Common use of Existing Deeds of Trust Clause in Contracts

Existing Deeds of Trust. The Premises and this Lease are subject and subordinate to the terms of that certain [Construction Deed of Trust with Absolute Assignment of Leases and Rents, Security Agreement and Fixture Filing,] in which Tenant is the trustor and (“Existing Lender”), is the beneficiary, and recorded , 201_, at Document Number 201_- records of the Maricopa County, Arizona (the “Existing Deed of Trust”), securing a construction and permanent loan on the Premises, and to any amendments, modifications, renewals and extensions thereof. The notices and protections given to a Leasehold Mortgagee in this Lease shall also be given and extended by the Landlord to the Existing Lender as beneficiary under the Existing Deed of Trust (as amended and converted to a Leasehold Mortgage). Existing Lender is recognized by the parties as a third-party beneficiary of those portions of this Lease which require notices to and give protections to a Leasehold Mortgagee, until Existing Lender gives written notice to Landlord that its Leasehold Mortgage is satisfied or that its Leasehold Mortgage is released of record as a lien against all portions of the Premises.