Common use of Mortgage Priority Clause in Contracts

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.