HomeMy WebLinkAbout1993 - Non-Disturbance Attornment and Subordination Agreement - Sun Life Assurance Company / Indoor Billboard Northwest Inc - 9302191614B
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After recording return to:
David N. Lombard
Schwabe, Williamson, Ferguson Burdell
1420 Fifth Avenue, Suite 3400
Seattle. Washington 99101 -2339
(The above space is reserved for the recorder's office)
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NON DISTURBANCE, ATTORNMENT AND SUBORDINATION AGREEMENT
THIS AGREEMENT, dated for reference purposes the 1
of January, 1993, is between INDOOR BILLBOARD /NORTHWEST, INC.
"Tenant and SUN LIFE ASSURANCE COMPANY OF CANADA (U.S.), a
Delaware corporation "Beneficiary the beneficiary under a Deed
of Trust, Assignment of Rents and Security Agreement "Deed of
Trust to be executed by Hallwood Real Estate Investors Fund XVI,
a Delaware general partnership (formerly Equitec Real Estate
Investors Fund XVI, a California limited partnership), or its
successor (the holder of the Landlord's interest in the Lease:
described below is herein called the "Landlord as owner of the
real property described in Exhibit A attached hereto and by this
reference incorporated herein (the "Premises and to be recorded..
in King, County, Washington to encumber the Premises, dated
1993, and recorded in King County, Washington, on
1993, under Recording No. (Tenant
auther_zes Beneficiary or the escrow agent to fill in the date and
recording information)
v PRELIM STATEMENT
Tenant has executed a Lease (the "Lease with Equitec
Peal Estate investors Fund XVI dated June 20, 1985, and an
Amendr..ent dated July 24, 1991 for a portion of the Premises.
Beneficiar;. will hold the Deed of Trust described above on the
Premises. Tenant and Beneficiary desire hereby to establish
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certain rights, safeguards, obligations and priorities with respect
to t::e_r respective interests in the Premises by neans of the
follc;:ing non disturbance, attornment and subordination agreement.
NOW THEREFORE_, the parties hereto covenant and agree as
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PrO•✓ide'd t.h r: th" T;?l_^, iS i.n l U ).1 Iorce ;ind e
and I c. no defaults ^hcceunder, then:
a. The r. ir,h'_ of possession of Ten, to the leaeed
nrer:iz_. !nd Tenant's rights irisina out of theLease shall not be
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affected or disturbed by the Beneficiary in the exercise of any of
its rights under the Deed of Trust or the Note secured thereby.
b. In the event that the Beneficiary or any other
person acquires title to the Premises pursuant to the exercise of
any remedy provided for in the Deed of Trust or by means of a deed
in lieu of foreclosure thereof, the Lease shall not be terminated
or affected by said foreclosure_ or deed in lieu of foreclosure and
the Beneficiary hereby covenants that any sale by it of the
Premises pursuant to the exercise of any rights or remedies under
the Deed of Trust, or otherwise, shall be made subject to the Lease
and the rights of the Tenant thereunder; and the Tenant covenants
and agrees to attorn to the Beneficiary, or such person who may
purchase t2^.c Premises at a foreclosure sale, as its new landlord,
and the Le:,se shall continue in full force and effect as a direct
lease between Tenant and Beneficiary, or such other person, upon
all the terms, covenants, conditions and agreements set forth in
the Lease. however, in no event shall the Beneficiary or such
other person be:
(1) liable for any act or omission of the
present Landlord; or
(2) subject to any offsets or deficiencies
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which the Tenant might be entitled to assert against the pr6sent
Landlord: or
(3) bound by any payment of rent or additional
rent made by the Tenant to the Landlord for more than one month in
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advance; or
(4) bound by any security deposit which Tenant
.nay have paid to any prior landlord unless such deposit is in an
escrow fund available to Beneficiary; or
(5) bound by any amendment to the Lease if
such amendment has not received Beneficiary's prior written
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consent: or
(6) bound by any provision in the Lease which
obligates Landlord to erect or complete any building or to perform
v any construction work or to make any improvements to the Premises.
2. Tenant agrees with Beneficiary that Tenant will not
voluntarily subordinate the _,case to any other lien or encumbrance
without ?eneficiary's prior written consent.
The Lease shall be subject and subordinate to the
lien of the Deed of Trust and to all term--, conditions and
i provis_:.ns thereof, to ail advances made or to be made thereunder,
and to any renewair:, extensions, modifications or replacemen ts
thereof.
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4. The foregoing provisions shall be self operative and
j effective without the execution of any further instruments on the
part of any party hereto. Hjwever, Tenant agrees to execute and
deliver to the Beneficiary or to any person to whom Tenant herein
agrees to attorn such other instruments as either shall request in
order to effectuate said provisions.
5. This Agree may not be modified other than by an
agreement in writing signed by the parties hereto or by their
respective successors in interest.
6. This Agreement shall inure to the benefi', of and be
binding upon the parties hereto and their successors and assigns.
t IN WITNESS WHEREOF, the parties hereto have caused this
Agreement to be fully executed effective the day and year first
above written.
j TENANT:
INDOOR BILLBOARD /NORTHWEST, INC.
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BENEFICIARY:
SUN LIFE
ASSURANCE COMPANY
OF CANADA
(U.S.), a
Delaware corporation
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STATE OF W N j
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COUNTY OF -KONG N 7N •�.tre
I certify that I know cr have satisfactory evidence that
the persons appearing before me and making this acknowledgment are
.the persons whose true signatures appear on this document.
On this day of 1993, before me
personally appeared L to me
known to be the 1'x and
respectively, of INDOOId BILLBOARD/ NORTHWEST, INC., the corporation
that executed the within and foregoing instrument, and acknowledged
the said instrument to be the free and voluntary act and deed of
said corporation, for the uses and purposes therein mentioned, and
on oath stated that they were authorized to execute said instrument
and that the seal affixed, if any, is the corporate seal of said
corporation.
WITNESS my hand and official seal hereto affixed.the day
and year first above written.
Notary Public in and for the State
of Wastrirlgtnn, residing at
My commission expires:
(77 °315., /DML /50117.7)
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(77 °315., /DML /50117.7)
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COMMONWEALTH OF MASSACHUSETTS
COUNTY OF NORFOLK
I certi fv 1-h.�r
State of Massachusetts
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County of Norfolk
on this 17th day of February, 1993 before me eppoared
Margaret Sears Mead, to me known to be the Senior Assu.:iate Coun.el of the Sun Life
Assurance Company of Canada, duly authorized to execute the annexed instrument, on
behalf of Sun Life Assurance Company of Canada (U.S.), and acknowledged the said
Instrument to be the free'anh-,ypluntary act and deed of said corporation, for the uses
and purposes therein mtri`i(v ed,:and.6n oath stated that they were authorized, to-
execute said instrument $n R K�} seal affixed is the corporate seal of sAi'd
corporation. 'i. °s
IS WITNESS 'hHE4E0 $c o my hand and affixed my official seal the
3av and year first wr'
Denise A. Arnold, Notary rub. c_
My commission expires: August 6. 1993
Notary
Y Public in
and for the
Commonwealth
of Massachusetts,
residing at
MY commission expires:
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EXII1131'1 A
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PARCEL A -1:
ALL OF LOTS 1. 2 AND 3 OF A.NDCVER INDUSTRIAL PARK R0. 5. AS PER PLAT RECORDED
I`: VOLUME 83 OF PLATS. PAGES Y2 AND 23, RECORDS OF KING COUNTY:
SITUATE IN THE CITY OF TUKWILA. COUNTY OF KING. STATE OF WASHINGTON.
PARCEL A -2
ALL THAT PORTION OF LOT 7 OF ANDOVER INDUSTRIAL PARK NO. S. AS PER PLAT
RECORDED IN VOLUME 83 OF PLATS. PAGES 22 AND 23. RECORDS OF KING COUNTY. LYING
NORTH OF THE FOLLOWING DESCRIBED LINE:
BEG'NNING AT THE SOUTHWEST CORNER OF SAID LOT 7:
THENCE NORTH 01 47'28" EAST, 149.78 FEET:
T^E10E NORTHEASTERLY ALONG THE CURVE TO THE RIGHT HAVING A RADIUS OF 216.37
FEET THROUGH A CENTRAL ANGLE OF 05 °21'43 AN ARC DISTANCE OF 20.25 FEET TO
THE TRUE POINT OF BEGINNING OF SAID LINE:
THENCE SOUTH 88 °12'32" EAST 339.74 FEET TO THE EAST BOUNDARY OF SAID LOT 7.
WHICH, IS THE END OF SAID LINE:
SITUATE IN THE CITY OF TUKWILA. COUNTY OF KING. STATE OF WASHINGTON
PARCEL A -3:
A PORT .ON. OF THE WEST 1;2 OF SECTION 25 ANT THE EAST 112 OF SECTION 26. ALL IN
TCW%'SHIP 23 !NORTH. RANGE 4 EAST W.H. DESCRIBED AS FOLLOWS:
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BEGINNING AT THE EAST I14 CORNER OF SAID SECTION 26:
THENCE NORTH 88 °06'42" ','EST ALONIG THE EAST -WEST CENTERLINE OF SAID SECTION 26
A DISTANCE OF 105.84 FEET TO THE TRUE POINT OF BEGIh:4ING:
THENCE NORTH 01'47'28" EAST 2.45 FEET TO A POINT OF CURVATURE:
THENCE ALONG A CURVE TO THE RIGHT HAVING A RADIUS OF 410.28 FEET. THROUGH A
CENTRAL ANGLE OF 46 °46'10 AN ARC DISTANCE OF 334.90 FEET:
THENCE NORTH 48 °33'38" FAST 188.36 FEET:
THENCE ALONG A CURVE TO THE RIGHT HAVING A RADIUS OF 410.28 FEET. THROUGH A
CENTRAL ANGLE OF 72 °16'35 AN ARC DISTANCE OF 517.55 FEET TO ANC INTERSECTION
WITH A i.INF. BEARING SOUTH, 56 °38'20" EAST:
7r'_NCE SOUTH 56'38'20" EAST ALONG SAID LINE A DISTANCE OF 69.93 FEET:
7FESCE SOUTH 48 °44'23" EAST 71.30 FEET:
-.HENCE S =TH 45'09'27" EAST 9.91 FEET TO THE WESTERLY MARGIN OF JAMES
_.i'!STEN:SEX ROAD NO. 1479:
SOUTH 37',4'41 WEST 4G8.23 FEET:
':HENCE SOUTH 32'39'25 WEST 132.67 FEET:
THENCE NORTH 88'12'32" WEST 524.50 FEET:
'NIE. N:OY.T1! 01'47'28' EAST 90.66 FEET TO THE TRUE POINT OF BEGINNING:
7.7: :A TPF f :T' 01' TUY.0 :L,:, COUNTY OF KINI.. STATE OF WASHINGTON