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200102663
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200102663
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Last modified
10/14/2011 2:07:43 AM
Creation date
10/20/2005 8:17:24 PM
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DEEDS
Inst Number
200102663
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200102663 <br />The foregoing recitals are incorporated into and made an integral part of this Agreement. <br />AGREEMENT: <br />NOW, THEREFORE, in consideration of the premises and other good and valuable <br />consideration, the receipt and sufficiency of which are hereby acknowledged, it is mutually <br />agreed between the parties as follows: <br />1. Subject to the terms and conditions set forth in this Agreement, the Tenant <br />agrees that the Lease is and shall at all times be subordinate to the Mortgage. <br />2. Lender agrees that, if no default exists under the Lease which at such time would <br />then permit Landlord to terminate the Lease or to exercise any dispossessory remedy provided <br />for therein, (a) Tenant will not be made a party in any action or proceeding to foreclose the <br />Mortgage or to remove or evict Landlord from the Leased Premises or from any part of the <br />Shopping Center; (b) Tenant will not be evicted or removed from the Leased Premises or from <br />any part of the Shopping Center nor will its possession or right to possession of the Leased <br />Premises or of any part of the Shopping Center under the Lease for the term thereof (including <br />any and all extensions or renewals thereof effected in accordance with any option therefor in the <br />Lease) be terminated or disturbed or in any way interfered with by any action taken by Lender to <br />enforce any rights or remedies under the Mortgage; and (c) Lender, upon succeeding to <br />Landlord's interest in the Leased Premises, will recognize the Lease and Tenant as its direct <br />tenant under the Lease for the full term thereof (including any and all extensions or renewals <br />thereof effected in accordance with any option therefor in the Lease), and will be bound by and <br />perform all of the obligations of Landlord set forth in the Lease as if said person were originally <br />named therein as the landlord thereunder. <br />3. In the event that the Lender or any other person acquires title to the Leased <br />Premises pursuant to the exercise of any remedy provided for in the Mortgage or under the law <br />of the state where the Leased Premises is located, the Lease shall not be terminated or affected <br />by said foreclosure or sale resulting from any such proceeding and the Lender hereby <br />covenants that any sale by it of the Leased Premises pursuant to the exercise of any rights and <br />remedies under the Mortgage or otherwise, shall be made subject to the Lease and the rights of <br />the tenant thereunder. <br />4. Tenant agrees that, if the interest of Landlord in the Leased Premises shall be <br />transferred to and owned by Lender by reason of foreclosure or other proceeding brought by it <br />under any present or future lien against Landlord's interest in the Leased Premises, or by any <br />other manner, Tenant shall be bound to the Lender under all of the terms, covenants, conditions <br />and agreements set forth in the Lease for the balance of the term thereof remaining (including <br />any and all extensions or renewals thereof effected in accordance with any option therefor in the <br />Lease) with the same force and effect as if Lender were originally named therein as the landlord <br />thereunder, and Tenant does hereby agree to attorn to Lender as its landlord thereunder so as <br />to establish direct privity of estate and contract between Lender and Tenant, said attornment to <br />be effective and self- operative without the execution of any further instrument on the part of <br />either of the parties hereto immediately upon Lender succeeding to the interest of Landlord in <br />the Leased Premises. The parties acknowledge and agree that the Mortgage provides that, <br />under certain circumstances, Lender shall be entitled to collect, receive and demand payment of <br />all or any part of the rent and other sums due and payable to Landlord under the Lease to <br />Lender. The parties agree that: (a) Tenant shall be under no obligation to pay rent or any other <br />
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