No Subordination of Fee Interest or Rent. Under no circumstance whatsoever, shall Tenant place or suffer to be placed any lien or encumbrance on Landlord’s fee interest in the Property in connection with any financing permitted hereunder, or otherwise. Landlord shall not subordinate its interest in the Property, nor its right to receive Rent, to any Leasehold Mortgagee.
No Subordination of Fee Interest or Rent. Under no circumstance whatsoever shall Tenant place or permit or suffer to be placed any lien or encumbrance of any kind on District’s fee interest in any or all of the District’s Property in connection with any financing permitted hereunder, or otherwise. No Leasehold Encumbrance incurred by Tenant shall constitute a lien or encumbrance on District’s fee interest in the Property and/or Property, except that District agrees that District’s fee interest in the Property may be encumbered with affordability restrictions required by any lender of Tenant and District agrees to execute documents and otherwise cooperate in the effectuation of the encumbrance of District’s fee interest in the Property with such affordability restrictions. District shall not subordinate its interest in the Property, nor its right to receive Rent, to any Mortgage of Tenant. Notwithstanding anything to the contrary contained in this Agreement, this Agreement shall have priority over all liens and encumbrances on the fee interest of the District in and to the Property demised hereby or any Improvements thereon, including, without limitation, mortgages or deeds of trust on the fee interest of the District which were (or are) executed prior to (or concurrently with) the execution of this Agreement.
