HomeMy WebLinkAbout0959 except those which arose out of such landlord's default under the
Lea~e anu Wec~3~~ 3at~r Te~~nt h~~ c4mplied with th~ provisions
of Paragraph 7 hereof; or
(iii) bound by any rent or additional renL w~;ich
Tenant might have paid for more than the then current month to
any prior landlord (including Landlord); or
(iv) bound by any agreement or modification of the
Lease made without Lender's consent; or
(v) bound under the Lease after the effective
~ L~ ~ ~~•r~ nerson who
uate oi a con~~yan~c or ~i:.i~ uy ~::j~:.= ~-L
agrees to be bound thereunder; except that Lender shall not be
released from anv liabilit_y which has accrued on or ~G1Va~ said
date.
3. The Lease is hexeby made subject and subordinate to ~he
lien of the Mortgage and to all the terms, conditions and
provisions thereof, to all advances made or to be made
thereunder, and to any renewals, extensions, modifications or
replacements thereof, as though the Mortgage had been executed
and recordeci prior to the execution of the Lease.
4. The foregoing provisions shall be self-operative and
effective without the execution of any further instrument on the
part of either party hereto.
5. Tenant acknowledges that Landlord has or will execute
and deliver to Lender an Assignment of Rentals conveying the
rentals under the Lease as additional security for the Mortgage.
Tenant hereby consents to such Assignment. Lender agrees to
provide Tenant with a copy of said Assignment.
~ 6. Tenant agrees that it will not, without the prior
~ consent of Lender (a) modify the Lease in such a way as to reduce
~ the rent, accelerate ren~ payments, shorten the original term, or
~ change any renewal option; (b) terminate the Lease except as
' provided by its terms; (c) tender or accept a surrender of the
~ Lease or make a prepayment in excess of one month of anX rent
~ thereunder; or (d) subordinate or permit subordination of the
Lease to any lien subordinate to the Martgage. Any such
~ purported action without such consent shall be void as against
Lender.
~
~ 7. Tenant agrees that it will give notice to Lender of any
defaults of Landlord under the Lease which would entitle the
Tenant to terminate the Lease or abate the rental payable
thereunder, specifying in reasonable detail the nature of the
default by Landlord, and thereupon the Lender shall have the
right, but not the obligation, to cure such default~ Tenant
agrees that it will not terminate the Lease or abate, withhold or
offset the rental payable thereunder by reason of such default
until thirty (30) days after such notice is given to Lender,
k within which Lender may cure such default. If circumstances are
~ such that said default cannot reasonably be cured within said _
30-day period, Tenant will extend the period of notice for a
~ reasonable time so long as the Lender is diligently prosecuting
the work necessary to cure the same; provided, however, Tenant
_ shall not be required to give notice to Lender of I,andlord's
defaults in effecting emergency repairs or to extend to it an
f opportunity to perform emergency repairs which the Tenant is
~ permitted to make under the provisions of the Lease.
8. This Agreement shall inure to the benefit of and be~
binding upon the parties hereto and their successors and assigns.
All references herein to "Lender" shall be deemed to include also
any subsequent holder of the Mortgage who has given notice to
Tenant of its ownership of the Mortgage and has furnished to
Tenant its mailing address and/or any other person succeeding to
title to the premises encumbered by the Mortgage or any'part
LAW qPYICE3 OP SNEED R MESSBE, r. e.,~oo E~~VCf~UTA}~EQC~~H HA1tIC HLD(3.,l1'. PfBS~CE~l'LOEIDA ~i60 (308~ 466-8300
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