Subordination of Deed of Trust Sample Clauses

Subordination of Deed of Trust. Notwithstanding anything to the contrary set forth above, any mortgagee or beneficiary under any mortgage or deed of trust may at any time subordinate its mortgage or deed of trust to this Lease in whole or in part, without Xxxxxx's consent, by execution of a written document subordinating such mortgage or deed of trust to this Lease to the extent set forth in such document, and thereupon this Lease shall be deemed prior to such mortgage or deed of trust to the extent set forth in such document without regard to their respective dates of execution, delivery and/or recording. In that event, to the extent set forth in such document, such mortgage or deed of trust shall have the same rights with respect to this Lease as would have existed if this Lease had been executed, and a memorandum thereof recorded, prior to the execution, deliver and recording of the mortgage or deed of trust.
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Subordination of Deed of Trust. The County agrees that the Deed of Trust may be subordinate to the lien of a permanent loan secured by a Senior Construction/Permanent Deed of Trust (and any refinancing of said permanent loan secured by the Senior Construction/Permanent Deed of Trust) securing financing in an amount not to exceed $[XXX,XXX] so long as (i) the documentation for said loan is approved by the County and (ii) said loan is otherwise provided for and approved by the County in the Financing Plan. Any other financing, refinancing or encumbrance of the Project is prohibited without the County’s prior written consent which consent the County may arbitrarily withhold in the exercise of its discretion In order to affect the subordinations described above and elsewhere in this Agreement, the County and Borrower agree to execute and acknowledge for recordation a subordination agreement (in a form acceptable to the County) in favor of the senior lender, as requested by such senior lender.
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Subordination of Deed of Trust. The lien of this Deed of Trust shall be subordinate to any sale, conveyance, assignment, mortgage, or other disposition of an ORRI. The Deed of Trust and the indebtedness secured by the Deed of Trust is and shall be subordinated in all respects to any ORRI granted to, and it is agreed that the ORRI shall be and remain, at all times, prior and superior to the lien of this Deed of Trust.
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Subordination of Deed of Trust. The Dealer agrees that, except as hereafter provided, the Agency shall not be required to subordinate its lien under the Deed of Trust. Notwithstanding the foregoing, the Agency will agree to subordinate its lien under the Deed of Trust if by the second anniversary of the Agreement, Dealer shall have produced Sales Tax Revenues in an amount equal to at least fifty percent (50%) of the Dealership Sales Tax Guaranty plus interest accrued through such date. After the fifth anniversary of this Agreement, the Agency will consider subordinating its lien under the Deed of Trust upon request of Adventurecorp in connection with any loan with respect to the Site.
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Subordination of Deed of Trust. The Agency shall execute subordination agreements as may be reasonably required by the Redeveloper's lender(s) Disposition and Development Agreement No. 93-001 Page 8 only for the purpose of securing loan of funds to be used for financing the development and/or permanent financing of the Site and any other purposes necessary and appropriate in connection with development under this Agreement.
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Subordination of Deed of Trust. FRANKLIN SYNERGY BANK, a Tennessee state bank (“Lender”), hereby subordinates that certain Commercial Construction Deed of Trust dated as of December 8, 2014, and recorded at Book 6336, page 395, Register’s Office for Xxxxxxxxxx County, Tennessee, together with that certain Commercial Deed of Trust dated August 6, 2015, and recorded at Book 6533, page 117, said Register’s Office (collectively, the “Deeds of Trust”), to the foregoing Declaration, and all future amendments, modifications or supplemental declarations to the Declaration, including without limitation any Supplemental Declaration pursuant to which additional real property within the Development may be submitted to the Declaration, but only if Lender consents in writing to each such future amendment, modification or supplemental declaration (collectively, the “Declaration”). The Deeds of Trust shall be considered a first and or second deed of trust lien on the Property, as defined in the Deed of Trust, as applicable, but subordinate to the Declaration, as fully as if the Declaration had been recorded prior to the Deeds of Trust. The lien of the Deed of Trust is junior and inferior to that of the Declaration, and notwithstanding any foreclosure of the Deed of Trust the Declaration shall continue to encumber the Land. The priorities specified herein are applicable irrespective of the time or order of the attachment or perfection of any liens described herein or the time or order of recording the deeds of trust or declarations described herein, or the granting of or failure to give notice hereof. Lender hereby warrants and represents to Declarant that Lender has not assigned, sold or transferred the Deeds of Trust, or any interest therein, to any person or entity. The subordination granted herein shall be continuing, irrevocable and binding on Lender and its successors and assigns. LENDER: FRANKLIN SYNERGY BANK, a Tennessee state bank By: Print Name: Title: STATE OF TENNESSEE ) ) COUNTY OF ) Before me, , a Notary Public of said County and State, personally appeared , with whom I am personally acquainted (or proved to me on the basis of satisfactory evidence), and who, upon oath, acknowledged himself to be the of FRANKLIN SYNERGY BANK, the within named bargainor, a Tennessee banking corporation, and that as such executed the foregoing instrument for the purposes therein contained, by personally signing the name of the banking corporation, by self as . Witness my hand and seal, at Office in , Tennesse...
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Subordination of Deed of Trust. Provided that Borrower is not in default under the Deed of Trust, Lender shall, on written request of Borrower, subordinate the Deed of Trust to the lien of a new deed of trust or deeds of trust (i) securing a loan obtained by Borrower for the sole purpose of paying the hard and soft costs of construction of new or remodeled improvements upon the Principal Residence, and (ii) securing a loan for the difference, if any, between the Loan amount and the purchase price of the Principal Residence. The aggregate amount of the foregoing loans to which the Deed of Trust shall be subordinated shall not exceed $6,000,000.
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Subordination of Deed of Trust. Lender will subordinate the priority the Lender Deed of Trust and Lender's UCC-1 Financing Statement filed in connection therewith to the Tokai Deed of Trust and the UCC-1 Financing Statement filed in connection therewith, provided that the Tokai Deed of Trust and UCC-1 Financing Statement are in form and content acceptable to Lender and its counsel.
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Related to Subordination of Deed of Trust

  • Subordination of Debt Until senior debt has been paid in full, Debtor will not pay and Creditor will not accept any payment on subordinated debt at any time that an Event of Default (as defined in the Senior Facility Agreement) has occurred and is continuing in respect of senior debt. Anything of value received by Creditor on account of subordinated debt in violation of this agreement will be held by Creditor in trust and immediately will be turned over to Lender in the form received to be applied by Lender on senior debt.

  • Subordination of Debentures 51 Section 16.1 Agreement to Subordinate.............................................................51 Section 16.2 Default on Senior Debt, Subordinated Debt or Additional Senior Obligations...........51 Section 16.3

  • Deed of Trust If the related Mortgage is a deed of trust, a trustee, duly qualified under applicable law to serve as such, is properly designated and serving under such Mortgage.

  • Trustee under Deed of Trust With respect to each Mortgage which is a deed of trust, as of the date of origination and, to the Mortgage Loan Seller’s knowledge, as of the Closing Date, a trustee, duly qualified under applicable law to serve as such, currently so serves and is named in the deed of trust or has been substituted in accordance with the Mortgage and applicable law or may be substituted in accordance with the Mortgage and applicable law by the related Mortgagee.

  • SUBORDINATION OF NOTES Section 11.01.

  • Subordination of Lease This Agreement and Tenant's interest hereunder are and shall be subordinate, junior and inferior to any and all mortgages, liens or encumbrances now or hereafter placed on the Premises by Landlord, all advances made under any such mortgages, liens or encumbrances (including, but not limited to, future advances), the interest payable on such mortgages, liens or encumbrances and any and all renewals, extensions or modifications of such mortgages, liens or encumbrances.

  • Subordination Agreement Each of (i) the subordination of interest payments to the Noteholders of the Class B Notes to the payment of any First Priority Principal Payment to the Noteholders of the Class A Notes and (ii) the subordination of interest payments to the Noteholders of the Class C Notes to the payment of any Second Priority Principal Payment to the Noteholders of the Class A Notes and the Class B Notes under Section 8.2(c) is a subordination agreement within the meaning of Section 510(a) of the Bankruptcy Code.

  • Subordination to Mortgage This Lease, and any sublease entered into by Tenant under the provisions of this Lease, shall be subject and subordinate to any ground lease, mortgage, deed of trust, sale/leaseback transaction or any other hypothecation for security now or hereafter placed upon the Building, the Property, the Center, or any of them, and the rights of any assignee of Landlord or of any ground lessor, mortgagee, trustee, beneficiary or leaseback lessor under any of the foregoing, and to any and all advances made on the security thereof and to all renewals, modifications, consolidations, replacements and extensions thereof; PROVIDED, however, that such subordination in the case of any future ground lease, mortgage, deed of trust, sale/leaseback transaction or any other hypothecation for security placed upon the Building, the Property, the Center, or any of them shall be conditioned on Tenant's receipt from the ground lessor, mortgagee, trustee, beneficiary or leaseback lessor of a Non-Disturbance Agreement in a form reasonably acceptable to Tenant (i) confirming that so long as Tenant is not in material default hereunder beyond any applicable cure period (for which purpose the occurrence of any event of default under Section 16.1 hereof shall be deemed to be "material"), Tenant's rights hereunder shall not be disturbed by such person or entity and (ii) agreeing that the benefit of such Non-Disturbance Agreement shall be transferable to any transferee under a Permitted Transfer and to any other assignee or subtenant that is acceptable to the ground lessor, mortgagee, trustee, beneficiary or leaseback lessor at the time of transfer. If any mortgagee, trustee, beneficiary, ground lessor, sale/leaseback lessor or assignee elects to have this Lease be an encumbrance upon the Property prior to the lien of its mortgage, deed of trust, ground lease or leaseback lease or other security arrangement and gives notice thereof to Tenant, this Lease shall be deemed prior thereto, whether this Lease is dated prior or subsequent to the date thereof or the date of recording thereof. Tenant, and any sublessee, shall execute such documents as may reasonably be requested by any mortgagee, trustee, beneficiary, ground lessor, sale/leaseback lessor or assignee to evidence the subordination herein set forth, subject to the conditions set forth above, or to make this Lease prior to the lien of any mortgage, deed of trust, ground lease, leaseback lease or other security arrangement, as the case may be. Upon any default by Landlord in the performance of its obligations under any mortgage, deed of trust, ground lease, leaseback lease or assignment, Tenant (and any sublessee) shall, notwithstanding any subordination hereunder, attorn to the mortgagee, trustee, beneficiary, ground lessor, leaseback lessor or assignee thereunder upon demand and become the tenant of the successor in interest to Landlord, at the option of such successor in interest, and shall execute and deliver any instrument or instruments confirming the attornment herein provided for. Promptly following execution of this Lease, Landlord shall use commercially reasonable efforts to obtain a Non-Disturbance Agreement comparable to that described above in this Section 17.1 from any mortgagee, trustee, beneficiary, ground lessor or leaseback lessor holding an interest in the Property on the date of this Lease (but Landlord hereby advises Tenant that in fact there is no mortgagee, trustee, beneficiary, ground lessor or leaseback lessor holding an interest in the Property on the date of this Lease).

  • Subordination Agreements Subordination Agreements with respect to all Subordinated Debt.

  • SUBORDINATION TO MORTGAGES This Lease and all of Tenant's rights hereunder are subject and subordinate to any Mortgage now or hereafter placed on or affecting the Building, and all renewals, modifications, replacements, amendments and extensions thereof. Upon written request or notice by Landlord, concurred in by any Mortgagee of the Building or any part thereof which includes the Premises, or by any person, firm or corporation intending to become a Mortgagee, Tenant agrees to subordinate its rights under this Lease to the lien or liens of any Mortgage and to any and all advances to be made thereunder, and to the interest thereon, and all renewals, replacements and extensions thereof, provided the Mortgagee named in a Mortgage shall agree to recognize the lease of Tenant in the event of foreclosure if Tenant is not in default. Tenant also agrees that any Mortgagee may elect to have this Lease prior to the lien of its Mortgage, and in the event of such election and upon notification by such Mortgagee to Tenant to that effect, this Lease shall be deemed prior in lien to the Mortgage, whether this Lease is dated prior to or subsequent to the date of the Mortgage. Tenant agrees that, upon the request of Landlord or any Mortgagee named in such Mortgage, it will execute and deliver whatever instruments may be required for such purposes. Tenant will, in the event of the sale or assignment of Landlord's interest in the Building or in the event of any proceedings brought for the foreclosure of, or in the event of the exercise of the power of sale under any Mortgage covering the Building, attorn to and recognize such purchaser or Mortgagee as Landlord under this Lease to the same extent and effect as the original Landlord.

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