Agenda - 11-04-1985 - Laserfiche WebLink

Browse Search

• • j - EXflIDIT P 049 • 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 Prerni as 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 defers.ees 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 Hill 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 underh:inc lease (and in all cases including all extensions, renewals, amendments . and sappier..e-ts 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 Iease and to the lien of any ouch mortgage as may be required by the Landlord. Notwithstanding anything hereinahove contained, in the event the holder of any such mortgage or the Landlord under any such ground or underlying lease shall at any time el.ct to have this Lease constitute it 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 an its part contained, until Tenant shall 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 dill- gence) to correct such default. • Tenant shall, in the event any proceedings are brought for the foreclosure of or in the event of exercise of the power of sale under any mort- -gace 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 tile Landlord. The Tenant hereby irre•:ccably appoints the Landlord as Attorney-in-Fact for the Tenant with full power and authority to execute and deliver in the name of the Tenant • any suet- 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. . _ J "ransfer of Landlord's Interest. Landlord shall -aye :he right or ass;gn. oy sale or otherwise, iii or any ?art of its I -•e '-�: ..,.95e or tar. Hill Village, :nciuding the ?remises, at any time nc " :0 :i;ne and to any person, subject to :he terms and conditions of • Lea,,-e. All covenants and obligations of Landlord under this Lease shall :ease "- ' e ecutlon cf such conveyance. transfer or assignment, but such '••-t, �.• . sciIc:ations s ail run with the and and shall Ile binding ;loon the - •s" -"."t -ere-, thereof or of .its :,casc during the Vie.*iods of their'o«ner-