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200905834
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Last modified
7/16/2009 4:49:26 PM
Creation date
7/16/2009 4:46:33 PM
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DEEDS
Inst Number
200905834
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204905834 <br />Tenant shall not be named as a party therein unless such joinder shall be required by law, <br />provided, however, such joinder shall not result in the termination of the Lease or disturb <br />the Tenant's possession, quiet enjoyment or use of the premises demised thereunder, and <br />the sale of the Property in any such action or proceeding and the exercise by Lender of <br />any of its other rights under the Security Instrument shall be made subject to all rights of <br />Tenant under the Lease. For purposes of this Agreement, a "foreclosure" shall include <br />(but not be limited to) a sheriffs or trustee's sale under the power of sale contained in the <br />Security Instrument, and any other transfer of the Landlord's interest in the Property <br />under peril of foreclosure, including, without limitation to the generality of the foregoing, <br />an assignment or sale in lieu of foreclosure. <br />3. Attornment. After its receipt of notice from Lender ar any person or entity <br />which acquires the Property through a foreclosure (an "Acquiring Party") of the <br />completion of a foreclosure under the Security Instrument or that Lender or Acquiring <br />Party has received a conveyance of the Property in lieu of foreclosure or otherwise <br />obtained the right to possession of the Property, Tenant will be considered to have <br />attorned to and recognized Lender or Acquiring Party as its substitute landlord under the <br />Lease, and Tenant's possession, quiet enjoyment and use of the Property will oat be <br />disturbed. The foregoing provision will be self-operative, and will not require the <br />execution of any further instrument or agreement by Tenant to effectuate the attornment <br />and recognition. The attornment and recognition of a substitute landlord will be upon all <br />of the terms set forth in the Lease. <br />4. Na Liability. Lender and Tenant agree that if Lender or any Acquiring <br />Party shall become the owner of the Property by reason of the foreclosure of the Security <br />Instrument or the acceptance of a deed or assignment in lieu of foreclosure or otherwise, <br />the Lease shall not be terminated or affected thereby but shall continue in full force and <br />effect as a direct lease between Lender or any Acquiring Party and Tenant upon all of the <br />terms, covenants and conditions set forth in the Lease and in that event, Tenant agrees to <br />attorn to Lender ar Acquiring Party and Lender or Acquiring Party agree to accept such <br />attornment, provided, however, that Lender or Acquiring Party shall oat be: <br />(a) liable for any act or omission of any prior landlord (including Landlord), <br />unless Lender has been given written notice thereof and the same time to cure as afforded <br />Landlord under the Lease; or <br />(b) subject to any offsets or defenses that Tenant might have against any prior <br />landlord (including Landlord) unless Lender has been given written notice thereof and the <br />same time to cure as afforded Landlord under the Lease; or <br />(c) bound by any rent or additional rent which is payable an a monthly basis <br />and which Tenant might have paid for more than one (1) month in advance to any prior <br />landlord (including Landlord), unless such prepayment is required under the Lease; or <br />(d) bound by any amendment or modification of the Lease which would <br />change the term of the Lease, the fixed rent or the economic terms specified therein made <br />without Lender's prior written consent. <br />2113441_l.doc <br />
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