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200701561
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3/1/2007 3:55:49 PM
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3/1/2007 3:55:48 PM
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DEEDS
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200701561
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<br />200701561 <br /> <br />C. In the Lease, Tenant has agreed to subordinate its leasehold interest to any <br />mortgage given by Landlord that may encumber the Landlord's Property as Tenant's landlord <br />under the Lease in the event of a foreclosure of Landlord's interest, provided that Tenant receives <br />from every mortgagee a nondisturbance agreement that recognizes the validity of the Lease in the <br />event of a foreclosure of Landlord's interest and also Tenant's right to remain in occupancy of the <br />portion of the Landlord's Property leased by the Tenant ("Leased Premises"), pursuant to the <br />terms of the Lease, as long as the Tenant is not in default ofthe Lease. <br /> <br />NOW, THEREFORE, in consideration of the mutual covenants in this Agreement, the <br />parties hereby agree as follows: <br /> <br />1. Subordination. Notwithstanding anything to the contrary set forth in the Lease, <br />the Lease, and the leasehold estate created thereby, and all of Tenant's rights thereunder, shall be <br />and shall at all times remain subject, subordinate, and inferior to the Mortgage, and the lien <br />thereof, and all rights of Lender thereunder. <br /> <br />2. Consent. Lender consents to the Lease and to the Tenant's use and occupancy of <br />the Leased Premises under the Lcase. <br /> <br />3. Non-Disturbance. So long as the Tenant is not in default (after the expiration of <br />any applicable cure pcriod) in the payment of rent or in the perfomlance of any of the other <br />covenants of the Lease that Tenant is to perform, the Tenant's possession of the Leased Premises <br />and the Tenant's other rights under the Lease, or any extensions or renewals thereof, shall not be <br />diminished or interfered with by Lender. In addition, Lender shall not join Tenant as a party <br />defendant in any action or proceeding for the purpose of terminating the Tenant's interest under <br />the Lease or otherwise. <br /> <br />4. Nondisturbance, Foreclosure and Attornment. <br /> <br />a. If Lender, or any other purchaser at a foreclosure sale or sale under private <br />power contained in the Mortgage, becomes the owner of Landlord's Property, by reason of any <br />foreclosure of the Mortgage, the acceptance by Lender of a deed in lieu of foreclosure, or by any <br />other manner, Lender or such other purchaser shall not terminate the Lease, and the Lease shall <br />continue in full force and effect as a direct lease between Tenant and Lender, or such other <br />purchaser, under all of the terms, covenant and conditions of the Lease for the remainder of the <br />term thereof and any extensions or renewals thereof, with the same force and effect as if Lcnder <br />or such other purchaser were the landlord under the Lease. <br /> <br />b. Immediately upon the succession of Lender or such other purchaser to the <br />interest of the Landlord under the Lease, Tenant does hereby agree to attorn to Lender or such <br />other purchaser as Tenant's landlord. The parties agree that such attornment shall be effective <br />and self.operativc without the execution of any further documents. Such attornment shall be <br />subject to all terms, provisions and conditions of the Lease and all amendments and <br />modifications thereof. So long as Tenant is not in default (after the expiration of any applicable <br />cure periods) in the payment of rent and otherwise has not been determined by a court of <br />competent jurisdiction to be in default under any of the material terms and conditions of the <br /> <br />2 <br /> <br />GRIP Yancey - SNDA <br />OB03/762186 1079/7283128.2 <br />
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