SUBORDINATION AND NON-DISTURBANCE. This Lease is and shall be subject and subordinate to all ground leases, deeds of trust and mortgages (collectively "Mortgages") which may now or hereafter affect the Premises and to all renewals) modifications, consolidations) replacements, and extensions of such Mortgages; provided that at Landlord's election, this Lease shall be superior to any or all Mortgages. This provision is self-executing and no further instrument shall be required to establish such subordination or superiority; provided, Landlord shall obtain and deliver to Tenant from any present or future mortgagee, trustee, fee owner, prime lessor or any person having an interest in the Premises superior to this Lease ("Mortgagee") such Mortgagee's customary form of written subordination, non-disturbance and attornment agreement in recordable form providing, among other things, that so long as Tenant performs all of the terms, covenants and conditions of this Lease and agrees to attorn to the mortgagee, beneficiary of the deed of trust, purchaser at a foreclosure sale, prime lessor or fee owner or such customary terms and conditions as such Mortgagee may reasonably require, Tenant's rights under this Lease shall not be disturbed and shall remain in full force and effect for the Term, and Tenant shall not be joined by the holder of any mortgage or deed of trust in any action or proceeding to foreclose thereunder.
Appears in 1 contract
Sources: Lease Agreement (Ace Hardware Corp)
SUBORDINATION AND NON-DISTURBANCE. This Landlord may subordinate Tenant's interest in this Lease is and shall be subject and subordinate to all ground leases, deeds the lien of any mortgage or deed of trust and mortgages (collectively "Mortgages") which may now or hereafter affect be placed on the Premises and to all renewals) modifications, consolidations) replacements, and extensions of such Mortgages; provided that at Landlord's election, this Lease shall be superior to any or all MortgagesPremises. This provision is self-executing and no further instrument shall be required to establish such subordination or superiority; provided, Landlord shall obtain and deliver to Tenant from any present or future mortgagee, trustee, fee owner, prime lessor or any person having an interest in the Premises superior to this Lease (a "MortgageeSuperior Interest") such Mortgagee's customary form of ), a written subordination, subordination and non-disturbance and attornment agreement in recordable form providing, among other things, substantially in the form of EXHIBIT D attached hereto providing that so long as Tenant performs all of the terms, covenants and conditions of this Lease and agrees to attorn to the mortgagee, beneficiary of the deed of trust, purchaser at a foreclosure sale, prime lessor or fee owner or such customary terms and conditions as such Mortgagee may reasonably requireowner, Tenant's rights under this Lease shall not be disturbed and shall remain in full force and effect for the Term, and Tenant shall not be joined by the holder of any mortgage or deed of trust in any action or proceeding to foreclose thereunder. Landlord represents and warrants that, as of the date hereof, the only Superior Interest to this Lease is set forth on EXHIBIT E. Landlord shall cause all entities holding a Superior Interest to deliver to Tenant, on or prior to the Commencement Date, a non-disturbance agreement in accordance with this Paragraph 24.
Appears in 1 contract
Sources: Lease Agreement (Dt Industries Inc)
SUBORDINATION AND NON-DISTURBANCE. This Lease is and shall be subject and subordinate At the request from time to all ground leases, deeds time by one or more institutional holders of trust and mortgages (collectively "Mortgages") which may now or hereafter affect the Premises and to all renewals) modifications, consolidations) replacements, and extensions of such Mortgages; provided that at Landlord's election, this Lease shall be superior to any or all Mortgages. This provision is self-executing and no further instrument shall be required to establish such subordination or superiority; provided, Landlord shall obtain and deliver to Tenant from any present or future mortgagee, trustee, fee owner, prime lessor or any person having an interest in the Premises superior to this Lease ("Mortgagee") such Mortgagee's customary form of written subordination, non-disturbance and attornment agreement in recordable form providing, among other things, that so long as Tenant performs all of the terms, covenants and conditions of this Lease and agrees to attorn to the mortgagee, beneficiary of the deed of trust, purchaser at a foreclosure sale, prime lessor or fee owner or such customary terms and conditions as such Mortgagee may reasonably require, Tenant's rights under this Lease shall not be disturbed and shall remain in full force and effect for the Term, and Tenant shall not be joined by the holder of any mortgage or deed of trust that may hereafter be placed by the Landlord upon the Leased Property or any part thereof, and any and all renewals, replacements, modifications, consolidations, spreaders and extensions thereof, Tenant shall subordinate this Lease and all of Tenant's rights and estate hereunder to each such mortgage or deed of trust and agree with each such institutional holder that Tenant will attorn to and recognize such holder or the purchaser at any foreclosure sale or any sale under a power of sale contained in any action such mortgage or proceeding deed of trust, as the case may be, as Landlord under this Lease for the balance of the Term then remaining, subject to foreclose thereunderall of the terms and provisions of this Lease; provided, however, that each such institutional holder simultaneously executes and delivers a written agreement consenting to this Lease and agreeing that, notwithstanding any such other lease, mortgage, deed of trust, right, title or interest, or any default, expiration, termination, foreclosure, sale, entry or other act or omission under, pursuant to or affecting any of the foregoing, Tenant shall not be disturbed in peaceful enjoyment of the Leased Property nor shall this Lease be terminated or canceled at any time, except in the event Landlord shall have the right to terminate this Lease under the terms and provisions expressly set forth herein.
Appears in 1 contract
Sources: Lease Agreement (Magnetek Inc)
SUBORDINATION AND NON-DISTURBANCE. This Lease is and the rights of Tenant hereunder shall be and are subject and subordinate at all times to all ground leasesany mortgage, deeds of trust and mortgages (collectively "Mortgages") deed to secure debt or other security instruments which may now or hereafter affect constitute a lien or encumbrance upon the Premises and or any other part of the Property (hereinafter referred to all renewals) modifications, consolidations) replacements, and extensions of such Mortgages; provided that at Landlord's election, this Lease as a "Mortgage"). This subordination shall be superior to any or all Mortgages. This provision is self-executing operative. Although such subordination is and no further instrument shall be required to establish automatic and self-operative, Tenant shall promptly execute and deliver such further instruments confirming such subordination as may be requested by Landlord. If any such Mortgage shall hereafter be foreclosed, or superiority; provided, Landlord shall obtain and deliver to Tenant from any present or future mortgagee, trustee, fee owner, prime lessor if the Premises or any person having an interest in the Premises superior to this Lease ("Mortgagee") such Mortgagee's customary form of written subordination, non-disturbance and attornment agreement in recordable form providing, among other things, that so long as Tenant performs all portion of the termsProperty shall be sold under power of sale contained in any Mortgage, covenants and conditions Tenant shall, at the option of this Lease and agrees to the purchaser, attorn to the mortgagee, beneficiary purchaser at the foreclosure sale (or the purchaser by deed in lieu of foreclosure) and shall execute such instruments as may be necessary or appropriate to evidence such attornment. Landlord shall use reasonable efforts to obtain from its lender a written agreement in favor of Tenant providing that Tenant's possession and use of the deed Premises in accordance with the provisions of trust, purchaser at a foreclosure sale, prime lessor or fee owner or such customary terms and conditions as such Mortgagee may reasonably require, Tenant's rights under this Lease shall not be disturbed and shall remain by reason of the subordination to or any modification of or default under such deed to secure debt so long as Tenant is not in full force and effect for default in the Termperformance of its obligations under this Lease, and Tenant shall not with such agreement to be joined in a form then customarily utilized by the holder of any mortgage or deed of trust in any action or proceeding to foreclose thereunderinstitutional lenders.
Appears in 1 contract
Sources: Lease Agreement (Summit Bank Corp)
SUBORDINATION AND NON-DISTURBANCE. This Lease is and shall be subordinate and subject and subordinate to all ground leasesany mortgages covering the fee of the Project, deeds of trust and mortgages (collectively "Mortgages") which may now or hereafter affect the Premises and to all renewals) modifications, consolidations) replacementsmodifications or replacements thereof; provided, however, that with respect to any existing mortgage, no later than the date Tenant executes and extensions of such Mortgages; provided that at Landlord's election, delivers this Lease shall be superior and, with respect to any future mortgage, on or all Mortgages. This provision is self-executing and no further instrument shall be required to establish such subordination or superiority; providedbefore the effective date thereof, Landlord shall obtain and deliver to Tenant from any present or future its mortgagee, trustee, fee owner, prime lessor or any person having an interest a written agreement with Tenant generally in the Premises superior to this Lease ("Mortgagee") such Mortgagee's customary form of written subordinationattached hereto and marked EXHIBIT K. The agreement shall be binding on their respective legal representatives, non-disturbance successors and attornment agreement in recordable form providingassigns and provide, among other thingsprovisions, that so long as this Lease shall be in full force and effect
(a) Tenant performs all shall not be joined as a defendant in any proceeding which may be instituted to foreclose or enforce the mortgage; (b) Tenant's possession and use of the terms, covenants and conditions Project in accordance with the provisions of this Lease and agrees to attorn to the mortgagee, beneficiary of the deed of trust, purchaser at a foreclosure sale, prime lessor or fee owner or such customary terms and conditions as such Mortgagee may reasonably require, Tenant's rights under this Lease shall not be affected or disturbed by reason of the subordination to or any modification of or default so long as Tenant is not in default under this Lease; and shall remain (c) the mortgagee will make available to Landlord the insurance proceeds payable under policies of insurance required to be carried by Landlord in full force and effect Article Ten for the Termpurposes agreed upon in Article Ten. If the mortgagee or any successor in interest shall succeed to the rights of Landlord under this Lease, whether through possession, surrender, assignment, subletting, judicial or foreclosure action, or delivery of a deed or otherwise, Tenant will attorn to and Tenant shall not be joined by recognize such successor-landlord as Tenant's landlord provided the holder successor-landlord accepts such attornment and recognizes Tenant's rights of any mortgage or deed possession and use of trust the Leased Premises in any action or proceeding to foreclose thereunderaccordance with the provisions of this Lease.
Appears in 1 contract