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201506634
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201506634
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Last modified
11/5/2015 9:11:35 PM
Creation date
9/30/2015 8:57:21 AM
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DEEDS
Inst Number
201506634
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AGREEMENT: <br />201506634 <br />NOW, THEREFORE, for and in consideration of the mutual covenants and premises <br />herein and other good and valuable consideration, the receipt and sufficiency of which are <br />hereby acknowledged and confessed by the parties hereto, the parties hereto do hereby agree as <br />follows: <br />1. The Lease is and shall be subject and subordinate to the Deed of Trust, and to all <br />renewals, modifications, consolidations, replacements and extensions thereof, and to all future <br />advances made thereunder. <br />2. Should Lender become the owner of the Property, or should the Property be sold by <br />reason of foreclosure, or other proceedings brought to enforce the Deed of Trust which <br />encumbers the Property, or should the Property be transferred by deed in lieu of foreclosure, or <br />should any portion of the Property be sold under a trustee's sale, the Lease shall continue in full <br />force and effect as a direct lease between the then owner of the Property resulting from the <br />enforcement of the Deed of Trust and Tenant, upon, and subject to, all of the terms, covenants <br />and conditions of the Lease for the balance of the term thereof remaining including any <br />extensions therein provided, and so long as Tenant is not in default under the terms of the Lease, <br />Tenant's occupancy of the Property shall not be disturbed. Tenant does hereby agree to attorn to <br />Lender or to any such owner as its landlord, and Lender hereby agrees that it will accept such <br />attornment. <br />3. Notwithstanding any other provision of this Agreement, Lender shall not be (a) liable for <br />any default of any landlord under the Lease (including Landlord), except that Lender agrees to <br />cure any of the following defaults of Landlord: (i) any breach of Landlord's duty to provide <br />possession and enjoyment of the Premises pursuant to Section 14 of the Lease of which Lender <br />has notice and that is continuing as of the date Lender forecloses the Property, provided that <br />Lender's duty shall be to provide possession and enjoyment of the Premises in accordance with <br />Section 14 and not for any alleged damages occurring before the date of foreclosure, and (ii) any <br />breach of Landlord's duty to reimburse Tenant pursuant to Section 4(d) of Exhibit B of the <br />Lease, subject to a setoff, if any, for amounts paid by Lender to Landlord or Tenant for such <br />purpose; any such breach to be cured within thirty (30) days from the date Tenant delivers <br />written notice to Lender of such continuing default, unless such default is of such a nature to <br />reasonably require more than thirty (30) days to cure and then Lender shall be permitted such <br />additional time as is reasonably necessary to effect such cure, provided Lender diligently and <br />continuously proceeds to cure such default; (b) subject to any offsets or defenses which have <br />accrued prior to the date of foreclosure, unless Tenant shall have delivered to Lender written <br />notice of the default which gave rise to such offset or defense and permitted Lender the same <br />right to cure such default as permitted Landlord under the Lease; and (c) responsible for the <br />return of any security deposit delivered to Landlord under the Lease and not subsequently <br />received by Lender. <br />4. If Lender sends written notice to Tenant to direct its rent payments under the Lease to <br />Lender instead of Landlord, then Tenant agrees to follow the instructions set forth in such written <br />instructions and deliver rent payments to Lender; however, Landlord and Lender agree that <br />
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