Common use of PRIORITY OF LEASE Clause in Contracts

PRIORITY OF LEASE. This Lease is and shall continue to be subject and subordinate to any presently existing mortgage or deed of trust of record covering the Lot or Building or both (the "mortgaged premises"). The holder of any such presently existing mortgage or deed of trust shall have the election to subordinate the same to the rights and interests of Tenant under this Lease exercisable by filing with the appropriate recording office a notice of such election, whereupon the Tenant's rights and interests hereunder shall have priority over such mortgage or deed of trust. Landlord shall endeavor to obtain a Non-Disturbance Agreement from the existing mortgagee of the mortgaged premises. Unless the option provided for in the next following sentence shall be exercised, this Lease shall be superior to and shall not be subordinate to, any mortgage, deed of trust or other voluntary lien hereafter placed on the mortgaged premises. The holder of any such mortgage, deed of trust or other voluntary lien shall have the option to subordinate this Lease to the same, provided that such holder enters into an agreement with Tenant by the terms of which the holder will agree to recognize the rights of Tenant under this Lease and to accept Tenant as tenant of the Premises under the terms and conditions of this Lease in the event of acquisition of title by such holder through foreclosure proceedings or otherwise and Tenant will agree to recognize the holder of such mortgage as Landlord in such event, which agreement shall be made to expressly bind and inure to the benefit of the successors and assigns of Tenant and of the holder and upon anyone purchasing the mortgaged premises at any foreclosure sale. Any such mortgage to which this Lease shall be subordinated may contain such terms, provisions and conditions as the holder deems usual or customary.

PRIORITY OF LEASE. This Lease is and shall continue to be subject and subordinate to any presently existing mortgage or deed of trust of record covering the Lot or Building or both (the "mortgaged premises"). The holder of any such presently existing mortgage or deed of trust shall have the election to subordinate the same to the rights and interests of Tenant under this Lease exercisable by filing with the appropriate recording office a notice of such election, whereupon the Tenant's rights and interests hereunder shall have priority over such mortgage or deed of trust. Landlord shall endeavor to obtain a Non-Disturbance Agreement from the existing mortgagee of the mortgaged premises. Unless the option provided for in the next following sentence shall be exercised, this Lease shall be superior to and shall not be subordinate to, any mortgage, deed of trust or other voluntary lien hereafter placed on the mortgaged premises. The holder of any such mortgage, deed of trust or other voluntary lien shall have the option to subordinate this Lease to any mortgagee or deed of trust of the sameLot or Building, or both ("the mortgaged premises"), provided that such the holder thereof enters into an agreement (substantially in the form attached hereto as Exhibit "K" or such other form requested by such mortgagee and reasonably acceptable to Tenant) with Tenant by the terms of which the holder will agree to recognize the rights of Tenant under this Lease and to accept Tenant as tenant of the Premises under the terms and conditions of this Lease in the event of acquisition of title by such holder through foreclosure proceedings or otherwise and Tenant will agree to recognize the holder of such mortgage as Landlord in such event, which agreement shall be made to expressly bind and inure to the benefit of the successors and assigns of Tenant and of the holder and upon anyone purchasing the mortgaged premises at any foreclosure sale. Any such mortgage to which this Lease shall be subordinated may contain such terms, provisions and conditions as the holder deems usual or customary. Unless Landlord exercises such option, this Lease shall be superior to and shall not be subordinated to any mortgage or other voluntary lien or other encumbrance on the mortgaged premises. Landlord agrees to obtain and furnish to Tenant a Subordination and Non-Disturbance Agreement in said form attached hereto as Exhibit "K" within thirty (30) days after execution of this Lease by both parties hereto. Landlord acknowledges that Paragraph 4 of Exhibit K requires that Tenant pay rent directly to the Mortgagee in the event demand is made upon Tenant by Mortgagee.

PRIORITY OF LEASE. This Lease is and shall continue to be subject and subordinate to any presently existing mortgage or deed of trust of record covering the Lot or Building or both (the "mortgaged premises"). The holder of any such presently existing mortgage or deed of trust shall have the election to subordinate the same to the rights and interests of Tenant under this Lease exercisable by filing with the appropriate recording office a notice of such election, whereupon the Tenant's rights and interests hereunder shall have priority over such mortgage or deed of trust. Landlord shall endeavor to obtain a Non-Disturbance Agreement from the existing mortgagee of the mortgaged premises. Unless the option provided for in the next following sentence shall be exercised, this Lease shall be superior to and shall not be subordinate to, any mortgage, deed of trust or other voluntary lien hereafter placed on the mortgaged premises. The holder of any such mortgage, deed of trust or other voluntary lien shall have the option to subordinate this Lease to any mortgage or deed of trust (the same"Mortgage") on the Premises (the "Mortgaged Property"), provided that such the holder thereof (the "Mortgagee") enters into an agreement with Tenant by the terms of which the holder Mortgagee (or anyone purchasing Mortgagee's interest at foreclosure sale) will agree to recognize the rights of Tenant under this Lease and to accept Tenant as a tenant of the Premises under the terms and conditions of this Lease in the event of acquisition of title by such holder Mortgagee through foreclosure proceedings or otherwise and Tenant will agree to recognize the holder of such mortgage Mortgagee as Landlord the landlord hereunder in such event, which agreement shall be made to expressly bind and inure to the benefit of the successors and assigns of Tenant and of the holder such Mortgagee and upon anyone purchasing the mortgaged premises Mortgaged Property at any foreclosure sale. Within fifteen (15) days of Landlord's prior written request, Tenant agrees to execute and deliver from time to time a written agreement and any other documents in order to accomplish the purposes of this Section 8.1 which are required by any Mortgagee or issuer of any commitment to make a Mortgage, provided, however, any such agreement will only be executed in exchange for a non-disturbance agreement executed by such Mortgagee or issuer of a commitment to make a mortgage. Failure of Tenant to so execute and deliver said documents) within ten (10) days of Landlord's written demand notice subsequent to Landlord' s initial fifteen (15) day prior written request shall constitute a default under this Lease. Any such mortgage Mortgage to which this Lease shall be subordinated may contain such terms, provisions and conditions as the holder Mortgagee reasonably deems usual or customary; provided, however, that any term or condition therein which is intended to amend this Lease or lessen Tenant's rights hereunder shall not be deemed usual or customary. Unless Landlord exercises such option, this Lease shall be superior to and shall not be subordinate to any Mortgage or other voluntary lien or other encumbrance on the Mortgaged Property. Said written agreement and other documents shall accurately reflect the Lease terms and conditions in effect at that time.

PRIORITY OF LEASE. This Lease is and shall continue to be subject and subordinate to any presently existing mortgage or deed of trust of record covering the Lot or Building or both (the "mortgaged premises"). The holder of any such presently existing mortgage or deed of trust shall have the election to subordinate the same to the rights and interests of Tenant under this Lease exercisable by filing with the appropriate recording office a notice of such election, whereupon the Tenant's rights and interests hereunder shall have priority over such mortgage or deed of trust. Landlord shall endeavor to obtain a Non-Disturbance Agreement from the existing mortgagee of the mortgaged premises. Unless the option provided for in the next following sentence shall be exercised, this Lease shall be superior to and shall not be subordinate to, any mortgage, deed of trust or other voluntary lien hereafter placed on the mortgaged premises. The holder of any such mortgage, deed of trust or other voluntary lien shall have the option to subordinate this Lease to the same, provided that such holder enters into an agreement with Tenant by the terms of which the holder will agree to recognize the rights of Tenant under this Lease and to accept Tenant as tenant of the Premises under the terms and conditions of this Lease in the event of acquisition of title by such holder through foreclosure proceedings or otherwise and Tenant will agree to recognize the holder of such mortgage as Landlord in such event, which agreement shall be made to expressly bind and inure to the benefit of the successors and assigns of Tenant and of the holder and upon anyone purchasing the mortgaged premises at any foreclosure sale. Any such mortgage to which this Lease shall be subordinated may contain such terms, provisions and conditions as the holder reasonably deems usual or customary.

PRIORITY OF LEASE. This Lease is and shall continue to be subject and subordinate to any presently existing mortgage mortgage, ground lease or deed of trust of record covering the Lot or Building or both (the "mortgaged premises"), provided that Landlord shall use diligent efforts to obtain on Tenaxx'x xehalf a nondisturbance agreement from the holders of any such mortgages, deeds of trust or ground leases within sixty (60) days after the date hereof (which nondisturbance agreement may be in the standard form used by such holders). The holder of any such presently existing mortgage or deed of trust or lessor under any such ground lease shall have the election to subordinate the same to the rights and interests of Tenant under this Lease exercisable by filing with the appropriate recording office a notice of such election, whereupon the Tenant's rights and interests hereunder shall have priority over such mortgage mortgage, ground lease or deed of trust. Landlord shall endeavor to obtain a Non-Disturbance Agreement from the existing mortgagee of the mortgaged premises. Unless the option provided for in the next following sentence shall be exercised, this Lease shall be superior to and shall not be subordinate to, any mortgage, deed of trust or other voluntary lien hereafter placed on the mortgaged premises. The holder of any such mortgage, deed of trust or other voluntary lien shall have the option to subordinate this Lease to the same, provided that such holder enters into an a nondisturbance and attornment agreement with Tenant by the terms of Tenant, under which the holder will agree to recognize the rights of Tenant under this Lease and to 41 accept Tenant as tenant of the Premises under the terms and conditions of this Lease in the event of acquisition of title by such holder through foreclosure proceedings or otherwise and Tenant will agree to recognize the holder of such mortgage or lessor under such ground lease as Landlord in such event, which agreement shall shah be made to expressly bind and inure to the benefit of the successors and assigns of Tenant and of the holder or ground lessor and upon anyone purchasing the mortgaged premises at any foreclosure sale. Any such mortgage or ground lease to which this Lease shall be subordinated may contain such terms, provisions and conditions as the holder or ground lessor deems usual or customary.

PRIORITY OF LEASE. This Lease is and shall continue to be subject and subordinate to any presently existing mortgage mortgage, ground lease or deed of trust of record covering the Lot or Building or both (the "mortgaged premises"), provided that Landlord shall use diligent efforts to obtain on Tenaxx'x xehalf a nondisturbance agreement from the holders of any such mortgages, deeds of trust or ground leases within six (6) months after the date hereof (which nondisturbance agreement may be in the standard form used by such holders). The holder of any such presently existing mortgage or deed of trust or lessor under any such ground lease shall have the election to subordinate the same to the rights and interests of Tenant under this Lease exercisable by filing with the appropriate recording office a notice of such election, whereupon the Tenant's rights and interests hereunder shall have priority over such mortgage mortgage, ground lease or deed of trust. Landlord shall endeavor to obtain a Non-Disturbance Agreement from the existing mortgagee of the mortgaged premises. Unless the option provided for in the next following sentence shall be exercised, this Lease shall be superior to and shall not be subordinate to, any mortgage, deed of trust or other voluntary lien hereafter placed on the mortgaged premises. The holder of any such mortgage, deed of trust or other voluntary lien shall have the option to subordinate this Lease to the same, provided that such holder enters into an a nondisturbance and attornment agreement with Tenant by the terms of Tenant, under which the holder will agree to recognize the rights of Tenant under this Lease and to accept Tenant as tenant of the Premises under the terms and conditions of this Lease in the event of acquisition of title by such holder through foreclosure proceedings or otherwise and Tenant will agree to recognize the holder of such mortgage or lessor under such ground lease as Landlord in such event, which agreement shall be made to expressly bind and inure to the benefit of the successors and assigns of Tenant and of the holder or ground lessor and upon anyone purchasing the mortgaged premises at any foreclosure sale. Any such mortgage or ground lease to which this Lease shall be subordinated may contain such terms, provisions and conditions as the holder or ground lessor deems usual or customary.