HomeMy WebLinkAbout0761 2. Lessor agrees not to mortgage Lessor's reversionary
interest in the leased premises, except as to the outstanding
mortgage lien now placed on the premises and held by Liberty
Life Insurance Company, but Lessor and Lessee agree that -
Lessor is expressly free to assign, pledge, hypothecate,
sell or transfer any and all of Lessor's interest to any
person, partnership or corporation at any time during the
term of this lease.
XII
SUBORDINATION
Prior to this Modification Lessor has subordinated
the lien of this lease to the lien of Liberty Life Insurance
Company.
In the event Lessee desires to refinance the property,
Lessor agrees to subordinate the lien of this Lease Agreement
to the first mortgage lien of any institution up to the amount
of the existing principal balance of the existing mortgage
lien of Liberty Life Insurance Company, plus seventy percent
(70%) of the actual cost of any new improvements to be
constructed on the leased premises which are paid for by the
funds of such refinancing.
Lessee covenants that any mortgage to which Lessor
is asked to subordinate the lien of this lease agreement
shall never exceed the date on which the term hereof is to
expire. Furthermore, Lessor shall be provided with true
and complete copies of any such mortgage, promissory note
secured thereby, modifications and amendments thereto, loan
amortization schedules and any other pertinent documentation.
Any such mortgage shall .also provide that Lessor shall receive
notification of any delinquency or default thereunder at
least thirty (30) days prior to any action being taken by
the mortgagee and Lessor shall have the opportunity to cure
such delinquency or default.
XIII
SECURITY
Lessee has not deposited any security with the.Lessor
to secure the faithful performance of the obligations hereunder.
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