Common use of SUBORDINATION TO MORTGAGES Clause in Contracts

SUBORDINATION TO MORTGAGES. This Lease Agreement shall automatically be subject and subordinate to the lien of any mortgage or deed of trust given by Landlord which does now or may hereafter encumber the Project of which the Leased Premises form a part, and to all renewals, modifications, consolidations, replacements, and extensions thereof. Landlord shall also have the right to assign its interest in this Lease Agreement for security purposes to any mortgagee or trust deed beneficiary. Tenant agrees that it will execute, within five (5) days of Landlord's request, any appropriate instrument or certificate that Landlord or any mortgagee or trust deed beneficiary may require to further document this subordination, provided that such mortgagee or trust deed beneficiary shall agree to (a) honor this Lease Agreement and all of Tenant's rights hereunder and (b) not to disturb Tenant's right to possess the Leased Premises so long as Tenant complies with all of the terms and conditions of this Lease Agreement. Tenant further agrees that it will provide any such mortgagee or trust deed beneficiary with any evidence required to show the authority of Tenant to execute any such subordination instrument or certificate and will, if so requested by any such mortgagee or trust deed beneficiary, provide to that person or entity a copy of any notice Tenant gives or is required to give Landlord under this Lease Agreement. In the event of the enforcement by the mortgagee or the beneficiary under such mortgage or deed of trust of the remedies provided for by law or by such mortgage or deed of trust, or in the event Landlord gives a deed-in-lieu-of-foreclosure to such mortgagee or trust deed beneficiary, Tenant will, upon request of any person or party succeeding to the interest of Landlord as a result of such enforcement or termination; automatically become the Tenant of such successor in interest without change in the terms or other provisions of this Lease Agreement, provided, however, that such successor in interest shall not be bound by (i) any payment of rent or additional rent for more than one month in advance, (ii) any amendment or modification of this Lease Agreement made without the written consent of such mortgagee or such beneficiary or their successor in interest, or (iii) any defaults of Landlord under this Lease Agreement which remain uncured at the time such successor in interest obtains title to the Project. Tenant shall execute and deliver any instrument or instruments confirming the attornment herein provided for.

SUBORDINATION TO MORTGAGES. This Lease Agreement shall automatically be subject and subordinate to the lien of any mortgage or deed of trust given by Landlord which does now or may hereafter encumber the Project of which the Leased Premises form a part, and to all renewals, modifications, consolidations, replacements, and extensions thereof. Landlord shall also have the right to assign its interest in this Lease Agreement for security purposes to any mortgagee or trust deed beneficiary. Tenant agrees that it will execute, within five (5) business days of Landlord's request, any appropriate instrument or certificate that Landlord or any mortgagee or trust deed beneficiary may require to further document this subordination, provided that such mortgagee or trust deed beneficiary shall agree to (a) honor this Lease Agreement and all of Tenant's rights hereunder and (b) with Tenant not to disturb Tenant's right to possess the Leased Premises so long as Tenant complies with all of the terms and conditions of this Lease Agreement. Tenant further agrees that it will provide any such mortgagee or trust deed beneficiary with any evidence required to show the authority of Tenant to execute any such subordination instrument or certificate and will, if so requested by any such mortgagee or trust deed beneficiary, provide to that person or entity a copy of any notice Tenant gives or is required to give Landlord under this Lease Agreement. In the event of the enforcement by the mortgagee or the beneficiary under such mortgage or deed of trust of the remedies provided for by law or by such mortgage or deed of trust, or in the event Landlord gives a deed-in-lieu-of-foreclosure to such mortgagee or trust deed beneficiary, Tenant will, upon request of any person or party succeeding to the interest of Landlord as a result of such enforcement or termination; , automatically become the Tenant of such successor in interest without change in the terms or other provisions of this Lease Agreement, provided, however, that such successor in interest shall not be bound by (i) any payment of rent or additional rent for more than one month in advance, (ii) any amendment or modification of this Lease Agreement made without the written consent of such mortgagee or such beneficiary or their successor in interest, or (iii) any defaults of Landlord under this Lease Agreement which remain uncured at the time such successor in interest obtains title to the Project. Tenant shall execute and deliver any instrument or instruments confirming the attornment herein provided for. In the event of any act or omission by Landlord by reason of which Tenant may claim the right to terminate this Lease Agreement or claim a defense or offset against the Base Rental due hereunder, Tenant agrees not to exercise any such right until: (i) Tenant has notified the mortgagee or trust deed beneficiary in writing of such act or omission by Landlord, and (ii) Tenant has given the mortgagee or trust deed beneficiary a reasonable opportunity to cure such act or omission, including the time as shall be reasonably required to obtain possession of the property and to commence and carry to completion the foreclosure of its mortgage or deed of trust.

SUBORDINATION TO MORTGAGES. This That this Lease Agreement shall automatically be -------------------------- subject and subordinate to the lien of any mortgage or deed of trust given by Landlord which does now or may hereafter encumber the Project Building of which the Leased Premises form a part, pan and to all renewals, modifications, consolidations, replacements, replacements and extensions thereof. Landlord shall also have the right to assign its interest in this Lease Agreement for security purposes to any mortgagee or trust deed dead beneficiary. Tenant agrees that it will execute, within five (5) days of Landlord's request, execute any appropriate instrument or certificate that Landlord or any mortgagee or trust deed beneficiary may require to further document effect this subordination, provided that such mortgagee or trust deed beneficiary shall agree to (a) honor this Lease Agreement and all of Tenant's rights hereunder and (b) with Tenant not to disturb Tenant's right to possess the Leased Premises so long as Tenant complies with all of the terms and conditions of this Lease Agreement. Tenant further agrees that it will provide any such mortgagee or trust deed beneficiary with any evidence required to show the authority of Tenant to execute any such subordination instrument or certificate and will, if so requested by any such mortgagee or trust deed beneficiary, provide to that person or entity a copy of any notice Tenant gives or is required to give Landlord under this Lease Agreement. In the event of the enforcement by the mortgagee or the beneficiary under such mortgage or deed of trust of the remedies provided for by law or by such mortgage or deed of trust, or in the event Landlord gives a deed-deed- in-lieu-of-foreclosure to such mortgagee mortgage or trust deed beneficiary, Tenant will, upon request of any person or party succeeding to the interest of Landlord as a result of such enforcement or termination; , automatically become the Tenant of such successor in interest without change in the terms or other provisions of this Lease Agreement, provided, ; provided however, that such successor in interest shall not be bound by (i) any payment of rent or additional rent for more than one month in advance, (ii) any amendment or modification of this Lease Agreement made without the written consent of such mortgagee or such beneficiary or their such successor in interest, or (iii) any defaults of Landlord under this Lease Agreement which remain uncured at the time such successor in interest obtains title to the ProjectBuilding. Tenant shall execute and deliver any instrument or instruments confirming the attornment Attornment herein provided for. In the event of any act or omission by Landlord by reason of which Tenant may claim the right to terminate this Lease Agreement or claim a defense or offset against the Gross Rent due hereunder, Tenant agrees not to exercise any such right until: (i) Tenant has notified the mortgagee or trust deed beneficiary in writing of such act or omission by Landlord, and (ii) Tenant has given the mortgagee or trust deed beneficiary a reasonable opportunity to cure such act or omission, including the time as shall be reasonably required to obtain possession of the property and to commence and carry to completion the foreclosure of its mortgage or deed of trust.

SUBORDINATION TO MORTGAGES. This Lease Agreement shall automatically be subject and subordinate to the lien of any mortgage or deed of trust given by Landlord which does now or may hereafter encumber the Project of which the Leased Premises form a partapart, and to all renewals, modifications, consolidations, replacements, and extensions thereof. Landlord shall also have the right to assign its interest in this Lease Agreement for security purposes to any mortgagee or trust deed beneficiary. Tenant agrees that it will execute, within five ten (510) days of Landlord's request, any appropriate such instrument or certificate that Landlord or any mortgagee or trust deed beneficiary may reasonably require to further document this subordination, provided that such mortgagee or trust deed beneficiary shall agree to (a) honor this Lease Agreement and all of Tenant's rights hereunder and (b) with Tenant not to disturb Tenant's right to possess the Leased Premises so long as Tenant complies with all of the terms and conditions of this Lease Agreement. Tenant further agrees that it will provide any such mortgagee or trust deed beneficiary with any evidence required to show the authority of Tenant to execute any such subordination instrument or certificate and will, if so requested by any such mortgagee or trust deed beneficiary, provide to that person or entity a copy of any notice Tenant gives or is required to give Landlord under this Lease Agreement. In the event of the enforcement by the mortgagee or the beneficiary under such mortgage or deed of trust of the remedies provided for by law or by such mortgage or deed of trust, or in the event Landlord gives a deed-in-lieu-of-of foreclosure to such mortgagee or trust deed beneficiary, Tenant will, upon request of any person or party succeeding to the interest of Landlord as a result of such enforcement or termination; , automatically become the Tenant of such successor in interest without change in the terms or other provisions of this Lease Agreement, provided, however, that such successor in interest shall not be bound by (i) any payment of rent or additional rent for more than one month in advance, (ii) any amendment or modification of this Lease Agreement made without the written consent of such mortgagee or such beneficiary or their successor in interest, or (iii) any defaults of Landlord under this Lease Agreement which remain uncured at the time such successor in interest obtains title to the Project. Tenant shall execute and deliver any instrument or instruments confirming the attornment herein provided for.