HomeMy WebLinkAbout1165 1J11l:RI:AS , the h un~i rc~qu i rc~s a cc~ncl i l i c~i~ to t lu~ ~~ur-
chase of the Mort~a~;e Derd .znd modificltion thereof, that rhe
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L~•as~ sliall be unconditionally subordinzt~~ ro thc~ Morrgag~ ~
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Deed, as modified; and ~
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WHEREAS, the parties herero have agreed to enter ~
into an Agreement providing for the unconditional subordi-
natipn of the Lease, non-disCurbance of the Tenant, and at-
tornment of the Tenant to rhe Fund, all upon the terms and ~
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conditions-herein set forth.
NOW, THEREFORE, for good, lawful and valuable con-
sideration, including the mutual undertakings of the parties
hereto, the~receipt and sufficiency of which is hereby acknow-
ledged by both of the parties hereto, it is covenanted, war-
ranted and agreed as follows:
1. The Lease and the rights of Tenant thereunder
are hereby subordinated to the MorCgage Deed in the principal ~
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amount of $1,300,000.00, plus interest thereon, covering the ~
subject premises, and to any extensions, modifications, re-
newals, replacements, consolidations and substitutions thereof.
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2. In the event the Fund shall claim a default un- i
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' der the Mortgage Deed, or in the event the Fund succeeds to
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~ the ownership of the subject premises, Tenant will attorn to
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~ and accept the Fund, or any assignee or successor in interest ~
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of the Fund, for the balance of the term then remaining under
~ the Lease, without offset, setoff or deduction whatsoever.
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3. Provided Tenant is not in default (beyond any
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~ grace period, if any, given Tenant to cure such default and ~
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~ Tenant has been given notice thereof where required by the
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~ Lease) under the terms of the Lease, then:
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~ (a) The right of possession of Tenant to the
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~ leased premises and Tenant's rights arising out of
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~ the Lease shall not be affected or disturbed by
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~ the Fund in rhe exercise of any of its rights ~
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sooK238 PACE1164
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