HomeMy WebLinkAbout0948 _ _ _ _ -
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, SB/14/20
of the Tenant's default under the terms of this Lease, exhibiting
the leased property f~r sale, lease, or mortgage financing, or
posting notices on nonresponsibility under any mechanic's 13en
law. '
ARTICLE XVI
SUBORDINATION TO MORTGAGES
16.01. This Lease shall be subject and subordinate ~t all
times to the lien of existing mortgages and of mortgages which
hereafter may be made a lien on the leased property. Although no
instrument or act on the part of the Tenant shall be necessary to
effec~uate such subordination, the Tenant will, nevertheless,
execute and deliver such further instruments subordinating this
Lease to the lien of any such mortgages as may be desired by the
mortgaqee. The Tenant hereby appoints the owner its attorney in
fact, irrevocably, to execute and deliver any such instrument for
the Tenant.
Tenant further agrees to chanqe any provision of this Lease
(other than its terms and rent amount payable under its terms)
that in the opinion of future or existing mortgagees impairs
~i their security.
16.02. Lessee's Right t~ Cure Lessor's Defaults. The
Landlord agrees that if the Landlord fails to pay any interest,
principal, cost or other charges upon any mortgage or mortgages
or other liens and encumbrances affecting +~he demised premises
and to which this Lease may be subordinate when any of the same
become due, or if Landlord fails to make any repairs or do any
work required by the Landlord by the provisions of this Lease, or ~
in any other respects fails to perform any covenant or agreement
in this Lease contained on the part of the Landlord to be
performed, then and in such event after the continuance of any
failure or default for ten (10) days after notice in writing ~
thereof is given by the Tenant to the Landlord notwithstanding
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LI?1I O?lICLS Ol SNEED • 1[ESSEH. P. A., 700 VIEOINL AVENUE, SU7TE 104-SIIN HANY HI.DO., Ti. PIE~CE, lIA~ID~ tl3Ad0 (306~ 456-D330
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