Lease subordinated to mortgage. This agreement, made this _________ day of _________[year], between _________, a national banking association, not personally but as trustee under the provisions of a deed or deeds in trust duly recorded and delivered to said bank in pursuance of a trust agreement dated _________ and known as trust number _________, of _________, designated as bank, _________ Corporation, with offices at _________, designated as lessee, and _________ Corporation, with offices at _________, designated as creditor. Bank is the owner in fee of real estate in _________, and known as: _________(describe). Lessee is now the owner and holder of a certain lease of a portion of the premises, as by reference to the lease will appear, made by the predecessor in interest of bank bearing the date _________. Creditor is about to loan to bank the sum of $_____, to be secured by a mortgage covering the premises mentioned, bearing the date of _________, to be executed and delivered by bank to creditor, on condition that the lease be subordinated to the mortgage. In consideration of the premises and to induce creditor to make the loan, bank and lessee covenant, consent and agree, to and with creditor, that the lease shall be and it is made subject and subordinate in each and every respect to the lien of the mortgage and any renewals. Bank and creditor, further agree that if at any time during the existence of the first mortgage the working capital of the tenant (lessee) declines below the amount of $_____, it shall constitute a default by bank in the trust deed securing the first mortgage, giving creditor the right to declare the entire loan due and payable. Lessee consents to make this agreement provided that in no event shall it be deemed to create any rights in creditor which would permit lessee's term created in the lease to be cancelled or lessee to be dispossessed so long as it continues to maintain the rental payments provided by the lease nor shall creditor have any rights against lessee as a result of any failure to maintain the minimum working capital. This agreement shall be binding upon and enure to the benefit of the successors and assigns, of the parties. In witness, etc.
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