Laserfiche WebLink
Red Lobster #734 <br />Grand Island, NE <br />200905833 <br />SUBORDINATION, NON-DISTURBANCE AND ATTORNMENT AGREEMENT <br />This SUBORDINATION, NON_DISTURBANCE AND ATTORNMENT AGREEMENT ("Agreement") <br />is by and between GMRI, Inc., as "TENANT", and U.S. National Bank Association., as "MORTGAGEE", and <br />Conestoga Mall 2002, LLC, as "LANDLORD". <br />RECITALS: <br />A. On or about April 15, 1995, LANDLORD and TENANT entered into an Indenture of Lease, for certain <br />premises in the City of Grand Island, County of Hall, and State of Nebraska, which are more particularly described <br />in Exhibit "A" ("PREMISES"), attached to this Agreement, as amended and incorporated into this Agreement by <br />reference with the same force and effect as if set forth at length (the "LEASE"). <br />B, MORTGAGEE tnay became a holder of a lien and encumbrance on the PREMISES as security for the <br />obligation of LANDLORD pursuant to certain documents to be recorded in the public records of Hall County, <br />Nebraska ("MORTGAGE"); and <br />C. The parties desire to acknowledge TENANT's interest in the PREMISES and its rights under the <br />PREMISES so long as TENANT is not in default under the LEASE. <br />THEREFORE, in consideration of the mutual covenants contained in this Agreement, TENANT, MORTGAGEE <br />and LANDLORD agree as follows: <br />1. Non-disturbance and Subordination. MORTGAGEE recognizes and agrees to honor all of <br />TENANT'S rights under the LEASE and all of LANDLORD'S obligations under the LEASE, including without <br />limitation, the use and distribution of insurance and condemnation proceeds. So long as TENANT is not in default, <br />past the applicable cure period, in the perfotxnance of any of the terms of the LEASE, TENANT'S possession of the <br />PREMISES and TENANT'S rights and privileges under the LEASE, including any renewal options, will not be <br />disturbed, diminished or interfered with by MORTGAGEE, MORTGAGEE will continue to honor LANDLORD'S <br />obligations under the LEASE and TENANT will not be made a party defendant to any foreclosure proceeding. <br />Subject to the terms of this Agreement, TENANT hereby subordinates its right, title and interest in the LEASE to the <br />lien of the MORTGAGE, including all renewals, modifications, consolidations and extensions thereaf <br />2. Attornment. In the event MORTGAGEE succeeds to the interest of the LANDLORD under <br />the LEASE, through foreclosure of the MORTGAGE, deed in lieu of foreclosure, or other means, TENANT will be <br />bound to MORTGAGEE under all of the terms of the LEASE for the balance of the term with the same force and <br />effect as if MORTGAGEE were the landlord named in the LEASE, and TENANT will attorn to MORTGAGEE as <br />its landlord, the attornment to be effective and self-operative, without the execution of any further instruments, <br />immediately upon MORTGAGEE succeeding to the interest of the landlord under the LEASE, MORTGAGEE <br />agrees that TENANT will be under no obligation to pay rent to MORTGAGEE until MORTGAGEE has succeeded <br />to the interest of the landlord under the LEASE and has so notified TENANT in writing. The respective rights and <br />obligations of TENANT and MORTGAGEE upon such attorrxment will, for the balance of the term of the LEASE, <br />be the same as now set forth in the LEASE, it being the intention of the parties for this purpose to incorporate the <br />LEASE into this Agreement by reference with the same force and effect as if set forth at length. <br />3. Landlord's Obligations. In the event that the MORTGAGE is foreclosed for any reason and <br />MORTGAGEE succeeds to the interest of the LANDLORD under the LEASE, MORTGAGEE will be bound to <br />TENANT under all of the ternts of the LEASE, and TENANT will, from and after such event, have the same <br />remedies against MORTGAGEE for the breach of an agreement contained in the LEASE that TENANT might have <br />had under the LEASE against the prior LANDLORD. <br />4. Tenant's ObligationsT Notwithstanding anything herein to the contrary, TENANT shall not be <br />deemed to be in default under any of the terms or conditions of this Agreement, until TENANT has received a fully <br />executed original copy of this Agreement. <br />