Common use of Subsequent Security Instruments Clause in Contracts

Subsequent Security Instruments. At Landlord's election, this Lease shall become subject and subordinate to any Security Instrument created after the Commencement Date, provided that the Lender holding such Security Agreement agrees that in the event of foreclosure of the Security Instrument in question, such Lender shall recognize the tenancy of Tenant on the terms and conditions contained in this Lease so long as no Event of Default (as defined in Paragraph 13.A. hereof) exists on the date such person acquires the Premises. Notwithstanding such subordination, Tenant's right to quiet possession of the Premises shall not be disturbed so long as no Event of Default exists on the date such person acquires the Premises, unless this Lease is otherwise terminated pursuant to its terms.

Subsequent Security Instruments. At Landlord's election, this ------------------------------- Lease shall become subject and subordinate to any Security Instrument created after the Commencement Date, provided that the Lender holding such Security Agreement agrees that in the event of foreclosure of the Security Instrument in question, such Lender shall recognize the tenancy of Tenant on the terms and conditions contained in this Lease so long as no Event of Default (as defined in Paragraph 13.A. hereof) exists on the date such person acquires the Premises. Notwithstanding such subordination, Tenant's right to quiet possession of the Premises shall not be disturbed so long as no Event of Default exists on the date such person acquires the Premises, unless this Lease is otherwise terminated pursuant to its terms.

Subsequent Security Instruments. At Landlord's election, this Lease shall become subject and subordinate to any Security Instrument created after the Commencement Date, provided that the Lender holding such Security Agreement agrees that in the event of foreclosure of the Security Instrument in question, such Lender shall recognize the tenancy of Tenant on the terms and conditions contained in this Lease so long as no Event of Default (as defined in Paragraph 13.A. hereof) exists on the date such person acquires the Premises. Notwithstanding such subordination, Tenant's right to quiet possession of the Premises shall not be disturbed so long as no Event of Default exists on the date such person acquires the Premises, unless this Lease is otherwise terminated pursuant to its terms.