Common use of Subordination of Operating Lease Clause in Contracts

Subordination of Operating Lease. (a) Operator subordinates all contractual and statutory Liens (whether ▇▇▇▇▇▇ or inchoate) which Operator may be (or may become) entitled to assert against the Mortgaged Property or any other property of Borrower which is subject to a Lien in favor of Lender to all of the assignments and Liens securing the Loan contemplated by the Loan Documents (including any future amendments), and Operator fully and completely waives any and all rights that Operator may have, now or in the future (and to the extent permitted by law, the rights that Operator’s suppliers, and laborers may have now or in the future), to claim, directly or indirectly, a priority of Lien, in whole or in part, against or in the Mortgaged Property or any other property of Borrower which is subject to a Lien in favor of Lender over any assignments or Liens that Lender may claim against the Mortgaged Property or any other such property of Borrower under the Loan Documents (including any future amendments). This subordination will be self-operative and no further instrument of subordination will be required. However, in further confirmation of such subordination, Operator and Borrower will, promptly upon the request of ▇▇▇▇▇▇ execute, acknowledge and deliver to Lender such instruments as Lender reasonably requires. (b) Operator agrees that (i) any amounts payable to Operator by Borrower pursuant to the Operating Lease are and will be subordinated in right of payment to the prior payment in full of the Indebtedness, and (ii) the Operating Lease is and will be subject and subordinate in all respects to the Lien, terms, covenants and conditions of the Security Instrument and the other Loan Documents and to all advances heretofore made or which may hereafter be made pursuant to the Note, the Loan Agreement, the Security Instrument (including all sums advanced for the purposes of (x) protecting or further securing the Lien of the Security Instrument or the Loan Agreement, curing defaults by Borrower under the Security Instrument or the Loan Agreement or for any other purposes expressly permitted by the Security Instrument or the Loan Agreement, or (y) constructing, renovating, repairing, furnishing, fixturing or equipping the Mortgaged Property) or the other Loan Documents. (c) Without limiting the subordination or other provisions of this Agreement in any way, in the event of any conflict between the Operating Lease and the Loan Documents as to the rights to and/or disposition of any Awards or Insurance Proceeds, the provisions of the Loan Documents will be controlling. (d) This Agreement satisfies any requirement in the Operating Lease that Borrower provide Operator with a subordination, non-disturbance and attornment agreement (or similar agreement); and Operator waives any such requirement, condition or covenant provided in the Operating Lease. (e) Notwithstanding any of the prior provisions of this Section to the contrary, Lender may elect to subordinate the Security Instrument to the Operating Lease; provided such election is in writing in a Notice to Operator; and provided further that in such event the rights and Liens of Lender in and to Awards and Insurance Proceeds will continue to be superior to Operator’s rights or Liens under the Operating Lease or otherwise.

Subordination of Operating Lease. (a) Operator hereby subordinates all contractual and statutory Liens liens and security interests (whether ▇c▇▇▇▇▇ or inchoate) which Operator may be (or may become) entitled to assert against the Mortgaged Property or any other property of Borrower which is subject to a Lien in favor of Lender to all of the assignments assignments, liens, and Liens security interests securing the Loan contemplated by the Loan Documents (including any future amendments), and Operator fully and completely waives any and all rights that Operator may have, now or in the future (and to the extent permitted by law, the rights that Operator’s 's suppliers, and laborers may have now or in the future), to claim, directly or indirectly, a priority of Lienlien or security interest, in whole or in part, against or in the Mortgaged Property or any other property of Borrower which is subject to a Lien in favor of Lender over any assignments or Liens assignments, liens, and security interests that Lender may claim against the Mortgaged Property or any other such property of Borrower under the Loan Documents (including any future amendments). This subordination will shall be self-operative and no further instrument of subordination will shall be required. However, in further confirmation of such subordination, Operator and Borrower willshall, promptly upon the request of ▇▇▇▇▇▇ Lender execute, acknowledge and deliver to Lender such instruments as Lender reasonably requires. (b) Operator hereby agrees that (i) any amounts fees payable to Operator by Borrower pursuant to the Operating Lease are and will shall be subordinated in right of payment payment, to the prior payment in full of the Indebtedness, and (ii) the Operating Lease is and will shall be subject and subordinate in all respects to the Lienliens, terms, covenants and conditions of the Security Instrument and the other Loan Documents and to all advances heretofore made or which may hereafter be made pursuant to the Note, the Loan Agreement, the Security Instrument (including all sums advanced for the purposes of (x) protecting or further securing the Lien lien of the Security Instrument or the Loan AgreementInstrument, curing defaults by Borrower under the Security Instrument or the Loan Agreement or for any other purposes expressly permitted by the Security Instrument or the Loan AgreementInstrument, or (y) constructing, renovating, repairing, furnishing, fixturing or equipping the Mortgaged Property) or the other Loan Documents). (c) Without limiting the subordination or other provisions of this Agreement in any way, in the event of any conflict between the Operating Lease and the Loan Documents as to the rights to and/or disposition of any Awards or Insurance Proceeds, the provisions of the Loan Documents will be controlling. (d) This Agreement satisfies any requirement in the Operating Lease that Borrower provide Operator with a subordination, non-disturbance and attornment agreement (or similar agreement); and Operator waives any such requirement, condition or covenant provided in the Operating Lease. (e) Notwithstanding any of the prior provisions of this Section to the contrary, Lender may elect to subordinate the Security Instrument to the Operating Lease; provided such election is in writing in a Notice to Operator; and provided further that in such event the rights and Liens of Lender in and to Awards and Insurance Proceeds will continue to be superior to Operator’s rights or Liens under the Operating Lease or otherwise.