Subordination Clause Example with 18 Variations from Business Contracts
This page contains Subordination clauses in business contracts and legal agreements. An example clause is provided at the top of the page, followed by clauses with minor variations. You can view the text differences by selecting the "Show Differences" option.
Subordination. 28.1 EFFECT OF SUBORDINATION. This Lease shall be subject and subordinate to any ground lease, mortgage, deed of trust or any other hypothecation or security now or hereafter placed upon the Project and to any and all advances made on the security thereof and to all renewals, modifications, consolidations, replacements and extensions thereof. Notwithstanding such subordination, Tenant's right to quiet possession of the Premises shall not be disturbed if Tenant is not in default and so long as Te...nant shall pay the rent and observe and perform all of the provisions of this Lease, unless this Lease is otherwise terminated pursuant to its terms. At the request of any mortgagee, trustee or ground lessor, Tenant shall attorn to such person or entity. If any mortgagee, trustee or ground lessor shall elect to have this Lease and any Options granted hereby prior to the lien of its mortgage, deed of trust or ground lease, and shall give written notice thereof to Tenant, this Lease and such Options shall be deemed prior to such mortgage, deed of trust or ground lease, whether this Lease or such Options are dated prior or subsequent to the date of said mortgage, deed of trust or ground lease or the date of recording thereof. In the event of the foreclosure of a security device, the new owner shall not (a) be liable for any act or omission of any prior landlord or with respect to events occurring prior to its acquisition of title, (b) be liable for the breach of this Lease by any prior landlord, (c) be subject to any offsets or defenses which Tenant may have against the prior landlord or (d) be liable to Tenant for the return of its security deposit. 28.2 EXECUTION OF DOCUMENTS. Tenant agrees to execute and acknowledge any documents Landlord reasonably requests that Tenant execute to effectuate an attornment, a subordination, or to make this Lease or any Option granted herein prior to the lien of any mortgage, deed of trust or ground lease, as the case may be, provided that any such instrument shall recognize Tenant's rights under this Lease. Tenant's failure to execute such documents within ten (10) business days after written demand shall constitute a material default by Tenant hereunder. 23 28.3 SUBORDINATION BY TENANT. As of the date set forth in Section 1.1 above, no mortgages or deeds of trust encumber Landlord's interest in the Project. Notwithstanding anything to the contrary contained in the Lease, Tenant shall not be obligated to subordinate its interest in the Lease to a future mortgage or deed of trust obtained by Landlord unless the lender provides Tenant with a commercially reasonable nondisturbance agreement.View More
Variations of a "Subordination" Clause from Business Contracts
Subordination. 28.1 EFFECT OF SUBORDINATION. This (a)This Lease shall be subject and subordinate to any ground lease, mortgage, deed of trust trust, or any other hypothecation or for security now or hereafter placed upon the Project Building and to any and all advances made on the security thereof or Landlord's interest therein, and to all renewals, modifications, consolidations, replacements and extensions thereof. Notwithstanding such subordination, Tenant's right In the event any mortgage or deed of trust t...o quiet possession of the Premises shall not be disturbed if Tenant is not in default and so long as Tenant shall pay the rent and observe and perform all of the provisions of this Lease, unless which this Lease is otherwise terminated pursuant subordinate is foreclosed or a deed in lieu of foreclosure is given to its terms. At the request of any mortgagee, trustee mortgagee or ground lessor, beneficiary, Tenant shall attorn to such person the purchaser at the foreclosure sale or entity. If to the grantee under the deed in lieu of foreclosure; in the event any mortgagee, trustee or ground lessor shall elect lease to have which this Lease and is subordinate is SMRH:432982280.2 -15- Exhibit 10.1 terminated, Tenant shall attorn to the ground lessor. Tenant agrees to execute any Options granted hereby documents required to effectuate such subordination, to make this Lease prior to the lien of its mortgage, any mortgage or deed of trust or ground lease, and shall give written notice thereof or to Tenant, evidence such attornment. (b)In the event any mortgage or deed of trust to which this Lease is subordinate is foreclosed or a deed in lieu of foreclosure is given to the mortgagee or beneficiary, or in the event any ground lease to which this Lease is subordinate is terminated, this Lease shall not be barred, terminated, cut off or foreclosed nor shall the rights and such Options possession of Tenant hereunder be disturbed if Tenant shall not then be deemed prior in default in the payment of rental and other sums due hereunder or otherwise be in default under the terms of this Lease, and if Tenant shall attorn to such the purchaser, grantee, or ground lessor as provided in subparagraph (a) above or, if requested, enter into a new lease for the balance of the term hereof upon the same terms and provisions as are contained in this Lease. Tenant's covenant under subparagraph (a) above to subordinate this Lease to any ground lease, mortgage, deed of trust or ground lease, whether other hypothecation hereafter executed is conditioned upon each such senior instrument containing the commitments specified in this Lease or such Options are dated prior or subsequent to the date of said mortgage, deed of trust or ground lease or the date of recording thereof. In the event of the foreclosure of a security device, the new owner shall not (a) be liable for any act or omission of any prior landlord or with respect to events occurring prior to its acquisition of title, (b) be liable for the breach of this Lease by any prior landlord, (c) be subject to any offsets or defenses which Tenant may have against the prior landlord or (d) be liable to Tenant for the return of its security deposit. 28.2 EXECUTION OF DOCUMENTS. Tenant agrees to execute and acknowledge any documents Landlord reasonably requests that Tenant execute to effectuate an attornment, a subordination, or to make this Lease or any Option granted herein prior to the lien of any mortgage, deed of trust or ground lease, as the case may be, provided that any such instrument shall recognize Tenant's rights under this Lease. Tenant's failure to execute such documents within ten (10) business days after written demand shall constitute a material default by Tenant hereunder. 23 28.3 SUBORDINATION BY TENANT. As of the date set forth in Section 1.1 above, no mortgages or deeds of trust encumber Landlord's interest in the Project. Notwithstanding anything to the contrary contained in the Lease, Tenant shall not be obligated to subordinate its interest in the Lease to a future mortgage or deed of trust obtained by Landlord unless the lender provides Tenant with a commercially reasonable nondisturbance agreement. subparagraph (b). View More
Subordination. 28.1 EFFECT OF SUBORDINATION. This Lease shall be subject and subordinate at all times to the Decalaration and any ground lease, mortgage, deed of trust or any other hypothecation or security now or hereafter placed upon the Project master lease (and such extensions and to any modifications thereof), and all advances made on the security thereof and to all renewals, modifications, consolidations, replacements and extensions thereof. Notwithstanding such subordination, Tenant's right to quiet pos...session of the Premises shall not be disturbed if Tenant is not in default and so long as Tenant shall pay the rent and observe and perform all of the provisions of this Lease, unless this Lease is otherwise terminated pursuant to its terms. At the request of any mortgagee, trustee or ground lessor, Tenant shall attorn to such person or entity. If any mortgagee, trustee or ground lessor shall elect to have this Lease and any Options granted hereby prior to the lien of its mortgage, deed of trust or ground lease, and shall give written notice thereof to Tenant, this Lease and such Options shall be deemed prior to such mortgage, deed of trust or ground lease, whether this Lease or such Options are dated prior or subsequent to the date of said mortgage, deed of trust or ground lease or the date of recording thereof. In the event of the foreclosure of a security device, the new owner shall not (a) be liable for any act or omission of any prior landlord or with respect to events occurring prior to its acquisition of title, (b) be liable for the breach of this Lease by any prior landlord, (c) be subject to any offsets or defenses which Tenant may have against the prior landlord or (d) be liable to Tenant for the return of its security deposit. 28.2 EXECUTION OF DOCUMENTS. Tenant agrees to execute and acknowledge any documents Landlord reasonably requests that Tenant execute to effectuate an attornment, a subordination, or to make this Lease or any Option granted herein prior to the lien of any mortgage, deed mortgage now or hereafter encumbering all or any portion of trust the Premises (as well as to any advances made thereunder and to all renewals, replacements, modifications and extensions thereof). Notwithstanding the foregoing, Landlord shall have the right to subordinate or cause to be subordinated the Declaration or any ground or master leases or the lien of any or all mortgages to this Lease. In the event that any mortgage is foreclosed or a conveyance in lieu of foreclosure is made for any reason, at the election of Landlord's successor in interest, Tenant shall attorn to and become the tenant of such successor. Tenant hereby waives its rights under any current or future law which gives or purports to give Tenant any right to terminate or otherwise adversely affect this Lease and the obligations of Tenant hereunder in the event of any such foreclosure proceeding or sale. Subject to the foregoing, Tenant covenants and agrees to execute and deliver to Landlord within fifteen (15) days after receipt of written demand by Landlord and in the form reasonably required by Landlord, any additional documents evidencing the priority or subordination of this Lease with respect to the Declaration or any ground lease or master lease or the lien of any such mortgage or Tenant's agreement to attorn. If, in connection with Landlord's obtaining or entering into any financing or ground lease, lease for any portion of the Premises, the lender or ground Landlord shall request modifications to this Lease, Tenant shall, within ten (10) days after request therefor, execute an amendment to this Lease including such modifications, provided such modifications are reasonable, do not increase the obligations of Tenant hereunder, or adversely affect the leasehold estate created hereby or Tenant's rights hereunder and Landlord shall reimburse Tenant for its reasonable costs (including reasonable attorneys' fees) in connection with the foregoing. Without limiting the generality of the foregoing, Landlord shall use best efforts to obtain a non-disturbance agreement from the holder of the mortgage currently encumbering the Project ("Lender") substantially in the form annexed hereto as Exhibit F. Tenant may negotiate said form with the case may be, Lender provided that Tenant will pay any such instrument shall recognize fee or cost imposed by Lender, the IDA and its counsel as a result thereof, and Tenant's rights obligations under this Lease. Tenant's failure Lease shall not be waived or delayed, and Landlord's rights and remedies shall not be materially affected in the event a non-disturbance agreement is not executed. Furthermore, in the event this Lease is to execute such documents within be subject to any mortgage hereafter in effect, then Landlord shall use best efforts to deliver to Tenant a non-disturbance agreement, reasonably satisfactory to Tenant and the then mortgagee. 30 23. Estoppel Certificate. Within ten (10) business days after following Landlord's written demand request, Tenant shall constitute a material default execute and deliver to Landlord an estoppel certificate certifying: (a) the Commencement Date; (b) that this Lease is unmodified and in full force and effect (or, if modified, that this Lease is in full force and effect as modified, and stating the date and nature of such modifications); (c) the date to which the Rent and other sums payable under this Lease have been paid; (d) that there are not, to the best of Tenant's knowledge, any defaults under this Lease by Tenant hereunder. either Landlord or Tenant, except as specified in such certificate; (e) all work to be completed by Landlord shall have been completed and performed; (f) the amount of any security deposit; and (g) such other matters as are reasonably requested by Landlord. Any such estoppel certificate delivered pursuant to this Section 23 28.3 SUBORDINATION BY TENANT. As may be relied upon by any mortgagee, beneficiary, purchaser or prospective purchaser of any portion of the date set forth in Section 1.1 above, no mortgages or deeds of trust encumber Landlord's interest in the Project. Notwithstanding anything to the contrary contained in the Lease, Tenant shall not be obligated to subordinate its interest in the Lease to a future mortgage or deed of trust obtained by Landlord unless the lender provides Tenant with a commercially reasonable nondisturbance agreement. Premises, as well as their assignees. View More
Subordination. 28.1 EFFECT OF SUBORDINATION. (a) This Lease Lease, at lessor's option, shall be subject and subordinate to any ground lease, mortgage, deed of trust trust, or any other hypothecation or security now or hereafter placed upon the Project real property of which the Premises are a part and to any and all advances made on the security thereof and to all renewals, modifications, consolidations, replacements and extensions thereof. Notwithstanding such subordination, Tenant's Lessee's right to quiet p...ossession of the Premises shall not be disturbed if Tenant Lessee is not in default and so long as Tenant shall Lessee shalt pay the rent and observe and perform all of the provisions of this Lease, unless this Lease is otherwise terminated pursuant to its terms. At the request of any mortgagee, trustee or ground lessor, Tenant shall attorn to such person or entity. If any mortgagee, trustee or ground lessor shall elect to have this Lease and any Options granted hereby prior to the lien of its mortgage, mortgage. deed of trust or ground lease, and shall give written notice thereof to Tenant, Lessee, this Lease and such Options shall be deemed prior to such mortgage, deed of trust trust, or ground lease, whether this Lease or such Options are is dated prior or subsequent to the date of said mortgage, deed of trust or ground lease or the date of recording thereof. In the event of the foreclosure of a security device, the new owner shall not (a) be liable for any act or omission of any prior landlord or with respect to events occurring prior to its acquisition of title, (b) be liable for the breach of this Lease by any prior landlord, (c) be subject to any offsets or defenses which Tenant may have against the prior landlord or (d) be liable to Tenant for the return of its security deposit. 28.2 EXECUTION OF DOCUMENTS. Tenant Lessee agrees to execute and acknowledge any documents Landlord reasonably requests that Tenant execute required to effectuate an attornment, a subordination, or to make this Lease or any Option granted herein prior to the lien of any mortgage, deed of trust or ground lease, as the case may be, provided that any such instrument shall recognize Tenant's rights under this Lease. Tenant's be. Lessee's failure to execute such documents within ten (10) business 10 days after alter written demand shall constitute a material default by Tenant hereunder. 23 28.3 SUBORDINATION BY TENANT. As Lessee hereunder, or at Lessor's option, Lessor shall execute such documents on behalf of the date set forth Lessee as Lessee's attorney-in-fact. Lessee does hereby make, constitute and irrevocably appoint Lessor as Lessee's attorney-in-fact and in Section 1.1 above, no mortgages or deeds of trust encumber Landlord's interest Lessee's name, place and stead, to execute such documents in the Project. Notwithstanding anything to the contrary contained in the Lease, Tenant shall not be obligated to subordinate its interest in the Lease to a future mortgage or deed of trust obtained by Landlord unless the lender provides Tenant accordance with a commercially reasonable nondisturbance agreement. this paragraph 30(b). View More
Subordination. 28.1 EFFECT OF SUBORDINATION. This Lease shall be subject and subordinate to any ground lease, master lease, mortgage, deed of trust trust, or any other hypothecation or for security now or hereafter later placed upon the Project Building and to any and all advances made on the security thereof of it or Landlord's interest in it, and to all renewals, modifications, consolidations, replacements replacements, and extensions thereof. Notwithstanding such subordination, Tenant's right to quiet posse...ssion of the Premises shall not be disturbed it. However, if Tenant is not in default and so long as Tenant shall pay the rent and observe and perform all of the provisions of this Lease, unless this Lease is otherwise terminated pursuant to its terms. At the request of any mortgagee, trustee or ground lessor, Tenant shall attorn to such person or entity. If any mortgagee, trustee trustee, master lease or ground lessor shall elect elects to have this Lease and any Options granted hereby prior to the lien of its mortgage, mortgage or deed of trust or prior to its master lease or ground lease, and shall give written gives notice thereof of that to Tenant, this Lease and such Options shall be deemed prior to such the mortgage, deed of trust trust, master lease or ground lease, whether this Lease or such Options are is dated prior or subsequent to the date of said the mortgage, deed of trust trust, master lease or ground lease lease, or the date of recording thereof. of it. In the event any mortgage or deed of trust to which this Lease is subordinate is foreclosed or a deed in lieu of foreclosure is given to the mortgagee or beneficiary, Tenant shall attorn to the purchaser at the foreclosure sale or to the grantee under the deed in lieu of foreclosure. In the event of the foreclosure of a security device, the new owner shall not (a) be liable for any act or omission termination of any prior landlord master lease or with respect ground lease to events occurring prior to its acquisition of title, (b) be liable for the breach of which this Lease by any prior landlord, (c) be subject is subordinate, Tenant shall attorn to any offsets the master lessor or defenses which Tenant may have against the prior landlord or (d) be liable to Tenant for the return of its security deposit. 28.2 EXECUTION OF DOCUMENTS. ground lessor. Tenant agrees to execute any documents, in form and acknowledge any documents Landlord substance reasonably requests that Tenant execute acceptable to Tenant, required to effectuate an attornment, a the subordination, or to make this Lease or any Option granted herein prior to the lien of any mortgage, deed of trust or ground lease, as the case may be, provided that any such instrument shall recognize Tenant's rights under this Lease. Tenant's failure to execute such documents within ten (10) business days after written demand shall constitute a material default by Tenant hereunder. 23 28.3 SUBORDINATION BY TENANT. As of the date set forth in Section 1.1 above, no mortgages or deeds of trust encumber Landlord's interest in the Project. Notwithstanding anything to the contrary contained in the Lease, Tenant shall not be obligated to subordinate its interest in the Lease to a future mortgage or deed of trust obtained by Landlord unless trust, master lease or ground lease, or to evidence the lender provides Tenant with a commercially reasonable nondisturbance agreement. attornment. View More
Subordination. 28.1 EFFECT OF SUBORDINATION. (a) This Lease Lease, and any Option or right of first refusal granted hereby, at Lessor's option, shall be subject and subordinate to any ground lease, mortgage, deed of trust trust, or any other hypothecation or security now or hereafter placed upon the Office Building Project and to any and all advances made on the security thereof and to all renewals, modifications, consolidations, replacements and extensions thereof. Notwithstanding such subordination, Tenant's... Lessee's right to quiet possession of the Premises shall not be disturbed if Tenant Lessee is not in default and so long as Tenant Lessee shall pay the rent and observe and perform all of the provisions of this Lease, unless this Lease is otherwise terminated pursuant to its terms. At the request of any mortgagee, trustee or ground lessor, Tenant shall attorn to such person or entity. If any mortgagee, trustee or ground lessor shall elect to have this Lease and any Options granted hereby prior to the lien of its mortgage, mortgage. deed of trust or ground lease, and shall give written notice thereof to Tenant, Lessee, this Lease and such Options shall be deemed prior to such mortgage, deed of trust or ground lease, whether this Lease or such Options are dated prior or subsequent to the date of said mortgage, deed of trust or ground lease or the date of recording thereof. In the event of the foreclosure of a security device, the new owner shall not (a) be liable for any act or omission of any prior landlord or with respect to events occurring prior to its acquisition of title, (b) be liable for the breach of this Lease by any prior landlord, (c) be subject to any offsets or defenses which Tenant may have against the prior landlord or (d) be liable to Tenant for the return of its security deposit. 28.2 EXECUTION OF DOCUMENTS. Tenant Lessee agrees to execute and acknowledge any documents Landlord reasonably requests that Tenant execute required to effectuate an attornment, a subordination, or to make this Lease or any Option granted herein prior to the lien of any mortgage, deed of trust or ground lease, as the case may be, provided that any such instrument shall recognize Tenant's rights under this Lease. Tenant's be. Lessee's failure to execute such documents within ten (10) business days after written demand shall constitute a material default by Tenant hereunder. 23 28.3 SUBORDINATION BY TENANT. As Lessee hereunder without further notice to Lessee or, at Lessor's option, Lessor shall execute such documents on behalf of the date set forth Lessee as Lessee's attorney-in-fact. Lessee does hereby make, constitute and irrevocably appoint Lessor as Lessee's attorney-in-fact and in Section 1.1 above, no mortgages or deeds of trust encumber Landlord's interest Lessee's name, place and stead, to execute such documents in the Project. Notwithstanding anything to the contrary contained in the Lease, Tenant shall not be obligated to subordinate its interest in the Lease to a future mortgage or deed of trust obtained by Landlord unless the lender provides Tenant accordance with a commercially reasonable nondisturbance agreement. this paragraph 30(b). View More
Subordination. 28.1 EFFECT OF SUBORDINATION. This Provided Landlord obtains from any applicable lender a commercially reasonable subordination, non-disturbance and attornment agreement which provides that Tenant's occupancy of the Premises will not be disturbed so long as no Event of Default is continuing, this Lease shall be subject and subordinate to any ground lease, master lease, mortgage, deed of trust trust, or any other hypothecation or for security now or hereafter later placed upon the Building or the... Project and to any and all advances made on the security thereof of it or Landlord's interest in it, and to all renewals, modifications, consolidations, replacements replacements, and extensions thereof. Notwithstanding such subordination, Tenant's right to quiet possession of the Premises shall not be disturbed it. However, if Tenant is not in default and so long as Tenant shall pay the rent and observe and perform all of the provisions of this Lease, unless this Lease is otherwise terminated pursuant to its terms. At the request of any mortgagee, trustee or ground lessor, Tenant shall attorn to such person or entity. If any mortgagee, trustee trustee, master lease or ground lessor shall elect elects to have this Lease and any Options granted hereby prior to the lien of its mortgage, mortgage or deed of trust or prior to its master lease or ground lease, and shall give written gives notice thereof of that to Tenant, this Lease and such Options shall be deemed prior to such the mortgage, deed of trust trust, master lease or ground lease, whether this Lease or such Options are is dated prior or subsequent to the date of said the mortgage, deed of trust trust, master lease or ground lease lease, or the date of recording thereof. of it. In the event any mortgage or deed of trust to which this Lease is subordinate is foreclosed or a deed in lieu of foreclosure is given to the mortgagee or beneficiary, Tenant shall attorn to the purchaser at the foreclosure sale or to the grantee under the deed in lieu of foreclosure. In the event of the foreclosure of a security device, the new owner shall not (a) be liable for any act or omission termination of any prior landlord master lease or with respect ground lease to events occurring prior to its acquisition of title, (b) be liable for the breach of which this Lease by any prior landlord, (c) be subject is subordinate, Tenant shall attorn to any offsets the master lessor or defenses which Tenant may have against the prior landlord or (d) be liable to Tenant for the return of its security deposit. 28.2 EXECUTION OF DOCUMENTS. ground lessor. Tenant agrees to execute any documents, in form and acknowledge any documents Landlord substance reasonably requests that Tenant execute acceptable to Tenant, required to effectuate an attornment, a the subordination, or to make this Lease or any Option granted herein prior to the lien of any mortgage, deed of trust or ground lease, as the case may be, provided that any such instrument shall recognize Tenant's rights under this Lease. Tenant's failure to execute such documents within ten (10) business days after written demand shall constitute a material default by Tenant hereunder. 23 28.3 SUBORDINATION BY TENANT. As of the date set forth in Section 1.1 above, no mortgages or deeds of trust encumber Landlord's interest in the Project. Notwithstanding anything to the contrary contained in the Lease, Tenant shall not be obligated to subordinate its interest in the Lease to a future mortgage or deed of trust obtained by Landlord unless trust, master lease or ground lease, or to evidence the lender provides attornment provided such documents affirm Tenant's tenancy of the Premises will not be disturbed so long as Tenant with a commercially reasonable nondisturbance agreement. is not in default. View More
Subordination. 28.1 EFFECT OF SUBORDINATION. 25.1 This Lease Lease, at Landlord's option, shall be subject and subordinate to the lien of any ground lease, mortgage, deed of trust trust, or any other hypothecation or security now or hereafter placed upon the Project Building or Site and to any and all advances made on the security thereof and to all renewals, modifications, consolidations, replacements and extensions thereof. Notwithstanding such subordination, Tenant's interest under this Lease and right to q...uiet possession of the Premises shall not be disturbed if Tenant is not in default beyond any applicable notice and so long as Tenant shall pay the rent and observe and perform all of the provisions of this Lease, cure period, unless this Lease is otherwise terminated pursuant to its terms. At the request of any mortgagee, trustee or ground lessor, Tenant shall attorn to such person or entity. If any mortgagee, trustee or ground lessor shall elect to have this Lease and any Options options granted hereby prior to the lien of its mortgage, deed of trust or ground lease, and shall give written notice thereof to Tenant, this Lease and such Options option(s) shall be deemed prior to such mortgage, deed of trust or ground lease, whether this Lease or such Options options are dated prior or subsequent to the date of said mortgage, deed of trust or ground lease or the date of recording thereof. In Not later than thirty (30) days after the Effective Date, Landlord shall deliver from any lenders or ground lessors of the Premises a written agreement in form reasonably satisfactory to Tenant providing for recognition of Tenant's interests under this Lease in the event of the a foreclosure of a the lender's security device, interest or termination of the new owner shall not (a) be liable for any act or omission of any prior landlord or with respect to events occurring prior to its acquisition of title, (b) be liable for ground lease. Further, notwithstanding the breach foregoing, the subordination of this Lease by to a ground lease or instrument of security shall be conditioned upon Tenant's receipt from any prior landlord, (c) be subject to any offsets such ground lessors or defenses which Tenant may have against the prior landlord or (d) be liable to Tenant for the return lenders of its security deposit. 28.2 EXECUTION OF DOCUMENTS. such a recognition agreement. 25.2 Tenant agrees to execute and acknowledge any commercially reasonable documents Landlord reasonably requests that Tenant execute required to effectuate an attornment, a subordination, or to make this Lease or any Option granted herein prior to the lien of any mortgage, deed of trust or ground lease, as the case may be, provided that any such instrument shall recognize Tenant's rights under this Lease. Tenant's failure to execute such documents be within ten (10) business days after written demand demand. 38 26. Estoppel Certificate. 26.1 Tenant's Obligations. Within ten (10) business days following Landlord's written request, Tenant shall constitute a material default execute and deliver to Landlord an estoppel certificate provided by Landlord certifying: (a) the Commencement Date of this Lease; (b) that this Lease is unmodified and in full force and effect (or, if modified, that this Lease is in full force and effect as modified, and stating the date and nature of such modifications); (c) the date to which the Rent and other sums payable under this Lease have been paid; (d) that there are not, to Tenant's current actual knowledge, any defaults under this Lease by either Landlord or Tenant, except as specified in such certificate; and (e) such other factual matters as are reasonably requested by Landlord. Any such estoppel certificate delivered pursuant to this Section 26.1 may be relied upon by any mortgagee, beneficiary, purchaser or prospective purchaser of any portion of the Site, as well as their assignees. 26.2 Landlord's Obligations. Within ten (10) business days following Tenant's written request, Landlord shall execute and deliver to Tenant an estoppel certificate provided by Tenant hereunder. 23 28.3 SUBORDINATION BY TENANT. As certifying: (a) the Commencement Date of this Lease; (b) that this Lease is unmodified and in full force and effect (or, if modified, that this Lease is in full force and effect as modified, and stating the date set forth and nature of such modifications); (c) the date to which the Rent and other sums payable under this Lease have been received by Landlord; (d) that there are not, to Landlord's current actual knowledge, any defaults under this Lease by either Landlord or Tenant, except as specified in Section 1.1 above, no mortgages or deeds of trust encumber Landlord's interest in the Project. Notwithstanding anything to the contrary contained in the Lease, Tenant shall not be obligated to subordinate its interest in the Lease to a future mortgage or deed of trust obtained such certificate; and (e) such other factual matters as are reasonably requested by Landlord unless the lender provides Tenant with a commercially reasonable nondisturbance agreement. Tenant. View More
Subordination. 28.1 EFFECT OF SUBORDINATION. This Lease at Lessor's option shall be subject and subordinate to any ground lease, mortgage, deed of trust trust, or any other hypothecation or for security now or hereafter placed upon the Project and premises, or any part thereof, or to any and all the advances made on the security thereof and to all renewals, modifications, consolidations, replacements and extensions thereof. Notwithstanding such subordination, Tenant's Lessee's right to quiet possession of the ...Premises premises shall not be disturbed if Tenant Lessee is not in default of this Lease and so long as Tenant Lessee shall pay the rent and observe and perform all of the provisions covenants of this Lease, unless this Lease is otherwise terminated pursuant to its terms. At the request of any mortgagee, trustee or ground lessor, Tenant shall attorn to such person or entity. If any mortgagee, trustee or ground lessor landlord shall elect to have this Lease and any Options granted hereby prior to the lien of its mortgage, deed of trust or ground lease, and shall give written notice thereof to Tenant, Lessee, this Lease and such Options shall be deemed prior to such mortgage, deed of trust or ground lease, whether this Lease or such Options are is dated prior to or subsequent to the date of said mortgage, deed of trust or ground lease or the date of recording thereof. In the event of the foreclosure of a security device, the new owner shall not (a) be liable for any act or omission of any prior landlord or with respect to events occurring prior to its acquisition of title, (b) be liable for the breach of this Lease by any prior landlord, (c) be subject to any offsets or defenses which Tenant may have against the prior landlord or (d) be liable to Tenant for the return of its security deposit. 28.2 EXECUTION OF DOCUMENTS. Tenant 11 Lessee agrees to execute and acknowledge any such documents Landlord reasonably requests that Tenant execute as are required to effectuate an attornment, a subordination, such subordination or to make this Lease or any Option granted herein prior to the lien of any mortgage, ground lease, mortgage or deed of trust or ground lease, trust, as the case may be, provided that any such instrument shall recognize Tenant's rights under this Lease. Tenant's failure and failing to execute such documents do so, within ten (10) business days after written demand shall written, demand, does hereby make, constitute a material default by Tenant hereunder. 23 28.3 SUBORDINATION BY TENANT. As of the date set forth and irrevocably appoint Lessor and Lessee's special attorney-in-fact and in Section 1.1 above, no mortgages or deeds of trust encumber Landlord's interest in the Project. Notwithstanding anything Lessee's name, place and stead, so to the contrary contained in the Lease, Tenant shall not be obligated to subordinate its interest in the Lease to a future mortgage or deed of trust obtained by Landlord unless the lender provides Tenant with a commercially reasonable nondisturbance agreement. do. View More
Subordination. 28.1 EFFECT OF SUBORDINATION. This Lease shall be subject and subordinate to any ground lease, mortgage, deed of trust trust, or any other hypothecation or for security now or hereafter later placed upon the Project Building and to any and all advances made on the security thereof of it or Landlord's interest in it, and to all renewals, modifications, consolidations, replacements replacements, and extensions thereof. Notwithstanding such subordination, Tenant's right to quiet possession of the P...remises shall not be disturbed it. However, if Tenant is not in default and so long as Tenant shall pay the rent and observe and perform all of the provisions of this Lease, unless this Lease is otherwise terminated pursuant to its terms. At the request of any mortgagee, trustee or ground lessor, Tenant shall attorn to such person or entity. If any mortgagee, trustee trustee, or ground lessor shall elect elects to have this Lease and any Options granted hereby prior to the lien of its mortgage, mortgage or deed of trust or prior to its ground lease, and shall give written gives notice thereof of that to Tenant, this Lease and such Options shall be deemed prior to such the mortgage, deed of trust or ground lease, whether this Lease or such Options are is dated prior or subsequent to the date of said the mortgage, deed of trust trust, or ground lease lease, or the date of recording thereof. of it. In the event any mortgage or deed of trust to which this Lease is subordinate is foreclosed or a deed in lieu of foreclosure is given to the mortgagee or beneficiary, Tenant shall attorn to the purchaser at the foreclosure sale or to the grantee under the deed in lieu of foreclosure. In the event of the foreclosure of a security device, the new owner shall not (a) be liable for any act or omission termination of any prior landlord or with respect ground lease to events occurring prior to its acquisition of title, (b) be liable for the breach of which this Lease by any prior landlord, (c) be subject is subordinate, Tenant shall attorn to any offsets or defenses which Tenant may have against the prior landlord or (d) be liable to Tenant for the return of its security deposit. 28.2 EXECUTION OF DOCUMENTS. ground lessor. Tenant agrees to execute any documents, in form and acknowledge any documents Landlord substance reasonably requests that Tenant execute acceptable to Tenant, required to effectuate an attornment, a the subordination, or to make this Lease or any Option granted herein prior to the lien of any mortgage, mortgage or deed of trust or ground lease, as or to evidence the case may be, provided that any such instrument shall recognize Tenant's rights under this Lease. Tenant's failure to execute such documents within ten (10) business days after written demand shall constitute a material default by Tenant hereunder. 23 28.3 SUBORDINATION BY TENANT. As of the date set forth in Section 1.1 above, no mortgages or deeds of trust encumber Landlord's interest in the Project. Notwithstanding anything to the contrary contained in the Lease, Tenant shall not be obligated to subordinate its interest in the Lease to a future mortgage or deed of trust obtained by Landlord unless the lender provides Tenant with a commercially reasonable nondisturbance agreement. attornment. View More
Subordination. 28.1 EFFECT OF SUBORDINATION. This Lease shall be subject and subordinate to any ground lease, mortgage, deed of trust trust, or any other hypothecation or for security now or hereafter placed upon the Project Building and to any and all advances made on the security thereof and to all renewals, modifications, consolidations, replacements replacements, refinancings and extensions thereof. Notwithstanding such subordination, Tenant's right to quiet possession of the Premises shall not be disturbe...d if Tenant is not in default and so long as Tenant shall pay the rent and observe and perform all of the provisions of this Lease, unless this Lease is otherwise terminated pursuant to its terms. At the request of any mortgagee, trustee or ground lessor, Tenant shall attorn to such person or entity. If any mortgagee, trustee or ground lessor shall elect to have this Lease and any Options granted hereby prior to the lien of its mortgage, deed of trust or ground lease, and shall give written notice thereof to Tenant, this Lease and such Options shall be deemed prior to such mortgage, deed of trust trust, or ground lease, whether this Lease or such Options are is dated prior to or subsequent to the date of said mortgage, deed of trust or ground lease or the date of recording thereof. If any mortgage or deed of trust to which this Lease is subordinate is foreclosed or a deed in lieu of foreclosure is given to the mortgagee or beneficiary, Tenant shall attorn to the purchaser at the foreclosure sale or to the grantee under the deed in lieu of foreclosure; if any ground lease to which this Lease is subordinate is terminated, Tenant shall attorn to the ground lessor. No later than ten (10) business days after written request by Landlord, Tenant shall execute any documents required to effectuate such subordination or to make this Lease prior to the lien of any mortgage, deed of trust or ground lease, as the case may be, or to evidence such attornment. In the event of the foreclosure of a security device, the such foreclosure, any new owner shall not (a) not: (i) be liable for any act or omission of any prior landlord or with respect to events occurring prior to its acquisition of title, (b) be liable for the breach of this Lease by any prior landlord, (c) ownership, (ii) be subject to any offsets or defenses which Tenant may might have against the any prior landlord landlord, or (d) (iii) be liable to Tenant for security deposits or be bound by prepayment of more than one month's rent. The agreements contained in this Section 19 shall be effective without the return of its security deposit. 28.2 EXECUTION OF DOCUMENTS. Tenant agrees to execute and acknowledge any documents Landlord reasonably requests that Tenant execute to effectuate an attornment, a subordination, or to make this Lease or any Option granted herein prior to the lien execution of any mortgage, deed of trust or ground lease, as the case may be, provided further documents; provided, however, that any such instrument shall recognize Tenant's rights under this Lease. Tenant's failure to execute such documents within no later than ten (10) business days after written demand shall constitute request by Landlord or a material default by Tenant hereunder. 23 28.3 SUBORDINATION BY TENANT. As lender in connection with a sale, financing or refinancing of the date set forth in Section 1.1 above, no mortgages or deeds of trust encumber Landlord's interest in the Project. Notwithstanding anything to the contrary contained in the Lease, Premises, Tenant shall not execute such further writings as may be obligated reasonably required to subordinate its interest in the Lease to a future mortgage separately document any such subordination or deed of trust obtained by Landlord unless the lender provides Tenant with a commercially reasonable non-subordination, attornment, and/or nondisturbance agreement. agreement, as is provided for herein. View More
