Mortgage Priority Sample Clauses
The Mortgage Priority clause establishes the order in which multiple mortgages or liens on a property will be satisfied in the event of a sale or foreclosure. Typically, this clause specifies that the lender’s mortgage will take precedence over any subsequent claims or encumbrances, ensuring that the lender is paid first from the proceeds. By clearly defining the ranking of claims, the clause protects the lender’s interests and reduces the risk of disputes among creditors, thereby providing certainty and security in real estate transactions.
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Mortgage Priority. This lease is and shall be prior to any mortgage or deed of trust ("Encumbrance") recorded after the date of this lease and affecting the premises. However, if any lender holding such an Encumbrance requires that this lease be subordinate to the encumbrance, then Tenant agrees that the lease shall be subordinate to the encumbrance if the holder thereof agrees in writing with Tenant that so long as Tenant performs its obligations under this lease, no foreclosure, deed given in lieu of foreclosure, or sale pursuant to the terms of the Encumbrance, or other steps or procedures taken under the Encumbrance shall affect Tenant's rights under this lease. If the foregoing condition is met Tenant shall execute the written agreement and any other documents reasonably required by the holder of the encumbrance to accomplish the purposes of this paragraph. If the premises are sold as a result of foreclosure of any encumbrance thereon, or otherwise transferred by Landlord or any successor, Tenant shall attorn to the purchaser or transferee.
Mortgage Priority. Nothing herein contained shall in any manner affect the lien or priority of the Mortgage securing the Note, and upon the occurrence of an Event of Default (as defined in the Mortgage), the Lender may invoke any remedies it may have under the this Guaranty or the other Loan Documents, either concurrently or successively and the exercise of any one or more of such remedies shall not be deemed an exhaustion of such remedy or remedies or a waiver of any other remedy or remedies and shall not be deemed an election of remedies. The exercise by the Lender of any such remedies shall not release or discharge Guarantor from its obligations hereunder unless and until the full amount of the Indebtedness evidenced by the Note and secured by the Mortgage has been fully paid and satisfied.
Mortgage Priority. This Lease shall not be a lien against the Property in respect to any mortgages that may hereafter be placed upon said Property. This Lease is subject and subordinate to all ground or underlying leases and to all mortgages that may now or hereafter affect the Property, including all renewals, modifications, consolidations, replacements and extensions of any such underlying leases and mortgages. The recording of any such mortgage or mortgages shall have preference and precedence and be superior and prior in lien to this Lease, irrespective of the date of recording. This clause shall be self-operative and no further instrument of subordination shall be required by any ground lessor or by any mortgagee in order to effectuate such subordination.
Mortgage Priority. This Lease shall not be a lien against the said premises with respect to any mortgages that may hereafter be placed upon said premises. The recording of such mortgages shall have preference and be superior and prior in lien to this Lease, irrespective of the date of recording. The Tenant agrees to execute any instruments, without cost, which may be deemed necessary, to further effect the subordination of this Lease to any such mortgages. A refusal by the Tenant to execute such instruments is a violation and shall entitle the Landlord to cancel this Lease.
Mortgage Priority. This Lease shall not be a lien against the Property in respect to any mortgages that are now or may hereafter be placed upon said Property. The recording of such mortgage or mortgages shall have preference and precedence and be superior and prior in lien to this Lease, irrespective of the date of recording, and the Tenant agrees to execute any instruments, without costs, which may be deemed necessary or desirable, to further effect the subordination of this Lease to any such mortgage or mortgages. A refusal by the Tenant to execute such instruments shall entitle the Landlord to the option of canceling this Lease, and the term hereof is hereby expressly limited accordingly.
Mortgage Priority. Tenant acknowledges and agrees that this Lease and Tenant's interest in this Lease shall be subordinate to the lien of any mortgage or deed of trust (Mortgage) which encumbers the Premises as of the Commencement Date or at any date thereafter while this Lease remains in effect. Tenants agrees to execute a subordination and attornment agreement, in form and substance reasonably acceptable to Landlord's lender, or any future lender, on the condition that such lender agree in writing with Tenant that as long as Tenant performs its obligations under this Lease, no foreclosure, deed in lieu of foreclosure, or sale pursuant to the terms of such Mortgage, or other steps or procedures taken under such Mortgage shall affect Tenant's rights under this Lease. If the Premises are sold as a result of foreclosure of any Mortgage, or otherwise transferred by Landlord to any successor, Tenant shall attorn to the purchaser or other transferee.
Mortgage Priority. This lease shall not be a lien against the Premises with respect to any mortgages that may hereafter be placed upon said premises. Such mortgage or mortgages will have preference and be superior and prior in lien to this lease, irrespective of the date of recording. The Tenant will execute any instruments without cost, which may be deemed necessary to further effect the subordination of this lease to any such mortgages. A refusal by the Tenant to execute such instruments within fifteen (15) days of receipt is a default under this Lease.
Mortgage Priority. This lease shall not be lien against the said ----------------- premises in respect to any mortgages that may hereafter be placed upon said premises. The recording of such mortgage or mortgages shall have preference and precedence an be superior and prior in lien to this lease, irrespective of the date of recording and the Tenant agrees to execute any instruments, without cost, which may be deemed necessary or desirable, to further effect the subordination of this lease to any such mortgage or mortgages. A refusal by the Tenant to execute such instruments shall entitle the Landlord to the option of canceling this lease, and the term hereof is hereby expressly limited accordingly.
Mortgage Priority. This lease shall not be a lien against the said premises in respect to any mortgages that may hereafter be placed upon said premises. The recording of such mortgage shall have preference and precedence and be superior and prior in lien to this lease, irrespective of the date of recording. The Tenant agrees to execute any instruments, without cost, which may be deemed necessary or desirable, to effect the subordination of this lease to any such mortgage provided said mortgagee executes a subordination, nondisturbance and attornment agreement in a form satisfactory to Tenant. A refusal by the Tenant to execute such instruments shall entitle the Landlord to cancel this lease. The term hereof is expressly limited accordingly.
Mortgage Priority. This lease shall not be a lien against the said premises in respect to any mortgages that may hereafter be placed upon said premises. The recording of such mortgage or mortgages shall have preference and precedence and be superior and prior in lien to this leases, irrespective of the date of recording and the Tenant agrees to execute any instruments, without cost, which may be deemed necessary or desirable, to further effect the subordination of this lease to any such mortgage or mortgages. A refusal by the Tenant to execute such instruments shall entitle the Landlord to the option of canceling this lease, and the term hereof is hereby expressly limited accordingly. Landlord agrees to use its best efforts to obtain from any mortgagee placing a lien on the premises, a non-disturbance agreement to the effect that, provided Tenant is not in default under the lease, Tenant may remain undisturbed in possession of the premises and its leasehold interest will not be terminated by foreclosure.