Subordination Estoppel Certificate Clause Samples
The "Subordination; Estoppel Certificate" clause establishes that a party’s rights under an agreement may be made subordinate to the rights of certain third parties, such as lenders or future property owners, and requires the party to provide written confirmation of the agreement’s terms upon request. In practice, this means that, for example, a tenant may have to acknowledge that their lease is secondary to a mortgage and must promptly sign a document (an estoppel certificate) verifying the lease’s status and key terms if asked by the landlord or lender. This clause is essential for facilitating property financing and transfers by ensuring that third parties can rely on clear, up-to-date information about existing agreements and their priority.
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Subordination Estoppel Certificate. Without the necessity of any additional document being executed by Tenant for the purpose of effecting a subordination, and at the election of Landlord or any mortgagee or any beneficiary of a Deed of Trust with a lien on the Project or any ground lessor with respect to the Project, this Lease shall be subject and subordinate at all times to (a) all ground leases or underlying leases which may now exist or hereafter be executed affecting the Project, and (b) the lien of any mortgage or deed of trust which may now exist or hereafter be executed in any amount for which the Project, ground leases or underlying leases, or Landlord's interest or estate in any of said items is specified as security. In the event that any ground lease or underlying lease terminates for any reason or any mortgage or Deed of Trust is foreclosed or a conveyance in lieu of foreclosure is made for any reason, Tenant shall, notwithstanding any subordination, attorn to and become the Tenant of the successor in interest to Landlord, at the option of such successor in interest. Tenant covenants and agrees to execute and deliver, upon demand by Landlord and in the form requested by Landlord any additional docu▇▇▇▇▇ ▇▇idencing the priority or subordination of this Lease with respect to any such ground lease or underlying leases or the lien of any such mortgage or Deed of Trust. Tenant hereby irrevocably appoints Landlord as attorney-in-fact of Tenant to execute, deliver and record any such document in the name and on behalf of Tenant.
Subordination Estoppel Certificate. 8.01. This Lease and all rights of Tenant hereunder are subject and subordinate to all mortgages which may now or hereafter affect Landlord's interest in the Leased Property or any part thereof (all such mortgages, collectively, the "SUPERIOR MORTGAGES"), and to all renewals, modifications, consolidations, replacements and extensions of Superior Mortgages. This Section shall be self-operative and no further instrument of subordination shall be required .In confirmation of such subordination, Tenant agrees to promptly execute and deliver at Tenant's sole cost and expense any instrument (in recordable form, if requested) that Landlord or the holder of any Superior Mortgage (a "SUPERIOR MORTGAGEE") may request to evidence such subordination.
8.02. If the interests of Landlord under this Lease are transferred by reason of, or assigned in lieu of, foreclosure or other proceedings for enforcement of any such Superior Mortgage then Tenant shall, at the option of such purchaser or assignee, as the case may be, (x) attorn to such party and perform for its benefit all the terms, covenants and conditions of this Lease on Tenant's part to be performed with the same force and effect as if such party were the landlord originally named in this Lease, or (y) enter into a new lease with such party, as landlord, for the remaining Term and otherwise on the same terms and conditions of this Lease except that such successor landlord shall not be (i) liable for any previous act, omission or negligence of Landlord under this Lease; (ii) subject to any counterclaim, defense or offset which theretofore shall have accrued to Tenant against Landlord; (iii) bound by any previous modification or amendment of this Lease or by any previous prepayment of more than one month's rent, unless such modification, amendment or prepayment shall have been approved in writing by the Superior Mortgagee through or by reason of which such successor landlord shall have succeeded to the rights of Landlord under this Lease; (iv) obligated to repair the Leased Property or any part thereof in the event of total or substantial damage, beyond such repair as can reasonably be accomplished from the net proceeds of insurance actually made available to such successor landlord; (v) obligated to repair the Leased Property or any part thereof in the event of partial condemnation, beyond such repair as can reasonably be accomplished from the net proceeds of any award actually made available to such successor landlo...
Subordination Estoppel Certificate. Articles 17 and 18 of the Master Lease are incorporated herein by reference, and Sublandlord may request an estoppel certificate or other documents from Subtenant pursuant to the requirements therein.
Subordination Estoppel Certificate. 22 SECTION 13.1
Subordination Estoppel Certificate. (a) The rights granted under this Lease to Tenant are subject and subordinate to any present or future Mortgages (and to any consolidation, modification, renewal, replacement or extension, as applicable, of any Mortgage) of all or any part of the Premises or the Building and to all matters to which such Mortgage may be subordinate.
Subordination Estoppel Certificate. ▇▇▇▇▇▇ agrees that this Lease and ▇▇▇▇▇▇’s interest in this Lease shall be secondary to any mortgage, deed of trust or other method of financing or refinancing now existing or hereafter placed on the Premises, the land underlying the Premises and/or the Building of which the Premises is a part and the Property. ▇▇▇▇▇▇ further agrees that it will execute and deliver any and all documents necessary to show that ▇▇▇▇▇▇’s rights under this Lease are secondary. ▇▇▇▇▇▇ agrees that it will from time to time upon request by Landlord and, within ten (10) days of the date of such request, execute and deliver to such persons as Landlord shall request a certificate provided by Landlord 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 as so modified), stating the dates to which any rent and other charges payable under this Lease have been paid, and further stating such other factual matters as Landlord shall reasonably require.
Subordination Estoppel Certificate. 24 21. Miscellaneous. .................................................................................................................. 25
Subordination Estoppel Certificate. This Lease is and shall be subject and subordinate to any and all ground or similar leases affecting the Building, and to all mortgages which may now or hereafter encumber or affect the Building and to all renewals, modifications, consolidations, replacements and extensions of any such leases and mortgages; provided, at the option of any such lessor or mortgagee, this Lease shall be superior to the lease or mortgage of such lessor or mortgagee. Consistent with this Section, Lessee agrees, however, to execute and return any estoppel certificate, consent subordination, non-disturbance and attornment agreement or other agreement reasonably requested by any such lessor or mortgagee, or by Lessor, within ten (10) days after receipt of same. The form of such estoppel certificate is attached hereto as Exhibit E. Lessee shall, at the request of Lessor or any mortgagee of Lessor secured by a lien on the Building or any lessor to Lessor under a ground Lease of the Building, furnish such mortgagee and/or lessor with written notice of any default or breach by Lessor at least sixty (60) days prior to the exercise by Lessee of any rights and/or remedies of Lessee hereunder arising out of such default or breach.
Subordination Estoppel Certificate. This Lease is and shall be subject and subordinate to any and all ground or similar leases affecting the Building, and to all mortgages which may now or hereafter encumber or affect the Building and to all renewals, modifications, consolidations, replacements and extensions of any such leases and mortgages; provided that, at the option of any such landlord or mortgagee, this Lease shall be superior to the lease or mortgage of such landlord or mortgagee. The provisions of this Section shall be self-operative and shall require no further consent or agreement by Tenant. Tenant shall, however, execute and return any estoppel certificate, subordination agreement, consent or agreement reasonably requested by any such landlord or mortgagee, or by Landlord, provided the same is on a commercially reasonable form for the Raleigh, North Carolina area. In the event Tenant does not execute and return such estoppel certificate within such ten (10) calendar day period, Tenant shall be deemed to have ratified such estoppel certificate, and the information contained therein shall be deemed to be correct and binding upon Tenant. Tenant shall, at the request of Landlord or any mortgagee of Landlord secured by a lien on the Building or any landlord to Landlord under a ground lease of the Building, furnish such mortgagee and/or landlord with notice of any default by Landlord at least thirty (30) days prior to the exercise by Tenant of any rights and/or remedies of Tenant hereunder arising out of such default.
Subordination Estoppel Certificate. ▇▇▇▇▇▇ agrees that this Lease shall, at all times, be subject and subordinate to the lien of any current or future mortgage, pledge, bond or other financing arrangement that may encumber all or part of the Premises, provided Tenant and any such lender shall execute a mutually-agreeable subordination, non-disturbance, and attornment agreement. Furthermore, within 15 days after written request by either Party, Landlord or Tenant, as applicable, shall execute and deliver, in form reasonably satisfactory to both Parties, a certificate by which such Party acknowledges and confirms the terms of this Lease and/or certifies any facts that are then true with respect to this Lease, including without limitation, that this Lease is in full force and effect.