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201701623
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Last modified
7/3/2017 5:40:40 PM
Creation date
3/15/2017 11:24:45 AM
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DEEDS
Inst Number
201701623
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201701623 <br />NOW, THEREFORE, in consideration of the mutual covenants contained herein and <br />other good and valuable consideration, the receipt and sufficiency of which are hereby <br />acknowledged, the parties hereto hereby agree as follows: <br />1. Subordination - The Tenant agrees with the Lender that the lien of the Lease <br />shall be subject and subordinate to the lien of the Mortgage and to all modifications and <br />extensions thereof, and the lien of any other instruments held by Lender as security for the <br />Loan. <br />2. Non - Disturbance — So long as Tenant is not in default (beyond any notice and <br />cure period given Tenant by the terms of the Lease to cure such default which would entitle <br />Landlord to terminate the Lease), Lender agrees that in exchange for Tenant subordinating its <br />lien interest under the Lease to the lien interest of the Mortgage; <br />(a) The Tenant shall not be named or joined as a party in any suit, action or <br />proceeding for the foreclosure of the Mortgage or the enforcement of any rights under the <br />Mortgage (unless the Tenant is a necessary party under applicable law); and <br />(b) The possession by the Tenant of the Leased Premises and the Tenant's <br />rights thereto shall not be disturbed, affected or impaired by, nor will the Lease or the term <br />thereof be terminated or otherwise adversely affected by (i) any suit, action or proceeding for the <br />foreclosure of the Mortgage or the enforcement of any rights under the Mortgage or other <br />document securing the Loan, or by any judicial sale or execution or other sale of the Leased <br />Premises, or any deed given in lieu of foreclosure, or (ii) any default under the Mortgage. <br />3. Payment of Rent to Lender - In the event Lender becomes a mortgagee -in- <br />possession of the Leased Premises or exercises its rights under the Mortgage between Landlord <br />and Lender, Tenant agrees and Landlord authorizes and directs Tenant following twenty (20) <br />days prior written notice to make all payments payable by Tenant under the Lease directly to <br />Lender upon Lender's written instructions to Tenant (a "Payment Demand "), regardless of any <br />other or contrary notice or instruction which Tenant may receive from Landlord before or after <br />Tenant's receipt of such Payment Demand. Tenant may rely upon any notice or instruction for <br />Payment Demand signed by Lender, and Tenant shall have no duty to Landlord to investigate <br />the same or the circumstances under which the same was given. Any payment made by Tenant <br />to Lender in response to a Payment Demand shall be deemed proper payment by Tenant of such <br />sum pursuant to the Lease. <br />4. Notice to Lender -Tenant hereby agrees to simultaneously give to Lender a copy <br />of any Landlord default notice. Notwithstanding the aforementioned, failure by Tenant to <br />provide Lender with a copy of such notice shall not be deemed a default under this Agreement <br />or the Lease but shall only be deemed ineffective as to Lender until given. Nothing in this <br />Section 4 is intended to suspend or otherwise limit Tenant's ability to exercise any rights and <br />remedies Tenant may have as a result of a Landlord default. <br />5. Attornment - Tenant agrees that in the event the Lender or any future holder of <br />the Mortgage shall become the owner of the Property by reason of foreclosure of the Mortgage, <br />deed in lieu of foreclosure or any other succession of Lender to ownership of Landlord's <br />2 <br />
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