84006644 - Laserfiche WebLink

Browse

84 -106844 51. Mor-tgagee herebyrepr-esents andcovena~ts that in the event of the fonclosure of thisMortq,~e to the expiration date of any subleuehereaft~t".ex!: affecting a portion of the: premises (including,!I!!)C" and renewals thereunder). which sublease (i) h~ approved in writing by the Kortgaqee~ if requirtldyi~. (ii) is prior in right to avery then or thereafter leasehold mortgage or has been or will be grCUlted,~ disturber pr-ivileges, and (iil) contains the provfs~ requir-ed under Section 19.02 of the Ground Lease, ,MOrt. for itself, successors and assigns, as well alii foremy subsequent owner of the premises, does herebycovenan,t,aDd warrant for the benefit of the subtenant under anys~~ sublease, subject to the observance and performemcebY;tb8' subtenant under such sublease of all of the terms,covenemts and conditions thereunder, as follows: (a) The quiet and peaceful possession of subtenant under the said sublease; (b) That the sublease shall ccntinue in full force and effect and Mortgagee shall recoqnize the sublease and the subtenant's rights thereunder and will thereby establish direct priVity of estate and contract as between .-'---------M.OJ:.tg:a-9-e,e-An.cLth.~L.SJJht~llan~ -'l,nc:;h~r,__~~1.c;LlL~as. with the same force and effect as thou9h the sublease were originally made from Mortgaqee in favor of the subtenant thereunder; (c) That it will assume such Obligations on the part of the landlord under such sublease which are deemed to run with the land for so long as Mortgagee shall be the owner in ree of the premises provided, however, Mortgagee shall not be liable in any way to subtenant for any act or omission, neglect or default on the part of Mortgagor, as sublandlord under said sublease, or be responsible for any moneys OWing by or on deposit with Mortgagor to the credit of subtenant and subtenant shall not have the right to set-off or assert against Mortgagee any such claim or any damages arising therefrom. 52. Mortgagee further represents and covenants that it (i) shall not name in any foreclosure action, or disturb the possession or right to possession of. any subtenant. except for- default of the subtenant, under any such sublease which the Mortgagee has previously approved in writing. if required, and to which the non-disturbance privileges under paragraph ;1 hereof are applicable; (ii) shall receive any such sub-rents in trust to the extent necessary so that they shall be applied fir-st to the observance and performance of all covenants, terms and conditions in the Ground Lease on the part of Mortqagor to be observed and performed thereunder; (iii) shall not apply any such sub-rents to any indebtedness under this Mortgage while Mortgagor is in default in the observance or performance of any of the terms, covenants and conditions in the Ground Lease; and (iv) shall, upon satisfac- tion and di~charge of this Mortgage for reasons other than foreclosure, reassign and retransfer to Mortgagor each and every sublease upon the premises. L <~ 1 ::J "" -1