Priority of Mortgages. This instrument automatically and --------------------- without further act or deed shall be and remain subject and subordinate to any existing mortgage and any mortgage or mortgages that may hereafter be placed against the Premises by the Landlord, and to all renewals, modifications, ▇▇▇▇▇▇▇ dations, replacements and extensions thereof; provided, however, that such subordination shall apply only with respect to mortgages in which the mortgagee expressly agrees, upon ▇▇▇▇▇▇'s written request, that, so long as Tenant is not in default in the payment of rent or in the performance of any of the Lease terms to be performed by it, ▇▇▇▇▇▇'s possession of the Leased Premises and ▇▇▇▇▇▇'s rights and privileges under the Lease (including any renewal thereof), shall not be interfered with or diminished by or on behalf of such mortgagee. The recording of any such mortgage or mortgages shall have preference to and shall be superior and prior in lien to this Lease, irrespective of any recording of this Lease or any notice thereof. This clause shall be self- operative and no further instrument of subordination shall be required. In confirmation of such subordination, Tenant shall execute promptly any reasonable and accurate certificate that Landlord may request. Landlord and ▇▇▇▇▇▇ further agree to execute and deliver to any lending institution requiring same, an amendment of lease incorporating such modifications of the terms and provisions of this Lease as such lending institution shall require as a condition precedent to their granting of a loan or a commitment secured by a mortgage entitled to priority as provided in this Section. Notwithstanding the foregoing, neither Landlord nor Tenant shall be required to execute any amendment of lease which shall modify the provisions of this Lease relating to the rent, the obligation on Tenant's part to pay taxes and other charges, the size and location of the Premises, the duration of the term, the Commencement Date, or any other material term.
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Sources: Lease Agreement (Idx Systems Corp)
Priority of Mortgages. This instrument automatically and --------------------- without further act or deed Lease shall be and remain subject and subordinate subordinated to the lien of all mortgages and deeds of trust at all times in any existing mortgage and any mortgage amount or mortgages amounts whatsoever that may now exist or hereafter be placed on or against the Premises by Building or Property, or on or against Landlord's interest or estate therein, all without the Landlordnecessity of having further instruments executed on the part of Tenant to effectuate such subordination. Notwithstanding the foregoing, and to all renewalsin the event of a foreclosure of any such mortgage or deed of trust or of any other action or proceeding for the enforcement thereof or of any sale thereunder, modificationsthis lease will not be barred, ▇▇▇▇▇▇▇ dationsterminated, replacements and extensions thereof; providedcut off, howeveror foreclosed, that such subordination nor will the rights or possession of Tenant hereunder be disturbed, if Tenant shall apply only with respect to mortgages in which the mortgagee expressly agrees, upon ▇▇▇▇▇▇'s written request, that, so long as Tenant is not then be in default in the payment of rent or other sums or be otherwise in default under this lease, and Tenant shall attorn to the performance purchaser at such foreclosure, sale, or other action or proceeding. Tenant agrees to execute, March 11, 1996 26 acknowledge, and deliver upon demand such further instruments evidencing such subordination of any of this lease to the Lease terms to be performed by it, ▇▇▇▇▇▇'s possession of the Leased Premises and ▇▇▇▇▇▇'s rights and privileges under the Lease (including any renewal thereof), shall not be interfered with or diminished by or on behalf of such mortgagee. The recording lien of any such mortgage mortgages or mortgages shall have preference deeds of trust as may reasonably be required by Landlord. Provided, however, that Tenant's covenant to and shall be superior and prior in lien to this Lease, irrespective of any recording of subordinate this Lease to mortgages or any notice thereofdeeds of trust hereafter executed is conditioned upon each such senior instrument containing the commitments specified in the preceding sentence. This clause shall be self- operative and no further instrument of subordination shall be required. In confirmation of such subordination, The Landlord represents to Tenant shall execute promptly any reasonable and accurate certificate that Landlord may request. Landlord and ▇▇▇▇▇▇ further agree to execute and deliver to any lending institution requiring same, an amendment of lease incorporating such modifications as of the terms and provisions of date this Lease as such lending institution shall lease is signed, there are currently no mortgages or other liens or interests that would take priority over this lease, and/or would require as a condition precedent to their granting of a loan or a commitment secured by a mortgage entitled to priority as provided in this Section. Notwithstanding the foregoing, neither Landlord nor Tenant shall be required to execute any amendment of lease which shall modify the provisions of this Lease relating to the rent, the obligation on Tenant's part to pay taxes and other charges, the size and location of the Premises, the duration of the term, the Commencement Date, or any other material termthird party consent.
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