Subordination, Recognition and Attornment. Landlord has informed Tenant that the Project is currently encumbered by a Security Instrument. At no cost or expense to Landlord, Landlord shall request that the holder of a Security Instrument provide its written agreement providing for the recognition of Tenant’s rights, interests and options under the Lease in the event of a foreclosure or termination of the holder’s Security Instrument (the “NDA”). Tenant shall execute reasonable documents subordinating its interest in the Lease in accordance with Section 15.4 provided any such Lender agrees to recognize all of Tenant’s rights, interests and options under this Lease in writing. Tenant shall also attorn to a purchaser of the Premises at any foreclosure or private sale or to any grantee or transferee, in the event such party agrees to recognize Tenant’s rights, interests and options under this Lease in writing. Landlord’s sole obligation under this section is to request such NDA. Tenant is responsible for paying all costs and expenses for such NDA, including, without limitation, the lender attorneys’ fees and disbursements. Obtaining the NDA is not a condition precedent to the Lease. The failure of such lender to issue its NDA shall not relieve Tenant of any of its obligations under the Lease.
Subordination, Recognition and Attornment. (a) This Lease is and shall be subordinate to the lien of any present or future mortgage or mortgages upon the Premises or any property of which the Premises are a part irrespective of the time of execution or the time of recording of any such mortgage or mortgages. This provision shall be self-operative although Xxxxxx agrees to promptly execute any instrument {W4244015.1} reasonably requested by the holder of any such mortgage evidencing such subordination. Xxxxxxxx agrees to obtain from the holder of any future mortgage a written agreement with Xxxxxx in a form reasonably satisfactory to such mortgagee to the effect that in the event of foreclosure or other action taken under the mortgage by the holder thereof, this Lease and the rights of Tenant hereunder shall not be disturbed but shall continue in full force and effect so long as Tenant shall not be in default hereunder. This word "mortgage" as used herein includes mortgages, deeds of trust, ground leases or other similar instruments, and all modifications, extensions, renewals and replacements thereof, and advances thereunder.
(b) Xxxxxx agrees that if any holder of a mortgage obtains title to the Premises as a result of any enforcement or foreclosure of a mortgage, Tenant will, upon request of such mortgagee, attorn to such mortgagee and recognize such mortgagee as its Landlord under all of the terms and provisions of this Lease except that such mortgagee shall not be (i) liable for any act or omission of any prior Landlords or (ii) subject to any offsets or defenses which tenant might have against any prior Landlord or (iii) bound by any rent or other sums payable hereunder which Xxxxxx might have paid for more than one month in advance to any prior Landlord, except to the extent required by this Lease, or (iv) bound by any amendment or modification of this Lease made without the consent of such mortgagee, if such consent was required. Any attornment to a mortgagee pursuant to this Section shall, upon such request of such mortgagee, occur automatically, but Tenant shall upon reasonably request by Landlord or any such mortgagee, without cost, execute and deliver any instruments evidencing such attornment.
Subordination, Recognition and Attornment. Tenant's interest under this Lease is subordinate to all terms of, and all liens and interests arising under, any ground lease, deed of trust, or mortgage now or hereafter placed on the Landlord's interest in the Premises, the Building, or the Land. Tenant further consents to an assignment of Landlord's interest in this Lease to Landlord's lender as required under such financing. If the Premises or the Building is sold as a result of a default under the mortgage, or pursuant to a transfer in lieu of foreclosure, or a ground lease is terminated because of the default of the lessee under such ground lease, Tenant shall, at the mortgagee's, purchaser's or ground lessor's sole election, attorn to the mortgagee, purchaser or ground lessor, and if so requested, enter into a new lease for the remainder of the Lease Term. This Article is self-operative; however, Tenant agrees to execute and deliver, if Landlord or any mortgagee, purchaser, or ground lessor should so request, such further instruments necessary to subordinate this Lease to a lien of any mortgage, deed of trust, or ground lease to acknowledge the consent to assignment and to affirm the attornment provisions set forth herein. As long as Tenant is not in default of any term or condition of this Lease, any transferee, lender, ground lessor or purchase shall recognize this Lease and the rights of Tenant hereunder.
Subordination, Recognition and Attornment
