Agenda - 11-04-1985 - Laserfiche WebLink

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• EXHIBIT F LANDLORD'S RIGHT TO MORTGAGE AND SELL • Estoppel Certificate. Within ten (10) days after request therefor by Landlord, or in the event that upon any sale, assignment or hypothecation of the Premises and/or the land thereunder by Landlord, an offset statement shall be required from Tenant; Tenant agrees to deliver, in recordable form, a certificate to any proposed mortgagee or purchaser, or to Landlord certifying (if such be the case) that this Lease is in full force and effect and that there are no defenses or offsets thereto, or stating those claimed by Tenant. - Subordination and Attornment. This Lease is and shall be subject and subordinate at all times to the lien of any mortgages in any amount or amounts and/or all or any part of the land or buildings comprising Carr Mill viiia;e and to all ground or underlying leases which exist or may hereafter be executed affecting such land and buildings, or either thereof, of which the Premises are a part, or on or against Landlord's interest or estate therein, or any part of or interest in any of the foregoing, or on or against any ground or underlying lease (and in all cases including all extensions, renewals, amendments . and suppler..=nts to any ground or underlying lease or mortgage), without the necessity of the execution and delivery of any further instruments on the part of Tenant to effectuate such subordination. Tenant covenants and agrees to execute and deliver upon demand such further instruments evidencing such subordination of this Lease to any such ground or underlying lease and to the lien of and such mortgage as may be required by the Landlord. Notwithstanding anything hereinabove contained, in the event the holder of any such mortgage or the Landlord under any such ground or underlying lease shall at any time elect to have this Lease constitute a' prior or superior lien to its mortgage or lease, then and in such event upon any such mortgageholder or Landlord notify- ing Tenant to that effect, this Lease shall be deemed prior and superior in lien to such mortgage or lease, as the case may be, irrespective of whether this Lease is dated prior to or subsequent to the date of such mortgage or lease. If Landlord enters into one or more concurrent or successive mort- gages or ground or underlying leases and Tenant is advised in writing of the name and address of the mortgagee or Landlord under such mortgage or gound • or underlying lease, as the case may be, then this.Lease shall not be terminated or cancelled on account of any default by the Landlord in the performance of any of the terms, covenants or conditions hereof oh its part contained, until Tenant shall l have given written notice of such default to such mortgagee or Landlord, specifying the default, and such mortgagee or Landlord shall have the right for thirty (30) days from the date of its receipt of such notice (and such reasonable additional time as is required to effect the cure with due dili- gence) to correct such default. • Tenant shall, in the event any proceedings are brought for the foreclosure of or in the event bf exercise of the power of sale under any mort- gage made by the Landlord covering the premises, attorn to the purchaser upon any such foreclosure or sale and recognize such purchaser as the Landlord under this Lease. Attorney-In-Fact. The Tenant upon request of any party in interest, shall execute promptly such instruments or' . certificates to carry out the intent of this section as shall be requested by ilk-Landlord. The Tenant hereb•' irrevocably appoints the Landlord as Attorney-in-Fact for the Tenant with full potter and authority to execute and deliver in the name of the Tenant any such instruments or certificates. If fifteen (15) days after the date of a. written request by Landlord to execute such instruments, the Tenant sha:i not have executed the same the Landlord may, at its option, cancel this Lease without incurring any liability on account thereof, and the term Hereby granted is expressly limited accordingly. Transfer of Landlord's Interest. Landlord shall have the right to convey, trans c:r or assign, y sae or of erwise, all or an interest in this Lease or Carr Mill Village, including the Premises, at atny(timee and from tiree. to time and to any person, subject to the terms and conditions of this Luse. All covenants and obligations of Landlord under this Lease shall cease upon the execution of such conveyance, transfer or assignment, but such covenants and obligations shall run with the land and shall be binding upon the subsequent owner(.) thereof or of this Lease during the periods of their owner- ship thereof. -15-