Common use of Waiver of Priority Clause in Contracts

Waiver of Priority. (a) At Tenant’s request, Landlord shall use commercially reasonable efforts to cause its lender to execute and deliver to Tenant a subordination, non-disturbance, and attornment agreement in a commercially reasonable form that is reasonably acceptable to Tenant within thirty (30) days after Tenant’s request therefor. Landlord reserves the right to demand from Tenant and Tenant agrees to execute and deliver to Landlord a written subordination of this Lease in favor of any mortgage loan, mortgage lien, or any refinancing or replacing of a mortgage loan that may become necessary or desirable to Landlord from time to time. Upon demand by Landlord for same, Tenant shall execute at any and all times such commercially reasonable instruments as may be requested by any such lending institution or prospective mortgagee in order to effectuate such subordination of Tenant’s lien. In the event any proceedings are brought for foreclosure, or in the event of the exercise of the power of sale under any mortgage or deed of trust, Tenant shall attorn to the purchaser in any such foreclosure or sale and recognize such purchaser as landlord under this Lease. If Tenant shall fail to deliver any such subordination agreement or any estoppel certificate required under Section 21.6, with fifteen (15) days after Landlord’s request therefor, Tenant shall pay to Landlord, as additional rent, $100 per day for each day that Tenant is late in delivering such subordination agreement or estoppel certificate. (b) It is a condition, however, to Tenant’s agreement to subordinate this Lease that Landlord shall procure from such lending institution (including Landlord’s existing mortgagee) or prospective mortgagee an agreement in writing providing in substance that so long as Tenant shall faithfully discharge its obligations under the this Lease, this Lease and Tenant’s rights hereunder shall not be adversely affected nor its tenancy disturbed as the result of any default under such mortgage.

Waiver of Priority. (a) At Tenant’s request, Landlord shall use commercially reasonable efforts to cause its lender to execute and deliver to Tenant a subordination, non-disturbance, and attornment agreement in a commercially reasonable form that is reasonably acceptable to Tenant within thirty (30) days after Tenant’s request therefor. Landlord reserves the right to demand from Tenant and Tenant agrees to execute and deliver to Landlord a written subordination and waiver of this Lease priority of Tenant's lien arising by virtue of the within leasehold estate, thereby subordinating Tenant's lien in favor of any mortgage loan, mortgage lien, or any refinancing or replacing of a mortgage loan that may become necessary or desirable to Landlord from time to time. Upon demand by Landlord for same, Tenant shall execute at any and all times such commercially reasonable instruments as may be requested by any such lending institution or prospective mortgagee in order to effectuate such waiver of priority and subordination of Tenant’s 's lien. In the event any proceedings are brought for foreclosure, or in the event of the exercise of the power of sale under any mortgage or deed of trust, Tenant shall attorn to the purchaser in any such foreclosure or sale and recognize such purchaser as landlord under this Lease. If Tenant shall fail to deliver any such subordination agreement or any estoppel certificate required under Section 21.6, with fifteen (15) days after Landlord’s request therefor, Tenant shall pay to Landlord, as additional rent, $100 per day for each day that Tenant is late in delivering such subordination agreement or estoppel certificate. (b) It is a condition, however, to Tenant’s agreement to subordinate this Lease the subordination provision herein provided that Landlord shall shall, upon written request by Tenant, use reasonable efforts to procure from such lending institution (including Landlord’s existing mortgagee) or prospective mortgagee an agreement in writing providing in substance that so long as Tenant shall faithfully discharge its obligations under the Term of this Lease, this Lease and Tenant’s 's rights hereunder shall not be adversely affected nor its tenancy disturbed as the result of any default under such mortgage.