HAD BEEN EXECUTED, DELIVERED, AND RECORDED PRIOR TO THE EXECUTION AND
DELIVERY OF THE LEASE.
TENANT ACKNOWLEDGES THAT OWNER WILL EXECUTE AND DELIVER
TO AGENT FOR THE RATABLE BENEFIT OF THE LENDERS AN ASSIGNMENT OF THE LEASE AS
SECURITY FOR THE LOAN, AND TENANT HEREBY EXPRESSLY CONSENTS TO SUCH ASSIGNMENT.
TENANT AGREES THAT IF THERE IS A DEFAULT BY OWNER IN THE PERFORMANCE AND
OBSERVANCE OF ANY OF THE TERMS OF THE LOAN, AGENT MAY, AT ITS OPTION, DEMAND ALL
RENTS DUE UNDER THE LEASE BE PAID BY TENANT DIRECTLY TO AGENT AT THE ADDRESS
SPECIFIED BY AGENT.
TENANT AGREES THAT UPON AGENT'S WRITTEN REQUEST FOR PAYMENT
OF RENT DIRECTLY TO AGENT, TENANT WILL TIMELY REMIT ANY AND ALL PAYMENTS DUE
UNDER THE LEASE DIRECTLY TO, AND PAYABLE TO THE ORDER OF, AGENT.
SUCH PAYMENTS
TO AGENT WILL CONSTITUTE PERFORMANCE OF TENANT'S PAYMENT OBLIGATIONS UNDER THE
LEASE.
TENANT ACKNOWLEDGES AND AGREES THAT IT HAS NO RIGHT OR OPTION OF ANY
NATURE WHATSOEVER, WHETHER PURSUANT TO THE LEASE OR OTHERWISE, TO PURCHASE THE
LEASED PREMISES OR THE PROPERTY, OR ANY PORTION THEREOF OR ANY INTEREST THEREIN,
AND TO THE EXTENT THAT TENANT HAS HAD, OR HEREAFTER ACQUIRES, ANY SUCH RIGHT OR
OPTION, THE SAME IS HEREBY ACKNOWLEDGED TO BE AND IS HEREBY WAIVED AND RELEASED
AS AGAINST AGENT.
SECTION 29.2
CONDITION PRECEDENT.
LENDERS WOULD NOT MAKE THE LOAN
WITHOUT THIS AGREEMENT.
SECTION 29.3
ENTIRE AGREEMENT.
THIS AGREEMENT SHALL BE THE WHOLE
AGREEMENT AND ONLY AGREEMENT WITH REGARD TO THE SUBORDINATION OF THE LEASE TO
THE MORTGAGE, AND SHALL SUPERSEDE AND CANCEL, BUT ONLY INSOFAR AS WOULD AFFECT
THE PRIORITY BETWEEN THE MORTGAGE AND THE LEASE, ANY PRIOR AGREEMENTS AS TO SUCH
SUBORDINATION, INCLUDING, WITHOUT LIMITATION, THOSE PROVISIONS, IF ANY,
CONTAINED IN THE LEASE WHICH PROVIDE FOR THE SUBORDINATION OF THE LEASE TO A
DEED OR DEEDS OF TRUST, A MORTGAGE OR MORTGAGES, A DEED OR DEEDS TO SECURE DEBT
OR A TRUST INDENTURE OR TRUST INDENTURES.
SECTION 29.4
DISBURSEMENTS.
LENDERS, IN MAKING DISBURSEMENTS PURSUANT TO
THE NOTE, THE MORTGAGE OR ANY LOAN AGREEMENTS WITH RESPECT TO THE PROPERTY, IS
UNDER NO OBLIGATION OR DUTY TO, NOR HAVE ANY LENDERS OR AGENT REPRESENTED THAT
IT WILL, SEE TO THE APPLICATION OF SUCH PROCEEDS BY THE PERSON OR PERSONS TO
WHOM LENDERS DISBURSE SUCH PROCEEDS, AND ANY APPLICATION OR USE OF SUCH PROCEEDS
FOR PURPOSES OTHER THAN THOSE PROVIDED FOR IN SUCH AGREEMENT OR AGREEMENTS SHALL
NOT DEFEAT THIS AGREEMENT TO SUBORDINATE IN WHOLE OR IN PART.
2
SECTION 29.5
SUBORDINATION.
TENANT INTENTIONALLY AND UNCONDITIONALLY
WAIVES, RELINQUISHES AND SUBORDINATES ALL OF TENANT'S RIGHT, TITLE AND INTEREST
IN AND TO THE PROPERTY, TO THE MORTGAGE AND UNDERSTANDS THAT IN RELIANCE UPON,
AND IN CONSIDERATION OF, THIS WAIVER, RELINQUISHMENT AND SUBORDINATION, SPECIFIC
LOANS AND ADVANCES ARE BEING AND WILL BE MADE BY LENDERS AND AGENT AND, AS PART
AND PARCEL THEREOF, SPECIFIC MONETARY AND OTHER OBLIGATIONS ARE BEING AND WILL
BE ENTERED INTO WHICH WOULD NOT BE MADE OR ENTERED INTO BUT FOR SAID