Common use of SUBORDINATION TO MORTGAGES Clause in Contracts

SUBORDINATION TO MORTGAGES. A. Tenant agrees that, upon request of Landlord, Tenant will subordinate this Lease and the lien hereof to the lien of any present or future mortgage or mortgages upon the Premises, irrespective of the time of execution or time of recording of any such mortgage or mortgages. Tenant agrees that it will, upon request of Landlord, execute, acknowledge and deliver any and all instruments deemed necessary or desirable by Landlord to give effect to, or notice of, such subordination, provided only that said mortgagee enters into an agreement with Tenant which provides that said mortgagee will not disturb the possession and other rights of Tenant so long as Tenant performs its obligation hereunder and that said mortgagee will accept Tenant as Tenant of the Premises under the terms and conditions of this Lease in the event of acquisition of title by said mortgagee through foreclosure proceedings or otherwise, and which further provides that Tenant shall agree to recognize the holder of such mortgage as the Landlord in such event, said agreement to be expressly binding upon the successors and assigns of the Tenant and of the mortgagee and upon anyone purchasing such building at a foreclosure sale. Tenant and Landlord agree to promptly execute and deliver any appropriate instruments necessary to carry out the agreements contained in this Paragraph. However, Landlord shall not encumber Premises so as to interfere with Tenant's first option to purchase the Premises.

SUBORDINATION TO MORTGAGES. A. Tenant agrees that, upon request At the option of any mortgagee of Landlord, this lease shall be subject and subordinate to any first mortgage or deed of trust now or hereafter placed upon the demised premises; provided, however, that the mortgagee or beneficiary under such deed of trust agrees in writing with Tenant will or adequate provision is made in such mortgage or deed of trust, so that regardless of any default or breach under such mortgage or deed of trust or of any possession or sale of the whole or any part of the demised premises under or through such mortgage or deed of trust, this lease and Tenant's possession shall not be disturbed by the mortgagee or beneficiary or any other party claiming under or through such mortgage or deed of trust; provided, however, that Tenant shall continue to observe and perform Tenant's obligations under this lease and pay rent to whomsoever may be lawfully entitled to same from time to time. Tenant hereby agrees to execute, if same is required, any and all instruments in writing which may be requested by Landlord to subordinate Tenant's rights acquired by this Lease and the lien hereof lease to the lien of any present or future mortgage or mortgages upon the Premises, irrespective of the time of execution or time of recording of any such mortgage or mortgagesdeed of trust, all as aforesaid. Tenant agrees that it will, upon request of Landlord, execute, acknowledge and deliver to adorn to any and all instruments deemed necessary or desirable by Landlord to give effect to, or notice of, such subordination, provided only that said mortgagee enters into an agreement with Tenant which provides that said mortgagee will not disturb subsequently encumbering the possession and other rights of Tenant so long as Tenant performs its obligation hereunder and that said mortgagee will accept Tenant as Tenant of the Premises under the terms and conditions of this Lease in the event of acquisition of title by said mortgagee through foreclosure proceedings or otherwisedemised premises, and which further provides that Tenant shall agree to recognize any party acquiring title to the holder of such mortgage demised premises, by judicial foreclosure or a trustee's sale, as the successor to Landlord in such event, said agreement to be expressly binding upon the successors and assigns of the Tenant and of the mortgagee and upon anyone purchasing such building at a foreclosure sale. Tenant and Landlord agree to promptly execute and deliver any appropriate instruments necessary to carry out the agreements contained in this Paragraph. However, Landlord shall not encumber Premises so as to interfere with Tenant's first option to purchase the Premiseshereunder.

SUBORDINATION TO MORTGAGES. A. Tenant agrees that, upon request At the option of any mortgagee of Landlord, this Lease shall be subject and subordinate to any first mortgage or deed of trust now or hereafter placed upon the Premises; provided, however, that the mortgagee or beneficiary under such deed of trust agrees in writing with Tenant will subordinate or adequate provision is made in such mortgage or deed of trust, so that regardless of any default or breach under such mortgage or deed of trust or of any possession or sale of the whole or any part of the Premises under or through such mortgage or deed of trust, this Lease and Tenant's possession, provided Tenant is not in default under the lien hereof Lease, shall not be disturbed by the mortgagee or beneficiary or any other party claiming under or through such mortgage or deed of trust; provided, however, that Tenant shall continue to observe and perform Tenant's obligations under this Lease and pay rent to whomsoever may be lawfully entitled to same from time to time. Tenant hereby agrees to execute, if same is required, any and all instruments in writing which may be requested by Landlord to subordinate Tenant's rights acquired by this Lease to the lien of any present or future such mortgage or mortgages upon deed of trust, all as aforesaid. Tenant agrees to attorn to any mortgagee subsequently encumbering the Premises, irrespective of and to any party acquiring title to the time of execution Premises, by judicial foreclosure or time of recording of any such mortgage or mortgages. Tenant agrees that it willa trustee's sale, upon request of Landlord, execute, acknowledge and deliver any and all instruments deemed necessary or desirable by Landlord to give effect to, or notice of, such subordination, provided only that said mortgagee enters into an agreement with Tenant which provides that said mortgagee will not disturb the possession and other rights of Tenant so long as Tenant performs its obligation hereunder and that said mortgagee will accept Tenant as Tenant of the Premises under the terms and conditions of this Lease in the event of acquisition of title by said mortgagee through foreclosure proceedings or otherwise, and which further provides that Tenant shall agree to recognize the holder of such mortgage as the successor to Landlord in such event, said agreement to be expressly binding upon the successors and assigns of the Tenant and of the mortgagee and upon anyone purchasing such building at a foreclosure sale. Tenant and Landlord agree to promptly execute and deliver any appropriate instruments necessary to carry out the agreements contained in this Paragraph. However, Landlord shall not encumber Premises so as to interfere with Tenant's first option to purchase the Premiseshereunder.

SUBORDINATION TO MORTGAGES. A. Tenant agrees that, upon request At the option of any mortgagee of Landlord, this lease shall be subject and subordinate to any first mortgage or deed of trust now or hereafter placed upon the demised premises; provided, however, that the mortgagee or beneficiary under such deed of trust agrees in writing with Tenant will or adequate provision is made in such mortgage or deed of trust, so that regardless of any default or breach under such mortgage or deed of trust or of any possession or sale of the whole or any part of the demised premises under or through such mortgage or deed of trust, this lease and Tenant's possession shall not be disturbed by the mortgagee or beneficiary or any other party claiming under or through such mortgage or deed of trust; provided, however, that Tenant shall continue to observe and perform Tenant's obligations under this lease and pay rent to whomsoever may be lawfully entitled to same from time to time. Tenant hereby agrees to execute, if same is required, any and all instruments in writing which may be requested by Landlord to subordinate Tenant's rights acquired by this Lease and the lien hereof lease to the lien of any present or future mortgage or mortgages upon the Premises, irrespective of the time of execution or time of recording of any such mortgage or mortgagesdeed of trust, all as aforesaid. Tenant agrees that it will, upon request of Landlord, execute, acknowledge and deliver to attorn to any and all instruments deemed necessary or desirable by Landlord to give effect to, or notice of, such subordination, provided only that said mortgagee enters into an agreement with Tenant which provides that said mortgagee will not disturb subsequently encumbering the possession and other rights of Tenant so long as Tenant performs its obligation hereunder and that said mortgagee will accept Tenant as Tenant of the Premises under the terms and conditions of this Lease in the event of acquisition of title by said mortgagee through foreclosure proceedings or otherwisedemised premises, and which further provides that Tenant shall agree to recognize any party acquiring title to the holder of such mortgage demised premises, by judicial foreclosure or a trustee's sale, as the successor to Landlord in such event, said agreement to be expressly binding upon the successors and assigns of the Tenant and of the mortgagee and upon anyone purchasing such building at a foreclosure sale. Tenant and Landlord agree to promptly execute and deliver any appropriate instruments necessary to carry out the agreements contained in this Paragraph. However, Landlord shall not encumber Premises so as to interfere with Tenant's first option to purchase the Premiseshereunder.