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CC_Minutes_2013_0325
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Roseville City Council
Document Type
Council Minutes
Meeting Date
3/25/2013
Meeting Type
Regular
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Agreement, as defined below, from its existing mortgagee(s), ground lessors and master lessors, <br /> if any, of the Property. At LESSOR's option, this Agreement shall be subordinate to any future <br /> master lease, ground lease, mortgage, deed of trust or other security interest (a "Mortgage") by <br /> LESSOR which from time to time may encumber all or part of the Property, Tower or right-of- <br /> way; provided, however, as a condition precedent to LESSEE being required to subordinate its <br /> interest in this Agreement to any future Mortgage covering the Tower or Property, LESSOR <br /> shall obtain for LESSEE's benefit a non-disturbance and attornment agreement for LESSEE's <br /> benefit in the form reasonably satisfactory to LESSEE, and containing the terms described below <br /> (the "Non-Disturbance Agreement"), and shall recognize LESSEE's right to remain in <br /> occupancy of and have access to the Premises as long as LESSEE is not in default of this <br /> Agreement beyond applicable notice and cure periods. The Non-Disturbance Agreement shall <br /> include the encumbering party's ("Lender's") agreement that, if Lender or its <br /> successor-in-interest or any purchaser of Lender's or its successor's interest (a "Purchaser") <br /> acquires an ownership interest in the Tower or Property, Lender or such successor-in-interest or <br /> Purchaser will (1) honor all of the terms of the Agreement, (2) fulfill LESSOR's obligations <br /> under the Agreement, and (3) promptly cure all of the then-existing LESSOR defaults under the <br /> Agreement. Such Non-Disturbance Agreement must be binding on all of Lender's participants <br /> in the subject loan (if any) and on all successors and assigns of Lender and/or its participants and <br /> on all Purchasers. In return for such Non-Disturbance Agreement, LESSEE will execute an <br /> agreement for Lender's benefit in which LESSEE (1)confirms that the Agreement is subordinate <br /> to the Mortgage or other real property interest in favor of Lender, (2) agrees to attorn to Lender if <br /> Lender becomes the owner of the Tower or Property and (3) agrees to accept a cure by Lender of <br /> any of LESSOR's defaults, provided such cure is completed within the deadline applicable to <br /> LESSOR. In the event LESSOR defaults in the payment and/or other performance of any <br /> mortgage or other real property interest encumbering the Property, LESSEE, may, at its sole <br /> option and without obligation, cure or correct LESSOR's default and upon doing so, LESSEE <br /> shall be subrogated to any and all rights, titles, liens and equities of the holders of such mortgage <br /> or other real property interest and LESSEE shall be entitled to deduct and setoff against all rents <br /> that may otherwise become due under this Agreement the sums paid by LESSEE to cure or <br /> correct such defaults. <br /> 28. RECORDING. LESSOR agrees to execute a Memorandum of this Agreement <br /> which LESSEE may record with the appropriate recording officer. The date set forth in the <br /> Memorandum of Lease is for recording purposes only and bears no reference to commencement <br /> of either the Term or rent payments. <br /> 29. DEFAULT. <br /> a. In the event there is a breach by LESSEE with respect to any of the <br /> provisions of this Agreement or its obligations under it, including the payment of rent, LESSOR <br /> shall give LESSEE written notice of such breach. After receipt of such written notice, LESSEE <br /> shall have fifteen (15) days in which to cure any monetary breach and thirty (30) days in which <br /> to cure any non-monetary breach, provided LESSEE shall have such extended period as may be <br /> required beyond the thirty (30) days if the nature of the cure is such that it reasonably requires <br /> more than thirty (30) days and LESSEE commences the cure within the thirty (30) day period <br /> and thereafter continuously and diligently pursues the cure to completion. LESSOR may not <br /> MINC Rosey <br /> Tower Lease Agreement I 1 <br /> 2201205v6 <br />
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