Common use of Financing Subordination Clause in Contracts

Financing Subordination. 20.1 Subject to the execution and recording of a SNDA (herein defined) applicable thereto in accordance with the terms of this Section, this Lease shall be subject and subordinate to any mortgage, deed of trust or other lien now or hereafter existing upon the Premises or the Center and any and all renewals, modifications and extensions thereof. ▇▇▇▇▇▇▇▇ shall use commercially reasonable efforts to cause any and all present or future holders of any outstanding mortgage, deed of trust or other lien covering Landlord’s interest in the Center to enter into a non-disturbance agreement with Tenant, which non-disturbance agreement may be on such holder’s standard form but shall otherwise be in form and substance reasonably satisfactory to Tenant (each, a “SNDA”) and shall cause each SNDA to be fully executed, acknowledged and recorded in the real property records of the county in which the Center is located. At any time and from time to time, upon not less than 20 days’ prior notice by Landlord, Tenant shall execute, acknowledge and deliver to Landlord a statement of the Tenant in writing certifying that this Lease is in full force and effect and there are no modifications thereof, (or if there have been modifications hereto, that the same is in full force and effect as modified and stating the modifications), and the dates to which the Rent has been paid in advance, if any, stating whether or not Landlord is in default in the keeping or performance of any covenant, agreement, term, provision or condition contained in this Lease and, if so, specifying each such default, and stating such other matters as Landlord shall reasonably request, it being intended that such statement may be relied upon by Landlord and any prospective purchaser, lessee, mortgagee or assignee of any mortgage of the Center or of the Landlord’s interest therein. If ▇▇▇▇▇▇ fails to deliver such written statement to Landlord within such 20 days, then such failure shall constitute an Event of Default hereunder. 20.2 Notwithstanding anything contained herein to the contrary, in the event of any default by Landlord in performing its covenants or obligations hereunder, Tenant shall not exercise any rights it may have on account of such default until (a) Tenant gives written notice of such default (which notice shall specify the nature of said default and how the same may be cured) to each holder of any such mortgage or deed of trust who has theretofore notified Tenant in writing of its interest and the address to which notices are to be sent, and (b) each such holder fails to cure or cause to be cured said default within 30 days from the receipt by such holder of such notice by ▇▇▇▇▇▇; provided, however, to the extent that an applicable SNDA contains any conflicting terms, the terms of such SNDA shall govern and control over the terms of this Section.

Financing Subordination. 20.1 Subject to This Lease and the execution and recording rights of a SNDA (herein defined) applicable thereto in accordance with the terms of this Section, this Lease shall be Tenant hereunder are subject and subordinate to any mortgage, first lien mortgage or deed of trust or other lien trust, together with all renewals, modifications, consolidations, replacements, and extensions thereof, which may now or hereafter existing upon encumber the Premises or the Center and any and all renewals, modifications and extensions thereof. ▇▇▇▇▇▇▇▇ shall use commercially reasonable efforts to cause any and all present or future holders of any outstanding mortgage, deed of trust or other lien covering Landlord’s interest in the Center to enter into a non-disturbance agreement with Tenant, on which non-disturbance agreement may be on such holder’s standard form but shall otherwise be in form and substance reasonably satisfactory to Tenant (each, a “SNDA”) and shall cause each SNDA to be fully executed, acknowledged and recorded in the real property records of the county in which the Center it is located. At any time and from time to time, upon not less than 20 days’ prior notice by Landlord, Tenant shall execute, acknowledge and deliver to Landlord a statement of provided the Tenant in writing certifying that this Lease is in full force and effect and there are no modifications thereof, (or if there have been modifications hereto, that the same is in full force and effect as modified and stating the modifications), and the dates to which the Rent has been paid in advance, if any, stating whether or not Landlord is in default in the keeping or performance of any covenant, agreement, term, provision or condition contained in this Lease and, if so, specifying each such default, and stating such other matters as Landlord shall reasonably request, it being intended that such statement may be relied upon by Landlord and any prospective purchaser, lessee, mortgagee or assignee of any mortgage of the Center or of the Landlord’s interest therein. If ▇▇▇▇▇▇ fails to deliver such written statement to Landlord within such 20 days, then such failure shall constitute an Event of Default hereunder. 20.2 Notwithstanding anything contained herein to the contrary, in the event of any default by Landlord in performing its covenants or obligations hereunder, Tenant shall not exercise any rights it may have on account of such default until (a) Tenant gives written notice of such default (which notice shall specify the nature of said default and how the same may be cured) to each holder of any such mortgage or deed of trust who has theretofore notified Tenant executes and delivers to tenant an agreement in writing of its interest and the address a form suitable for recording pursuant to which notices are the holder agrees that it will recognize this Lease and will not disturb Tenant's possession of the Premises in the event of foreclosure or deed-in-lieu of foreclosure of such mortgage or deed of trust so long as Tenant is not then in default under this Lease. Tenant agrees to execute such further documents as may be necessary for subordinating this Lease to any mortgage, deed of trust, as the case may be, and further agrees to execute any other document of attornment required by Landlord's mortgagee. Tenant irrevocably appoints Landlord as Tenant's attorney-in-fact to execute and deliver in the name of Tenant any such instrument or instruments in the event that Tenant fails to so deliver said instrument or instruments within ten (10) days after written demand from Landlord. Tenant agrees that it shall not undertake any act which will cause a lien to be sentfiled against the subject property, and (b) each such holder fails Tenant acknowledges that it has no power to cure encumber or cloud Landlord's title. Tenant further agrees that if, because of any act or omission of Tenant, any mechanic's lien or other lien, charge, or order for the payment of money shall be filed against Tenant or any portion of the Premises, or upon the right, title, and interest of Tenant created by this Lease, Tenant shall, at its own cost and expense, cause the same to be cured said default discharged of record or bonded within 30 fifteen (15) days from the receipt by such holder of such after written notice by ▇▇▇▇▇▇Landlord to Tenant of the filing thereof; providedand Tenant hereby agrees to indemnify and hold Landlord harmless against and from all costs, howeverliabilities, to the extent that an applicable SNDA contains any conflicting termssuits, the terms of such SNDA shall govern penalties, claims, and control over the terms of this Sectiondemands therefrom.

Financing Subordination. 20.1 Subject to This Lease and the execution and recording rights of a SNDA (herein defined) applicable thereto in accordance with the terms of this Section, this Lease shall be Tenant hereunder are subject and subordinate to any mortgage, first lien mortgage or deed of trust or other lien trust, together with all renewals, modifications, consolidations, replacements, and extensions thereof, which may now or hereafter existing upon encumber the Premises or the Center and any and all renewals, modifications and extensions thereof. ▇▇▇▇▇▇▇▇ shall use commercially reasonable efforts to cause any and all present or future holders of any outstanding mortgage, deed of trust or other lien covering Landlord’s interest in the Center to enter into a non-disturbance agreement with Tenant, on which non-disturbance agreement may be on such holder’s standard form but shall otherwise be in form and substance reasonably satisfactory to Tenant (each, a “SNDA”) and shall cause each SNDA to be fully executed, acknowledged and recorded in the real property records of the county in which the Center it is located. At any time and from time to time, upon not less than 20 days’ prior notice by Landlord, Tenant shall execute, acknowledge and deliver to Landlord a statement of provided the Tenant in writing certifying that this Lease is in full force and effect and there are no modifications thereof, (or if there have been modifications hereto, that the same is in full force and effect as modified and stating the modifications), and the dates to which the Rent has been paid in advance, if any, stating whether or not Landlord is in default in the keeping or performance of any covenant, agreement, term, provision or condition contained in this Lease and, if so, specifying each such default, and stating such other matters as Landlord shall reasonably request, it being intended that such statement may be relied upon by Landlord and any prospective purchaser, lessee, mortgagee or assignee of any mortgage of the Center or of the Landlord’s interest therein. If ▇▇▇▇▇▇ fails to deliver such written statement to Landlord within such 20 days, then such failure shall constitute an Event of Default hereunder. 20.2 Notwithstanding anything contained herein to the contrary, in the event of any default by Landlord in performing its covenants or obligations hereunder, Tenant shall not exercise any rights it may have on account of such default until (a) Tenant gives written notice of such default (which notice shall specify the nature of said default and how the same may be cured) to each holder of any such mortgage or deed of trust who has theretofore notified Tenant executes and delivers to tenant an agreement in writing of its interest and the address a form suitable for recording pursuant to which notices are the holder agrees that it will recognize this Lease and will not disturb Tenant's possession of the LEASE AGREEMENT PAGE 12 13 Premises in the event of foreclosure or deed-in-lieu of foreclosure of such mortgage or deed of trust so long as Tenant is not then in default under this Lease. Tenant agrees to execute such further documents as may be necessary for subordinating this Lease to any mortgage, deed of trust, as the case may be, and further agrees to execute any other document of attornment required by Landlord's mortgagee. Tenant irrevocably appoints Landlord as Tenant's attorney-in-fact to execute and deliver in the name of Tenant any such instrument or instruments in the event that Tenant fails to so deliver said instrument or instruments within ten (10) days after written demand from Landlord. Tenant agrees that it shall not undertake any act which will cause a lien to be sentfiled against the subject property, and (b) each such holder fails Tenant acknowledges that it has no power to cure encumber or cloud Landlord's title. Tenant further agrees that if, because of any act or omission of Tenant, any mechanic's lien or other lien, charge, or order for the payment of money shall be filed against Tenant or any portion of the Premises, or upon the right, title, and interest of Tenant created by this Lease, Tenant shall, at its own cost and expense, cause the same to be cured said default discharged of record or bonded within 30 fifteen (15) days from the receipt by such holder of such after written notice by ▇▇▇▇▇▇Landlord to Tenant of the filing thereof; providedand Tenant hereby agrees to indemnify and hold Landlord harmless against and from all costs, howeverliabilities, to the extent that an applicable SNDA contains any conflicting termssuits, the terms of such SNDA shall govern penalties, claims, and control over the terms of this Sectiondemands therefrom.

Financing Subordination. 20.1 Subject to the execution and recording of a SNDA (herein defined) applicable thereto in accordance with the terms of this Section, Tenant accepts this Lease shall be subject and subordinate to any mortgage, deed of trust or other lien now or hereafter existing upon the Premises or the Center and any and all renewals, modifications and extensions thereof. ▇▇▇▇▇▇▇▇ shall use commercially reasonable efforts Landlord is hereby irrevocably vested with full power and authority to cause subordinate this Lease to any and all present or future holders of any outstanding mortgage, deed of trust or other lien covering now or hereafter placed upon the Premises or the Center, and Tenant shall upon demand execute such further instruments subordinating this Lease as Landlord may request. After receipt of a written request from Tenant, Landlord shall use reasonable efforts to furnish (but shall not be obligated to furnish) Tenant with an agreement from any Landlord’s interest mortgagee to the effect that the rights of Tenant shall remain in full force and effect during the Center to enter into a non-disturbance agreement with Lease Term, and Tenant’s possession of the Premises shall not be disturbed, which non-disturbance agreement may be on such holder’s standard form but shall otherwise be so long as Tenant is not in form and substance reasonably satisfactory to Tenant (eachdefault hereunder, a “SNDA”) and shall cause each SNDA continue to be fully executed, acknowledged perform all the covenants and recorded in the real property records conditions of the county in which the Center is locatedthis Lease. At any time and from time to time, upon not less than 20 10 days’ ' prior notice by Landlord, Tenant shall execute, acknowledge and deliver to Landlord a statement of the Tenant in writing certifying that this Lease is in full force and effect and there are no modifications thereof, (or if there have been modifications hereto, that the same is in full force and effect as modified and stating the modifications), and the dates to which the Rent has been paid in advance, if any, stating whether or not Landlord is in default in the keeping or performance of any covenant, agreement, term, provision or condition contained in this Lease and, if so, specifying each such default, and stating such other matters as Landlord shall reasonably request, it being intended that such statement may be relied upon by Landlord and any prospective purchaser, lessee, mortgagee or assignee of any mortgage of the Center or of the Landlord’s interest therein. If ▇▇▇▇▇▇ fails to deliver such written statement to Landlord within such 20 days, then such failure shall constitute an Event of Default hereunder., 20.2 Notwithstanding anything contained herein to the contrary, in the event of any default by Landlord in performing its covenants or obligations hereunder, Tenant shall not exercise any rights it may have on account of such default until (a) Tenant gives written notice of such default (which notice shall specify the exact nature of said default and how the same may be cured) to Landlord, and to each holder of any such mortgage or deed of trust who has theretofore notified Tenant in writing of its interest and the address to which notices are to be sent, and (b) each Landlord or any such holder fails to cure or cause to be cured said default within 30 45 days from the receipt by Landlord or by such holder of such notice by ▇▇▇▇▇▇; providedTenant, however, and shall be entitled (and is hereby appointed as Tenant’s attorney-in-fact) to the extent that an applicable SNDA contains any conflicting terms, the terms execute such estoppel on behalf of such SNDA shall govern and control over the terms of this SectionTenant.