord), (vi) liable for payment of any damages, fees or penalties payable by any landlord under the Lease (including Landlord) to Tenant including but not limited to fees or penalties for failure to deliver the Premises in a timely fashion, or (vii) bound by any obligation which may appear in this Lease to pay any sum of money to Tenant; provided, however, that after succeeding to Landlord’s interest under this Lease, such transferee shall agree to perform in accordance with the terms of this Lease all obligations of Landlord arising after the date of transfer. Tenant shall make such modifications to this Lease as may be reasonably requested by any mortgagee (or prospective mortgagee) based on generally prevailing practices in the financing markets, provided that such modifications do not impose any material additional obligations on Tenant or materially diminish Tenant’s rights under this Lease. Landlord agrees to obtain and Instrument provide Tenant with a non-disturbance agreement from Landlord’s lender on such lender’s standard form thereof within one hundred twenty days following the Tenant’s procurement of Adoptionits certificate of occupancy for the Premises and delivery of a copy thereof to Landlord. Landlord shall secure from any future mortgage holders an appropriate, standard non-disturbance agreement from same on behalf of Tenant hereunder.

SUBORDINATION CLAUSE. It is specifically understood and agreed by the parties hereto that this Agreement agreement and all rights, privileges and benefits hereunder are and shall be at all times subject to, subordinate and inferior to the lien of any first mortgage or deed of trust hereinafter obtained by the Corporation, and to any and all modifications, extensions and renewals of such loans or advances and to any mortgage or deed of trust made in replacement of such mortgages or deed of trust and to such additional loans or advances as may thereafter be made by or borrowed from any beneficiary, its successors or assigns, together with interest thereon on the date any such loans or advances are made, and to any mortgages or deeds of trust, consolidation agreements and other accompanying documents given to secure any such additional loans or advances which may at any time hereafter be placed on the real property hereinafter described, or any part thereof by the Corporationthereof. The Member hereby agrees to execute in a timely mannerexecute, at the Corporation’s request and expense, any instrument which the Corporation or any lender may deem necessary or desirable to effect the subordination of this Agreement agreement to any such mortgage or deed of trust, and the Member hereby appoints the Corporation and each and every officer thereof, and any future officer, Member’s irrevocable attorney-in-fact during the term hereof to execute any such instrument on behalf of the Member. The Member does hereby expressly waive any and all notices of default and notices of foreclosure of said mortgage which may be required by law. In the event a waiver of such notices is not legally valid, the Member does hereby constitute and appoint the Corporation as Member’s agent to receive and accept such notices on the Member’s behalf. The real property encumbered by or which may in the future be encumbered by said mortgage or deed of trust is as set forth in the Declaration and Instrument of Adoptionherein.