S Easement Ingress Easement to CCB at 118 N. Churton Street

Browse Search

BOOK PAGE . - 2~~1 - J~20 ~ Facilities Manager Post Office Box 931 ,;~ Durham, NC 27702 ~' " or at such other address as may hereafter be designated in writing by either party hereto. The time and date on which mail is postrnarked sha11 be the time and date on which such communication is deemed to have been given. 3. Covenant of Title: Lessor covenants; represents and wanants that it has full right and power to execute and perform this Lease. If at any time duri.ng the term hereby demised the title of Lessor shall fail or it shall be discovered that Lessor's title does not pemut Lessor to grant the term hereby demised, Lessee's remedy, which shall be exclusive of all other remedies, shall be to annul •and void this lease. 4. Subordination: Lessee agrees that this lease is and shall remain subject and subordinate to and may be assigned as security for any present and all future mortgages or deeds ~ of trust which may now or hereafter affect the lease premise5: This clause shall be self-operative and no further instrument shall be necessary to effect such subordination. However, Lessee shall execute promptly and deliver to Lessor any such certificate or certificates in writing as Lessor may request evidencing the subordination of this lease to or the assignment of this lease as additional security for any such mortgage or deed of trust and Lessee hereby constitutes and appoints Lessor as Lessee's attomey-in-fact coupled with an interest to execute any such certificate, certificates or assignments on Lessee's behalf in default of such execution by Lessee. In the event the property owned by Lessor upon which this right of way easement is located is sold pursuant to a court order in any foreclosure proceeding or is sold pursuant to a power of sale contained in any mortgage or deed of trust, Lessee agrees to execute an attornment agreement with such purchaser not in conflict herewith at the request of such purchaser. 3