Common use of Existing Security Instruments Clause in Contracts

Existing Security Instruments. The Lease is subject and subordinate to all Security Instruments existing as of the Effective Date. However, if any Lender so requires, this Lease shall become prior and superior to any such Security Instrument. Landlord has informed Tenant that the Building is currently encumbered by a Security Instrument in favor of or being serviced by Solomon Brothers. Landlord shall request the beneficiary (or its servicer) of the existing Security Instrument that encumbers the Building as of the date hereof to issue its standard subordination, non-disturbance and attornment agreement (“SNDA”), pursuant to which such beneficiary agrees to recognize this Lease in the event of default under such Security Instrument or sale under such Security Instrument, so long as Tenant is not in default hereunder. Landlord’s agrees to use its good faith efforts to obtain such SNDA, but Landlord is not obligated to incur any expense or liability in connection therewith. Tenant is responsible for paying all costs and expenses for such SNDA, including, without limitation, the lender attorneys’ fees and disbursements. Obtaining the SNDA is not a condition precedent or subsequent to the Lease, nor a breach of Landlord’s obligation. The failure of such lender to issue its SNDA shall not relieve Tenant of any of its obligations under the Lease.

Existing Security Instruments. The Lease is subject and subordinate to all Security Instruments existing as of the Effective Date. However, if any Lender so requires, this Lease shall become prior and superior to any such Security Instrument. Landlord has informed Tenant that the Building is currently Project may be encumbered by a Security Instrument in favor of or being serviced by Solomon BrothersInstrument. Landlord shall request the beneficiary (or its servicer) of the existing Security Instrument that encumbers the Building Project as of the date hereof to issue its standard a subordination, non-disturbance and attornment agreement (“SNDA”), ) in a form reasonably satisfactory to Tenant and such beneficiary pursuant to which such beneficiary agrees to recognize this Lease in the event of default under such Security Instrument or sale under such Security Instrument, so this Lease shall continue in full force and effect as long as Tenant is not in default hereunderdefault; and this Lease shall automatically become a lease directly between any successor to Landlord’s interest, as landlord, and Tenant, from and after the date such successor acquires fee title to the Project. Landlord’s agrees to request and use its good faith reasonable efforts to obtain such SNDA, but Landlord is not obligated to incur any expense or liability in connection therewith. Tenant is responsible for paying all costs and expenses for such SNDA, including, without limitation, the lender attorneys’ fees and disbursements. Obtaining the SNDA is not a condition precedent or subsequent to the Lease, nor a breach of Landlord’s obligation. The failure of such lender to issue its the SNDA shall not relieve Tenant of any of its obligations under the Lease. Landlord will pay for the basic administrative fee and costs for such Lender’s attorney to prepare the SNDA and to negotiate any changes in the Lender’s form of SNDA to accommodate Tenant’s reasonable requests.