Common use of SUPERIORITY OF LEASE; OPTION TO SUBORDINATE Clause in Contracts

SUPERIORITY OF LEASE; OPTION TO SUBORDINATE. This Lease shall be superior to and shall not be subordinate to any future mortgage or other voluntary lien or other encumbrance of the Lot, the Building or the Complex; provided, however, that Landlord shall have the option to subordinate this Lease to any such mortgage of the Lot, the Building or the Complex provided that Landlord obtains from the holder of record of any existing or future mortgage an SNDA substantially in the form of Exhibit D hereto or another form of agreement with Tenant and reasonably acceptable to Tenant by the terms of which such holder will agree (a) to recognize the rights of Tenant under this Lease, (b) to perform Landlord's obligations hereunder arising after the date of such holder's acquisition of title as hereinafter described, expressly excluding, however, Landlord's obligations under Article III of this Lease, and (c) to accept Tenant as tenant of the Premises under the terms and conditions of this Lease in the event of acquisition of title by such holder through foreclosure proceedings or otherwise, provided that Tenant will agree to recognize the holder of such mortgage as Landlord in such event, which agreement shall be made expressly to bind and inure to the benefit of the successors and assigns of Tenant and of the holder and upon anyone purchasing said Premises at any foreclosure sale. Tenant and Landlord agree to execute and deliver any appropriate instruments necessary to carry out the agreements contained in this Section 8.2. Any such mortgage to which this Lease shall be subordinate may contain such terms, provisions and conditions as the holder deems usual or customary.

SUPERIORITY OF LEASE; OPTION TO SUBORDINATE. This Lease shall be superior to and shall not be subordinate to any future mortgage or other voluntary lien or other encumbrance of the Lot, the Building or the Complex; provided, however, that Landlord shall have the option to subordinate this Lease to any such mortgage of the Lot, the Building or the Complex provided that Landlord obtains from the holder of record of any existing or future mortgage an SNDA substantially in the form of Exhibit D hereto or another form of agreement with Tenant and reasonably acceptable to Tenant by the terms of which such holder will agree (a) to recognize the rights of Tenant under this Lease, (b) to perform Landlord's obligations hereunder arising after the date of such holder's acquisition of title as hereinafter described, expressly excluding, however, Landlord's obligations under Article III of this Lease, and (c) to accept Tenant as tenant of the Premises under the terms and conditions of this Lease in the event of acquisition of title by such holder through foreclosure proceedings or otherwise, provided that Tenant will agree to recognize the holder of such mortgage as Landlord in such event, which agreement shall be made expressly to bind and inure to the benefit of the successors and assigns of Tenant and of the holder and upon anyone purchasing said Premises at any foreclosure sale. Tenant and Landlord agree to execute and deliver any appropriate instruments necessary to carry out the agreements contained in this Section 8.2. Any such mortgage to which this Lease shall be subordinate may contain such terms, provisions and conditions as the holder deems usual or customary.

SUPERIORITY OF LEASE; OPTION TO SUBORDINATE. This Unless the option set forth below in this Section 9.2 shall be exercised, this Lease shall be superior to and shall not be subordinate to any future mortgage or other voluntary lien or other encumbrance hereafter placed on the mortgaged premises of which the Lot, the Building Premises are a part. The holder of any such mortgage or the Complex; provided, however, that Landlord other voluntary lien or other encumbrance shall have the option to subordinate this Lease to any such mortgage of the Lotsame, the Building or the Complex provided that Landlord obtains from the such holder of record of any existing or future mortgage enters into an SNDA substantially in the form of Exhibit D hereto or another form of agreement with Tenant and reasonably acceptable to Tenant by the terms of which such holder will agree (a) to recognize the rights of Tenant under this Lease, (b) to perform Landlord's obligations hereunder arising after the date of such holder's acquisition of title as hereinafter described, expressly excluding, however, Landlord's obligations under Article III of this Lease, and (c) to accept Tenant as tenant of the Premises under the terms and conditions of this Lease in the event of acquisition of title by such holder through foreclosure proceedings or otherwise, provided that otherwise and Tenant will agree to recognize the holder of such mortgage as Landlord in such event, which agreement shall be made expressly to bind and inure to the benefit of the successors and assigns of Tenant and of the holder and upon anyone purchasing said Premises the mortgaged premises at any foreclosure sale. Tenant and Landlord agree to execute and deliver any appropriate instruments necessary to carry out the agreements contained in this Section 8.29.2. Any such mortgage to which this Lease shall be subordinate subordinated may contain such terms, provisions and conditions as the holder deems usual or customary.

SUPERIORITY OF LEASE; OPTION TO SUBORDINATE. This Unless Landlord exercises the option set forth below in this Section 8.2, this Lease shall be superior to and shall not be subordinate to any future mortgage or other voluntary lien or other encumbrance placed on the Property after the date of the Lot, the Building or the Complex; provided, however, that this Lease. Landlord shall have the option to subordinate this Lease to any such mortgage of the Lot, the Building or the Complex Property provided that Landlord obtains from the holder of record of any existing or future mortgage thereof enters into an SNDA substantially in the form of Exhibit D hereto or another form of agreement with Tenant and reasonably acceptable to Tenant Tenant, in such holder's customary form, by the terms of which such holder will agree (a) to recognize the rights of Tenant under this Lease, (b) to perform Landlord's obligations hereunder arising after the date of such holder's acquisition of title as hereinafter described, expressly excluding, however, Landlord's obligations under Article III of this Leasetitle, and (c) as long as Tenant is not in default under the terms of the Lease, to accept Tenant as tenant of the Premises under the terms and conditions of this Lease in the event of acquisition of title by such holder through foreclosure proceedings or otherwise, provided that otherwise and Tenant will agree to recognize the holder of such mortgage as Landlord in such event, which agreement shall be made expressly to bind and inure to the benefit of the successors and assigns of Tenant and of the holder and upon anyone purchasing said Premises Property at any foreclosure sale. Tenant and Landlord agree to execute and deliver any appropriate instruments necessary to carry out the agreements contained in this Section 8.2. Any such mortgage to which this Lease shall be subordinate subordinated may contain such terms, provisions and conditions as the holder deems usual or customary.

SUPERIORITY OF LEASE; OPTION TO SUBORDINATE. This Unless Landlord exercises the option set forth below in this Section 13.2, this Lease shall be superior to and shall not be subordinate to any future mortgage or other voluntary lien or other encumbrance of on the Lot, the Building or the Complex; provided, however, that Premises. Landlord shall have the option to subordinate this Lease to any such mortgage of the Lot, the Building or the Complex Premises provided that Landlord obtains from the holder of record of any existing or future mortgage thereof shall enter into an SNDA substantially in the form of Exhibit D hereto or another form of agreement with Tenant and reasonably acceptable to Tenant Tenant, in such holder's customary form by the terms of which such holder will shall agree to (a) to recognize the rights of Tenant under this Lease, (b) to perform Landlord's obligations hereunder arising after the date of such holder's acquisition of title as hereinafter described, expressly excluding, however, Landlord's obligations under Article III of this Lease, and (c) to accept Tenant as tenant of the Premises under the terms and conditions of this Lease in the event of acquisition of title by such holder through foreclosure proceedings or otherwise, provided that otherwise and Tenant will shall agree to recognize the holder of such mortgage as Landlord in such event, which agreement shall be made expressly to bind and inure to the benefit of the successors and assigns of Tenant and of the holder and upon anyone purchasing said the Premises at any foreclosure sale. Tenant and Landlord agree Xxxxxx agrees to execute and deliver any appropriate and reasonable instruments necessary to carry out the agreements contained in this Section 8.213.2. Any such Landlord shall use best efforts to obtain a nondisturbance and attornment agreement from the Newburyport Five Cents Savings Bank, holder of the mortgage to which this Lease shall be subordinate may contain such terms, provisions and conditions as on the holder deems usual or customaryproperty.

SUPERIORITY OF LEASE; OPTION TO SUBORDINATE. This Unless Landlord exercises the option set forth below in this Section 13.2, this Lease shall be superior to and shall not be subordinate to any future mortgage or other voluntary lien or other encumbrance of on the Lot, the Building or the Complex; provided, however, that Premises. Landlord shall have the option to subordinate this Lease to any such mortgage of the Lot, the Building or the Complex Premises provided that Landlord obtains from the holder of record of any existing or future mortgage thereof enters into an SNDA substantially in the form of Exhibit D hereto or another form of agreement with Tenant and Tenant, in such form as is reasonably acceptable satisfactory to Tenant Tenant, by the terms of which such holder will agree to (a) to recognize the rights of Tenant under this Lease, (b) to perform Landlord's obligations hereunder arising after the date of such holder's acquisition of title as hereinafter described, expressly excluding, however, Landlord's obligations under Article III of this Lease, and (c) to accept Tenant as tenant of the Premises under the terms and conditions of this Lease in the event of acquisition of title by such holder through foreclosure proceedings or otherwise, provided that otherwise and Tenant will agree to recognize the holder of such mortgage as Landlord in such event, which agreement shall be made expressly to bind and inure to the benefit of the successors and assigns of Tenant and of the holder and upon anyone purchasing said the Premises at any foreclosure sale. Tenant and Landlord agree agrees to execute and deliver any appropriate instruments necessary to carry out the agreements contained in this Section 8.2. Any such mortgage to which this Lease shall be subordinate may contain such terms, provisions and conditions as the holder deems usual or customary13.2.

SUPERIORITY OF LEASE; OPTION TO SUBORDINATE. This Lease shall be superior to and shall not be subordinate to any future mortgage or other voluntary lien or other encumbrance of the Lot, the Building or the ComplexLot and Building; provided, however, that Landlord shall have the option to subordinate this Lease to any such mortgage of the Lot, the Lot and Building or the Complex provided that Landlord obtains from the holder of record of any existing or future mortgage an SNDA substantially in the form of Exhibit D hereto or another form of agreement with Tenant and reasonably acceptable to Tenant by the terms of which such holder will agree (a) to recognize the rights of Tenant under this Lease, (b) to perform Landlord's ’s obligations hereunder arising after the date of such holder's ’s acquisition of title as hereinafter described, expressly excluding, however, Landlord's ’s obligations under Article III of this Lease, and (c) to accept Tenant as tenant of the Premises under the terms and conditions of this Lease in the event of acquisition of title by such holder through foreclosure proceedings or otherwise, provided that Tenant will agree to recognize the holder of such mortgage as Landlord in such event, which agreement shall be made expressly to bind and inure to the benefit of the successors and assigns of Tenant and of the holder and upon anyone purchasing said Premises at any foreclosure sale. Tenant and Landlord agree to execute and deliver any appropriate instruments necessary to carry out the agreements contained in this Section 8.2. Any such mortgage to which this Lease shall be subordinate may contain such terms, provisions and conditions as the holder deems usual or customary.

SUPERIORITY OF LEASE; OPTION TO SUBORDINATE. This Unless Landlord exercises the option set forth below in this Section 8.2, this Lease shall be superior to and shall not be subordinate to any future mortgage or other voluntary lien or other encumbrance of on the Lot, the Building or the Complex; provided, however, that Premises. Landlord shall have the option to subordinate this Lease to any such mortgage of the Lot, the Building or the Complex Premises provided that Landlord obtains from the holder of record of any existing or future mortgage thereof enters into an SNDA substantially in the form of Exhibit D hereto or another form of agreement with Tenant and reasonably acceptable to Tenant by the terms of which such holder will agree (a) to recognize all of the rights of Tenant under this Lease, (b) to perform Landlord's obligations hereunder arising after the date of such holder's acquisition of title as hereinafter described, expressly excluding, however, Landlord's obligations under Article III of this Lease, and (c) to accept Tenant as tenant of the Premises under the terms and conditions of this Lease in the event of acquisition of title by such holder through foreclosure proceedings or otherwise, provided that otherwise and Tenant will agree to recognize the holder of such mortgage as Landlord in such event, which agreement shall be made expressly to bind and inure to the benefit of the successors and assigns of Tenant and of the holder and upon anyone purchasing said Premises at any foreclosure sale. Tenant and Landlord agree to execute and deliver any appropriate instruments necessary to carry out the agreements contained in this Section 8.2. Any such Landlord represents that as of the date of execution of this Lease, that there is no mortgage to which this Lease shall be subordinate may contain such terms, provisions and conditions as on the holder deems usual or customaryPremises.

SUPERIORITY OF LEASE; OPTION TO SUBORDINATE. This Lease shall be superior to and shall not be subordinate to any future mortgage or other voluntary lien or other encumbrance of the Lot, the Building or the ComplexLot and Building; provided, however, that Landlord shall have the option to subordinate this Lease to any such mortgage of the Lot, the Lot and Building or the Complex provided that Landlord obtains from the holder of record of any existing or future mortgage an SNDA substantially in the form of Exhibit D hereto or another form of agreement with Tenant and reasonably acceptable to Tenant by the terms of which such holder will agree (a) to recognize the rights of Tenant under this Lease, (b) to perform Landlord's obligations hereunder arising after the date of such holder's acquisition of title as hereinafter described, expressly excluding, however, Landlord's obligations under Article III of this Lease, and (c) to accept Tenant as tenant of the Premises under the terms and conditions of this Lease in the event of acquisition of title by such holder through foreclosure proceedings or otherwise, provided that Tenant will agree to recognize the holder of such mortgage as Landlord in such event, which agreement shall be made expressly to bind and inure to the benefit of the successors and assigns of Tenant and of the holder and upon anyone purchasing said Premises at any foreclosure sale. Tenant and Landlord agree to execute and deliver any appropriate instruments necessary to carry out the agreements contained in In this Section 8.2. Any such mortgage to which this Lease shall be subordinate may contain such terms, provisions and conditions as the holder deems usual or customary.

SUPERIORITY OF LEASE; OPTION TO SUBORDINATE. This Unless Landlord exercises the option set forth below in this Section 8.2, this Lease shall be superior to and shall not be subordinate to any future mortgage or other voluntary lien or other encumbrance of on the Lot, the Building or the Complex; provided, however, that Premises. Landlord shall have the option to subordinate this Lease to any such mortgage of the Lot, the Building or the Complex Premises provided that Landlord obtains from the holder of record of any existing or future mortgage thereof enters into an SNDA substantially in the form of Exhibit D hereto or another form of agreement with Tenant Tenant, in such holder's customary form (which agreement shall include the provisions set forth in Exhibit J, attached hereto, and reasonably acceptable subject to Tenant such reasonable modifications to such holder's customary form as Tenant's counsel may request) by the terms of which such holder will agree (a) to recognize the rights of Tenant under this LeaseLease and not to disturb Tenant's possession of the Premises so long as Tenant is not in default of its obligations hereunder beyond applicable notice, grace and cure periods, (b) to perform Landlord's obligations hereunder arising on and after the date of such holder's acquisition of title as hereinafter described, expressly excludingtitle; provided, however, Landlord's obligations that the obligation of Landlord to construct the Initial Building (and, if Tenant has exercised its Option to Expand in accordance with Section 10.2.2 hereof, the Expansion Building) or to make the payment under Article III Section 3.13 shall not be binding on such holder beyond the funds allocated for such purposes in the budget for the loan and subject to the remedies reserved to such holder under the loan documents executed by Landlord in connection with such loan, the repayment of this Lease, which the mortgage of the Premises is given as security; and (c) to accept Tenant as tenant of the Premises under the terms and conditions of this Lease in the event of acquisition of title by such holder through foreclosure proceedings or otherwise, provided that and Tenant will agree to recognize the holder of such mortgage as Landlord in such event, and which agreement shall be made expressly to bind and inure to the benefit of the successors and assigns of Tenant and of the holder and upon anyone purchasing said Premises at any foreclosure sale. Tenant and Landlord agree to execute and deliver any appropriate and mutually acceptable instruments necessary to carry out the agreements contained in this Section 8.2. Any such mortgage to which this Lease shall be subordinate subordinated may contain such terms, provisions and conditions as the holder deems usual or customary.; subject to the provisions of Exhibit J.

SUPERIORITY OF LEASE; OPTION TO SUBORDINATE. This Unless Landlord exercises the option set forth below in this Section 13.2, this Lease shall be superior to and shall not be subordinate to any future mortgage or other voluntary lien or other encumbrance of on the Lot, the Building or the Complex; provided, however, that Premises. Landlord shall have the option to subordinate this Lease to any such mortgage of the Lot, the Building or the Complex Premises provided that Landlord obtains from the holder of record of any existing or future mortgage thereof enters into an SNDA substantially in the form of Exhibit D hereto or another form of agreement with Tenant and reasonably acceptable to Tenant Tenant, in such holder's customary form, by the terms of which such holder will agree to (a) to recognize the rights of Tenant under this Lease, (b) to perform Landlord's obligations hereunder arising after the date of such holder's acquisition of title as hereinafter described, expressly excluding, however, Landlord's obligations under Article III of this Lease, and (c) to accept Tenant as tenant of the Premises under the terms and conditions of this Lease in the event of acquisition of title by such holder through foreclosure proceedings or otherwise, provided that otherwise and Tenant will agree to recognize the holder of such mortgage as Landlord in such event, which agreement shall be made expressly to bind and inure to the benefit of the successors and assigns of Tenant and of the holder and upon anyone purchasing said the Premises at any foreclosure sale. Tenant and Landlord agree agrees to execute and deliver any appropriate instruments necessary to carry out the agreements contained in this Section 8.2. Any such mortgage to which this Lease shall be subordinate may contain such terms, provisions and conditions as the holder deems usual or customary13.2.

SUPERIORITY OF LEASE; OPTION TO SUBORDINATE. This Lease shall be superior to and shall not be subordinate to any future mortgage or construction mortgage, at the option of the construction mortgagee, and to any other voluntary lien or other encumbrance on the Premises. This Lease will be superior to any such construction mortgage only after the Commencement Date of the Lot, the Building or the Complex; provided, however, that this Lease. Landlord shall have the option to subordinate this Lease lease to any such permanent first mortgage of the Lot, the Building or the Complex Premises provided that Landlord obtains from the holder of record of any existing or future mortgage thereof enters into an SNDA substantially in the form of Exhibit D hereto or another form of agreement with Tenant and reasonably acceptable to Tenant by the terms of which such holder will agree (a) to recognize the rights of Tenant under this Lease, (b) to perform Landlord's obligations hereunder arising after the date of such holder's acquisition of title as hereinafter described, expressly excluding, however, Landlord's obligations under Article III of this Lease, Lease and (c) to accept Tenant as tenant of the Premises under the terms and conditions of this Lease in the event of acquisition of title by such holder through foreclosure proceedings or otherwise, provided that otherwise and Tenant will agree to recognize the holder of such mortgage as Landlord in such event, which agreement shall be made expressly to bind and inure to the benefit of the successors and assigns of Tenant and of the holder and upon anyone purchasing said Premises at any foreclosure sale. Tenant and Landlord agree to execute and deliver any appropriate instruments necessary to carry out the agreements contained in this Section 8.2. Any such mortgage to which this Lease shall be subordinate subordinated may contain such terms, provisions and conditions as the holder deems usual or customary. Landlord agrees to provide Tenant evidence of such from Landlord's Lender within a reasonable time of the execution of this Lease, or refinancing of the Project by a Subordination Non Disturbance and Attornment Agreement mutually agreed to between Tenant and Landlord's Lender.

SUPERIORITY OF LEASE; OPTION TO SUBORDINATE. This Lease shall be superior to and shall not be subordinate to any future mortgage or other voluntary lien or other encumbrance of the Lot, the Building or the ComplexLot and Building; provided, however, that Landlord shall have the option to subordinate this Lease to any such mortgage of the Lot, the Lot and Building or the Complex provided that Landlord obtains from the holder of record of any existing or future mortgage an SNDA substantially in the form of Exhibit D hereto or another form of agreement with Tenant and reasonably acceptable to Tenant by the terms of which such holder will agree (a) to recognize the rights of Tenant under this Lease, (b) to perform Landlord's obligations hereunder arising after the date of such holder's acquisition of title as hereinafter described, expressly excluding, however, Landlord's obligations under Article III of this Lease, and (c) to accept Tenant as tenant of the Premises under the terms and conditions of this Lease in the event of acquisition of title by such holder through foreclosure proceedings or otherwise, provided that Tenant will agree to recognize the holder of such mortgage as Landlord in such event, which agreement shall be made expressly to bind and inure to the benefit of the successors and assigns of Tenant and of the holder and upon anyone purchasing said Premises at any foreclosure sale. Tenant and Landlord agree to execute and deliver any appropriate instruments necessary to carry out the agreements contained in this Section 8.2. Any such mortgage to which this Lease shall be subordinate may contain such terms, provisions and conditions as the holder deems usual or customary.