Common use of PRIORITY OF LEASE Clause in Contracts

PRIORITY OF LEASE. Landlord shall have the option to subordinate this Lease to any mortgage or deed of trust (the "Mortgage") on the Premises (the "Mortgaged Property"), provided that the holder thereof (the "Mortgagee") enters into an agreement with Tenant by the terms of which the Mortgagee (or anyone purchasing Mortgagee's interest at foreclosure sale) will agree to recognize the rights of Tenant under this Lease and to accept Tenant as a tenant of the Premises under the terms and conditions of this Lease in the event of acquisition of title by such Mortgagee through foreclosure proceedings or otherwise and Tenant will agree to recognize the Mortgagee as the landlord hereunder in such event, which agreement shall be made to expressly bind and inure to the benefit of the successors and assigns of Tenant and such Mortgagee and anyone purchasing the Mortgaged Property at any foreclosure sale. Within fifteen (15) days of Landlord's prior written request, Tenant agrees to execute and deliver from time to time a written agreement and any other documents in order to accomplish the purposes of this Section 8.1 which are required by any Mortgagee or issuer of any commitment to make a Mortgage, provided, however, any such agreement will only be executed in exchange for a non-disturbance agreement executed by such Mortgagee or issuer of a commitment to make a mortgage. Failure of Tenant to so execute and deliver said documents) within ten (10) days of Landlord's written demand notice subsequent to Landlord' s initial fifteen (15) day prior written request shall constitute a default under this Lease. Any Mortgage to which this Lease shall be subordinated may contain such terms, provisions and conditions as the Mortgagee reasonably deems usual or customary; provided, however, that any term or condition therein which is intended to amend this Lease or lessen Tenant's rights hereunder shall not be deemed usual or customary. Unless Landlord exercises such option, this Lease shall be superior to and shall not be subordinate to any Mortgage or other voluntary lien or other encumbrance on the Mortgaged Property. Said written agreement and other documents shall accurately reflect the Lease terms and conditions in effect at that time.

PRIORITY OF LEASE. Landlord shall have the option to subordinate this Lease to any mortgage future mortgagee or deed of trust of the Lot or Building, or both (“the "Mortgage") on the Premises (the "Mortgaged Property"mortgaged premises”), provided that the holder thereof (the "Mortgagee") enters into an agreement with Tenant by the terms of which the Mortgagee (or anyone purchasing Mortgagee's interest at foreclosure sale) holder will agree to recognize the rights of Tenant under this Lease, assume the obligations of Landlord under this Lease and to accept Tenant as a tenant of the Premises under the terms and conditions of this Lease in the event of acquisition of title by such Mortgagee holder through foreclosure proceedings or otherwise and Tenant will agree to recognize the Mortgagee holder of such mortgage as the landlord hereunder Landlord in such event, which agreement shall be made to expressly bind and inure to the benefit of the successors and assigns of Tenant and such Mortgagee of the holder and upon anyone purchasing the Mortgaged Property mortgaged premises at any foreclosure sale. Within fifteen (15) days of Landlord's prior written request, Tenant agrees to execute and deliver from time to time a written agreement and any other documents in order to accomplish the purposes of this Section 8.1 which are required by any Mortgagee or issuer of any commitment to make a Mortgage, provided, however, any Any such agreement will only be executed in exchange for a non-disturbance agreement executed by such Mortgagee or issuer of a commitment to make a mortgage. Failure of Tenant to so execute and deliver said documents) within ten (10) days of Landlord's written demand notice subsequent to Landlord' s initial fifteen (15) day prior written request shall constitute a default under this Lease. Any Mortgage mortgage to which this Lease shall be subordinated may contain such commercially reasonable and customary terms, substantially similar to the provisions contained in the SNDA attached to this Lease. Further and conditions as a condition to Tenant’s obligations under this Lease, Landlord agrees to obtain and deliver to Tenant within thirty (30) days of this Lease, a Subordination, Non-Disturbance and Attornment Agreement (“SNDA”) from its current lender, Bank of America, N.A. (“Lender”), substantially in accordance with Exhibit “J” attached hereto. In the Mortgagee reasonably deems usual event an SNDA is not obtained from the Lender for the benefit of Tenant within thirty (30) days from the date of this Lease, Tenant shall have the right to terminate this Lease. Landlord represents and warrants that (i) there is no default under the mortgage or customary; providedrelated loan documents with the Lender, howeverand (ii) no other mortgage, that any term ground lease or condition therein which is intended to amend this Lease superior lease encumbers the Lot or lessen Tenant's rights hereunder shall not be deemed usual or customary. Unless Landlord exercises such option, this Lease shall be superior to and shall not be subordinate to any Mortgage or other voluntary lien or other encumbrance on the Mortgaged Property. Said written agreement and other documents shall accurately reflect the Lease terms and conditions in effect at that timeBuilding.

PRIORITY OF LEASE. Landlord shall have the option to subordinate this Lease to any mortgage future mortgagee or deed of trust of the Lot or Building, or both (“the "Mortgage") on the Premises (the "Mortgaged Property"mortgaged premises”), provided that the holder thereof (the "Mortgagee") enters into an agreement with Tenant by the terms of which the Mortgagee (or anyone purchasing Mortgagee's interest at foreclosure sale) holder will agree to recognize the rights of Tenant under this Lease, assume the obligations of Landlord under this Lease and to accept Tenant as a tenant of the Premises under the terms and conditions of this Lease in the event of acquisition of title by such Mortgagee holder through foreclosure proceedings or otherwise and Tenant will agree to recognize the Mortgagee holder of such mortgage as the landlord hereunder Landlord in such event, which agreement shall be made to expressly bind and inure to the benefit of the successors and assigns of Tenant and such Mortgagee of the holder and upon anyone purchasing the Mortgaged Property mortgaged premises at any foreclosure sale. Within fifteen (15) days of Landlord's prior written request, Tenant agrees to execute and deliver from time to time a written agreement and any other documents in order to accomplish the purposes of this Section 8.1 which are required by any Mortgagee or issuer of any commitment to make a Mortgage, provided, however, any Any such agreement will only be executed in exchange for a non-disturbance agreement executed by such Mortgagee or issuer of a commitment to make a mortgage. Failure of Tenant to so execute and deliver said documents) within ten (10) days of Landlord's written demand notice subsequent to Landlord' s initial fifteen (15) day prior written request shall constitute a default under this Lease. Any Mortgage mortgage to which this Lease shall be subordinated may contain such terms, provisions and conditions as the Mortgagee holder reasonably deems usual or customary; provided. Further and as a condition to Tenant’s obligations under this Lease, howeverLandlord agrees to obtain and deliver to Tenant within thirty (30) days of this Lease, a Subordination, Non-Disturbance and Attornment Agreement (“SNDA”) from its current lender, Bank of America, N.A. (“Lender”), substantially in accordance with Exhibit “J” attached hereto (or from any future lender in such form as may be reasonably requested by such future lender and reasonably agreed to by Tenant). In the event an SNDA is not obtained from the Lender for the benefit of Tenant within thirty (30) days from the date of this Lease, Tenant shall have the right to terminate this Lease. Landlord represents and warrants that any term (i) there is no default under the mortgage or condition therein which is intended to amend this Lease or lessen Tenant's rights hereunder shall not be deemed usual or customary. Unless Landlord exercises such optionrelated loan documents with the Lender, this Lease shall be superior to and shall not be subordinate to any Mortgage or other voluntary lien or other encumbrance (ii) the maturity date on the Mortgaged Property. Said written agreement note which secures the mortgage held by the Lender is March 19, 2012, and (iii) no other documents shall accurately reflect mortgage, ground lease or superior lease encumbers the Lease terms and conditions in effect at that timeLot or the Building.