Common use of Lease Subordinate to Mortgages Clause in Contracts

Lease Subordinate to Mortgages. This Lease and the rights of Tenant hereunder shall be and are hereby made subject and subordinate to the lien of any mortgages or deeds of trust now or hereafter existing against the Building, the Property or both, and to all renewals, modifications, consolidations, replacements and extensions thereof and to all advances made, or hereafter to be made, upon the security thereof. Although such subordination shall be self operating, Tenant, or its successors in interest, shall upon Landlord’s request, execute and deliver upon the demand of Landlord any and all instruments desired by Landlord, subordinating, in the manner reasonably requested by Landlord, this Lease to any such mortgage or deed of trust and Tenant’s failure to do so upon demand shall constitute a default under this Lease. Landlord shall upon Tenant’s request execute a Nondisturbance Agreement in a form reasonably acceptable to the holder of any mortgage or deed of trust on the Property. Should any mortgage or deed of trust affecting the Building, the Property or both, be foreclosed, then; (1) the liability of the mortgagee, beneficiary or purchaser at such foreclosure sale shall exist only so long as such mortgagee beneficiary, or purchaser is the owner of the Building and/or Property and such liability shall not continue or survive after further transfer of ownership; and (2) Tenant shall be deemed to have attorned, as Tenant under this Lease, to the purchaser at any foreclosure sale thereunder, and this Lease shall continue in force and effect as a direct lease between and binding upon Tenant and such purchaser at any foreclosure sale. As used in this Article 23, “mortgagee” and “beneficiary” shall include successors and assigns of any such party, whether immediate or remote, the purchaser of any mortgage or deed of trust, whether at foreclosure or otherwise, and the successors, assigns and mortgagees and beneficiaries of such purchaser, whether immediate or remote.

Lease Subordinate to Mortgages. This Lease and the rights of Tenant hereunder shall be and are hereby made subject and subordinate to the lien of any mortgages or deeds of trust now or hereafter existing against the Building, the Property or both, and to all renewals, modifications, consolidations, replacements and extensions thereof and to all advances made, or hereafter to be made, upon the security thereof. Although such subordination shall be self self­ operating, Tenant, or its successors in interestinterest shall, shall upon Landlord’s Landlord 's request, execute and deliver upon the demand of Landlord any and all instruments desired by Landlord, subordinating, in the manner reasonably requested by Landlord, this Lease to any such mortgage or deed of trust and Tenant’s failure to do so upon demand shall constitute a default under this Leasetrust. Landlord shall upon Tenant’s request is hereby irrevocably appointed and authorized as agent and attorney-in-fact of Tenant to execute a Nondisturbance Agreement all such subordination instruments in a form reasonably acceptable the event Tenant fails to execute said instruments within five (5) days after notice from Landlord demanding the holder of any mortgage or deed of trust on execution thereof. Said notice may be given in the Propertymanner herenafter provided for giving notice. Should any mortgage or deed of trust affecting the Building, the Property or both, both be foreclosed, then; : (1i) the liability of the mortgagee, beneficiary or purchaser at such foreclosure sale shall exist only so long as such mortgagee beneficiary, or purchaser is i s the owner of the Building and/or Property and such liability shall not continue or survive after further transfer of ownership; and (2ii) Tenant shall be deemed to have attorned, as Tenant under this Lease, to the purchaser at any foreclosure sale thereunder, and this Lease shall continue in force and effect as a direct lease between and binding upon Tenant and such purchaser at any foreclosure sale. As used in this Article 23Section 24, “"mortgagee” " and “"beneficiary” " shall include successors and assigns of any such party, whether immediate or remote, the purchaser of any mortgage or deed of trust, whether at foreclosure or otherwise, and the successors, assigns and mortgagees and beneficiaries of such purchaser, whether immediate or remote. Notwithstanding the above, if Tenant is not in default under the terms and conditions of this Lease, the mortgagee or any person taking the Building hereunder shall not disturb the tenancy of Tenant.

Lease Subordinate to Mortgages. a. This Lease and the rights of Tenant hereunder shall be and are hereby made subject and subordinate to the lien of any mortgages or mortgages, deeds of trust trust, assignments of rents, and security interests now or hereafter existing against the Building, the Property or bothPremises, and to all renewals, modifications, consolidations, replacements and extensions thereof and to all advances mademade now or in the future provided that so long as Tenant duly performs its obligations under this Lease, its quiet possession, use and enjoyment shall not be disturbed by the foreclosure or hereafter to be madeexecution of any mortgages, upon the deeds of trust or other grants of security thereofor deed in lieu of foreclosure. Although such the subordination shall be self self-operating, Tenant, or its successors in interest, shall upon Landlord’s 's request, execute and deliver upon the demand of Landlord any and all instruments reasonably desired by Landlord, subordinating, in the manner reasonably requested by Landlord, this Lease to any mortgage or deed of trust; provided that such mortgage or deed of trust holder concurrently executes and delivers to Tenant a reasonably and customary non-disturbance agreement. If Tenant unreasonably fails to execute such instruments within fifteen (15) business days of Landlord's delivery of such instruments to Tenant’s failure to do so upon demand shall constitute a default under this Lease. Landlord shall upon Tenant’s request execute a Nondisturbance Agreement in a form reasonably acceptable to the holder of any mortgage or deed of trust on the Property. Should any mortgage or deed of trust affecting the Building, the Property or both, be foreclosed, then; (1) the liability of the mortgagee, beneficiary or purchaser at such foreclosure sale shall exist only so long as such mortgagee beneficiary, or purchaser is the owner of the Building and/or Property and such liability shall not continue or survive after further transfer of ownership; and (2) then Tenant shall be deemed to have attorned, as Tenant under be in default pursuant to this Lease and shall not be entitled to any opportunity to cure such default which may be provided for elsewhere in this Lease, . If any mortgagee or trustee shall elect to have this Lease and any options granted hereby prior to the purchaser at any foreclosure sale thereunderlien of its mortgage or deed of trust, and shall give written notice thereof to Tenant, this Lease shall continue in force and effect as a direct lease between and binding upon Tenant and be deemed prior to such purchaser at any foreclosure sale. As used in this Article 23, “mortgagee” and “beneficiary” shall include successors and assigns of any such party, whether immediate or remote, the purchaser of any mortgage or deed of trust, whether at foreclosure this Lease is dated prior or otherwise, and subsequent to the successors, assigns and mortgagees and beneficiaries date of such purchaser, whether immediate said mortgage or remotedeed of trust or the date of recording thereof.

Lease Subordinate to Mortgages. This Except as provided in Paragraph 24.2 of this Lease, Tenant accepts this Lease and the rights of Tenant hereunder shall be and are hereby made subject and subordinate to the lien or security title of any mortgages or deeds of trust now or hereafter presently existing against the Building, the Property or bothMortgage, and to all existing recorded restrictions, covenants, easements and agreements with respect to the Project, or any part thereof, and all renewals, modificationsextensions, consolidationsamendments, modifications and restatements thereof, and all replacements and extensions thereof and to all advances made, or hereafter to be made, upon the security thereofsubstitutions therefor. Although such subordination shall be self operating, Tenant, or its successors in interest, shall upon Landlord’s request, execute and deliver upon the demand of Landlord any and all instruments desired by Landlord, subordinating, in the manner reasonably requested by Landlord, Tenant will subordinate this Lease to the lien or security title of any recorded Mortgage hereafter created upon the Premises, the Building or the Project, and all renewals, extensions amendments, modifications and restatements thereof, and all replacements and substitutions therefor, upon receipt of a “SNDA” (as hereinafter defined). Tenant agrees to execute such mortgage SNDA within ten (10) days after Landlord’s request therefor. If the interest of Landlord under this Lease shall be transferred by reason of exercise of a power of sale, foreclosure or deed other proceeding for enforcement of trust any Mortgage, Tenant shall be bound to the transferee (hereinafter referred to as the “Purchaser”), under the terms, covenants and Tenant’s failure conditions of this Lease for the balance of the Term remaining, and any extensions or renewals, with the same force and effect as if the Purchaser were the “landlord” hereunder, and Tenant shall attorn to do so upon demand shall constitute a default such Purchaser and agrees to be bound and obligated hereunder to the Purchaser as the “landlord” under this Lease. Landlord In such event, Tenant shall upon promptly execute and deliver any instrument that such Purchaser may reasonably request: (a) evidencing such attornment; (b) setting forth the terms and conditions of Tenant’s request execute a Nondisturbance Agreement in a form reasonably acceptable to the holder of any mortgage or deed of trust on the Property. Should any mortgage or deed of trust affecting the Building, the Property or both, be foreclosed, then; (1) the liability of the mortgagee, beneficiary or purchaser at such foreclosure sale shall exist only so long as such mortgagee beneficiary, or purchaser is the owner of the Building and/or Property and such liability shall not continue or survive after further transfer of ownershiptenancy; and (2c) Tenant shall containing such other terms and conditions as may be deemed to have attornedreasonably required by such Purchaser, as Tenant provided such terms and conditions do not increase the Rent, increase Tenant’s obligations or adversely affect Tenant’s rights under this Lease. Upon such attornment, to the purchaser at any foreclosure sale thereunder, and this Lease shall continue in full force and effect as a direct lease between such Purchaser and binding Tenant upon all the terms, conditions and covenants set forth in this Lease, except that such Purchaser shall not be: (i) liable for any breach, act or omission of Landlord (except to the extent such act or omission continues beyond the date when such Purchaser succeeds to Landlord’s interest and Tenant gives notice to such Purchaser of such breach, act or omission and such purchaser at Purchaser fails to cure such breach, act or omission within a reasonable period of time after its receipt of such notice from Tenant); (ii) subject to any foreclosure sale. As used in defense, claim, counterclaim, set-off or offset which Tenant may have against Landlord; (iii) bound by any prepayment of more than one (1) month’s Rent to any prior landlord; (iv) bound by any obligation to make any payment to Tenant which was required to be made prior to the time Purchaser succeeded to Landlord’s interest; (v) bound by any obligation to perform any work or to make improvements to the Premises except for: (A) repairs and maintenance required to be made by Landlord under this Article 23Lease; and (B) repairs to the Premises as a result of damage by fire or other casualty or a partial condemnation pursuant to the provisions of this Lease, “mortgagee” and “beneficiary” shall include successors and assigns but only to the extent that such repairs can reasonably be made from the net proceeds of any insurance or condemnation awards, respectively, actually made available to such partyPurchaser; (vi) bound by any modification, whether immediate amendment or remoterenewal of this Lease made without Mortgagee’s consent; (vii) liable for the repayment of the security deposit, if any, unless and until the security deposit actually is paid to such Purchaser; (viii) liable for the payment of any unfunded tenant improvement allowance, refurbishment allowance or similar obligation; or (ix) bound by any purchase option or right of first refusal for the purchase of the Building, Land or Project, or any portion thereof, granted to Tenant under this Lease (including, without limitation, the purchaser Right of any mortgage or deed of trust, whether at foreclosure or otherwise, and the successors, assigns and mortgagees and beneficiaries of such purchaser, whether immediate or remoteFirst Refusal).

Lease Subordinate to Mortgages. This Lease and the rights of Tenant hereunder shall be and are hereby made subject and subordinate to the lien of any mortgages or deeds of trust now or hereafter existing against the Building, the Property or both, and to all renewals, modifications, consolidations, replacements and extensions thereof and to all advances made, or hereafter to be made, upon the security thereof. Although such subordination shall be self operating, Tenant, or its successors in interest, shall upon Landlord’s 's request, execute and deliver upon the demand of Landlord any and all instruments desired by Landlord, subordinating, in the manner reasonably requested by Landlord, this Lease to any such mortgage or deed of trust and Tenant’s 's failure to do so within a reasonable period of time not to exceed seven (7) business days upon demand shall constitute a default under this Lease. Landlord shall upon Tenant’s 's request execute use commercially reasonable efforts to obtain from any existing lender or ground lessor a Nondisturbance Agreement in a form reasonably acceptable to the Tenant and the holder of any mortgage or deed of trust on the Property, or ground lessor within sixty (60) days after written request therefor from Tenant. Should any mortgage or deed of trust affecting the Building, the Property or both, be foreclosed, then; (1) the liability of the mortgagee, beneficiary or purchaser at such foreclosure sale shall exist only so long as such mortgagee beneficiary, or purchaser is the owner of the Building and/or Property and such any liability accruing thereafter shall not continue or survive after further transfer of ownership; and (2) Tenant shall be deemed to have attorned, as Tenant under this Lease, to the purchaser at any foreclosure sale thereunder, and this Lease shall continue in force and effect as a direct lease between and binding upon Tenant and such purchaser at any foreclosure sale. As used in this Article 23, “"mortgagee” " and “"beneficiary” " shall include successors and assigns of any such party, whether immediate or remote, the purchaser of any mortgage or deed of trust, whether at foreclosure or otherwise, and the successors, assigns and mortgagees and beneficiaries of such purchaser, whether immediate or remote.