SUBORDINATION TO MORTGAGES. This Lease and all of Tenant's rights hereunder are subject and subordinate to any Mortgage now or hereafter placed on or affecting the Building, and all renewals, modifications, replacements, amendments and extensions thereof. Upon written request or notice by Landlord, concurred in by any Mortgagee of the Building or any part thereof which includes the Premises, or by any person, firm or corporation intending to become a Mortgagee, Tenant agrees to subordinate its rights under this Lease to the lien or liens of any Mortgage and to any and all advances to be made thereunder, and to the interest thereon, and all renewals, replacements and extensions thereof, provided the Mortgagee named in a Mortgage shall agree to recognize the lease of Tenant in the event of foreclosure if Tenant is not in default. Tenant also agrees that any Mortgagee may elect to have this Lease prior to the lien of its Mortgage, and in the event of such election and upon notification by such Mortgagee to Tenant to that effect, this Lease shall be deemed prior in lien to the Mortgage, whether this Lease is dated prior to or subsequent to the date of the Mortgage. Tenant agrees that, upon the request of Landlord or any Mortgagee named in such Mortgage, it will execute and deliver whatever instruments may be required for such purposes. Tenant will, in the event of the sale or assignment of Landlord's interest in the Building or in the event of any proceedings brought for the foreclosure of, or in the event of the exercise of the power of sale under any Mortgage covering the Building, attorn to and recognize such purchaser or Mortgagee as Landlord under this Lease to the same extent and effect as the original Landlord.
SUBORDINATION TO MORTGAGES. This Lease is hereby made expressly subject and subordinate at all times to any and all mortgages, deeds of trust, ground or underlying leases affecting the Premises which have been executed and delivered or which will hereafter be executed and delivered and any and all extensions and renewals thereof and substitutions therefore and to any and all advances made or to be made under or upon said mortgages, deeds of trust, ground or underlying leases. Tenant agrees to execute any instrument or instruments which the Landlord may deem necessary or desirable to effect the subordination of this Lease to any or such mortgages, deeds of trust, ground or underlying leases and in the event that the Tenant shall refuse, after reasonable notice, to execute such instrument or instruments which the Landlord may deem necessary or desirable to effect the subordination of the Lease to any or all such mortgages, deeds of trust, ground or underlying leases and in the event that the Tenant shall refuse, after reasonable notice, to execute such instrument or instruments, the Landlord may, in addition to any right or remedy accruing hereunder, terminate this Lease without incurring any liability whatsoever and the estate hereby granted is expressly limited accordingly. The Tenant hereby agrees to attorn to any future owner of the Lessor's interest in the Premises under this Lease, whether such occurs by reason of the dispossession of the Landlord or otherwise, and such shall not constitute a default by Tenant hereunder.
SUBORDINATION TO MORTGAGES. Lessee agrees that, upon the request of the Lessor, Lessee shall subordinate this Lease to the lien of any mortgage, security deed or deed of trust that may now or hereafter exist, for which the Buildings or Lessor’s interest in the Premises or this Lease is pledged as security, provided that the mortgagees or beneficiaries named in such mortgage or deeds of trust agree in writing (a) to recognize the interest of Lessee under this Lease, (b) that so long as Lessee shall perform its obligations under this Lease, the rights of Lessee hereunder shall remain in full force and effect, and (c) that they will not disturb Lessee’s occupancy of the Premises under this Lease in the event of foreclosure or other action taken under the mortgage or deed of trust if Lessee is not then in default. Lessee shall execute and deliver to Lessor all instruments Lessor reasonably deems necessary to evidence and give effect to any such subordination, provided that no such instrument shall alter any of the terms, covenants or conditions of this Lease, and provided that said instrument shall contain the covenants of the lender as aforesaid.
SUBORDINATION TO MORTGAGES. This Lease is subject to and subordinate to all ground leases, mortgages and deeds of trust which affect the Building or the Property and which are of public record as of the Effective Date of this Lease, and to all renewals, modifications, consolidations, replacements and extensions thereof. However, if the lessor under any such ground lease or any lender holding any such mortgage or deed of trust shall advise Landlord that it desires or requires this Lease to be made prior and superior thereto, then, upon written request of Landlord to Tenant, Tenant shall promptly execute, acknowledge and deliver any and all customary or reasonable documents or instruments which Landlord and such lessor or lender deems necessary or desirable to make this Lease prior thereto. Tenant hereby consents to Landlord's ground leasing the land underlying the Building or the Property and/or
SUBORDINATION TO MORTGAGES. At the option of Landlord, this Lease shall either be:
SUBORDINATION TO MORTGAGES. 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 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 Lessee to attorn to any purchaser of the Property in the event that the same is sold through foreclosure proceedings, Lessee agrees to waive any and all right to treat such foreclosure proceedings as a breach by Lessor.
SUBORDINATION TO MORTGAGES. It is agreed that the rights and interest of Tenant under this lease shall be: (i) subject and subordinate to the lien of any present or future first mortgage and to any and all advances to be made thereunder, and to the interest thereon, upon the demised premises or any property of which the demised premises are a part, if the holder of such mortgage shall elect, by notice to Tenant, to subject and subordinate the rights and interest of Tenant under this lease to the lien of its mortgage; or (ii) prior to the lien of any present or future first mortgage, if the holder of such mortgage shall elect, by notice to Tenant, to give the rights and interest of Tenant under this lease priority to the lien of its mortgage. It is understood and agreed that the holder of such mortgage may also elect, by notice to Tenant, to make some provisions hereof subject and subordinate to the lien of its mortgage while granting other provisions hereof priority to the lien of its mortgage. In the event of any of such elections, and upon notification by the holder of such mortgage to that effect, the rights and interest of Tenant under this lease shall be deemed to be subordinate to, or to have priority over, as the case may be, the lien of said mortgage, irrespective of the time of execution or time of recording of any such mortgage. Tenant agrees that it will, upon request of Landlord, execute, acknowledge and deliver any and all instruments deemed by Landlord necessary or desirable to evidence or to give notice of such subordination or priority. The word "mortgage" as used herein includes mortgages, deeds of trust or other similar instruments and modifications, consolidations, extensions, renewals, replacements and substitutes thereof. Whether the lien of any mortgage upon the demised premises or any property of which the demised premises are a part shall be superior or subordinate to this lease and the lien hereof, Tenant agrees that it will, upon request, attorn to the holder of such mortgage or anyone claiming under such holder and their respective successors and assigns in the event of foreclosure of or similar action taken under such mortgage. Tenant further agrees that it shall not subordinate its interest in this lease to the lien of any junior mortgage, security agreement or lease affecting the demised premises, unless the holder of the first mortgage upon the demised premises or property which includes the demised premises shall consent thereto. Notwithstanding anythi...
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. 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 a...
SUBORDINATION TO MORTGAGES. Any lien created or claimed under the provisions of this Declaration is expressly made subject and subordinate to the rights of the Mortgagee under any First Mortgage made in good faith and for value, and no such lien shall, in any way, defeat, invalidate or impair the obligation or the priority of such Mortgage, unless the Mortgagee shall expressly subordinate its interest in writing to such lien.
