Common use of Subordination of Lease Agreement Clause in Contracts

Subordination of Lease Agreement. (a) The LESSEE confirms and acknowledges that this Lease Agreement and all of the LESSEE's rights herein are and shall be subject and subordinate to (i) any and all legal and/or contractual restrictions or easements that may attach to the RCBC Plaza or the land on which the RCBC Plaza is located; (ii) the Master Deed, as this may be amended from time to time, and any and all house rules and regulations now or hereafter affecting the RCBCPlaza Tenancy Areas, its surrounding areas, and the Leased Premises; and (iii) any mortgage, lien or encumbrance now or hereafter affecting the RCBC Plaza, the land on which the RCBCPlaza Tenancy Areastands, and the Leased Premises, which the LESSOR may grant at its sole discretion in the course of its business. (b) The LESSEE hereby confirms and agrees that the mortgagee or holder of a security interest over the RCBC Plaza, the land on which the RCBC Plaza Tenancy Area stands or the Leased Premises shall not be deemed substituted to any of the rights, privileges, liabilities or obligations of the LESSOR under this Lease Agreement or for any obligations not otherwise expressed in this Lease Agreement until such time as the mortgagee, its agent or its successor-in-interest takes control over the Leased Premises. (c) The LESSEE confirms and agrees that neither the cancellation nor termination of any foreclosure of mortgage nor the institution of any suit, action, summary or other proceeding against the LESSOR shall result in the cancellation or termination of this Lease Agreement, unless the mortgagee shall elect otherwise in the case of a foreclosure of the mortgage. (d) If a mortgagee or prospective mortgagee shall request modifications to this Lease, the LESSEE shall not unreasonably withhold, delay or defer its consent thereto, on the understanding that such modifications do not impose materially onerous obligations on the LESSEE. 16 <PAGE> 10.7 Non-Waiver of Rights No failure on the part of any party to this Lease Agreement to exercise, and no delay on its part in exercising, any right or remedy under this Lease Agreement will operate as a waiver thereof, nor will any single or partial exercise of any right or remedy preclude any other or further exercise thereof or the exercise of any other right or remedy. The rights provided in this Lease Agreement are cumulative and not exclusive of any rights or remedies provided by law. 10.8

Subordination of Lease Agreement. This Lease Agreement and any and all modifications, amendments, renewals and extensions thereof is subject and subordinate to the Mortgage and the Bond Purchase Agreement and to any and all modifications, amendments, consolidations, extensions, renewals, replacements and increases thereof. ACQUISITION, RENOVATION, CONSTRUCTION AND EQUIPPING OF FACILITY; ISSUANCE OF THE BOND Section 4.1 Acquisition, Renovation, Construction and Equipping of Facility. (a) The LESSEE confirms Company and acknowledges that this Lease Agreement and all the Sublessee agrees that, on behalf of the LESSEE's rights herein are Issuer, it will renovate and shall be subject equip the entire Facility in accordance with the Plans and subordinate to (i) any and all legal and/or contractual restrictions or easements that may attach to the RCBC Plaza or the land on which the RCBC Plaza is located; (ii) the Master Deed, as this may be amended from time to time, and any and all house rules and regulations now or hereafter affecting the RCBCPlaza Tenancy Areas, its surrounding areas, and the Leased Premises; and (iii) any mortgage, lien or encumbrance now or hereafter affecting the RCBC Plaza, the land on which the RCBCPlaza Tenancy Areastands, and the Leased Premises, which the LESSOR may grant at its sole discretion in the course of its businessSpecifications. (b) The LESSEE hereby confirms Company and agrees that the mortgagee or holder Sublessee may revise the Plans and Specifications from time to time with the written approval of a security interest over the RCBC PlazaBondholder, the land on which the RCBC Plaza Tenancy Area stands or the Leased Premises shall approval may not be deemed substituted unreasonably withheld but may be subject to any of the rights, privileges, liabilities or obligations of the LESSOR under this Lease Agreement or for any obligations not otherwise expressed in this Lease Agreement until such time conditions as the mortgagee, its agent or its successor-in-interest takes control over the Leased PremisesBondholder may deem appropriate. (c) Title to all materials, equipment, machinery and other items of Property incorporated or installed in the Facility shall vest in the Issuer immediately upon the Company's and/or the Sublessee's obtaining an interest in or to the materials, equipment, machinery and other items of Property. The LESSEE confirms Company and/or the Sublessee shall execute, deliver and agrees that neither record or file all instruments necessary or appropriate to so vest title to the cancellation nor termination Issuer and shall take all action necessary or appropriate to protect such title against claims of any foreclosure of mortgage nor the institution of any suit, action, summary or other proceeding against the LESSOR shall result in the cancellation or termination of this Lease Agreement, unless the mortgagee shall elect otherwise in the case of a foreclosure of the mortgagethird Persons. (d) If a mortgagee The Issuer hereby appoints the Company and the Sublessee its true and lawful agent, and the Company hereby accepts such agency (i) to renovate and equip the Facility in accordance with the Plans and Specifications, (ii) to make, execute, acknowledge and deliver any contracts, orders, receipts, writings and instructions with any other Persons, and in general to do all things which may be requisite or prospective mortgagee proper, all for acquisition and renovation of the Improvements and acquiring and installing the Equipment with the same powers and with the same validity as the Issuer could do if acting on its own behalf, (iii) to pay all fees, costs and expenses incurred in the acquisition and renovation of the Improvements and the acquisition and installation of the Equipment from funds made available therefor in accordance with this Lease Agreement, and (iv) to ask, demand, sue for, levy, recover and receive all such sums or money, debts, dues and other demands whatsoever which may be due, owing and payable to the Issuer under the terms of any contract, order, receipt, or writing in connection with acquisition, renovation, and completion of the Improvements and the acquisition and installation of the Equipment, and to enforce the provisions of any contract, agreement, obligation, bond or other performance security. (e) The Issuer shall enter into, and accept the assignment of, such contracts as the Company may request modifications in order to effectuate the purposes of this LeaseSection 4.1. (f) The Company and/or the Sublessee, as the case may be, as agent for the Issuer, shall comply with all provisions of the Labor Law of the State except as hereinafter noted, applicable to the acquisition, renovation and equipping of the Facility and shall include in all construction contracts all provisions which may be required to be inserted therein by such provisions. In addition, the LESSEE shall not unreasonably withholdCompany specifically represents that it will comply with Section 220 of the Labor Law of the State, delay or defer its consent thereto, on as if such Section was applicable to the understanding that such modifications do not impose materially onerous obligations on the LESSEE. 16 <PAGE> 10.7 Non-Waiver of Rights No failure on the part of any party to this Lease Agreement to exercise, and no delay on its part in exercising, any right or remedy under this Lease Agreement will operate as a waiver thereof, nor will any single or partial exercise of any right or remedy preclude any other or further exercise thereof or the exercise of any other right or remedy. The rights provided in this Lease Agreement are cumulative and not exclusive of any rights or remedies provided by law. 10.8Facility.

Subordination of Lease Agreement. (a) The LESSEE confirms and acknowledges that this Lease Agreement and all of the LESSEE's rights herein are and shall be subject and subordinate to (i) any and all legal and/or contractual restrictions or easements that may attach to the RCBC Plaza or the land on which the RCBC Plaza is located; (ii) the Master Deed, as this may be amended from time to time, and any and all house rules and regulations now or hereafter affecting the RCBCPlaza RCBC Plaza Tenancy Areas, its surrounding areas, and the Leased Premises; and (iii) any mortgage, lien or encumbrance now or hereafter affecting the RCBC Plaza, the land on which the RCBCPlaza RCBC Plaza Tenancy AreastandsArea stands, and the Leased Premises, which the LESSOR may grant at its sole discretion in the course of its business. (b) The LESSEE hereby confirms and agrees that the mortgagee or holder of a security interest over the RCBC Plaza, the land on which the RCBC Plaza Tenancy Area stands or the Leased Premises shall not be deemed substituted to any of the rights, privileges, liabilities or obligations of the LESSOR under this Lease Agreement or for any obligations not otherwise expressed in this Lease Agreement until such time as the mortgagee, its agent or its successor-in-interest takes control over the Leased Premises. (c) The LESSEE confirms and agrees that neither the cancellation nor termination of any foreclosure of mortgage nor the institution of any suit, action, summary or other proceeding against the LESSOR shall result in the cancellation or termination of this Lease Agreement, unless the mortgagee shall elect otherwise in the case of a foreclosure of the mortgage. (d) If a mortgagee or prospective mortgagee shall request modifications to this Lease, the LESSEE shall not unreasonably withhold, delay or defer its consent thereto, on the understanding that such modifications do not impose materially onerous obligations on the LESSEE. 16 <PAGE> 10.7 Non-Waiver of Rights No failure on the part of any party to this Lease Agreement to exercise, and no delay on its part in exercising, any right or remedy under this Lease Agreement will operate as a waiver thereof, nor will any single or partial exercise of any right or remedy preclude any other or further exercise thereof or the exercise of any other right or remedy. The rights provided in this Lease Agreement are cumulative and not exclusive of any rights or remedies provided by law. 10.8.

Subordination of Lease Agreement. (a) The LESSEE confirms and acknowledges that this Lease Agreement and all of the LESSEE's rights herein are and shall be subject and subordinate to (i) any and all legal and/or contractual restrictions or easements that may attach to the RCBC Plaza or the land on which the RCBC Plaza is located; (ii) the Master Deed, as this may be amended from time to time, and any and all house rules and regulations now or hereafter affecting the RCBCPlaza Tenancy Areas, its surrounding areas, and the Leased Premises; and (iii) any mortgage, lien or encumbrance now or hereafter affecting the RCBC Plaza, the land on which the RCBCPlaza Tenancy Areastands, and the Leased Premises, which the LESSOR may grant at its sole discretion in the course of its business. (b) The LESSEE hereby confirms and agrees that the mortgagee or holder of a security interest over the RCBC Plaza, the land on which the RCBC Plaza Tenancy Area stands or the Leased Premises shall not be deemed substituted to any of the rights, privileges, liabilities or obligations of the LESSOR under this Lease Agreement or for any obligations not otherwise expressed in this Lease Agreement until such time as the mortgagee, its agent or its successor-in-interest takes control over the Leased Premises. (c) The LESSEE confirms and agrees that neither the cancellation nor termination of any foreclosure of mortgage nor the institution of any suit, action, summary or other proceeding against the LESSOR shall result in the cancellation or termination of this Lease Agreement, unless the mortgagee shall elect otherwise in the case of a foreclosure of the mortgage. (d) If a mortgagee or prospective mortgagee shall request modifications to this Lease, the LESSEE shall not unreasonably withhold, delay or defer its consent thereto, on the understanding that such modifications do not impose materially onerous obligations on the LESSEE. 16 <PAGE> 10.7 Non-Waiver of Rights No failure on the part of any party to this Lease Agreement to exercise, and no delay on its part in exercising, any right or remedy under this Lease Agreement will operate as a waiver thereof, nor will any single or partial exercise of any right or remedy preclude any other or further exercise thereof or the exercise of any other right or remedy. The rights provided in this Lease Agreement are cumulative and not exclusive of any rights or remedies provided by law. 10.8.

Subordination of Lease Agreement. (a) The LESSEE confirms and acknowledges that this Lease Agreement and all of This Lease, at the LESSEELandlord's rights herein are and option, shall be subject and subordinate to (i) any and all legal and/or contractual restrictions or easements that may attach to the RCBC Plaza or the land on which the RCBC Plaza is located; (ii) the Master Deedground lease, as this may be amended from time to timeoverlease, and mortgage, deed of trust, any and all house rules and regulations other hypothecation for securxxx xx xxcumbrance now or hereafter affecting the RCBCPlaza Tenancy Areas, its surrounding areasreal property of which the Premises are a part, and to any and all advances made on that security and to all renewals, modifications, consolidations, replacements and extensions thereof. If any mortgagee, trustee, ground lessor or overlessor prefers to have this Lease prior to the Leased Premises; lien of its mortgage, deed of trust, ground lease or overlease, and (iii) gives written notice to the Tenant, this Lease shall bx xxxxx xo that mortgage, deed of trust, ground lease or overlease, whether this Lease is dated prior or subsequent to the datx xx xxx mortgage, deed of trust, ground lease or overlease, or its recording date. The Tenant will execute any documenxx xxxxxxed to confirm such subordination or to make this Lease prior to any mortgage, lien deed of trust, ground lease, or encumbrance now or hereafter affecting overlease within ten days after written request. Notwithstanding anytxxxx xx xhe contrary contained herein, within ten business days after Landlord receives notice that Tenant has executed this Lease, Landlord shall deliver to Tenant a recordable non-disturbance agreement, in form reasonably satisfactory to Tenant, from each existing mortgagee. With respect to any future mortgage, if requested by Landlord Tenant shall either (i) subordinate its interest in this Lease to the RCBC Plaza, the land on which the RCBCPlaza Tenancy Areastandsmortgage, and to all advances made thereunder and to all renewals and amendments thereof, provided that Tenant receives an agreement from such mortgagee in form reasonably satisfactory to Tenant agreeing that this Lease (including any options to renew) and the Leased Premises, which Tenant's quiet enjoyment of the LESSOR may grant at its sole discretion in the course of its business. (b) The LESSEE hereby confirms and agrees that the mortgagee or holder of a security interest over the RCBC Plaza, the land on which the RCBC Plaza Tenancy Area stands or the Leased Premises shall not be deemed substituted disturbed so long as there exists no uncured default by Tenant hereunder, or (ii) make certain that Tenant's rights under and interests in this Lease are superior to the mortgage. If any mortgage on the Premises is foreclosed, then this Lease shall continue, and Tenant will attorn to and recognize the mortgagee or purchaser as Tenant's landlord for the remainder of the rightsTerm, privileges, liabilities or provided that such successor landlord assumes the obligations of the LESSOR landlord under this Lease Agreement or for any including, without limitation, landlord's obligations not otherwise expressed in this Lease Agreement until such time as hereunder with respect to the mortgageeapplication of condemnation awards and insurance proceeds, its agent or its successor-in-interest takes control over the Leased Premises. (c) The LESSEE confirms and agrees provided that neither the cancellation nor termination of any foreclosure of mortgage nor the institution of any suit, action, summary or other proceeding against the LESSOR shall result in the cancellation or termination of this Lease Agreement, unless the mortgagee shall elect otherwise in the case of a foreclosure of the mortgage. (d) If a mortgagee or prospective mortgagee shall request modifications to this Lease, the LESSEE Tenant's quiet enjoyment shall not unreasonably withhold, delay or defer its consent thereto, on the understanding that such modifications do not impose materially onerous obligations on the LESSEE. 16 <PAGE> 10.7 Non-Waiver of Rights No failure on the part of any party be disturbed unless there exists an uncured default by Tenant to this Lease Agreement to exercise, and no delay on its part in exercising, any right or remedy under this Lease Agreement will operate as a waiver thereof, nor will any single or partial exercise of any right or remedy preclude any other or further exercise which all time periods for curing thereof or the exercise of any other right or remedy. The rights provided in this Lease Agreement are cumulative and not exclusive of any rights or remedies provided by law. 10.8shall have expired.