Subordination of Ground Lease Sample Clauses

Subordination of Ground Lease. Senior Lender shall not consent to the subordination of any Ground Lease to any fee mortgage, except to the extent such subordination is required as a condition to receiving a New Lease, without the prior written consent of each Junior Lender, which consent shall not be unreasonably withheld, conditioned or delayed.
Sample 1Sample 2
AutoNDA by SimpleDocs
Subordination of Ground Lease. Notwithstanding the provisions of Section 9.2, Lessor shall subordinate its interest in the Lease to the lien of a deed of trust in favor of a construction lender and a permanent lender in connection with loans for the Outpatient Services Building of the Development, with terms and conditions reasonably agreed to by Xxxxxx and Dignity Health Foundation. Lessor shall evidence such subordination by executing and delivering a Subordination, Nondisturbance and Attornment Agreement in a form reasonably acceptable to Dignity Health Foundation and Lender. ARTICLE TEN OPTION TO PURCHASE
Sample 1
Subordination of Ground Lease. Borrower shall not subordinate the Ground Lease or any interest thereunder to the lien of any mortgage, deed to secure debt or other security agreement encumbering Ground Lessor’s interest in the Property or any portion thereof (each, a “Fee Mortgage”) without the prior written consent of Administrative Agent. Administrative Agent will consider, in good faith, any request by Borrower to subordinate the Ground Lease or any interest thereunder to a Fee Mortgage pursuant to a subordination and non-disturbance agreement in form and substance satisfactory to Administrative Agent provided Administrative Agent shall conclude, in its reasonable discretion, that the same shall not adversely prejudice Borrower’s rights under the Ground Lease or Administrative Agent’s rights under the Mortgage or the lien thereof. Nothing contained in this Section 9.30 shall prohibit Borrower from agreeing to attorn to the holder of any Fee Mortgage in accordance with the terms of the Ground Lease.
Sample 1
Subordination of Ground Lease. Borrower and Ground Lessor agree with Lender and the Trustee that the Ground Lease and all their estates, rights and interests thereunder are and shall be inferior in dignity and subordinate in all respects to this Security Instrument and the lien hereof, and, subject to the prior written consent of Ground Lessor as required by the Ground Lease (Ground Lessor hereby reserving all such rights) to all renewals, modifications, consolidations, replacements and extensions hereof, and to all advances made hereon or hereunder. IN WITNESS WHEREOF, THIS SECURITY INSTRUMENT has been executed by Borrower as of the day and year first above written. BORROWER: OXBRIDGE SQUARE LIMITED PARTNERSHIP, a Virginia limited partnership By: /s/ Xxxxx X. Xxxxxxx Name: Xxxxx X. Xxxxxxx Title: General Partner By: Xxxxxx X. Xxxxxxx Title: General Partner By: /s/ Xxxxx X. Xxxxxxx Name: Xxxxx X. Xxxxxxx Title: Attorney-in-Fact for Xxxxxx X. Xxxxxxx
Sample 1
Subordination of Ground Lease. Owner agrees that the following language shall be included in the ground lease between the Owner and the Tribe or Tribal Housing Authority: Notwithstanding anything to the contrary contained herein, should there be any conflict between the terms of this Lease and the Declaration of Affirmative Land Use and Restrictive Covenant Agreement between the Lessee and the Arizona Department of Housing dated , 201 , the terms of such Declaration of Affirmative Land Use and Restrictive Covenant Agreement (ʺDeclarationʺ) shall control. The terms of this Lease are unconditionally subordinated at all times and under all circumstances to the Declaration. Further, the Lessor unconditionally agrees to any amendments to such Declaration of Affirmative Land Use and Restrictive Covenant Agreement to correct factual errors or as are necessary to comply with the provisions of Section 42 of the Internal Revenue Code of 1986, as amended, and the regulations promulgated thereunder which are now, or may in the future be, effective.
Sample 1

Related to Subordination of Ground Lease

  • SUBORDINATION OF LEASE This Lease and Lessee’s interest hereunder shall at all times be subject and subordinate to the lien and security title of any deeds to secure debt, deeds of trust, mortgages, or other Encumbrances heretofore or hereafter granted by Lessor or which otherwise encumber or affect the Leased Property and to any and all advances to be made thereunder and to all renewals, modifications, consolidations, replacements, substitutions, and extensions thereof (all of which are herein called the “Mortgage”); provided, however, that with respect to any Mortgage hereafter granted, such subordination is conditioned upon delivery to Lessee of a non-disturbance agreement which provides that Lessee shall not be disturbed in its possession of the Leased Property hereunder following a foreclosure of such Mortgage (or delivery of a deed-in-lieu-of-foreclosure) and that the holder of such Mortgage or the purchaser at a foreclosure sale (or grantee under such deed-in-lieu-of-foreclosure) shall perform all obligations of Lessor under this Lease. In confirmation of such subordination, however, Lessee shall, at Lessor’s request, promptly execute, acknowledge and deliver any instrument which may be required to evidence subordination to any Mortgage and to the holder thereof. In the event of Lessee’s failure to deliver such subordination and if the Mortgage does not change any term of the Lease, Lessor may, in addition to any other remedies for breach of covenant hereunder, execute, acknowledge, and deliver the instrument as the agent or attorney-in-fact of Lessee, and Lessee hereby irrevocably constitutes Lessor its attorney-in-fact for such purpose, Lessee acknowledging that the appointment is coupled with an interest and is irrevocable.

  • SUBORDINATION OF AGREEMENT 18.1 The parties hereto and the employees of the City are governed by the provisions of applicable Federal Law, State Law, and the City Charter. When any provisions thereof are in conflict with the provisions of this Agreement, the provisions of said Federal Law, State Law, or City Charter are paramount and shall prevail. 18.2 The parties hereto and the employees of the City are governed by applicable City Ordinances and said Ordinances are paramount except where they conflict with the express provisions of this Agreement.

  • Subordination Terms The payment by the Company of the principal of, premium, if any, and interest on any series of Securities issued hereunder shall be subordinated to the extent set forth in an indenture supplemental hereto relating to such series.

  • Ground Lease Reserved.

  • Payment of Leasehold Obligations Each Borrower shall at all times pay, when and as due, its rental obligations under all leases under which it is a tenant, and shall otherwise comply, in all material respects, with all other terms of such leases and keep them in full force and effect and, at Agent’s request will provide evidence of having done so.

  • 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 Premises, the Building, 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 Premises, the Building, 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 and continuance of any event of default under Section 14.1 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 Center 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. Landlord represents and warrants to Tenant that as of the date of this Lease, neither the Premises nor the Building nor the Center is subject to any existing ground lease, mortgage, deed of trust, sale/leaseback transaction or any other hypothecation for security.

  • 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 Agreements Subordination Agreements with respect to all Subordinated Debt.

  • Estoppel Certificate or Subordination Agreement Tenant fails to execute any document required from Tenant under Sections 23 or 27 within 5 days after a second notice requesting such document.

  • Subordination and Attornment This Lease is subject and subordinate to all Mortgages now or hereafter placed upon the Premises, and all other encumbrances and matters of public record applicable to the Premises; provided, however, that any such subordination to any Mortgage placed on the Premises after the date hereof shall not operate to terminate or defeat this Lease so long as Tenant is not in default hereunder beyond any notice and cure period. If any foreclosure proceedings are initiated by any Holder or a deed in lieu of such foreclosure is granted, Tenant agrees, upon written request of any such Holder, purchaser at foreclosure sale or grantee of a deed in lieu of foreclosure, to attorn and pay Rent to such party and to execute and deliver any instruments necessary or appropriate to evidence or effectuate such attornment (provided such Holder or purchaser shall agree to accept this Lease and not disturb Tenant’s occupancy, so long as Tenant is not in default hereunder beyond any cure period hereunder). However, in the event of attornment, no Holder, purchaser at foreclosure sale or grantee of a deed in lieu of foreclosure shall be: (i) liable for any act or omission of Landlord or subject to any offsets or defenses which Tenant might have against Landlord (prior to such party becoming Landlord under such attornment); (ii) liable for any security deposit or bound by any prepaid Rent, in excess of Rent for the month in which such party becomes Landlord under such attornment, not actually received by such party; or (iii) bound by any future modification of this Lease not consented to by such party (provided that Tenant was first given notice of the existence of such Holder in the manner specified in Section 21.2 below). Any Holder may elect to make this Lease prior to the lien of its Mortgage by giving written notice to Tenant, and if the Holder of any prior Mortgage shall require, this Lease shall be prior to any subordinate Mortgage.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!