HomeMy WebLinkAbout1986 - Subordination and Attornment Agreement - Trucks Northwest / Seafirst Mortgage (George Long Shop) - 8609040034l
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Ma:vbeth Quinn
Seafirst Real Estate Group
PO Box C -34103 •+qa, r
:.rt :�iC Loar. No. 1- 161971 -7
Seattle, WA 98124 -1103
SUBORDINATION AND ATTORNPEWT AGREEM -ENT
THIS AGREEf:NT, made and entered into as of the 75 day of
19�, by and between TRUCKS YCRTHWEST CORPORATION, a Washington eorpevation,
+enant'), whose address is 14000 Interu-ban Avenue, Tukwila. Washington, and V
SEAFIRST'MORTGAGE CORPORATION, a Washington corporation, ('Mortgagee whose
address is c/o Real Estate Group, P. O. Box C- 34103, Seattle, Washington 1,
98124 -1103.
YITNESSETH:
WHEREAS, Mortgagee has agreed to Rake a mortgage loan in the amount or
1700,000.M to JOHN DURBIN d ASSOCIATES, a Washington limited partnership,
"Mortgagor'), whose addrL.ss is c/o CEC Equipment Company, Inc., 11222 E.
marginai Way South, Seattle, Washington 98168, repayment )f which is :o be
secured by a Deed of Trust or Mortgage (herein referred to as 'Mortgage on
real estate (the 'Premises all as more fully described in Exhibit "A" attached
hereto; and
WHEREAS, the Mortgage is to be recordev in the County where the Premises
are situate: and
WHEREAS, Tenant is the present lessee under a lease dated January 10, 1986.
made by JOHN DURBIN A ASSOCIATFS, a Washington limited partnership, as Landlord,
demising all_or a portion of the Prenises, (suid lease and all amendments
Thereto being referred to as the :Lease"); and
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WitER£AS, as a condition precedent to Mortgagee's disbursement of loan pro-
ceeds. Mortgagee has required that Tenant subordinate the Lease and its interest
in the Premises in all respects to the lien of the Mortgage; and
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WHEREAS, in return Mortgagee is agr:eable to not disturbing Tenant's
possc;s'on of the Premises; and
WHEREAS, it will be of substantial benefit to Tenant for Mortgagee to Cis
burse the loan proceeds; and
WHEREAS. Mortgagee is disbursing the loan proceeds in reliance upon the
agreements contained in this instrument.
NOV. THEREFORE, in consideration of the sun of $1.00 and other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged by each party hereto, it is hereby agreed as follows:
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1. SUBORDINATION. The Lease, and the rights of Tenant in, to or under
the Lease and the Premises, are hereby subjected and subordinated and shall
main in all respects and for all purposes subject, subordinate and junior to
the lien of we Mo rtgage. and to the rights and interest of the from time to
t time holder of the Mortgage. as fully and with the same effect as if the
Mortgage hed been duly executed, acknowledged and recorded, and the indebtedness
secured thereby hid been fully disouraed prior to the execution of the Lease or
i possession of the Premises by Tenant. or its predecessors in interest.
2. RELIANCE BY MORTGA:E£. The parties are executing this instrument in
order to indv:e Mortgagee to disourst the indebtedness Secured by the Mortgage,
and the parties further agree that the elsbursemert by liortgagec of all or any
part of the indebtednes shall constitute conclusive reliance by ►.artgagee upon
this instrument and the orc,v:sions hereof and the wbordinatioi. effectrd hereby.
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3. TENANT NOT TO BE DISTURBED. So long as Tenant is not in default
(beyond any period given Tenant to cure such default) in the payment of rent or
additional rent or in the performance of any of the,terms, covenants, or con-
ditions of the Lease on Tenant's part to be performed, Tenant's possession of
the Premises or any extensions or renewal r;ght:: therefor in the Lease, shall
not be diminished or interfered with by Mortgagee, and Tenants occupancy of the
Premises shall not be disturbed by Mortgagee for any reason wha*_ oever during
the term of the Lease or any such extensions or re:ewals thereof.
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4. TENANT NOT TO BE JOINED IN FORECLOSURE. So long as Tenant is not in
default !heycna any period given Tenant to cure such default) in the payment of
rent or additional rent or in the performance of any,of the terms, covenants, or
S conditions of the Lease on Tenant': par: to be performed. Mortgagee wit. not
join Tenant as a party defendant in any action or proceeding foreclosing the
L: Mortgage unless such joinder is necessary to foreclose the Mortgage and then
.D only for such purpose and not for the purpose of terminating the Lease.
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co S. TENANT TO ATTORN TO MORTGAGEE. If the interests of Landlord shall be
transferred to and owned by Mortgagee oy reason of foreclosure or other pro-
ceedings brought :y it in lieu of or pursuant to a foreclosure, or by any other
manner, and Mortgagee succeeds to the interest of the Landlord under the lease,
Tenant shall be bound to Mortgagee under ail of the terms, covenants, and con-
ditions of the Lease for the balance of the term thereof remaining and any
extensions :r renewals thereof which may be effectedA n accordanc; with any
option therefor in the Lease, with the same force and effect as if Mortgagee
were the iandiorc under the Lease; and Tenant does hereby attorn to mortgagee,
as its landlord, said attornment to be effective and self- operative irmeo'ately
upon Mortgagee succeed to the interest of the Landlord without the execution
of any further instruments on the part of any of the parties hereto. Except as
required under any Mortgage or Assignment of Leases and Cash Collateral, Tenant
shall be under no obligation to pay rent to Mortgagee until Tenant receives
written notice from Mortgagee that it has suiceeaed to the interest of the
Landlord under %1,e Lease. The respective rights and'obligations of Tenant and
Mortgagee upon such att.ornment, to the extent of the:then remaining balance of
the term of the Lease and any such extensions and renewals, shall be and are the
same ,s now Set forth therein, it being the intention of the parties hereto for
this purpose to incorporate the Lease in this Agreement by reference with the
sane force and effect as if set forth at length herein.
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6. MORTGAGEE NOT BOUND BY CERTAIN ACTS OF LA4DLORD. If Mortgagee small
succeed to the interest or Lanoloro under the Lease, hortgagee shall not be
liable for any act or omission of any prior landlord (including Mortgagor) nor
Y subject to any offsets or defenses which Tenant might have against any prior
landlord (including Mortgagor) nor be bound by any rent or additional rent wnich
Tenant ■ignt have paid for mere than the then current installment nor be bound
by any amendment or modification of the Lease made without its consent.
7. PURCHASE OPTIONS. Any option or rights contained in said Lease to
ac4uire title to the Prear:es ire hereby made subject and subordinate to the
rights of Mortgagee under the Mortgage and any acquisition of title to the
Premises made by Tenant during the term of the Mortgage shall be made subor-
dinate and subject to th Mortgage. i
D. SUCCESSORS AND ASSIGN'. This Agreement and each and every covenant,
agreement •nd other provision, hereof shall be binding ::pon the parties hereto
and :heir heirs, administrators, representatives, successors and assigns,
including without limitation each and every from time-to time holder of the
Lease or any other person having an interest therein and shall inure :o the
benefit of Mortgagee and its successors and assigns.
4. .CHOIC OF LAW. This Agreement is wade and executed unner and in all
respects is td be governed and Construed by the laws of the State .mere the
pre2ises are situate.
1U. LAaf10xS AND HEA The captions and headings of the various sec
tions of this Agreeoent art convenience only and are not to be Construed as
confining or limiting in any way the scope or intent of the provisions hereof.
Whenever the L:ontext requires or permits, the singular shall include the plural.
the plural shall include the singular and the masculine. feminine an" neuter
shit be areely interchangeable.
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11. CERTIFICATION OF TENANT. Tenant certifies to Mortgagee that it has
accepted Ceilvery of the Premises and has entered into occupancy and possession
thereof; thjjt :he Leas: represents the entire agreement:between the parties as
to the leasing, is in full force and effect, and has not been assigned,
modified, supplemented or amended in any way except as indicated above; that the
term of the Lease commenced on January 10 1966 that rent has ^ut been paid
for more than one installment in aavance; that as of this date the -andlord is
not in default under any of the terms, conditions, provisions, or agreements of
the Lease; and that Tenant has no offsets, claims, liens charges, or defenses
against the Landlord or the rents due under the Lease.
IN WITNESS WHEREOF, the parties hereto have each caused this Agreement to
be ewecuted as of the date first above.
TENANT: MORTGAGEE:
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TRUCX S NORTe4WEST CORPORATION, SEAFIRST MORTGAGE CORPORATION,
a Washin ton eorporeltirn a Warshiin ton corporation
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STATE OF WASHINGTON 1
COUNTY OF
On thi s of z 19F_, before me, the
undersigned, a Notary Public in and for �iAe tare of was,tiington duly com
missioned and sworn, personally appeare lJ( d to me per
sonalnown (or proven on the basis of satittactory evidence o be the
.1- of TRUCKS NORTHWEST CORPORATION, a Washington cor-
poration, the c,;rpuration tnat executed the within and foregoing instrument, and
acki,owiedged said instrument to be the free and voluntary act and deed of said
C corpolatior. for the uses and purposes therein mentioned, and on -Oath stated that
S was duly lected, qualified af.d acting as said officer of the cor-
O p:ratlon, that I— was authorized to execute said instrument and that the
seal affixed, it any, is the corporate seal of said corporation.
GIVEN UNDER my hand and official seal hereto affixed the day and year
Q in this certificate above written.
b
Notary rubllc to for e'S �e of
WLShingtor., res..71�g at�.
my appcint-wnt expires- IFJ'
STATE Or WASHINGTON
)S
COUNTY OF
On this day of 19,`:, before me, the
undersigned, a Notary Public in and for tnq State of W ?snington,,duly com-
missioned and sworn, personally appeared .l /,,t� to me per
sonali; known (or proven on the basis of'satlsfactory evloence) to be the
7; of SEAFIRST MORTGAGE CORPORATION, a Washington
corporation, the corporation that executed the within and foregoing instrument.
and acknowledged said instrument to be the free and voluntary act and deed of
said corporation for the vises and purposes therein mentioned, and on oath Stated
that 7-/ was my elected, qualified and acting as said officer of the cor-
poratlon, that V was authorized to execute said instrument and that the
seal affixed, it any, is the corporate seal of said corporation.!
SIVEN UNCZR my hand and official seal hereto affixed the day and year
in this certificate above written. 1
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Notary Public In and for the State of
Washington, residing at' n
My appointment expires 7/r Y
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E`:HIBIT 'A" i.
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Legal Descriotion:
Lots 1 through 11 in BI. 9 of Hillman's Seattle Garden Tracts, as per plat
recorded in Volume 11 of Plats. Page 24, records of King County;
TOGETHER WITH the South 1/2 of vacated Ed- Avenue adjoining on the North;
EXCEPT the South 20 feet of Lots 5 through 11, conveyed to the Town of Tukwila
for South 140th Street, by deed recorded under Recording No. 1996562;
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Situate in the City of Tukwila, County of King, State of Washington.
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E`:HIBIT 'A" i.
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Legal Descriotion:
Lots 1 through 11 in BI. 9 of Hillman's Seattle Garden Tracts, as per plat
recorded in Volume 11 of Plats. Page 24, records of King County;
TOGETHER WITH the South 1/2 of vacated Ed- Avenue adjoining on the North;
EXCEPT the South 20 feet of Lots 5 through 11, conveyed to the Town of Tukwila
for South 140th Street, by deed recorded under Recording No. 1996562;
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Situate in the City of Tukwila, County of King, State of Washington.
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