Common use of SUBORDINATION TO MORTGAGES Clause in Contracts

SUBORDINATION TO MORTGAGES. Xxxxxx acknowledges that Lessor may desire to place a mortgage upon all or part of the Property and the buildings and improvements thereon. It is understood and agreed that the mortgagee may require that this Lease be subordinated to said mortgage, in which event Xxxxxx agrees to execute any document required by such mortgagee to evidence such subordination provided, however, that the mortgagee shall covenant, in writing, that the Lessee’s interest under this Lease shall not be foreclosed in any action brought under such mortgage or in the event of the sale of the Property as a result of said action if at the time of bringing an action to foreclose or the time of said sale Lessee is not in default. It is further understood that the mortgagee may require Xxxxxx to attorn to any purchaser of the Property in the event that the same is sold through foreclosure proceedings, Xxxxxx agrees to waive any and all right to treat such foreclosure proceedings as a breach by Xxxxxx.

SUBORDINATION TO MORTGAGES. Xxxxxx Lessee acknowledges that Lessor may desire to place a mortgage upon all or part of the Property and the buildings and improvements thereon. It is understood and agreed that the mortgagee may require that this Lease be subordinated to said mortgage, in which event Xxxxxx Lessee agrees to execute any document required by such mortgagee to evidence such subordination provided, however, that the mortgagee shall covenant, in writing, that the Lessee’s interest under this Lease shall not be foreclosed in any action brought under such mortgage or in the event of the sale of the Property as a result of said action if at the time of bringing an action to foreclose or the time of said sale Lessee is not in default. It is further understood that the mortgagee may require Xxxxxx Lessee to attorn to any purchaser of the Property in the event that the same is sold through foreclosure proceedings, Xxxxxx Lessee agrees to waive any and all right to treat such foreclosure proceedings as a breach by XxxxxxLessor.