SUBORDINATION, ATTORNMENT, ETC Sample Clauses
The Subordination, Attornment, Etc. clause establishes the priority of rights between a tenant and third parties, such as mortgage lenders or purchasers of the property. In practice, this clause typically requires the tenant to agree that their lease is subordinate to future mortgages or property sales, and to recognize new owners as their landlord if ownership changes. Its core function is to protect the interests of lenders and future property owners by ensuring that the tenant’s rights do not interfere with the enforcement of mortgages or property transfers, thereby facilitating financing and sales transactions.
SUBORDINATION, ATTORNMENT, ETC. ARTICLE 8 Property Loss, Etc. ARTICLE 9 Destruction-Fire or Other Casualty ARTICLE 10 Eminent Domain ARTICLE 11 Assignment and Subletting ARTICLE 12 Existing Conditions/Owner's Initial Work ARTICLE 13 Access to Demised Premises ARTICLE 14 Vault Space ARTICLE 15 Certificate of Occupancy ARTICLE 16 Default ARTICLE 17 Remedies ARTICLE 18 Damages ARTICLE 19 Fees and Expenses; Indemnity ARTICLE 20 Entire Agreement ARTICLE 21 End of Term ARTICLE 22 Quiet Enjoyment ARTICLE 23 Escalation ARTICLE 24 No Waiver ARTICLE 25 Mutual Waiver of Trial by Jury ARTICLE 26 Inability to Perform ARTICLE 27 Notices ARTICLE 28 Partnership Tenant ARTICLE 29 Utilities and Services ARTICLE 30 Table of Contents, Etc. ARTICLE 31 Miscellaneous Definitions, Severability and Interpretation Provisions ARTICLE 32 Adjacent Excavation ARTICLE 33 Building Rules ARTICLE 34 Broker ARTICLE 35 Security ARTICLE 36
SUBORDINATION, ATTORNMENT, ETC. Subject to Paragraph 10.04, this Lease and all rights of the Tenant under the Lease, will be, at the election of any mortgagee of the Project, either subordinate or superior, all or in part, to the lien of the mortgagee and such mortgagee may not agree to any expansion rights Tenant may have under the Lease. Notwithstanding the foregoing or any other provision of this Lease to the contrary, if there shall be more than one mortgage on the Project, the rights of Tenant under this Lease shall not be treated as inferior to any inferior mortgage without the consent of all mortgagees superior in right to the mortgage to which Tenant's rights are sought to be subordinated. In the event any proceeding is brought for the foreclosure of the Leased Premises, Tenant agrees to attorn to the mortgagee in the event of strict foreclosure, or to the purchaser in the event of foreclosure by sale or deed in lieu of foreclosure, and recognize such mortgagee or purchaser (as the case may be) as the Landlord under this Lease. Tenant further agrees to execute any further instrument or instruments which Landlord or Landlord's successors in title may at any time require to evidence the subordination of this Lease to the lien of any such mortgage or mortgages and Tenant's agreement to attorn.
SUBORDINATION, ATTORNMENT, ETC. Section 7.01. This Lease and all the terms, covenants and provisions thereof and all rights, remedies and options of Tenant under this Lease as the same may hereafter be modified, amended or extended are and shall remain subject and subordinate in all respects to the presently existing mortgages affecting the Real Property and the lien thereof presently held by The Chase Manhattan Bank (referred to as the "Chase Mortgage") and any additional mortgages hereafter held by such holder and to all advances made or hereafter to be made under such mortgages, and to all renewals, modifications, consolidations, correlation, replacements and extensions of, and substitutions for, such mortgages. Simultaneously with the execution and delivery of this Lease, Owner has delivered to Tenant an agreement from the then holder or holders of said presently existing mortgages which provides substantially to the effect that in the event of any foreclosure of said mortgages or transfer by deed in lieu of foreclosure or similar transaction, such holder or holders will not make Tenant a party-defendant to such foreclosure nor disturb its possession under this Lease so long as there shall be no default by Tenant under this Lease beyond applicable grace periods (such agreement or any agreement delivered to Tenant subsequent to the date hereof in a form reasonably acceptable to Tenant, (provided that Tenant shall not have the right to object to the inclusion of any provisions therein which are consistent with the terms, covenants and conditions set forth in Section 7.06 hereof) is referred to in this Lease as a "Non-Disturbance Agreement").
Section 7.02. Subject to the provisions of Section 7.14 with respect to the Ground Lease, this Lease and all the terms, covenants and provisions thereof and all rights, remedies and options of Tenant under this Lease as the same may hereafter be modified, amended or extended, shall be and remain subject and subordinate in all respects to the Ground Lease and to all future ground or underlying leases of the Real Property or the Building and to all renewals, modifications, replacements and extensions of, and substitutions for, such ground or underlying leases, (such leases together with the Ground Lease are sometimes hereinafter referred to, collectively, as the "Superior Lease"), provided that the lessor under any such ground or underlying lease shall execute and deliver to Tenant an agreement in the same form as the agreement (referred to as the "A...
SUBORDINATION, ATTORNMENT, ETC. ARTICLE 8 Property Loss, Etc. ARTICLE 9 Destruction-Fire or Other Casualty ARTICLE 10 Eminent Domain ARTICLE 11 Assignment and Subletting ARTICLE 12
SUBORDINATION, ATTORNMENT, ETC. This Lease and all rights of the Tenant under this Lease, will be, at the election of any mortgagee of the Project, either subordinate or superior, all or in part, to the lien of the mortgagee. Notwithstanding the foregoing or any other provision of this Lease to the contrary, if there shall be more than one mortgage on the Project, the rights of Tenant under this Lease shall not be treated as inferior to any inferior mortgage without the consent of all mortgagees superior in right to the mortgage to which Tenant’s rights are sought to be subordinate. Landlord agrees to provide a non-disturbance agreement as a condition of this Subordination provision. Landlord and Tenant agree to execute an agreement substantially consistent with the form of Subordination, Non-Disturbance and Attornment Agreement (SNDA) attached hereto as made a part hereof as Exhibit K. In the event any proceeding is brought for the foreclosure of the Leased Premises, Tenant agrees to attorn to the mortgagee in the event of strict foreclosure, or to the purchaser in the event of foreclosure by sale or deed in lieu of foreclosure, and recognize such mortgagee or purchaser (as the case may be) as the Landlord under this Lease including the terms of any SNDA executed by both parties.
SUBORDINATION, ATTORNMENT, ETC