HomeMy WebLinkAbout1738 i
~
'~or purchased by the Bank and covering the entire remises above ~
i, p ~ ~
~'referred to, but is unwilling to make or purchase such loan or ~ ~
~;'accept the Mortgage unless this agreement has first been executed ~
i
;~and delivered; ~
NOW, THEREFORE, the parties hereto mutually covenant
;:and agree as follows: :
1. The Lease is in full force and effect in accordance ~
~.~with its terms and to the best of the
, parties knowledge, informa- ~
::tion and belief no default thereunder exists on the part of either
~
~the Owner or the Lessee. ~
2. Neither the Owner nor the Lessee wil~., without the
; prior written consent of the holder of the Mortgage, (i) modify
I
`the Lease or any extensions or renewals thereof in such a way as ~ !
~
;'to reduce the rent, accelerate rent payments, shorten the original~ ~
;term; (ii) terminate the Lease except as provided by its terms;
; ! ,
''.(iii) tender or accept a surrender of the Lease or a prepayment ~
~!in excess of one month of any rent thereunder; or (iv) subordinate3
~
'or permit subordination of the Lease to any lien subordinate to j
~~the Mortgage. Any such purported action without such consent ~
shall be void as against the holder of the Mortgage. ~
4
{
3. Any notice required to be given by the Lessee to ~
,
~the Owner shall be given also to the holder of the Mortgage {
i
;provided such holder (other than the Bank) shall have notified '
E
'..the Lessee in writing of its name and address, and any right of '
~ ;
:the Lessee dependent upon notice shall take effect only after i ;
1 {
'`notice so given. Performance by the holder of the Mortgage shall '
~
satisfy any conditions of the Lease requiring performance by the
~ Owner . ~
E
' ~
4. The Lease is and shall remain subject and sub- ~
i
ordinate to the Mortgage. This provision shall be self-operative j
. ;
but ttie Tenant will execute and deliver any additional instruments~ ~
which may be required by the holder of the Mortgage to evidence ~ ~
1 ~
such subordination. ;
c
k
1
i ~
i
_2_ ~ i
_ ; ~
~
;
~
~
, a04K~?U~ PACf~~~
~ ~
~ ; - . .
~ . ~ ~
~ ~~a~~ ~ ~
~~~~r~ s~ _ . _ ~ _