SUBORDINATION; MORTGAGES. 20.1 This Lease is subject and subordinate to the lien of any and all mortgages (which term "MORTGAGES" shall include both construction and permanent financing and shall include deeds of trust and similar security instruments) which may now or hereafter encumber the Premises, and to all and any renewals, extensions, modifications, recastings or refinancings thereof; provided, however, that the effectiveness of such subordination is subject to the condition that Landlord obtain from any holder of any such mortgage or deed of trust on the Premises a non-disturbance agreement, to the end and intent that as long as Tenant pays all rent when due and punctually observes all other covenants and obligations on its part to be observed under this Lease (subject to applicable notice and cure provisions), the terms and conditions of this Lease shall continue in full force and effect and Tenant's rights under this Lease and its possession, use and occupancy of the Premises shall not be disturbed during the Lease Term by the holder of such mortgage or deed of trust or by any purchaser upon foreclosure of such mortgage or deed of trust. At any time after the execution of this Lease, the holder of any mortgage to which this Lease is subordinate shall have the right 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.
SUBORDINATION; MORTGAGES. 32 6.1 Prohibition Against Mortgaging Hotels or Leasehold Estate................ 32 6.2 Fee Mortgages............................................................ 32 6.3 Subordination............................................................ 33 6.4
SUBORDINATION; MORTGAGES. 6.1 Prohibition Against Mortgaging Hotels or Leasehold Estate. Except as set forth in this Article VI, no mortgages, deeds of trust, liens, or other encumbrances to secure borrowed money may be placed on the Hotels. Westboy shall not mortgage or otherwise encumber its leasehold estate in the Hotels. The limitation in this Section shall not prohibit estoppels, subordinations, assignments and other customary certificates, agreements and instruments that may be necessary or required by an Approved Mortgagee in support of indebtedness of Owner.
SUBORDINATION; MORTGAGES. It is specifically understood and agreed by the parties hereto that this Agreement and all rights, privilege and benefits hereunder are and shall be at all times subject to and subordinate to the liens of such mortgages applicable to the building in which the Dwelling Unit is located by the Cooperative with the And to any and all modifications, extensions and renewals thereof and to any mortgage or trust deed which may at any time hereafter be placed on the development or part thereof. The member hereby agrees to execute at the Cooperative’s request and expense, any instrument which the Cooperative or any lender may deem necessary or desirable to effect the subordination of this Agreement to any such mortgage, or trust deed and the Member hereby appoints the Cooperative and each of its officers, 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 any such applicable mortgage which may be required by law. In the event a waiver of such notice is not legally valid, the Member does hereby constitute the Cooperative as member’s agent to receive and accept such notice on the Member’s behalf.
SUBORDINATION; MORTGAGES. NONDISTURBANCE
SUBORDINATION; MORTGAGES. 20.1 This Lease is subject and subordinate to the lien of any and all mortgages (which term “mortgages” shall include both construction and permanent financing and shall include deeds of trust and similar security instruments) which may hereafter encumber the Land and/or the Building, and to all and any renewals, extensions, modifications, recastings or refinancings thereof, provided, however, that the effectiveness of such subordination is subject to the condition that Landlord obtain from any holder of any such mortgage or deed of trust on the Land and/or the Building a non-disturbance agreement on such holder’s commercially reasonable form, to the end and intent that as long as Tenant pays all rent when due and materially observes all other covenants and obligations on its part to be observed under this Lease, the terms and conditions of this Lease shall continue in full force and effect and Tenant’s rights under this Lease and its possession, use and occupancy of the Premises shall not be disturbed during the term of this Lease by the holder of such mortgage or deed of trust or by any purchaser upon foreclosure of such mortgage or deed of trust. Landlord will deliver to Tenant a non-disturbance agreement in commercially reasonable form from Landlord’s current mortgagee or any ground lessor or lien holder on the Premises for execution by Tenant and such party within sixty (60) days following the Effective Date. The failure of Landlord, Landlord’s current mortgagee, ground lessor or lien holder to execute such non-disturbance agreement within such sixty (60) day period shall give Tenant the right, at its sole option, to terminate this Lease. At any time after the execution of this Lease, the holder of any mortgage to which this Lease is subordinate shall have the right to declare this Lease to be superior to the lien of such mortgage, and Tenant agrees to execute all documents reasonably required by such holder in confirmation thereof. Landlord hereby covenants and warrants that any mortgage that encumbers the Land as of the date of this Lease shall no longer encumber the Land as of the date of that Landlord acquires title to the Land. Landlord will promptly provide Tenant with a true, correct and complete copy of any notice of default delivered to Landlord by the holder of any mortgage. Any non-disturbance agreement provided for in this Section 20.1 shall also run to the benefit of Tenant’s sublessees, licensees and customers.
SUBORDINATION; MORTGAGES. 20.1 Subject to the terms and provisions of Section 20.3 below, this Lease is subject and subordinate to the lien, provisions, operation and effect of all mortgages, deeds of trust, ground leases or other security instruments which may now or hereafter encumber any portion of the Building and/or the Land (collectively, “Mortgages”), to all funds and indebtedness intended to be secured thereby, and to all renewals, extensions, modifications, recastings or refinancings thereof. Said subordination and the provisions of this Section shall be self operative and no further instrument of subordination shall be required by the holder of any Mortgage. The holder of any Mortgage to which this Lease is subordinate shall have the right (subject to any required approval of the holders of any superior Mortgage) at any time to declare this Lease to be superior to the lien, provisions, operation and effect of such Mortgage.
SUBORDINATION; MORTGAGES. 20.1 Subject to the terms and provisions of Section 20.3 below, this Lease is subject and subordinate to the lien, provisions, operation and effect of all mortgages, deeds of trust, ground leases or other security instruments which may now or hereafter encumber any portion of the Building, the Office Building and/or the Land (collectively, “Mortgages”), to all funds and indebtedness intended to be secured thereby, and to all renewals, extensions, modifications, recastings or refinancings thereof. Said subordination and the provisions of this Section shall be self operative and no further instrument of subordination shall be required by the holder of any Mortgage. The holder of any Mortgage to which this Lease is subordinate shall have the right CONFIDENTIAL MATERIAL HAS BEEN OMMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISION. BOXES AND ASTERIXES DENOTE SUCH OMISSION (subject to any required approval of the holders of any superior Mortgage) at any time to declare this Lease to be superior to the lien, provisions, operation and effect of such Mortgage.
SUBORDINATION; MORTGAGES. 36 ARTICLE XXI
SUBORDINATION; MORTGAGES. 20.1 This Lease is subject and subordinate to the lien of any and all mortgages (which term "mortgages" shall include both construction and permanent financing and shall include deeds of trust and similar security instruments) which may now or hereafter encumber the Building, and to all and any renewals, extensions, modifications, recastings or refinancings thereof. This Lease shall also be subject and subordinate to (a) any new first mortgage that hereafter may encumber the Building and (b) any second or junior mortgages that hereafter may encumber the Building, provided that the holder of the first mortgage consents to the subordination. At any time after the execution of this Lease, the holder of any mortgage to which this Lease is subordinate shall have the right 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.
