Subordination to Financing. (i) Subject to the provisions of Paragraph 16(a)(ii), Xxxxxx agrees that this Lease shall at all times be subject and subordinate to the Lien of the Mortgage, if any, and Tenant agrees, upon demand, to execute instruments as may be required to further effectuate or confirm such subordination, provided such instruments are reasonably acceptable to Tenant.
(ii) Except as expressly provided in this Lease by reason of the occurrence of an Event of Default, and as a condition to the subordination described in Paragraph 16(a)(i) above, Tenant’s tenancy and Tenant’s rights under this Lease shall not be disturbed, terminated or otherwise adversely affected, nor shall this Lease be affected, by the existence of, or any default under, a Mortgage, and in the event of a foreclosure or other enforcement of a Mortgage, or sale in lieu thereof, the purchaser at such foreclosure sale shall be bound to Tenant for the Term of this Lease, the rights of Tenant under this Lease shall expressly survive, and this Lease shall in all respects continue in full force and effect so long as no Event of Default has occurred and is continuing. Tenant shall not be named as a party defendant in any such foreclosure suit, except as may be required by law. Any Mortgage to which this Lease is now or hereafter subordinate shall provide, in effect, that during the time this Lease is in force and no Event of Default has occurred and is then continuing hereunder, insurance proceeds and any condemnation award shall be disbursed pursuant to the provisions of this Lease.
(b) Notwithstanding the provisions of Paragraph 16(a), the holder of the Mortgage to which this Lease is subject and subordinate shall have the right, at its sole option, at any time, to subordinate and subject the Mortgage, in whole or in part, to this Lease by recording a unilateral declaration to such effect.
(c) At any time prior to the expiration of the Term, Xxxxxx agrees, at the election and upon demand of any owner of the Leased Premises, or of a Lender who has granted non-disturbance to Tenant pursuant to Paragraph 16(a) above, to attorn, from time to time, to any such owner or Lender, upon the terms and conditions of this Lease, for the remainder of the Term. The provisions of this Paragraph 16(c) shall inure to the benefit of any such owner or Lender, shall apply notwithstanding that, as a matter of law, this Lease may terminate upon the foreclosure of the Mortgage, shall be self-operative upon any such demand, and no fu...
Subordination to Financing. (a) (i) Subject to the provisions of Paragraph 16(a)(ii), Tenant agrees that this Lease shall at all times be subject and subordinate to the lien of any Mortgage, and Tenant agrees, upon demand, without cost, to execute instruments as may be required to further effectuate or confirm such subordination.
Subordination to Financing. This Agreement and the rights of the Leasing Agent hereunder shall be and remain junior and subordinate in all respects to the lien of any mortgage, trust deed or any other security instrument now or hereafter affecting the Property. Leasing Agent agrees to execute any document required by the maker of such financing to evidence the foregoing subordination.
Subordination to Financing. Notwithstanding any provision to the contrary herein, Lender acknowledges and agrees that all of its rights and remedies under this Agreement shall be governed by, and subject to, that certain Intercreditor and Collateral Sharing Agreement of even dated herewith by and between Lender and the Administrative Agent.
Subordination to Financing. Lender agrees to execute and deliver to Borrower a subordination of Lender's security interest in the Collateral to the subsequent deed(s) of trust executed by Borrower to secure the financing necessary for the construction of the Madera Facility. The form and terms of the subordination shall be reasonably acceptable to the lender(s) that finance the Madera Facility construction.
Subordination to Financing. (a) Tenant agrees that this Lease shall at all times be subject and subordinate to any Mortgage, and Tenant agrees, upon demand, without cost, to execute instruments as may be required to further effectuate or confirm such subordination.
(b) Notwithstanding the provisions of Paragraph 16(a), the holder of any Mortgage to which this Lease is subject and subordinate shall have the right, at its sole option, at any time, to subordinate and subject the Mortgage, in whole or in part, to this Lease by recording a unilateral declaration to such effect.
(c) At any time prior to the expiration of the Term, Tenant agrees, at the election and upon demand of any owner of the Properties, to attorn, from time to time, to any such owner or Lender, upon the terms and conditions of this Lease, for the remainder of the Term. The provisions of this Paragraph 16(c) shall inure to the benefit of any such owner, shall apply notwithstanding that, as a matter of law, this Lease may terminate upon the foreclosure of the Mortgage, shall be self-operative upon any such demand, and no further instrument shall be required to give effect to said provisions.
(d) Tenant, however, upon demand of any Lender or any owner, hereby agrees to execute, from time to time, instruments in confirmation of the foregoing provisions of Paragraphs 16(a) and 16(c), reasonably satisfactory to such Lender or owner acknowledging such subordination, and attornment as are provided in such subsections and setting forth the terms and conditions of its tenancy.
Subordination to Financing. City shall subordinate Owner’s covenants and restrictions set forth in this Agreement to the lien of Developer’s construction loan deed of trust. “Developer Deed of Trust. In addition, City agrees to and shall subordinate any Homeowner’s covenants and restrictions set forth in this Agreement to the lien of any deed or deeds of trust securing a purchase money loan or loans used by such Homeowner to purchase the Program Unit and to the lien of any deed or deeds of trust securing any refinancing obtained by a Homeowner that encumbers the Property provided that the refinancing loan does not exceed the principal balance of the purchase money loan being refinanced plus closing costs and loan costs payable by the Homeowner. However, the City Manager or his/her designee shall have the authority to approve, in writing, a refinancing that exceeds such limited amount by up to $25,000 (the “Cash Out Amount”) provided the interest rate for the refinancing loan is materially lower than the interest rate of the loan being refinanced; Homeowner provides satisfactory evidence to the City Manager or his/her designee that the additional Cash Out Amount is needed to remedy a specific and significant current or identifiable future adverse financial condition of the Homeowner and Homeowner agrees that the proceeds of such over-financing shall be added to the “net proceeds” in the event Homeowner sells the Program Unit in accordance with section 3(b)(ii) of this Agreement. In order to process a request for City Manager (or designee) approval of subordination, the Homeowner or its prospective purchaser, as applicable, shall deliver the following information to the City Manager or his/her designee at least fifteen (15) days prior to the anticipated closing of the Homeowner Loan: (i) the name and address of the lender, including the name and contact information of the lender's representative who will provide and/or sign the subordination agreement on behalf of the lender; (ii) a summary of the terms of the Homeowner Loan, including principal, interest rate, term, payment schedule, and loan fees; (iii) the anticipated closing date of the Homeowner Loan; (iv) a copy of the proposed loan documents and any or other agreements between the Homeowner and the proposed lender; and (v) if the Homeowner Loan exceeds the Cash Out amount referred to in the first sentence of the preceding paragraph and requires City Manager (or designee) approval under either clause (i) or (ii) thereof, an expla...
Subordination to Financing. (a) Owner or its Affiliates may borrow money from one or more lenders for the acquisition, development and/or construction of the Hotel Project (or portions thereof); provided, however, this Agreement, the Option and the Right of First Offer set forth herein shall be superior in interest to any such Owner financing, and any lender advancing funds for Owner's use in connection therewith shall not have a prior mortgage on the Hotel Lot or other components of the Hotel Lot or the Commercial Unit, unless Owner shall obtain from any mortgagee and deliver to Operator a consent and nondisturbance agreement, in form prescribed by the mortgagee and reasonably acceptable to Operator (but in any event in recordable form). The nondisturbance agreement shall provide that mortgagee agrees not to terminate or otherwise disturb Operator's rights set forth in this Agreement, including the Option and Right of First Offer, in the event the mortgagee acquires control of the Hotel Lot by foreclosure or otherwise, as long as Operator is not in default hereunder beyond any applicable cure period. Any such nondisturbance agreement shall contain provisions limiting the liability of the mortgagee with respect to the acts or omissions of Owner prior to the date of transfer. Operator shall, upon written request from Owner, subordinate this Agreement to any mortgagee which delivers such a consent and nondisturbance agreement to Operator. In the event Operator exercises the Option or Right of First Offer, Owner shall, at or prior to closing, obtain a release of every mortgage or other security interest granted by Owner that encumbers the Hotel Lot or other components of the Hotel or the Offered Property. Operator shall act in good faith in considering any changes to this Agreement requested by the construction lender.
Subordination to Financing. 15.1.1 Owner or its Affiliates may borrow money from one or more lenders for the acquisition, development and/or construction of the Project (or portions thereof). Operator shall, upon written request from Owner, attorney to any mortgagee who enters into a non-disturbance agreement with Operator.
Subordination to Financing. The Resident’s rights under this Agreement shall at all times be subordinate to the rights of any bona fide lender under any mortgage, deed of trust or other security interest, now existing or hereafter created, on any of the property of Xxxxxx Highland Farms and to all amendments, modifications, replacements or refinancing thereof. The Resident shall execute and deliver any documents reasonably required by Xxxxxx Highland Farms or by the holder of any mortgage, deed of trust or other security agreement to evidence or effect such subordination.
