Subordination to Mortgage definition

Subordination to Mortgage. Landlord's Conveyance. LANDLORD shall have the unrestricted right to convey, transfer, mortgage or otherwise encumber the Premises. This Lease is and at all times shall be automatically by its terms subject and subordinate to all present and future mortgages to which LANDLORD is a party and which in any way affect the Premises or any interest therein, and to all recastings, renewals, modifications, consolidations, replacements or extensions of any such mortgage(s). TENANT agrees, within seven (7) days of any such request, to execute any and all documents or instruments requested by LANDLORD or by any mortgagees(s) to evidence the said subordinate condition of this Lease, as the same may have been amended, to any such financing, and to certify, when requested by LANDLORD or by any mortgagee(s), that this Lease is in full force and effect. This statement, commonly referred to as an "estoppel certificate" shall be for the benefit of LANDLORD, and any purchaser or mortgagee of LANDLORD. LANDLORD shall be released from all liability and obligation under this Lease upon the conveyance, assignment or other transfer of this Lease or the Premises.
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Examples of Subordination to Mortgage in a sentence

  • This Lease is made for the sole benefit of Landlord and Tenant and, in the case of Paragraph 26 (Subordination to Mortgage), any present or future holder of a security interest described in such Paragraph, and their respective successors and assigns (subject to the limitation on assignment set forth above), and no other person or persons shall have any right or remedy or other legal interest of any kind under or by reason of this Lease.

  • This Lease is made for the sole benefit of Landlord and Tenant and, in the case of Paragraph 25 (Subordination to Mortgage), any present or future holder of a security interest described in such Paragraph, and their respective successors and assigns (subject to the limitation on assignment set forth above), and no other person or persons shall have any right or remedy or other legal interest of any kind under or by reason of this Lease.

  • Subordination to Mortgage; Estoppel Agreement ..........................

  • C-18 Table of Contents (continued) 12.1. Subordination to Mortgage...........................................