Agenda - 01-24-2012 - 5m - Laserfiche WebLink

Browse Search

23 Landlord, for any such rents and other charges so paid by sub-lessee to Landlord. (2) Attornment. In the event of a breach by County in the performance of its obligations under this Lease, and a resulting termination of Lease by Landlord, Landlord, at its option and without any obligation to do so; may require any sub-lessee to attorn (i.e., agree to become tenant to a new owner or landlord of the same property) to Landlord, in which event Landlord shall undertake the obligations of the sub-lessor under such sublease from. the time of the exercise of said option to the expiration of such sublease; provided, however, Landlord shall not be liable for any prepaid rents or security deposit paid by such sub-lessee to such sub- lessor or for any prior defaults or breaches of such sub-lessor under such sublease. (3) Consent of Landlord Required. DELETED. (4) Conditions of Sublease. Each sublease shall provide that (i) it is subject and subordinate to this Lease; (ii) Landlord may enforce the provisions of the sublease, including collection of rent; (iii) if this Lease is terminated for any reason, Landlord may, at its option, either (a) terminate the sublease, or (b) takeover all of the rights and interest of County, as sub-lessor, by the sub-lessee shall simultaneously be given to Landlord. If Landlord elects to take over the rights and interest of County, Landlord shall not (1) be [iable for any previous act or omission of County under the sublease {2) be subject to any defense or offset in. favor of the sub-lessee against County, or (3) be bound by any modification to the sublease made without Landlord's written consent or by any prepayment by sub-lessee of rent or other monies. 29. SUBORDINATION ATTORNMENT. AND FINANCING.. _(a) ..This. Lease and County's tenancy hereunder shall be subject and subordinate at all times to the lien of any mortgage or deed of #rust (including any renewals, modifications, extensions, or future advances thereof), or other method of financing or refinancing, now or hereafter placed upon the interest of Landlord and the Demised Premises. Landlord shall have the continuing obligation to update Exhibit G if additional mortgages, deeds of trust, or other financing documents encumber the Shopping Center. County agrees to execute and deliver such instruments as may be desired by Landlord or by any mortgagee. County shall execute within thirty (3Q) days from receipt of Landlord's request such instruments {including but not limited to a Memorandum of Lease and/or a Subordination, Non-Disturbance and Attornment Agreement in recordable farm) which may be required by Landlord's mortgagee or trustee to evidence such subordination. (b) County shall, without charge, attorn to such mortgagee or purchaser as its Landlord under this Lease. (c) In the event the construction lender, land lessor, or the permanent lender of "the Shopping center requires, as a condition' to financing, modifications to this Lease, provided such modifications are reasonable, do not adversely affect County, do not materially alter the approved working plans and do not increase 20 Conniy of Orange, in North Carolina - H~7lsborongh Commons 07/02/08 ~._...._ _ - I.~~~