Orange County NC Website
ground or underlying leases which exist or may hereafter be executed affecting such land and <br /> buildings,or either thereof; of which the Premises are a part, or on or against LANDLORD's interest <br /> or estate therein, or any part of or interest in any of the foregoing, or on or against any ground or <br /> underlying lease(and in all cases including all extensions, renewals, amendments and supplements to <br /> any ground or underlying lease or mortgage),without the necessity of the execution and delivery of <br /> any further instruments on the part of COUNTY to effectuate such subordination. COUNTY <br /> covenants and agrees to execute and deliver upon demand such fiuther instruments evidencing such <br /> subordination of this Lease to any such ground or underlying lease and to the lien of any such <br /> mortgage as may be required by the LANDLORD. Notwithstanding anything heremabove contained, <br /> in the event the holder of any such mortgage or the LANDLORD under any such ground or <br /> underlying lease shall at any time elect to have this Lease constitute a prior or superior claim to its <br /> mortgage or lease,then and in such event upon any such mortgage holder or LANDLORD notifying <br /> COUNTY to that effect, this Lease shall be deemed prior and superior in lien to such mortgage or <br /> lease, as the case may be, irrespective of whether this Lease is dated prior to or subsequent to the <br /> date of such mortgage or lease. <br /> If LANDLORD enters into one or more concurrent or successive mortgages or ground or underlying <br /> leases and COUNTY is advised in writing of the name and address of the mortgagee or LANDLORD <br /> under such mortgage or ground or underlying lease, as the case may be,then this Lease shall not be <br /> terminated or canceled on account of any default by the LANDLORD in the performance of any of <br /> the terms, covenants,or conditions hereof on its part contained,until COUNTY shall have been given <br /> written notice of such default to such mortgagee or LANDLORD, specifying the default, and such <br /> mortgagee,LANDLORD or COUNTY shall have the right for thirty(30) days from the date of its <br /> receipt of such notice(and such reasonable additional time as is required to effect the cure with due <br /> diligence)to correct such default. <br /> COUNTY shall, in the event any proceedings are brought for the foreclosure of or in the event of <br /> exercise of the power of sale under any mortgage made by the LANDLORD covering the premises, <br /> attorn to the purchaser upon any such foreclosure or We and recognized such purchaser as the <br /> LANDLORD under this Lease. <br /> The COUNTY, upon request of any party in interest, shall execute promptly such instruments or <br /> certificates to carry out the intent of this section as shall be requested by the LANDLORD. If twenty <br /> (20) days after the date of a written request by LANDLORD to execute such instruments, the <br /> COUNTY shall not have executed the same, the LANDLORD may, at its option, cancel this Lease <br /> without incurring any liability on account thereof, and the term hereby granted is expressly limited <br /> accordingly. <br /> LANDLORD shall have the right to convey, transfer or assign, by sale or otherwise, all or any part <br /> of its interest in this Lease, including the Premises, at any time and from time-to-time and to any <br /> person, subject to the terms and conditions of this Lease. All covenants and obligations of <br /> LANDLORD under this Lease shall cease upon the execution of such conveyance, transfer or <br /> assignment,but such covenants and obligations shall run with the land and shall be binding upon the <br /> subsequent owner thereof or of this Lease during the periods of their ownership thereof. <br /> 8 <br />