SUBORDINATION,NON-DISTURBANCE AND ATTORNMENT AGREEMENT
THIS AGREEMENT made as of this day of , 2019, by and amongHRE-S CENTERPOINT, LLC, a Delaware limited liability company (“Landlord”),CANADIAN IMPERIAL BANK OF COMMERCE, acting through its New York Branch (“Administrative Agent”), as Administrative Agent for the Lenders (defined below), and (“Tenant”).
RECITALS:
A. Tenant has executed that certain Lease dated as of October 10, 2001, as amended by that certain Letter Agreement dated May 7, 2002, that certain First Amendment to Lease dated as of June 29, 2011, that certain Second Amendment to Lease dated as of January 11, 2013, that certain Third Amendment to Lease dated as of September 26, 2013, that certain Fourth Amendment dated as of March 14, 2014, and that certain Fifth Amendment dated as of May , 2019 (collectively, with the amendment} thereto, the “Lease”), with West Seyon LLC,predecessor-in-title to Landlord, as lessor, covering the premises described in the Lease consisting of approximately a 93,274 rentable square foot space (the “Premises”) in that certain building located at 41 Seyon Street, Waltham, Massachusetts (the “Property”) and more particularly described inExhibit A attached hereto and made a part hereof by this reference; and
B. Certain lenders (the “Lenders”) have made (or agreed to make) a loan to Landlord secured by a mortgage encumbering the Property and an assignment of Landlord’s interest in the Lease (said mortgage, together with any amendments, renewals, increases, modifications, substitutions or consolidations of either of them, collectively, the “Security Instrument”) in favor of Administrative Agent on behalf of the Lenders; and
C. Tenant and Administrative Agent desire to confirm their understanding with respect to the Lease and the Security Instrument, and to have Landlord confirm its agreement therewith.
NOW, THEREFORE, in consideration of the covenants, terms, conditions, and agreements contained herein, the parties hereto agree as follows:
1. The Lease and any extensions, modifications or renewals thereof, including but not limited to any option to purchase, right of first refusal to purchase or right of first offer to purchase the Property or any portion thereof, if any, is and shall continue to be subject and subordinate in all respects to the Security Instrument and the lien created thereby.
2. Tenant agrees to deliver to Administrative Agent, in the manner set forth in Paragraph 13 of this Agreement, a copy of any notice of default sent to Landlord by Tenant. If Landlord fails to cure such default within the time provided in the lease, Administrative Agent shall have the right, but not the obligation, to cure such default on behalf of Landlord within thirty (30) calendar days after the time provided for Landlord to cure such default in the Lease has expired or, if such default cannot be cured within that time, within a reasonable period provided Administrative Agent is proceeding with due diligence to cure such default. In such event, Tenant shall not terminate the Lease while such remedies are being diligently pursued by Administrative Agent. Further, Tenant shall not terminate the Lease on the basis of any default by Landlord which is incurable by Administrative Agent (such as, for example, the bankruptcy of Landlord or breach of any representation by Landlord), provided Administrative Agent is proceeding with due diligence to commence an action to appoint a receiver or to obtain title to the Property by foreclosure, deed in lieu of foreclosure, or otherwise (collectively, “Foreclosure”). Tenant hereby agrees that no action taken by Administrative Agent to enforce any rights under the Security Instrument or related security documents, by reason of any default thereunder (including, without limitation, the appointment of a receiver, any Foreclosure or any demand for rent under any assignment of rents or leases) shall give rise to any right of Tenant to terminate the Lease nor shall such action invalidate or constitute a breach of any of the terms of the Lease.