Subordination Clause Example with 8 Variations from Business Contracts

Subordination. Without 15.1 Subordination. To the necessity fullest extent permitted by law, this Lease, the rights of any additional document being executed by Tenant for the purpose of effecting a subordination, under this Lease and Tenant's leasehold interest shall be subject and subordinate at all times to (a) to: (i) all ground leases or underlying leases which may now exist or hereafter be executed affecting the Project, Building, or any other portion of the Premises, and (b) (ii) the lien of any mortgag...e or deed of trust which may now exist or hereafter be executed in any amount exist for which the Project, Building, ground leases or underlying leases, any other portion of the Premises or Landlord's interest or estate in any of said items therein is specified as security. In Notwithstanding the event that foregoing, Landlord or any such ground lessor, mortgagee, or any beneficiary shall have the right to require this Lease be superior to any such ground leases or underlying leases or any such liens, mortgage or deed of trust. If any ground lease or underlying lease expires or terminates for any reason or any mortgage or deed of trust is foreclosed or a conveyance in lieu of foreclosure is made for any reason, Tenant shall, notwithstanding any subordination, shall attorn to and become the Tenant of the successor in interest to Landlord, at the option of provided such successor in interest. Notwithstanding anything in this Lease to interest will not disturb Tenant's use, occupancy or quiet enjoyment of the contrary, so long as Premises if Tenant pays all rent and is not in material default hereunder, Tenant's occupancy hereunder of this Lease beyond any applicable notice and cure period. The successor in interest to Landlord following foreclosure, sale or deed in lieu thereof shall not be: (a) liable for any act or omission of any prior lessor or with respect to events occurring prior to acquisition of ownership, except continuing defaults; (b) subject to any offsets which Tenant might have against any prior lessor; (c) bound by prepayment of more than one (1) month's Rent, unless actually received; or (d) liable to Tenant for any Security Deposit not actually received by such successor in interest to the extent any portion of such Security Deposit has not already been forfeited by, or refunded to, Tenant. Landlord shall be disturbed. liable to Tenant for all or any portion of the Security Deposit not forfeited by, or refunded to Tenant, until and unless Landlord transfers such Security Deposit to the successor in interest. Tenant covenants 17 and agrees to execute (and acknowledge if required by Landlord, any lender or ground lessor) and deliver, upon within five (5) days of a written demand or request by Landlord and in the form reasonably requested by Landlord Landlord, ground lessor, mortgagee or beneficiary, any additional documents evidencing the priority or subordination of this Lease with respect to any such ground lease leases or underlying leases or the lien of any such mortgage or deed of trust. 15.2 SNDA. Landlord shall, subject to the terms and conditions of this Section 15.2, use commercially reasonable efforts to obtain for Tenant hereby irrevocably appoints Landlord as attorney-in-fact of Tenant to execute, deliver and record any such document in the name and on behalf of Tenant. Each party, within ten days from notice from the other, existing mortgagee and each future mortgagee a subordination, non-disturbance and attornment agreement on such mortgagee's standard form (each, a "SNDA"). Notwithstanding the foregoing, the Lease and Tenant's obligations thereunder shall not be affected or impaired in any respect should any mortgagee decline to enter into a SNDA. If such mortgagee executes and delivers to Landlord a SNDA and Landlord delivers the same to Tenant, and Tenant either fails or refuses to execute and deliver the SNDA within 20 days following Landlord's delivery of such SNDA to Tenant, then Landlord shall have no further obligation to obtain a SNDA for Tenant from such mortgagee. In no event shall Landlord be required to commence any litigation in order to obtain the other party, in recordable form, certificates stating that this Lease is not in default, and is unmodified and in full force and effect, or in full force and effect as modified and stating any defaults and/or modifications. This certificate shall also state the amount of current monthly rent, the dates to which rent has been paid in advance, the amount of any security deposit and prepaid rent, and such other matters as may be reasonably requested. In addition, in connection with any sale or financing involving the Premises, Tenant shall deliver to Landlord, within twenty (20) days of request by Landlord, a current financial statement of Tenant. SNDA. View More

Subordination. Without the necessity of any additional document being executed by Tenant for the purpose of effecting a subordination, and at the election of Landlord or any mortgagee or beneficiary with a deed of trust encumbering the Building and/or the Project, or any lessor of a ground or underlying lease with respect to the Building, this Lease shall will be subject and subordinate at all times to (a) to: (i) all ground leases or underlying leases which may now exist or hereafter be executed affecting the... Project, Building; and (b) (ii) the lien of any mortgage or deed of trust which may now exist or hereafter be executed in any amount for which the Project, ground Building, the Project or any leases or underlying leases, thereof, or Landlord's interest or and estate in any of said items items, is specified as security. In Notwithstanding the event that foregoing, Landlord reserves the right to subordinate any such ground leases or underlying leases or any such liens to this Lease. If any such ground lease or underlying lease expires or terminates for any reason or any such mortgage or deed of trust 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, notwithstanding any subordination, agrees to attorn to and become the Tenant of the successor in interest to Landlord, at the option tenant of such successor in interest. Notwithstanding anything in this Lease which event Tenant's right to possession of the contrary, so Premises will not be disturbed as long as Tenant pays all rent and is not in default hereunder, Tenant's occupancy under this Lease. Tenant hereby waives its rights under any law which gives or purports to give Tenant any right to terminate or otherwise adversely affect this Lease and the obligations of Tenant hereunder shall not be disturbed. in the event of any such foreclosure proceeding or sale. Tenant covenants 17 and agrees to execute and deliver, upon demand by Landlord and in the form reasonably requested required by Landlord Landlord, any additional documents evidencing the priority or subordination of this Lease and Tenant's attornment agreement with respect to any such ground lease or underlying leases or the lien of any such mortgage or deed of trust. If Tenant hereby irrevocably appoints Landlord as attorney-in-fact of Tenant fails to execute, deliver sign and record return any such document in the name and on behalf of Tenant. Each party, documents within ten (10) days of receipt, Tenant will be in default hereunder. 11 26. ESTOPPEL CERTIFICATE. Within ten (10) days following any written request which Landlord may make from notice from the other, shall time to time, Tenant agrees to execute and deliver to Landlord an estoppel certificate, in Landlord's standard form or as may reasonably be required by Landlord's lender. Landlord and Tenant intend that any statement delivered pursuant to this Paragraph 26 may be relied upon by any mortgagee, beneficiary, purchaser or prospective purchaser of the other party, in recordable form, certificates stating Building or any interest therein. Tenant's failure to deliver such statement within such time will be conclusive upon Tenant (i) that this Lease is not in default, and is unmodified and in full force and effect, or without modification except as may be represented by Landlord, (ii) that there are no uncured defaults in full force Landlord's performance, and effect as modified and stating any defaults and/or modifications. This certificate shall also state the amount of current monthly rent, the dates to which (iii) that not more than one (1) month's rent has been paid in advance, advance. Without limiting the amount of foregoing, if Tenant fails to deliver any security deposit and prepaid rent, and such other matters as statement within such ten (10) day period, Landlord may be reasonably requested. In addition, in connection with any sale or financing involving the Premises, Tenant shall deliver to Landlord, Tenant an additional request for such statement and Tenant's failure to deliver such statement to Landlord within twenty (20) ten (10) days after delivery of such additional request will constitute a default under this Lease. Tenant agrees to indemnify and protect Landlord from and against any and all claims, damages, losses, liabilities and expenses (including attorneys' fees and costs) attributable to any failure by Landlord, a current financial statement of Tenant. Tenant to timely deliver any such estoppel certificate to Landlord as required by this Paragraph 26. View More

Subordination. Without the necessity of any additional document being executed by Tenant for the purpose of effecting a subordination, and at the election of Landlord or any mortgagee with a lien on the Premises or any ground lessor with respect to the Premises, this Lease shall be subject and subordinate at all times to to: (a) all ground leases or underlying leases which may now exist or hereafter be executed affecting the Project, and Premises or the land upon which the Premises are situated or both, (b) th...e lien of any mortgage or deed of trust which may now exist or hereafter be executed in any amount for which the Project, Premises, land, ground leases or underlying leases, or Landlord's interest or estate in any of said items is specified as security. security, and any CC&Rs (as defined in Paragraph 8) affecting the Premises. Notwithstanding the foregoing, Landlord shall have the right to subordinate or cause to be subordinated any such ground leases or underlying leases or any such liens to this Lease. In the event that any ground lease or underlying lease expires or terminates for any reason or any mortgage or deed of trust is foreclosed or a conveyance in lieu of foreclosure is made for any reason, Tenant shall, notwithstanding any subordination, shall if requested by the ground lessor, mortgagee or beneficiary, as applicable, attorn to and become the Tenant of the successor in interest to Landlord, at Landlord and in such event Tenant's right to possession of the option of such successor Premises shall not be disturbed if Tenant is not in interest. Notwithstanding anything in this Lease to the contrary, default and so long as Tenant pays all shall pay the rent and all other amounts required to be paid to Landlord pursuant to the terms hereof and observe and perform all of the provisions of this Lease, unless this Lease is not otherwise terminated pursuant to its temps. Tenant hereby waives its rights under any current or fixture 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 default hereunder, Tenant's occupancy hereunder shall not be disturbed. the event of any such foreclosure proceeding or sale. Tenant covenants 17 and agrees to execute and deliver, upon demand by Landlord and in the form reasonably requested by Landlord Landlord, any additional documents evidencing Tenant's agreement to attorn as set forth in this Paragraph 28 and the priority or subordination of this Lease with respect to any such CC&Rs, ground lease leases or underlying leases or the lien of any such mortgage or deed of trust. Should Tenant hereby irrevocably appoints Landlord as attorney-in-fact of Tenant fail to execute, deliver sign and record return any such document in the name and on behalf of Tenant. Each party, documents within ten (10) business days from notice from the other, shall execute and deliver to the other party, in recordable form, certificates stating that this Lease is not in default, and is unmodified and in full force and effect, or in full force and effect as modified and stating any defaults and/or modifications. This certificate shall also state the amount of current monthly rent, the dates to which rent has been paid in advance, the amount of any security deposit and prepaid rent, and such other matters as may be reasonably requested. In addition, in connection with any sale or financing involving the Premises, receipt, Tenant shall deliver to Landlord, within twenty (20) days of request by Landlord, a current financial statement of Tenant. be in default hereunder. View More

Subordination. Without the necessity of any additional document being executed by Tenant for the purpose of effecting a subordination, and at the election of Landlord or any bona fide mortgagee or deed of trust beneficiary with a lien on all or any portion of the Premises or any ground lessor with respect to the land of which the Premises are a part, the rights of Tenant under this Lease and this Lease shall be subject and subordinate at all times to (a) to: (i) all ground leases or underlying leases which may... now exist or hereafter be executed affecting the Project, Building or the land upon which the Building is situated or both, and (b) (ii) the lien of any mortgage or deed of trust which may now exist or hereafter be executed in any amount for which the Project, Building, the Lot, ground leases or underlying leases, or Landlord's interest or estate in any of said items is specified as security. In Landlord shall use reasonable efforts to cause the event that beneficiary of any deed of trust executed by Landlord as trustor after the date of this Lease to execute a recognition and non-disturbance agreement in a form reasonably satisfactory to Landlord, Tenant and such beneficiary. Notwithstanding anything to the contrary in this Section 17, Landlord or any such ground lessor, mortgagee, or any beneficiary shall have the right to subordinate or cause to be subordinated any such ground leases or underlying leases or any such liens to this Lease. If any ground lease or underlying lease expires or terminates for any reason or any mortgage or deed of trust is foreclosed or a conveyance in lieu of foreclosure is made for any reason, Tenant shall, notwithstanding any subordination, subordination and upon the request of such successor to Landlord, attorn to and become the Tenant of the successor in interest to Landlord, at the option of provided such successor in interest. Notwithstanding anything in this Lease to interest will not disturb Tenant's use, occupancy or quiet enjoyment of the contrary, Premises so long as Tenant pays all rent and is not in default hereunder, Tenant's occupancy hereunder of the terms and provisions of this Lease following expiration of all applicable notice and cure periods. The successor in interest to Landlord following foreclosure, sale or deed in lieu thereof shall not be disturbed. (a) liable for any act or omission of any prior lessor or with respect to events or any default occurring prior to acquisition of ownership; (b) subject to any offsets or defenses which Tenant might have against any prior lessor; (c) bound by prepayment of more than one (1) month's Rent, except in those instances when Tenant pays Rent quarterly in advance pursuant to Section 8 hereof, then not more than three months' Rent unless actually received by the successor in interest to Landlord; or (d) liable to Tenant for any Security Deposit not actually received by such successor in interest to the extent any portion or all of such Security Deposit has not already been forfeited by, or refunded to, Tenant. Landlord shall be liable to Tenant for all or any portion of the Security Deposit not forfeited by, or refunded to Tenant, until and unless Landlord transfers such Security Deposit to the successor in interest. Tenant covenants 17 and agrees to execute (and 24 acknowledge if required by Landlord, any lender or ground lessor) and deliver, upon within ten (10) days of a demand or request by Landlord and in the a commercially reasonable form reasonably requested by Landlord Landlord, ground lessor, mortgagee or beneficiary, any additional documents evidencing the priority or subordination of this Lease with respect to any such ground lease leases or underlying leases or the lien of any such mortgage or deed of trust. Tenant hereby irrevocably appoints Landlord as attorney-in-fact of Tenant Tenant's failure to execute, deliver and record any such document in the name and on behalf of Tenant. Each party, within ten days from notice from the other, shall timely execute and deliver such additional documents shall, at Landlord's option, constitute a material default hereunder. Landlord warrants to Tenant that the other party, in recordable form, certificates stating that Building and the Lot is not currently encumbered by a deed of trust. The subordination of this Lease by Tenant to a future deed of trust is conditioned upon the execution by the lender of a subordination, recognition and non-disturbance agreement which provides that so long as Tenant is not in default, default hereunder beyond any applicable cure period (i) this Lease shall not be terminated, and is unmodified and in full force and effect, (ii) that upon acquiring title to the by foreclosure or in full force and effect as modified and stating any defaults and/or modifications. This certificate otherwise such holder shall also state the amount recognize all of current monthly rent, the dates to Tenant's rights hereunder which rent has been paid in advance, the amount of any security deposit and prepaid rent, and such other matters as may be reasonably requested. In addition, in connection with any sale or financing involving the Premises, Tenant shall deliver to Landlord, within twenty (20) days of request by Landlord, a current financial statement of Tenant. accrue thereafter. View More

Subordination. Without Subject to the necessity provisions of Exhibit "K," R-16, and at the election of Landlord or any additional document being executed by Tenant for mortgagee or any beneficiary of a Deed of Trust with a lien on the purpose of effecting a subordination, Project or any ground lessor with respect to the Project, this Lease shall be subject and subordinate at all times to (a) all ground leases or underlying leases which may now exist or hereafter be executed affecting the Project, and (b) the ...lien of any mortgage or deed of trust which may now exist or hereafter be executed in any amount for which the Project, ground leases or underlying leases, or Landlord's interest or estate in any of said items is specified as security. In Subject to the provisions of Exhibit "K," R-16, in the event that any ground lease or underlying lease expires or terminates for any reason or any mortgage or deed Deed of trust Trust is foreclosed or a conveyance in lieu of foreclosure is made for any reason, Tenant shall, notwithstanding any subordination, attorn to and become the Tenant of the successor in interest to Landlord, at the option of such successor in interest. Notwithstanding anything in this Lease Subject to the contrary, so long as Tenant pays all rent and is not in default hereunder, Tenant's occupancy hereunder shall not be disturbed. provisions of Exhibit "K," R-16, Tenant covenants 17 and agrees to execute and deliver, upon demand by Landlord and in the form reasonably requested by Landlord any additional documents evidencing the priority or subordination of this Lease with respect to any such ground lease or underlying leases or the lien of any such mortgage or deed Deed of trust. Tenant hereby irrevocably appoints Landlord as attorney-in-fact of Tenant to execute, deliver and record any such document in the name and on behalf of Tenant. Each party, Trust. Tenant, within ten twenty (20) days from notice from the other, Landlord, shall execute and deliver to the other party, Landlord, in recordable form, certificates stating that this Lease is not in default, and is unmodified and in full force and effect, effect or noting any objections thereto, or in full force and effect as modified modified, and stating any defaults and/or the modifications. This certificate shall should also state the amount of current monthly rent, the dates to which rent has been paid in advance, and the amount of any security deposit and prepaid rent, and such other matters as may be reasonably requested. In addition, in connection with any sale or financing involving the Premises, Tenant shall rent. Failure to deliver this certificate to Landlord, Landlord within twenty (20) days of request shall be conclusive upon Tenant that this Lease is in full force and effect and has not been modified except as may be represented by Landlord, a current financial statement of Tenant. Landlord. View More

Subordination. Without the necessity of any additional document being executed by Tenant for the purpose of effecting a subordination, this the Lease shall be subject and subordinate at all times to to: (a) all ground leases or underlying leases which may now exist or hereafter be executed affecting the Project, or any portion thereof; and (b) the lien of any mortgage or deed of trust which may now exist or hereafter be executed in any amount for which placed upon the Project, ground leases or underlying lease...s, any portion thereof, or Landlord's interest or estate in any of said items which is specified as security. Notwithstanding the foregoing, Landlord shall have the right to subordinate or cause to be subordinated any such ground leases or underlying leases or any such liens to this Lease. In the event that any ground lease or underlying lease expires or terminates for any reason or any mortgage or deed of trust is foreclosed or a conveyance in lieu of foreclosure is made for any reason, Tenant shall, notwithstanding any subordination, attorn to and become the Tenant of the successor in interest to Landlord, at the option of Landlord and Tenant shall not be disturbed in its possession under this Lease by such successor in interest. Notwithstanding anything in this Lease to the contrary, interest so long as Tenant pays all rent and is not in default hereunder, Tenant's occupancy hereunder under this Lease. Within ten (10) business days after request by Landlord, Tenant shall not be disturbed. Tenant covenants 17 and agrees to execute and deliver, upon demand by Landlord and in the form reasonably requested by Landlord any additional deliver documents evidencing Tenant's attornment or the priority or subordination of this Lease with respect to any such ground lease leases or underlying leases or the lien of any such mortgage or deed of trust. Tenant hereby irrevocably appoints Landlord as attorney-in-fact of Tenant to execute, deliver and record any such document in the name and on behalf of Tenant. Each party, within ten days from notice from the other, shall execute and deliver to the other party, in recordable form, certificates stating that this Lease is not in default, and is unmodified and in full force and effect, or in full force and effect as modified and stating any defaults and/or modifications. This certificate shall also state the amount of current monthly rent, the dates to which rent has been paid in advance, the amount of any security deposit and prepaid rent, and such other matters as may be reasonably requested. In addition, in connection with any sale or financing involving the Premises, Tenant shall deliver to Landlord, within twenty (20) days of request by Landlord, a current financial statement of Tenant. View More

Subordination. Without the necessity of any additional document being executed by Tenant for the purpose of effecting a subordination, this Lease shall be subject and subordinate at all times to (a) to: (i) all ground leases or underlying leases which may now exist or hereafter be executed affecting the Project, Building or the land upon which the Building is situated or both; and (b) (ii) the lien of any mortgage or deed of trust which may now exist or hereafter be executed in any amount for which the Project..., Building, land, ground leases or underlying leases, or Landlord's interest or estate in any of said items items, is specified as security. Notwithstanding the foregoing, Landlord shall have the right to subordinate or cause to be subordinated any such ground leases or underlying leases or any such liens to this Lease. In the event that any ground lease or underlying lease expires or terminates for any reason or any mortgage or deed of trust is foreclosed or a conveyance in lieu of foreclosure is made for any reason, Tenant shall, notwithstanding any subordination, attorn to and become the Tenant of the successor in interest to Landlord, Landlord at the option of such successor in interest. Notwithstanding anything in this Lease to the contrary, so long as Tenant pays all rent and is not in default hereunder, Tenant's occupancy hereunder shall not be disturbed. Tenant covenants 17 and agrees to execute and deliver, deliver upon demand by Landlord and in the form reasonably requested by Landlord any additional documents documents, in commercially reasonably form, evidencing the priority or subordination of this Lease with respect to any such ground lease leases or underlying leases or the lien of any such mortgage or deed of trust. Tenant hereby irrevocably appoints Landlord as attorney-in-fact of Tenant to shall execute, deliver and record any such document in the name and on behalf of Tenant. Each party, within ten days from notice from the other, shall execute and deliver to the other party, in recordable form, certificates stating that this Lease is not in default, and is unmodified and in full force and effect, or in full force and effect as modified and stating any defaults and/or modifications. This certificate shall also state the amount of current monthly rent, the dates to which rent has been paid in advance, the amount of any security deposit and prepaid rent, and such other matters as may be reasonably requested. In addition, in connection with any sale or financing involving the Premises, Tenant shall deliver to Landlord, documents within twenty (20) days of request by Landlord, a current financial statement of after Landlord's written request, provided such documents are reasonably acceptable to Tenant. View More

Subordination. Without the necessity of any additional document being executed by Tenant for the purpose of effecting a subordination, this Lease shall be subject and subordinate at all times to (a) all ground leases or underlying leases which may now exist or hereafter be executed affecting the Project, and (b) the lien of any mortgage or deed of trust which may now exist or hereafter be executed in any amount for which the Project, ground leases or underlying leases, or Landlord's interest or estate in any o...f said items is specified as security. In the event that any ground lease or underlying lease expires or terminates for any reason or any mortgage or deed of trust is foreclosed or a conveyance in lieu of foreclosure is made for any reason, Tenant shall, notwithstanding any subordination, attorn to and become the Tenant of the successor in interest to Landlord, at the option of such successor in interest. Notwithstanding anything in this Lease to the contrary, so long as Tenant pays all rent and is not in default hereunder, Tenant's occupancy hereunder shall not be disturbed. Tenant covenants 17 and agrees to execute and deliver, upon demand by Landlord and in the form reasonably requested by Landlord any additional documents evidencing the priority or subordination of this Lease with respect to any such ground lease or underlying leases or the lien of any such mortgage or deed of trust. Tenant hereby irrevocably appoints Landlord as attorney-in-fact of Tenant to execute, deliver and record any such document in the name and on behalf of Tenant. Each party, Tenant, within ten days from notice from the other, Landlord, shall execute and deliver to the other party, Landlord, in recordable form, certificates stating that this Lease is not in default, and is unmodified and in full force and effect, or in full force and effect as modified modified, and stating any defaults and/or the modifications. This certificate shall should also state the amount of current monthly rent, the dates to which rent has been paid in advance, the amount of any security deposit and prepaid rent, and such other matters as Landlord may request. Failure to deliver this certificate to Landlord within ten days shall be conclusive upon Tenant that this Lease is in full force and effect and has not been modified except as may be reasonably requested. represented by Landlord. In addition, in connection with any sale or financing involving the Premises, Tenant shall deliver to Landlord, within twenty (20) days of request by Landlord, a current financial statement of Tenant. Tenant and of each guarantor. View More