2Subordination Sample Clauses

2Subordination. This Lease and Tenant’s rights hereunder shall be subject and subordinate to all mortgages, deeds of trust and covenants which may now or hereafter affect the real property of which the Premises form a part, and also to all renewals, modifications, consolidations, replacements and extensions of same; provided, however, that the subordination of this Lease to any mortgage now or later encumbering the Premises and Landlord’s interest in the Premises shall be conditioned upon Tenant’s receipt from the holder of any such mortgage of a so-called subordination, non-disturbance and attornment agreement (the “SNDA”) on such mortgagee’s commercially reasonable form or otherwise in form and substance reasonably acceptable to Tenant.. Tenant will execute and deliver such further instruments required to verify or confirm such subordination as may be desired by the holders of said mortgages or deeds of trust or by Landlord.1

2Subordination. This Lease is, and shall at all times be, subject and subordinate to each ground lease, mortgage, deed to secure debt or deed of trust now or later encumbering the Project or any portion thereof, including each renewal, modification, supplement, amendment, consolidation or replacement thereof (each, an “Encumbrance”). Within [***] of Landlord’s request, Tenant shall, without charge, execute, acknowledge and deliver to Landlord (or, at Landlord’s request, the Encumbrance holder) any instrument reasonably necessary to evidence this subordination. If Tenant fails to execute and deliver such instrument within said [***] period, Tenant hereby authorizes Landlord to execute the same as Tenant’s attorney in fact. Notwithstanding the foregoing, each Encumbrance holder may unilaterally elect to subordinate its Encumbrance to this Lease. Notwithstanding anything contained to the contrary hereinabove, the subordination of this Lease to Landlord’s current mortgage is conditioned upon Landlord, Tenant, and Landlord’s current mortgage lender executing a Subordination, Non-Disturbance and Attornment Agreement (“SNDA”) in mutually acceptable form on or about the date of execution of this Lease. With respect to future mortgages of the Property, Landlord shall use reasonable efforts to obtain and deliver to Tenant a reasonable SNDA from Landlord’s future mortgage lenders on such lender’s customary form as negotiated by Tenant, but receipt of SNDAs from future lenders shall not be a condition to this Lease or Tenant’s subordination. Tenant may be required to execute each such SNDA before Landlord or the lender will execute the SNDA. Tenant shall be responsible to pay Landlord’s lender’s SNDA processing and legal fees and Tenant shall reimburse Landlord for same within [***] of receipt of an invoice therefor. Landlord shall not be in default in the event Tenant desires to negotiate the SNDA and the parties are unable to agree upon a final form of SNDA. A party’s signature on a SNDA shall evidence such party’s agreement to and acceptance of such SNDA.

2Subordination. Borrower hereby subordinates any claims, including any rights at law or in equity to payment, subrogation, reimbursement, exoneration, contribution, indemnification or set off, that it may have at any time against any other Obligor, howsoever arising, to the Full Payment of its Obligations.

2Subordination. The Senior Notes shall be subordinated in accordance with the subordination provisions set forth therein.

2Subordination. The Subordinated Note shall be subordinated to certain obligations of the Borrower in accordance with the subordination provisions set forth therein.