HomeMy WebLinkAbout1993 - Non-Disturbance Attornment and Subordination Agreement - Sun Life Assurance Company / PS Innovations dba Hightech Signs - 9302191605After recording return to:
David N. Lombard
Schwabe, Williamson, Ferguson Burdell
1420 Fifth Avenue, Suite 3400
Seattle. Washington 98101-2339
(The above space is reserved for the recorder's office)
NON-DISTURBANCE, ATTORNMENT AND SUBORDINATION AGREEMENT
THIS AGREEMENT, dated for reference purposes the 15ti, day ij
of January, 1993, is between P.S. INNOVATIONS dba HIGHTECiT
("Tenant") and SUN LIFE ASSURANCE COMP7,NY 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 Ding County, Washington to encumber the Premises, dated
1993, and recorded in King County, Washington, on
1993, under Recording No. i W (Tenant
authorizes Beneficiary or the escrow agent to fill in the date and
recording information).
PRELIMINARY STATEMENT
Tenant has executed a Lease (the "Lease") with Equitec
Real Estate Investors Fund XVI dated August 29, 1990 and Amendments
to Lease dated 3/4/91 and 7/20/92 for a portion of the Premises.
Beneficiary will hold the Deed of Trust described above on the
Premises. Tenant and Beneficiary desire hereby to establish
certain rights, safeguards, obligations and priorities with respect
to "heir respective interests in the Premiset by means of the
Following non-disturbance, attornment and subordination agreement.
NOW THEREFORE, the parties hereto covenant and agree as
follows:
1. Provided that the Lease is in full force and effect
and there are no defaults thereunder, then:
a. The right of possession of Tenant to the leased
premises and Tenant's rights arising out of the Lease 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, oL such person who may
purchase the Premises at a foreclosure sale, as its new landlord,
and the Lease 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) su -2ject to any offsets or deficiencies
which the Tenant might be entitled to assert against the present
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
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may have paid to any prior landlord unless such deposit is in an
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escrow fund available to Beneficiary; or
(5) bound by any amendment to the Lease if
such amendment has not. received Beneficiary's prior written
consent; or
(6) bound by any provision in the Lease which
obligates Landlord to erect or complete any building or to perform
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any construction work or to make any improvements to the Premises.
2. Tenant agrees with Beneficiary that Tenant will not
voluntarily subordinate the Lease to any other lien or encumbrance
without Beneficiary's prior written consent.
r 3.
The Lease shall be subject and subordinate to the
lien of the Deed of Trust and to all terms, conditions and
provisions thereof, to all advances made or to be made thereunder,
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and to any renewals, extensions, modifications or replacements
thereof.
(79591 /62960 /DNl/50 2
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4. The foregoing provisions shall be self operative and
effective without the execution of any further instruments on the
part of any party hereto. However, 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 Agreement 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 benefit of and be
binding upon the parties hereto and their successors and assigns.
IN WITNESS WHEREOF, the parties hereto have caused this
Agreement to be fully executed effective the day and year first
above written.
TENANT:
P.S. INNOVATIONS
dba HIGHTECH SIGNS
Pam Linder Partner
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Sally Fuller, Partner
BENEFICIA tom:
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SUN LIFE ASSURANCE COMPANY OF CANADA
(U.S.), a Delaware corporation
By:
Its:
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By:
Its:
(79591/e3960/OwL/50483.1) 3
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STATE OF WASHINGTON
ss.
COUNTY OF KING
I certify that I know or have satisfactory evidence that
the personn appearing before me and making this acknowledgment are
the persons whose true signatures appear on this document.
On this L I day of 1# 1993, before me
personally appeared Pam Linder and Sally Fuller, to me known to be
the Partners of P.S. INNOVATIONS dba HIGHTECH SIGNS, the
partnership that executed the within ana foregoing instrument, and
acknowledged the said instrument to be the frame and voluntary act
and deed of said partnership, for the uses and purposes therein
mentioned, and on oath stated that they were authorized to execute
said instrument.
WITNESS my hand and official seal hereto affixed the day
and year first above written.
pTA c No ary Pub11c i and for the State
N RY* of Washington, res..ding at
>s'0 LDL�G My commission expires:
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CON,24ONW£ALTH OF MP.SSACHUS£TTS
COUNTY OF NORFOLX
State of Massachusetts
County of Norfolk
On this 17th day of February, 1993 bef- me appeared
Margaret Sears Mead, to me kno n to be the Senior Associate Counsel of the Sun Life
Assurance Company of Canada, duly authorized to execute the annexed instrument, on
behalf of Sun Lite Assurance .Comp anv.of Canada (U.S.), and acknowledged the said
instrument to be the free aW *oju riyact and deed of said corporation, for the uses
and purposes therein mentigne (i4os07h stated that thev were authorized to
execute said instrument,- .f n1- affixed is the corporate seal of said
1N WITNESS WHEREOF, C my hand and affixed my official seal the
(v an f Year first wri to
Denise A. Arnold, Notary Public
Y,y commission expires: August 6, 1993
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Notary Public in and for the
Commonwealth of Massachusetts,
residing at
MY commission expires:
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E`HIBIT 7+
PA.RCFL A I:
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ALL OF LOTS 1. 2 AND 3 OF ANDOVER INDUSTRIAL PARK NO. 5, AS PER PLAT RECORDED
IN VOLUME 83 OF PLATS. PAGES 22 AND 23. RECORDS OF KING COUNTY:
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SITUATE IN THE CITY OF TUKWILA, COUNTY OF KING, STATE OF WASHINGTON.
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PARCEL A -2:
ALL THAT PORTION OF LOT 7 OF ANDOVER INDUSTRIAL PARK N0. 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:
BEGINNING AT THE SOUTHWEST CORNER OF SAID LOT 7:
THENCE NORTH 01 °47'28" EAST. 149.78 FEET:
THENCE 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 PORTION OF THE WEST 1/2 OF SECTION 25 AND THE EAST 1/2 OF SECTION 26. ALL IN
TO%7 :SHIP 23 NORTH. RANGE 4 EAST W.M. DESCRIBED AS FOLLOWS:
r; BEGINNING AT THE EAST 1/4 CORNER OF SAID SECTION 26:
THENCE NORTH. 88 °06'42" WEST ALONG THE EAST -WEST CENTERLINE OF SAID SECTION 26
A DISTANCE OF 105.84 FEET TO THE TRUE POINT OF BEGINNING:
TI:ENCE NORTH 01 "47'28" EAST 2.45 FEET TO A POINT OF CURVATURE:
THENCE ALONG A CURVE TO THE RIGHT RAVING A RADIUS OF 410.28 FEET, THROUGH A
CENTRAL ANGLE OF 4G °46'10 AN ARC DISTANCE OF 334.90 FEET:
THENCE NORTH 48 "33'38" EAST 188.36 FEET;
THENCE. ALONG A CURVE TO THE RIGHT HAVING A RADIUS OF 410.28 FEET. THROUGH A
CENTRt.L t,,'CLE OF 72 "16'35 AN ARC DISTANCE OF 517.55 FEET TO AN INTERSECTION
WIT:: A LINE. BEARING SOUTH 56 °39'20" EAST:
TH-ENCE SOUTH 56 "38'20" EAST ALONG SAID LINE A DISTANCE OF 69.93 FEET:
TF'.::' :CF SOUTH 48"44'23" EAST 71.30 FEET:
THENCE SOUTH 45 "09'27" EAST 9.91 FEET TO THE WESTERLY MAPGIN OF JAMES
CHPISTI.t ;SF'; ROAD NO. 1479:
THENCE, SOI:TI: 37 "54'41" %TST 468,.23 FEET:
THENCE SOUTH 32'39'25" WEST 132.67 FEET:
THF•:CI: NORTH. P.8 "12'32" WEST 524.50 FEET:
Tffr'YI: !:OPTH 01'47'2P." FA;T 90.66 FEET TO THE TRUE POINT OF BEGINNING:
5 1 7,',7F TH.L CITY OF TUKWILA. COUNTY CF VING. STATE 01' WASHINGTON