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6C(4) Lease for 131 S. Michigan St
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6C(4) Lease for 131 S. Michigan St
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8/18/2010 9:23:54 AM
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fee estate in the Premises, or any part thereof; and the rights of Tenant under this Lease shall be subject and <br />subordinate to any such Mortgage; provided, however, that in the event of any foreclosure or sale under any such <br />Mortgage or the delivery by Landlord of any deed-in-lieu of foreclosure to the holder of any such Mortgage, then <br />the holder of any such Mortgage agrees not to disturb Tenant's possession so long as Tenant is not in default under <br />the ternls of this Lease beyond any notice and/or cure periods provided for under this Lease and attorns to such <br />holder or the foreclosure purchaser as Landlord under this Lease. Said subordination shall be self-operative and no <br />further instrument of subordination shall be necessary unless required by any such Mortgage holder, in which event <br />Tenant agrees to, within ten (IO) days after request by Landlord or the Mortgage holder, execute any agreement <br />reasonably required by such Mortgage holder to memorialize said subordination and to memorialize the terms of any <br />related agreements between Tenant and such Mortgage holder. Any holder of any of any such Mortgage is herein <br />referred to as "Landlord's Mort =a ee(s)." Notwithstanding the foregoing, a Landlord's Mortgagee may at any time <br />subordinate its Mortgage to this Lease without Tenant's consent by notice in writing to Tenant, and thereupon this <br />Lease shall be deemed prior to such Mortgage without regard to their respective dates of execution and delivery and, <br />in that event, such Landlord's Mortgagee shall have the same rights with respect to this Lease as though it had been <br />executed prior to the execution and delivery of any such Mortgage and had been assigned to such Landlord's <br />Mortgagee. <br />(b) This Lease shall be subject to and subordinate to all easements, restrictions, liens, encumbrances, <br />rights-of--way, or other matters affecting the Premises of record. <br />ARTICLE XIII. <br />ASSIGNMENT AND SUBLETTING <br />13.1. Assi~mnent and Subletting. <br />(a) Tenant shall not sublet, mortgage, encumber or in any maimer transfer, in whole or in part, this <br />Lease, the Premises or any estate or interest in said Premises or Lease. Except as expressly permitted herein, Tenant <br />shall not assign this Lease or any estate or interest therein or allow the occupancy thereof by any person or entity <br />other than Tenant, without Landlord"s prior written consent, which may be granted or withheld in Landlord's sole <br />and absolute discretion. Consent by Landlord to one or more assignments of this Lease shall not operate to exhaust <br />Landlord's rights under this Article XIII. In the event that Tenant. with or without the previous consent of Landlord, <br />does assign or in any manner transfer this Lease or any estate or interest therein or sublet the Premises or any part <br />thereof, or allow the occupancy thereof by any person or entity other than Tenant, Tenant shall not be released from <br />any of its obligations under this Lease unless a release is given. in writing, by Landlord. <br />(b) If this Lease is assigned or the Premises or any part thereof occupied by any entity other than <br />Tenant, Landlord may collect rent from the assignee or occupant and apply the same to the Rent herein reserved, but <br />no such assignment, occupancy or collection of Rent shall be deemed a waiver of any restrictive covenant contained <br />in this Section 13.1 or the acceptance of the assignee or occupant as tenant, or a release of Tenant from the <br />perforn~ance by Tenant of any covenants on the part of Tenant herein contained. Any sublease of the Premises shall <br />be void. Landlord shall ha~~e the right. at any time. to immediately remove an occupant or than Tenant from the <br />Premises along with any possession of said occupant. which shall be deemed to have been abandoned if not claimed <br />by occupant within three (3) business days of their removal. and the Landlord's acceptance of rent from the <br />occupant shall in no way waive any ri~~hts the Landlord may have against the occupant. The Tenant shall indemnify <br />the Landlord for any actions. claims or demands made by the occupant or its assigns against the Landlord. Any <br />assi~mnent: (x) as to which Landlord has consented or is deemed to have consented; or (y) which is required by <br />reason of a final nonappealable order of a court of competent jurisdiction; or (z) which is made by reason of and in <br />accordance with the provisions of any law or statute, including. without limitation, the laws governing bankruptcy, <br />insolvency or receivership. shall be subject to all teens and conditions of this Lease, and shall not be effective or <br />deemed valid unless, at the time of such assi~~nment: <br />i. Each assignee shall assume the obligations of this Lease by executing, acknowledging and <br />delivering to Landlord. before the effective date of such assignment, a written assumption agreement in form and <br />substance reasonably satisfactory to Landlord: <br />
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