Permitted by lessee.

(a). (1) Landlord may not place any mortgage or encumbrance on landlord's fee interest in the premises for landlord's own special benefit, and covenants not to do so.

(2). Tenant shall have the right, at any time and from time to time, during the term of this lease (as the same may be renewed and extended) to subject the fee interest of landlord in the demised premises, including all rights and easements appurtenant thereto and all buildings and other improvements thereon, at any time and from time to time, to any one or more permitted mortgages (as defined in paragraph (b) of this section _________).

(b). (1) Landlord and tenant agree that this lease and the fee interest of landlord in the demised premises shall be, and hereby are made, subject and subordinate at all times to the lien of each first mortgage ("permitted mortgage") which may at any time and from time to time hereafter affect all or any part of the fee of the demised premises including all rights and easements appurtenant thereto.

(2). The terms "mortgage" and "permitted mortgage" whenever used herein, shall include mortgages for the purpose of so-called permanent financing and also those for the purpose of so-called interim building and construction loan financing and all advances thereunder. All of the provisions hereof which shall apply with respect to landlord's obligations with respect to permanent financing, shall apply as well to such so-called interim building and loan financing and all advances thereunder, and landlord shall execute any and all agreements and other instruments necessary or desirable in connection therewith.

(3). Tenant covenants and agrees that the principal balance of any permitted mortgage described herein shall not exceed an amount determined by multiplying the aggregate number of square feet of floor space in all buildings constructed or under construction on the demised premises at such time as such permitted mortgage shall be made, renewed, modified, consolidated, replaced, extended or refinanced times the sum of $_____ per square foot.

(4). Tenant covenants and agrees that the monthly installments of interest and amortization required to be paid under any permitted mortgage described herein (excluding any final or terminal payment thereunder) plus the monthly installments of rent payable by tenant to landlord hereunder plus _________[e.g., one-twelfth] of the annual taxes, special and general assessments, water rent, rates and charges, sewer rents and other governmental impositions and charges of every kind and nature which shall during the term of this lease be charged, levied, assessed or imposed upon or with respect to the demised premises shall not exceed the aggregate monthly installments of rent (minimum or percentage), additional rent and taxes, assessments and other charges or impositions payable to tenant or the applicable governmental authorities by all sublessees under all subleases affecting all or any portion of the demised premises.



______________________________________________________________________________________

 

More Real Estate Forms

 

Browse Real Estate Forms & Mortgage Forms Alphabetically

 

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

 



Home Courses Real Estate Forms Income Properties For Sale Forums Real Estate Articles   

Copyright © 2001 - 2006, Buy Income Properties, Inc. All Rights Reserved. Privacy Policy in Observance.