SUBORDINATION, NON-DISTURBANCE AND ATTORNMENT AGREEMENT. (i) SNDA; Landlord's Default Under Mortgage. Within sixty (60) days after the full execution and delivery of this Lease by and to each of the parties, Landlord shall obtain and deliver to Tenant an executed subordination, non-disturbance and attornment agreement in a form reasonably acceptable to Tenant ("SNDA") from each mortgagee and ground lessor identified on Schedule 3, hereto. Notwithstanding anything herein to the contrary, this Lease and all rights of Tenant hereunder shall be subject and subordinate at all times to those mortgages and ground leases that now encumber the Premises and are identified on Schedule 3 hereto subject to, and only in the event of, Tenant's prior receipt of an SNDA executed by each such mortgagee. In the event that Landlord shall fail to perform any of its obligations under any mortgage, ground lease or other instrument now or in the future encumbering the Premises and such failure shall continue beyond any cure period provided for in such instrument, then Tenant shall have the right (but not the obligation) to perform or endeavor to perform Landlord's obligation, at Tenant's expense; and, within thirty (30) days after receipt of a written demand from Tenant, Landlord shall reimburse Tenant for all costs and expenses incurred by Tenant in doing so, or, if Landlord shall fail or refuse to reimburse Tenant therefor, then Tenant shall be entitled to offset all such costs and expenses against the Rent or Additional Rent.
Appears in 2 contracts
Samples: Agreement of Lease (National Patent Development Corp), Agreement of Lease (Five Star Products Inc)
SUBORDINATION, NON-DISTURBANCE AND ATTORNMENT AGREEMENT. (i) SNDA; Landlord's Default Under Mortgage. Within sixty (60) days after the full execution and delivery of this Lease by and to each of the parties, Landlord shall obtain and deliver to Tenant an executed subordination, non-disturbance and attornment agreement in a form reasonably acceptable to Tenant ("SNDA") from each mortgagee and ground lessor identified on Schedule 3, hereto. Notwithstanding anything herein to the contrary, this Lease and all rights of Tenant hereunder This Sublease ------------------------------------------------------- shall be subject and subordinate at to any and all times to those mortgages and ground leases that now encumber the Premises and are identified on Schedule 3 hereto subject tomortgages, deeds of trust, and only other instruments in the event ofnature of a mortgage, Tenantwhich may now or hereafter affect the Premises, the Demised Premises or the real property of which the Demised Premises form a part. Although no instrument or act on the part of Sublessee shall be necessary to effectuate such subordination, Sublessee shall, when requested, promptly execute and deliver to Sublessor such written instruments as shall be necessary to show the subordination of this Sublease to said mortgages, deeds of trust, or other instruments in the nature of a mortgage. Sublessor represents that the Master Lease is in full force and effect and that Sublessor and, to Sublessor's prior receipt best knowledge, Landlord have each performed all of an SNDA executed by each such mortgageetheir respective obligations set forth in the Master Lease to the date hereof. In Sublessor further agrees to continue during the event that Landlord shall fail term of this Sublease, as it may be extended or renewed, to perform any all of its obligations under the Master Lease, excepting only those obligations which are to be performed by Sublessee hereunder. Prior to the commencement of the term hereof and as a condition to the effectiveness of this Sublease, Sublessor shall deliver to Sublessee a written agreement with Landlord substantially in form attached hereto as Exhibit C. Sublessor shall obtain a non-disturbance agreement from any mortgage, ground lease or other instrument now or in subsequent mortgagee of the future encumbering building of which the Premises and such failure shall continue beyond any cure period are a part who subordinates the Master Lease to its interest as provided for in such instrument, then Tenant shall have Section 8.2 of the right (but not the obligation) to perform or endeavor to perform Landlord's obligation, at Tenant's expense; and, within thirty (30) days after receipt of a written demand from Tenant, Landlord shall reimburse Tenant for all costs and expenses incurred by Tenant in doing so, or, if Landlord shall fail or refuse to reimburse Tenant therefor, then Tenant shall be entitled to offset all such costs and expenses against the Rent or Additional RentMaster Lease.
Appears in 2 contracts
Samples: Lightbridge Inc, Lightbridge Inc
SUBORDINATION, NON-DISTURBANCE AND ATTORNMENT AGREEMENT. Landlord shall obtain a subordination, non-disturbance and attornment agreement from the current Landlord’s Mortgagee, if any, and any future Landlord’s Mortgagee, in such Landlord’s Mortgagee’s standard form therefor with such changes thereto as may be agreed upon by Tenant and such Landlord’s Mortgagee; however, any commercially reasonable fees charged by such Landlord’s Mortgagee associated with obtaining such subordination, non-disturbance and attornment agreement (iexcept for the administrative fee of obtaining such subordination, non-disturbance and attornment agreement and the initial $2,500 in Landlord’s Mortgagee’s legal fees, payable to such Landlord’s Mortgagee, which shall be paid by Landlord) SNDA; Landlord's Default Under Mortgage. Within sixty (60) shall be paid by Tenant within 15 days after the full execution Landlord’s written request therefor and, if previously received by Landlord, accompanied by a reasonably detailed itemization of such fees and delivery of this Lease by costs. Additionally and at no cost or expense to each of the partiesTenant, Landlord shall obtain and deliver to Tenant an executed subordination, on the Lease Date a lease recognition and non-disturbance and attornment agreement from Landlord’s Affiliate, Innovation Blvd. I, LLC, a Delaware limited liability company, in a the form reasonably acceptable to Tenant ("SNDA") from each mortgagee and ground lessor identified on Schedule 3, hereto. Notwithstanding anything herein to the contrary, this Lease and all rights of Tenant hereunder shall be subject and subordinate at all times to those mortgages and ground leases that now encumber the Premises and are identified on Schedule 3 attached hereto subject toas Exhibit M, and only in the event ofupon written request by Tenant, Tenant's prior receipt of an SNDA executed by each such mortgagee. In the event that Landlord shall fail to perform from any of its obligations head landlord under any mortgage, ground lease or other instrument now or in the future encumbering the Premises and such failure shall continue beyond any cure period provided for in such instrument, then Tenant shall have the right (but not the obligation) to perform or endeavor to perform Landlord's obligation, at Tenant's expense; and, within thirty (30) days after receipt of a written demand from Tenant, Landlord shall reimburse Tenant for all costs and expenses incurred by Tenant in doing so, or, if Landlord shall fail or refuse to reimburse Tenant therefor, then Tenant shall Primary Lease that hereinafter may be entitled to offset all such costs and expenses against the Rent or Additional Rententered into.
Appears in 1 contract
Samples: Lease Agreement (Ciena Corp)
SUBORDINATION, NON-DISTURBANCE AND ATTORNMENT AGREEMENT. Landlord shall obtain a subordination, non-disturbance and attornment agreement from the current Landlord’s Mortgagee, if any, and any future Landlord’s Mortgagee, in such Landlord’s Mortgagee’s standard form therefor with such changes thereto as may be agreed upon by Tenant and such Landlord’s Mortgagee; however, any commercially reasonable fees charged by such Landlord’s Mortgagee associated with obtaining such subordination, non-disturbance and attornment agreement (iexcept for the administrative fee of obtaining such subordination, non-disturbance and attornment agreement and the initial $2,500 in Landlord’s Mortgagee’s legal fees, payable to such Landlord’s Mortgagee, which shall be paid by Landlord) SNDA; Landlord's Default Under Mortgage. Within sixty (60) shall be paid by Tenant within 15 days after the full execution Landlord’s written request therefor and, if previously received by Landlord, accompanied by a reasonably detailed itemization of such fees and delivery of this Lease by costs. Additionally and at no cost or expense to each of the partiesTenant, Landlord shall obtain and deliver to Tenant an executed subordination, on the Lease Date a lease recognition and non-disturbance and attornment agreement from Landlord’s Affiliate, Innovation Blvd. I, LLC, a Delaware limited liability company, in a the form reasonably acceptable to Tenant ("SNDA") from each mortgagee and ground lessor identified on Schedule 3, hereto. Notwithstanding anything herein to the contrary, this Lease and all rights of Tenant hereunder shall be subject and subordinate at all times to those mortgages and ground leases that now encumber the Premises and are identified on Schedule 3 attached hereto subject toas Exhibit N, and only in the event ofupon written request by Tenant, Tenant's prior receipt of an SNDA executed by each such mortgagee. In the event that Landlord shall fail to perform from any of its obligations head landlord under any mortgage, ground lease or other instrument now or in the future encumbering the Premises and such failure shall continue beyond any cure period provided for in such instrument, then Tenant shall have the right (but not the obligation) to perform or endeavor to perform Landlord's obligation, at Tenant's expense; and, within thirty (30) days after receipt of a written demand from Tenant, Landlord shall reimburse Tenant for all costs and expenses incurred by Tenant in doing so, or, if Landlord shall fail or refuse to reimburse Tenant therefor, then Tenant shall Primary Lease that hereinafter may be entitled to offset all such costs and expenses against the Rent or Additional Rententered into.
Appears in 1 contract
Samples: Lease Agreement (Ciena Corp)
SUBORDINATION, NON-DISTURBANCE AND ATTORNMENT AGREEMENT. 22.1 Subject to the execution of the Subordination, Non-Disturbance, and Attornment Agreement (i“SNDA”) in the form attached hereto as Exhibit “F”, this Lease and the estate, interest and rights hereby created are subordinate to any mortgage now or provided Tenant receives a new SNDA; Landlord's Default Under Mortgage, hereafter placed upon the Building or the Land or any estate or interest therein, including, without limitation, any mortgage on any leasehold estate, and to all renewals, modifications, consolidations, replacements and extensions of the same as well as any substitutions therefor. Within sixty (60) days after Tenant agrees that in the full event any person, firm, corporation or other entity acquires the right to possession of the Building or the Land, including any mortgagee or holder of any estate or interest having priority over this Lease, Tenant shall, if requested by such person, firm, corporation or other entity and provided Tenant has received an SNDA from such entity, attorn to and become the tenant of such person, firm, corporation or other entity, upon the same terms and conditions as are set forth herein for the balance of the Lease Term. Notwithstanding the foregoing, any mortgagee may, at any time, subordinate its mortgage to this Lease, without Tenant’s consent, by notice in writing to Tenant, and thereupon this Lease shall be deemed prior to such mortgage without regard to their respective dates of execution and delivery, and in that event, such mortgagee shall have the same rights with respect to this Lease as though it had been executed prior to the execution and delivery of this Lease by and to each of the parties, Landlord shall obtain and deliver to Tenant an executed subordination, non-disturbance and attornment agreement in a form reasonably acceptable to Tenant ("SNDA") from each mortgagee and ground lessor identified on Schedule 3, hereto. Notwithstanding anything herein to the contrary, this Lease and all rights of Tenant hereunder shall be subject and subordinate at all times to those mortgages and ground leases that now encumber the Premises and are identified on Schedule 3 hereto subject to, and only in the event of, Tenant's prior receipt of an SNDA executed by each such mortgagee. In the event that Landlord shall fail to perform any of its obligations under any mortgage, ground lease or other instrument now or in the future encumbering the Premises and such failure shall continue beyond any cure period provided for in such instrument, then Tenant shall have the right (but not the obligation) to perform or endeavor to perform Landlord's obligation, at Tenant's expense; and, within thirty (30) days after receipt of a written demand from Tenant, Landlord shall reimburse Tenant for all costs and expenses incurred by Tenant in doing so, or, if Landlord shall fail or refuse to reimburse Tenant therefor, then Tenant shall be entitled to offset all such costs and expenses against the Rent or Additional Rent.
Appears in 1 contract