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. 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 ’s rights and interests hereunder shall have priority over such mortgage or deed of trust. 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 customarycommercially reasonable.

PRIORITY OF LEASE. This Lease is and shall continue to be subject and subordinate to any presently existing mortgage and all mortgages and other security instruments now existing, or deed of trust of record which may hereafter be made covering the Lot Building and/or the real property underlying the same or Building any portion or both portions thereof, and for the full amount of all advances made thereunder (without regard to the "mortgaged premises"). The holder time or character of such advances) together with interest thereon and subject to all the terms and provisions thereof and to any renewals, extension, modifications and consolidations thereof; and Tenant covenants to make, execute, acknowledge and deliver upon request any and all documents or instruments demanded by Landlord which are or may be necessary or proper for more fully and certainly assuring the subordination of this Lease to any such presently existing mortgage mortgages or deed of trust other security instruments; provided, however, that any person or persons purchasing or otherwise acquiring any interest at any sale and/or proceedings under such mortgages or other security instruments shall have the election to subordinate continue this Lease in full force and effect in the same to manner and with like effect as if such person or persons had been named Landlord herein, and in the rights and interests of Tenant under this Lease exercisable by filing with the appropriate recording office a notice event of such election, whereupon the Tenant's rights and interests hereunder shall have priority over such mortgage or deed of trust. Unless the option provided for in the next following sentence shall be exercised, this Lease shall continue in full force and effect as aforesaid and Tenant hereby attorns and agrees to attorn to such person or persons. If required by any first mortgagee, Tenant shall execute an agreement that this Lease will be superior to such first mortgage or if required by any first mortgagee, Tenant shall execute a separate subordination, attornment and nondisturbance agreement. Tenant agrees to promptly, within ten (10) days after request, execute and deliver any document provided for within this paragraph. So long as Tenant 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 in default under this Lease Lease, its right of possession and to accept Tenant as tenant enjoyment 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 remain undisturbed and assigns of Tenant unaffected and of the holder and upon anyone purchasing the mortgaged premises at any foreclosure sale. Any such mortgage to which this Lease subordination agreement executed by Landlord shall be subordinated may contain such terms, provisions and conditions as the holder deems usual or customarylanguage specifically so providing.

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. 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, 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 proceeding or otherwise other wise 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 any one 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. 19.01 This Lease is and shall continue to shall, unless Landlord otherwise elects, be subject and subordinate to any presently existing mortgage and all mortgages and other security instruments now existing, or deed of trust of record which may hereafter be made covering the Lot Building and/or the real property underlying the same or Building any portion or both portions thereof, and for the full amount of all advances made or to be made thereunder (without regard to the "mortgaged premises"time or character of such advances). The holder , together with interest thereon, and subject to all the terms and provisions thereof and to any renewals, extensions, modifications and consolidations thereof; and Tenant covenants within 10 days of demand to make, execute, acknowledge and deliver upon request any and all documents or instruments demanded by Landlord which are or may be necessary or proper for more fully and certainly assuring the subordination of this Lease to any such presently existing mortgage mortgages or deed of trust shall have the election other security instruments, provided, however, than any person or persons purchasing or otherwise acquiring any interest at any sale and/or other proceeding under such mortgages or other security instruments may elect to subordinate continue this Lease in full force and effect in the same to manner, and with like effect, as if such person or persons had been named as Landlord herein, and in the rights and interests of Tenant under this Lease exercisable by filing with the appropriate recording office a notice event of such election, whereupon the Tenant's rights and interests hereunder shall have priority over such mortgage or deed of trust. Unless the option provided for in the next following sentence shall be exercised, this Lease shall be superior continue in full force and effect as aforesaid, and Tenant hereby attorns and agrees to attorn to such person or persons. Tenant hereby irrevocably appoints Landlord the attorney-in-fact of Tenant, to execute and shall not be subordinate todeliver any document provided for herein, 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 for and to accept Tenant as tenant of the Premises under the terms and conditions of this Lease in the event name 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 eventTenant, 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 customarysaid power is hereby coupled with an interest.

PRIORITY OF LEASE. This Lease is and all rights of Tenant hereunder shall continue to be subject and subordinate to any presently existing mortgage the lien of all present and future ground or deed master leases of the Property, and to the lien of all mortgages or deeds of trust (such ground leases, master leases, mortgages and deeds of record covering trust referred to collectively herein as "Security Instruments"), now or hereafter encumbering Landlord's interest in the Lot or Building or both Property (the "mortgaged premisesSecurity Premises"). The holder , if any, and to all renewals, extensions, modifications, consolidations and replacements thereof; and to all advances made or hereafter to be made upon the security of any such presently existing mortgage Security Instruments. This subordination provision shall be self-operative, and no further instrument of subordination shall be required with respect to any such Security Instrument. Notwithstanding that this subordination provision shall be self-operative, upon the request of Landlord or deed the holder or lessor of trust any such Security Instrument (such holders and lessors being collectively referred to herein as "Holders"), Tenant shall have execute, acknowledge and deliver to Landlord and the election Holder of such Security Instrument, within fifteen (15) days after notice from Landlord, any and all instruments that may be reasonably requested by Landlord or such Holder to evidence the subordination of this Lease to the lien of such Security Instrument, and each such renewal, modification, consolidation, replacement and extension thereof, provided that the terms of such Security Instrument(s) are in accordance with the provisions of this paragraph. Provided, however, that any such Security Instrument, or a separate recordable agreement of the Holder of such Security Instrument, shall provide that, notwithstanding any default under such Security Instrument, or any foreclosure thereof, or the enforcement by the Holder of any rights or remedies thereunder or otherwise: (i) this Lease shall remain in full force and effect; (ii) Tenant shall be permitted to remain in quiet and peaceful possession of the Premises and enjoy all other rights and benefits under this Lease throughout the Lease Term, subject, however, to the terms and provisions of this Lease; and (iii) Tenant shall attorn to the Holder of such Security Instrument. Upon default by Tenant of any of its obligations under this Lease after written notice beyond any applicable cure period provided herein, Tenant hereby constitutes and appoints Landlord as Tenant's attorney-in- fact to execute any such instrument or instruments for and on behalf of Tenant. Tenant agrees if required by any Holder, that it will not unreasonably withhold, delay or defer the execution of an agreement of modification of this Lease (whether in the form of an amendment or a separate agreement), provided such modifications do not increase the financial obligations of Tenant hereunder or materially adversely affect the leasehold interest or any other rights hereby created. Notwithstanding any provision of this section to the contrary, any Holder of any Security Instrument may at any time elect to subordinate the same lien of its Security Instrument to the rights and interests of Tenant under this Lease exercisable without obtaining Tenant's consent 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. 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 customarySecurity Instrument.

PRIORITY OF LEASE. This Lease is and shall continue to shall, unless Landlord otherwise elects, be subject and subordinate to any presently existing mortgage and all mortgages and other security instruments now existing, or deed of trust of record which may hereafter be made covering the Lot Building and/or the real property underlying the same or Building any portion or both portions thereof, and for the full amount of all advances made or to be made thereunder (without regard to the "mortgaged premises"time or character of such advances). The holder , together with interest thereon, and subject of all the terms and provisions thereof and to any renewals, extensions, modifications and consolidations thereof; and Tenant covenants within ten days of demand to make, execute, acknowledge and deliver upon request any and all documents or instruments demanded by Landlord which are or may be necessary or proper for more fully and certainly assuring the subordination of this Lease to any such presently existing mortgage mortgages or deed of trust shall have the election other security instruments, provided, however, that any person or persons purchasing or otherwise acquiring any interest at any sale and/or other proceedings under such mortgages or other security instruments may elect to subordinate continue this Lease in full force and effect in the same to manner, and with like effect, as if such person or persons had been named as Landlord herein, and in the rights and interests of Tenant under this Lease exercisable by filing with the appropriate recording office a notice event of such election, whereupon the Tenant's rights and interests hereunder shall have priority over such mortgage or deed of trust. Unless the option provided for in the next following sentence shall be exercised, this Lease shall be superior continue in full force and effect as aforesaid, and Tenant hereby shall continue in full force and effect as aforesaid, and Tenant hereby attorns and agrees to attorn to such person or persons. Tenant hereby irrevocably appoints Landlord the attorney-in-fact of Tenant, to execute and shall not be subordinate todeliver any document provided for herein, 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 for and to accept Tenant as tenant of the Premises under the terms and conditions of this Lease in the event name 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 customaryTenant.

PRIORITY OF LEASE. This Lease is and all rights of Tenant hereunder shall continue to be subject and subordinate to any presently existing mortgage the lien of all present and future ground or deed master leases of the East Unit and the Brighton Landing Condominium, and to the lien of all mortgages or deeds of trust (such leases, master leases, mortgages and deeds of record covering trust referred to collectively herein as “Security Instruments”), now or hereafter encumbering Landlord’s interest in the Lot or Building or both East Unit (the "mortgaged premises"“Security Property”). The holder , if any, and to all renewals, extensions, modifications, consolidations and replacements thereof; and to all advances made or hereafter to be made upon the security 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 trustSecurity Instruments. Unless the option provided for in the next following sentence This subordination provision shall be exercisedself-operative, this Lease and no further instrument of subordination shall be superior required with respect to and any such Security Instrument. Notwithstanding that this subordination provision shall not be subordinate toself-operative, any mortgage, deed upon the request of trust Landlord or other voluntary lien hereafter placed on the mortgaged premises. The holder or lessor of any such mortgageSecurity Instrument (such holders and lessors being collectively referred to herein as “Holders”), deed Tenant shall execute, acknowledge and deliver to Landlord and the Holder of trust such Security Instrument, within fifteen (15) days after notice from Landlord, any and all instruments (the “Subordination Agreements”) that may be reasonably requested by Landlord or other voluntary lien shall have such Holder to evidence the option to subordinate subordination of this Lease to the samelien of such Security Instrument, and each such renewal, modification, consolidation, replacement and extension thereof, provided that such holder enters into an agreement with Tenant by the terms of which such Subordinations Agreements are commercially reasonable and in accordance with the holder will agree to recognize provisions of this paragraph. Provided further that any such Subordination Agreements of the Holder of such Security Instrument, shall provide that, notwithstanding any default under such Security Instrument, or any foreclosure thereof, or the enforcement by the Holder of any rights of Tenant under or remedies thereunder or otherwise: (i) this Lease shall remain in full force and effect, (ii) Tenant shall be permitted to accept Tenant as tenant remain in quiet and peaceful possession of the Premises under throughout the Lease Term, subject, however, to the terms and conditions provisions of this Lease, and (iii) Tenant shall attorn to the Holder of such Security Instrument. Tenant agrees that it will not unreasonably withhold, delay or defer the execution of an agreement of modification of this Lease (whether in the event form of acquisition an amendment or a separate agreement) reasonably requested by any Holder of title by a Security Instrument, provided such holder through foreclosure proceedings or otherwise and Tenant will agree to recognize modifications do not increase 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 financial obligations of Tenant and of hereunder or materially adversely affect 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.leasehold interest hereby