SUBORDINATION CLAUSE. Any contract between the District and an individual member of the unit heretofore executed shall, to the extent permitted by law, be subject to the terms and conditions of this Contract of Agreement.
SUBORDINATION CLAUSE. It is specifically understood and agreed by the parties hereto that this agreement and all rights, privileges and benefits hereunder are and shall be at all times subject to and subordinate to the lien of any first mortgage or deed of trust and the accompanying documents executed by the Cooperative and to any and all modifications, extensions and renewals thereof and to any mortgage or deed of trust which may at any time hereafter be placed on the project or any part thereof. The Member hereby agrees to execute, at the Cooperative's request and expense, any instrument which the Cooperative or any lender may deem necessary or desirable to affect the subordination of this agreement to any such mortgage or deed of trust, and the Member hereby appoints the Cooperative and each and every officer thereof, and any future officer, his irrevocable attorney-in-fact during the term hereof to execute any such instrument on behalf of the Member. The Member does hereby expressly waive any and all notices of default and notices of foreclosure of said mortgage which may be required by law. In the event a waiver of such notices is not legally valid, the Member does hereby constitute the Cooperative his agent to receive and accept such notices on the Member's behalf.
SUBORDINATION CLAUSE. This lease shall be subordinate to the provisions of any existing or future agreement between the Lessor and the United States or the State of Wisconsin relative to the operation or maintenance of the airport, the execution of which has been or may be required as a condition precedent to the expenditure of federal or state funds for the development of the airport. Furthermore, this lease may be amended to include provisions required by those agreements with the United States or the State of Wisconsin.
SUBORDINATION CLAUSE. Notwithstanding any provisions in this Agreement to the contrary, the provisions of this Occupancy Agreement and the rights and duties of the parties hereto, including any persons who may subsequently become bound hereby, shall be subject to and subordinate to the provisions of any promissory note or deeds of trust that may at any time hereafter be placed on the property of the Cooperative. The Member hereby agrees to execute at the Cooperative's request and expense, any instrument that the Cooperative or any lender may deem necessary or desirable to effect the subordination of this Occupancy Agreement to any such mortgage or deed of trust, and the Member hereby appoints the Cooperative and each and every officer thereof, and any future officer, their irrevocable attorney-in-fact, during the term hereof to execute any such instrument on behalf of the Member.
SUBORDINATION CLAUSE. This Lease shall be subject and subordinate at all times to the lien of any mortgage or other encumbrance(s) which may now or which may at any time hereafter be made upon the Premises or any portion thereof, or upon Landlord's interest therein. This clause shall be self operative, and no further instrument of subordination shall be required to effect the subordination of this Lease. Nonetheless, in confirmation of such subordination, Tenant shall execute and deliver such further instrument(s) subordinating this Lease to the lien of any such mortgage or any other encumbrance(s) as shall be desired by any mortgagee or party secured or proposed to be secured thereby. If the interests of Landlord under this Lease shall be transferred by reason of foreclosure or other proceedings for enforcement of any mortgage on the Premises, Tenant shall be bound to the transferee at the option of the transferee, under the terms, covenants and conditions of this Lease for the remaining Term, including any extensions or renewals, with the same force and effect as if the transferee were Landlord under this Lease, and, if requested by such transferee, Tenant agrees to attorn to the transferee as its Landlord. The holder of any mortgage encumbering the Premises shall have the right, unilaterally, at any time to subordinate fully or partially its mortgage or other security instrument to this Lease on such terms and subject to such conditions as such holder may consider appropriate in its discretion. Upon request Tenant shall execute and deliver an instrument confirming any such full or partial subordination.
SUBORDINATION CLAUSE. In the event Borrower is not a natural person, Borrower agrees that all indebtedness owed by Borrower to any principals of Borrower (other than indebtedness for compensation and benefits), will be and remain subordinate and inferior to all Indebtedness owed to Lender, and any liens and security interests securing any such indebtedness to any such principal shall be and remain subordinate and inferior to the liens and security interests in favor of Lender, and Borrower agrees to provide to Lender such subordination agreements as Lender may require, in form and substance satisfactory to Lender. Such subordination agreements shall provide, among other things, that no payment shall be made on any such subordinated debt (other than indebtedness for compensation and benefits) owed to any such principal so long as there exists an Event of Default on the Note or any document or instrument executed in connection with or securing the Note.
SUBORDINATION CLAUSE. The lease shall be subordinate to the provisions of any existing or future agreement between the Lessor and the United States, relative to the operation or maintenance of the airport, the execution of which has been or may be required as a condition precedent to the expenditure of federal or state funds for the development of the airport.
SUBORDINATION CLAUSE. This Agreement and all rights, privileges and benefits hereunder are and shall be at all times subject to and subordinate to the lien of a first mortgage and the accompanying documents executed or to be executed by the Corporation on the property on which the Unit is located, and any and all modifications, extensions, and renewals thereof and to any mortgage or deed of trust made in replacement thereof and to any mortgage or deed of trust which may at any time hereafter be placed on the property of the Corporation or any part thereof. The Member agrees to execute, at the Corporation’s request and expense, any instrument which the Corporation or any lender may deem necessary or desirable to effect the subordination of this Agreement to any such mortgage or deed of trust, and the Member hereby appoints the Board of Directors and each and every officer thereof, and any future officer, his/her irrevocable attorney-in-fact during the term hereof to execute any such instrument on behalf of the Member. The Member waives any and all notices of default and notices of foreclosure of the Corporation’s mortgage, which may be required by law. In the event a waiver of such notices is not legally valid, the Member hereby appoints and constitutes the Board of Directors as his/her agent to receive and accept such notices on the Member’s behalf.
SUBORDINATION CLAUSE. The Parties acknowledge that County is a recipient of federal grant funding issued by the Federal Aviation Administration and that the County is required to adhere to certain requirements as a result of this funding. The Parties agree that this Lease shall be subordinate to the terms of any instrument or document under which County acquired the Airport land or improvements thereto, of which the Premises are a part, and shall be given only such effect as will not conflict nor be inconsistent with such terms. This Lease shall be subordinate to the terms of any existing or future contract between County and the United States of America relating to the development, operation or maintenance of Airport, the entering of which has been or might be required as a condition precedent to the expenditure of federal funds for the development of Airport. Such contract documents are public records and may be requested by Lessee at any time in accordance with NRS Chapter 239.
SUBORDINATION CLAUSE. It is specifically understood and agreed by the parties hereto that this agreement and all rights, privileges and benefits hereunder are and shall be at appoints the Cooperative and each and every officer xxxxxxx, and any future officer, their irrevocable attorney-in-fact during the term hereof to execute any such instrument on behalf of the Member. The Member does hereby expressly waive any and all notices of default and notices of foreclosure of said mortgage that may be required by law. In the event a waiver of such notices is not legally valid, the Member does hereby constitute the Cooperative as their agent to receive and accept such notices on the Member's behalf.
