Subordination Estoppel Sample Clauses
Subordination Estoppel. 22.1 Lessor and Lessee agree that this Lease and the Purchase Option are superior to and have priority over, and Lessee’s obligations hereunder are contingent upon this Lease and the Purchase Option being superior to and having priority over, all mortgages, deeds of trust and any and all other forms or manner of financing liens in any amount, and all advances thereon, and all renewals, modifications, consolidations, replacements and extensions thereof (each a “Mortgage” and collectively “Mortgages”) which are entered into subsequent to the date of this Lease.
22.2 In the event a Mortgage or Mortgages encumber all or any part of the Premises prior to the date of this Lease, Lessee’s obligations hereunder are contingent upon, and Lessor shall promptly obtain, a non-disturbance agreement reasonably acceptable to Lessee from the holder(s) of such Mortgage or Mortgages which will (without limitation) include consent to this Lease by the holder(s) of such Mortgage or Mortgages and a recognition of the effectiveness of the Purchase Option, and that such Purchase Option is binding upon the holder(s) of any such Mortgage or Mortgages (and their nominees and assigns as well as any purchaser at a foreclosure sale or grantee in lieu thereof), even in the event of a foreclosure or deed in lieu of foreclosure subject to repayment of the debt in full upon Lessee’s acquisition of the Premises following Lessee’s exercise of the Purchase Option, which debt repayment shall be paid from and out of the adjusted purchase price set forth in Section 5.1 hereof due Lessor (or other owner of the Premises) at the closing of Lessee’s acquisition of the Premises (“Non-Disturbance Agreement”).
22.3 Either party shall, within 10 days after request by the other party, from time to time, execute, acknowledge and deliver to the other party, a statement which may be relied upon by the other party and the holder of any existing or proposed Mortgage, certifying (if true) 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 as modified, and stating the modifications), the dates to which Rent and other charges have been paid, and whether or not, to the best of such party’s knowledge, the other party is in default hereunder or whether such party has any claims or demands or offsets.
Subordination Estoppel. Section 21.01. This Lease will be subject and subordinate to any mortgage of the Premises now existing or hereafter executed by Landlord or its successors and assigns. Such subordination is automatic and is effective without any further act of Tenant, but Tenant hereby agrees from time to time on request from Landlord to execute and deliver any instruments that may be required by any lender to confirm the subordination provided for herein. Any mortgagee may elect that this Lease shall have priority over its mortgage, and upon notification of such election by such mortgagee to Tenant, this Lease shall be deemed to have priority over such mortgage whether this Lease is dated prior to or subsequent to the date of such mortgage. Tenant hereby appoints Landlord, with full power of substitution, as Tenant's attorney-in-fact (which appointment shall be irrevocable and shall be deemed to be coupled with an interest) to execute and deliver any such instrument for and in the name of Tenant.
Section 21.02. Tenant, within ten (10) days after written request from Landlord shall furnish a written certificate stating whether this Lease is in full force and effect, if any amendments have been executed, if any default exist by Landlord or by Tenant hereunder and the nature of any alleged default, if Tenant is then claiming any offsets, counterclaims or defenses to this Lease, and any other matter which may be reasonably requested.
Subordination Estoppel. 41 21.1 Subordination and Attornment........................................... 41 21.2 Assignment........................................................................ 42 21.3 Conditions for Tenant’s Termination.................................. 42 21.4 Estoppel Certificates.......................................................... 42 22. SIGNS AND ADVERTISING ........................................................... 42 23. RIGHTS RESERVED TO LANDLORD............................................ 43
Subordination Estoppel. (a) Tenant's rights under this Lease are, however, and shall always be subordinate to the operation and effect of any ground lease or mortgage, deed of trust or similar security instrument thereinafter collectively called "Security Instrument" now or hereafter placed upon the land or buildings of which the Premises are a part, or any part thereof, by Landlord or any renewal, modification, consolidation, replacement or extension of any such Security Instrument, unless such secured party elects to have Tenant's interest hereunder superior to the lien of such Security Instrument; this clause shall be self-operative and no further instrument of subordination shall be required. In confirmation of such subordination, Tenant shall execute promptly any certificate that Landlord may request. Tenant hereby institutes and appoints Landlord as Tenant's attorney-in-fact to execute any such certificate or certificates for and on behalf of Tenant.
(b) Tenant agrees, at any time, and from time to time, upon not less than ten (10) business days prior written request by Landlord, to execute, acknowledge and deliver to Landlord a statement in writing certifying (i) the commencement and termination dates of the term of this Lease, (ii) that this Lease is unmodified and in full force and effect (or, if there have been modifications, that this Lease is in full force and effect as modified and stating the modifications), (iii) that Landlord has performed all of its obligations under the Lease and is not in breach of its obligations under the Lease, and (vi) the dates to which rent and other charges have been paid, it being intended that any such statement delivered pursuant to this provision may be relied upon by any prospective lender or purchaser of Landlord’s interest or holder of a Security Instrument or assignee of any Security Interest upon Landlord's estate in the Premises. Tenant requests a non-disturbance agreement from the Landlord.
Subordination Estoppel. 27.01. On Landlord's demand, Tenant shall subordinate its rights hereunder to the lien of any mortgages, deed(s) of trust, ground lease(s) or any other method of financing or refinancing now or hereafter placed against all or any part of the facility including all advances made or to be made thereunder, and all renewals, replacements, consolidations and extensions thereof, if Landlord first obtains from any prospective lender a written agreement that provides substantially the following: "As long as Tenant performs its obligations under this lease, no foreclosure of, deed given in lieu of foreclosure of, or sale under, the encumbrance, and no steps or procedures taken under the encumbrance, shall affect Tenant's rights under this lease. The provisions of this lease concerning the disposition of insurance proceeds on destruction of the premises, and the provisions concerning the disposition of any condemnation award, shall prevail over any conflicting provisions in the encumbrance."
27.02. Tenant shall attorn to any purchaser at any foreclosure sale, or to any grantee or transferee designated in any deed given in lieu of foreclosure. Tenant shall execute upon demand any and all documents required by lender(s) to accomplish the purpose of this section.
Subordination Estoppel a. This Sub-lease and all rights under the sub-lease are subject and subordinate to any lien of mortgage on the property. However, at the sole and absolute election of a mortgage holder, this sub-lease and Tenant’s rights under it shall be superior and prior in right to that mortgage-holder’s lien with the same force and effect as if this Sub-lease had been made and delivered prior to the mortgage. Tenant hereby, without claim for Landlord defaults prior to exercise of rights under any mortgage, attorns to (agrees to remain a tenant of) and will treat as new landlord (i) a holder of a mortgage who becomes (a) mortgagee in possession or (b) owner of the property by deed, foreclosure or otherwise and (ii) a Mortgage holder’s successors and assigns by assignment or foreclosure of lien or otherwise. This subordination and attornment are self- operative and without need of further instrument or action to have effect, but Tenant shall provide such further written assurances thereof as Landlord may from time to time request. For all purposes of this sub-lease the word “mortgage” means any mortgage made before the date of this Sub-lease or later, and all renewals, extensions and replacements of a mortgage.
Subordination Estoppel. This Lease is and shall be subordinate to any encumbrance now of record or recorded after the date of this Lease affecting the Premises, and land of which the Premises is a part. Such subordination is effective without any further act of Tenant. Tenant shall from time to time on request from Landlord execute and deliver any documents or instruments that may be required by a lender to effectuate any subordination. If Tenant fails to execute and deliver any such documents or instruments, Tenant irrevocably constitutes and appoints Landlord as Tenant's special attorney-in-fact to execute and deliver any such documents or instruments.
Subordination Estoppel. Upon request from the Landlord, Tenant agrees to subordinate in writing its rights hereunder to the lien of any Deed of Trust or mortgage now or hereafter in force or to be placed against the Premises. Tenant also agrees to sign estoppel certificates when requested by Landlord, its Agent or lender which verifies this lease is in effect. Notwithstanding anything stated herein, the provisions of this paragraph shall be self executing, at Landlord’s option if Tenant fails to sign the documents within five (5) days of request. ARTICLE XXII:
Subordination Estoppel. This Lease shall be subject and subordinate to any and all mortgages, deeds of trust and other instruments in the nature of a mortgage, now or any time hereafter, a lien or liens on the Property of which the leased premises are a part and the Lessee shall, when requested, promptly execute and deliver such written instruments as shall be necessary to show the subordination of the Lease to said mortgages, deeds of trust or other such instruments in the nature of a mortgage. Additionally, Xxxxxx and Xxxxxx agree to execute a written statement (Estoppel Agreement) certifying that the lease is in full force and effect and the status of rental payments.
Subordination Estoppel. (a) Tenant agrees, at any time and from time to time (but not more often than twice in any twelve (12) month period), as requested by Landlord, upon not less than ten (10) business days’ prior notice, to execute and deliver to Landlord a written statement, (a) stating that this Lease is then in full force and effect and has not been modified (or if modified, setting forth all modifications), (b) setting forth the then current Base Rent and/or Delay Rent, (c) setting forth the date to which the Base Rent or Delay Rent has been paid, (d) stating whether or not, to the best knowledge of the Tenant, Landlord is in default under this Lease, and if so, setting forth the specific nature of all such default, (e) stating whether there are any subleases affecting the Premises, (f) stating the address of Tenant to which all notices and communication under the Lease shall be sent, and (g) containing any other factual matters reasonably requested by Landlord. Tenant acknowledges that any statement delivered pursuant to this paragraph may be relied upon by others with whom Landlord may be dealing, including any purchaser or owner of the Premises, or of Landlord’s interest in the Premises or any lender or mortgagee of Landlord.
(b) Landlord agrees, at any time and from time to time (but not more often than twice in any twelve (12) month period), as requested by Tenant, upon not less than ten (10) business days’ prior notice, to execute and deliver to Tenant a written statement, (a) stating that this Lease is then in full force and effect and has not been modified (or if modified, setting forth all modifications), (b) setting forth the then current Base Rent and/or Delay Rent, (c) setting forth the date to which the Base Rent or Delay Rent has been paid, (d) stating whether or not, to the best knowledge of Landlord, Tenant is in default under this Lease, and if so, setting forth the specific nature of all such default, (e) stating the address of Landlord to which all notices and communication under the Lease shall be sent, and (f) containing any other factual matters reasonably requested by Tenant. Landlord acknowledges that any statement delivered pursuant to this paragraph may be relied upon by others with whom Tenant may be dealing.