Rights of Mortgagees. This Lease, and all rights of Lessee hereunder, are and shall be subject and subordinate to all mortgages, which may now or hereafter affect the Leased Premises, to each and every advance made or hereafter to be made under such mortgages, and to all renewals, modifications, replacements and extensions of such mortgages. This Section shall be self-operative and no further instrument of subordination shall be required. In confirmation of such subordination, Lessee shall promptly execute, acknowledge and deliver any instrument that Lessor or the holder of any such mortgage may reasonably request to evidence such subordination. Any mortgage to which this Lease is, at the time referred to, subject and subordinate, is herein called a “Superior Mortgage” and the holder of a Superior Mortgage is herein called the “Superior Mortgagee”. If any Superior Mortgagee or its nominee shall succeed to the rights of Lessor under this Lease, then at the request of such party so succeeding to Lessor’s rights (the “Successor Landlord”) and upon such Successor Landlord’s written agreement to accept Lessee’s attornment, Lessee shall attorn to and recognize such Successor Landlord as Lessee’s landlord under this Lease and shall promptly execute and deliver any instrument that such Successor Landlord may reasonably request to evidence such attornment. Upon such attornment, this Lease shall continue in full force and effect as a direct lease between the Successor Landlord and Lessee upon all of the terms, conditions and covenants as set forth in this Lease. Lessee agrees at any time and from time to time to execute a suitable instrument in confirmation of Lessee’s agreement to attorn, as aforesaid.
Rights of Mortgagees. If at any time during the currency of a Mortgage in favour of a Mortgagee who has given notice in writing of the Mortgage to the Tenant the Landlord defaults in the performance of any provision of this Lease which would give rise to a right in the Tenant to terminate this Lease, then the Tenant, before becoming entitled as against the Mortgagee to exercise any right to terminate this Lease, shall give the Mortgagee notice in writing of this default. The Mortgagee shall have sixty (60) days after the giving of the notice, or such longer period as may be reasonable in the circumstances, within which to remedy the default. If the default is remedied within that time, the Tenant shall not by reason of the default terminate this Lease. The rights and privileges granted to a Mortgagee in this Section shall not in any way be deemed to alter, affect or prejudice any of the rights and remedies available to the Tenant as against the Landlord. Any notice to be given to a Mortgagee shall be deemed to have been properly given if mailed by registered mail to its most recent address of which the Tenant shall have notice.
Rights of Mortgagees. The lien of all Mortgages affecting any Parcel or Parcels owned by any Restricted Owner shall at all times be subject and subordinate to all of the terms, covenants, conditions and obligations set forth in this Declaration, and to any amendments or modifications hereof. Any Mortgagee with respect to any such Parcel or Parcels, provided that NBC shall be given a Notice containing the name and address of such Mortgagee, shall be entitled to (a) receive simultaneous copies of all Notices delivered to the Owner of such mortgaged Parcel(s) by NBC pursuant to, or in connection with, this Declaration, and (b) cure on behalf of such Owner any failure by such Owner to perform any obligation on the part of such Owner to be performed hereunder, provided that such cure shall be accomplished by such Mortgagee within the time period allowed to the defaulting Owner hereunder.
Rights of Mortgagees. (a) This Lease shall be subordinate to any mortgage, deed of trust or ground lease or similar encumbrance (collectively, a “Mortgage”, and the holder thereof from time to time the “Holder”) from time to time encumbering the Premises, whether executed and delivered prior to or subsequent to the date of this Lease, unless the Holder shall elect otherwise. If this Lease is subordinate to any Mortgage and the Holder or any other party shall succeed to the interest of Landlord pursuant to the Mortgage (such Holder or other party, a “Successor”), at the election of the Successor), Tenant shall attorn to the Successor and this Lease shall continue in full force and effect between the Successor and Tenant. Not more than fifteen (15) days after Landlord’s written request, Tenant agrees to execute such instruments of subordination or attornment in confirmation of the foregoing agreement as the Successor reasonably may request.
Rights of Mortgagees. Once Lessor has received a notice as specified in the preceding section, then, from and after receipt of such notice:
Rights of Mortgagees. Any rights of the City under this Article IX shall not defeat, limit or render invalid any mortgage or deed of trust permitted by this Agreement or any rights provided for in this Agreement for the protection of holders of such instruments. Any conveyance or return of the Subject Property to the City pursuant to this Article IX shall be subject to mortgages and deeds of trust permitted by this Agreement.
Rights of Mortgagees. Any rights of the City under this Article 8 will not defeat, limit or render invalid any Security Financing Interest permitted by this Agreement or any rights provided for in this Agreement for the protection of holders of Security Financing Interests. Any conveyance or reverter of the Property to the City under this Article 8 will be subject to Security Financing Interests permitted by this Agreement.
Rights of Mortgagees. 19 13.2 Assignment of Rents and Transfer of Title..................... 19 13.3
Rights of Mortgagees. (a) Subject to the provisions of this Section 13.1, this Lease shall be subordinate to any mortgage, deed of trust or ground lease or similar encumbrance (collectively, a “Mortgage”, and the holder thereof from time to time the “Holder”) from time to time encumbering the Premises, whether executed and delivered prior to or subsequent to the date of this Lease, unless the Holder shall elect otherwise. If this Lease is subordinate to any Mortgage and the Holder or any other party shall succeed to the interest of Landlord pursuant to the Mortgage (such Holder or other party, a “Successor”), at the election of the Successor, Tenant shall attorn to the Successor and this Lease shall continue in full force and effect between the Successor and Tenant. Not more than fifteen (15) days after Landlord’s written request, Tenant agrees to execute such instruments of subordination or attornment in confirmation of the foregoing agreement as the Successor reasonably may request, and provided that such instrument of subordination or attornment is in the form attached hereto as Exhibit K or is otherwise on a commercially customary form, then Tenant hereby appoints the Successor as Tenant’s attorney-in-fact to execute such subordination or attornment agreement upon Tenant’s failure timely to comply with the Successor’s request.
Rights of Mortgagees. (a) In addition to the provisions of Exhibit D to the Ground Lease, and notwithstanding anything herein to the contrary, but subject to the next succeeding paragraph hereof, if the holder of record of a first mortgage (as used herein, a “mortgage” shall mean any Permitted Mortgage, as defined in the Ground Lease, granted by Homeowner) granted to a state or national bank, state or federal savings and loan association, cooperative bank, mortgage company, trust company, insurance company or other institutional lender or its successors or assigns (other than the Homeowner, or any person related to the Homeowner by blood, adoption or marriage, or any entity in which the Homeowner has a financial interest) shall acquire the Home and/or the Homeowner’s interest in the Leased Land by reason of foreclosure (as used herein “foreclosure shall include other similar remedial action under the provisions of such mortgage) or upon conveyance of the Home and/or assignment of the Homeowner’s interest in the Leased Land in lieu of foreclosure, and provided that the holder of such mortgage has given the Municipality not less than (60) days prior written notice of its intention to foreclose upon its mortgage or to accept a conveyance of the Home and/or accept assignment of the Homeowner’s interest in the Leased Land in lieu of foreclosure, the rights and restrictions contained in this Exhibit F-Restrictions shall terminate; such termination to also occur in the event that any purchaser (other than the Homeowner or any person related to the Homeowner by blood, adoption or marriage, or any entity in which the Homeowner has a financial interest) acquires the Home and/or the Homeowner’s interest in the Leased Land at a foreclosure sale conducted by such holder, or any purchaser (other than the Homeowner or any person related to the Homeowner by blood, adoption or marriage, or any entity in which the Homeowner has a financial interest) acquires the Home and/or the Homeowner’s interest in the Leased Land from such holder following foreclosure, and such Home and/or the Homeowner’s interest in the Leased Land shall thereupon and thereafter be free from all such rights and restrictions.
