Common use of Subordination to Mortgage Clause in Contracts

Subordination to Mortgage. This Agreement is and shall always be subject and subordinate to the lien of any mortgages, deeds of trust or other security instrument which are now or shall at any future time be placed by Lessor upon the Property, the Building, the Leased Premises or Lessor's rights hereunder and to any and all renewals, extensions, rearrangements, modifications or consolidations thereof; provided that, in the event of a foreclosure under any such security instrument, the holder thereof shall forthwith notify Lessee of such holder's election to either (1) ratify and adopt this Agreement, in which case Lessee shall attorn to such holder and/or to such holder's successor, or (2) terminate this Agreement effective six (6) months following such notice. Such subordination shall be self-operative and no further instrument of subordination need be required by any security holder. In confirmation of such subordination, Lessee agrees to execute promptly any instrument deemed necessary by Lessor to further effect the subordination of this Agreement to any such security interest.