Fillable Commercial Lease Agreement Template - State Of New Jersey (Page 5 of 7) in pdf

time to subordinate such mortgage, deed of trust or other lien to this Lease on such terms and subject to

such conditions as such mortgagee may deem appropriate in its discretion. Landlord is hereby irrevocably

vested with full power and authority to subordinate this Lease to any mortgage, deed of trust or other lien

now existing or hereafter placed upon the Leased Premises of the Building, and Tenant agrees upon

demand to execute such further instruments subordinating this Lease or attorning to the holder of any such

liens as Landlord may request. In the event that Tenant should fail to execute any instrument of

subordination herein require d to be executed by Tenant promptly as requested, Tenant hereby irrevocably

constitutes Landlord as its attorney-in-fact to execute such instrument in Tenant's name, place and stead, it

being agreed that such power is one coupled with an interest. Tenant agrees that it will from time to time

upon request by Landlord execute and deliver to such persons as Landlord shall request a statement in

recordable form certifying that this Lease is unmodified and in full force and effect (or if there have been

modifications, that the same is in full force and effect as so modified), stating the dates to which rent and

other charges payable under this Lease have been paid, stating that Landlord is not in default hereunder (or

if Tenant alleges a default stating the nature of such alleged default) and further stating such other matters

as Landlord shall reasonably require.

19. Security Deposit.

The Security Deposit shall be held by Landlord without liability for interest and as security for the

performance by Tenant of Tenant's covenants and obligations under this Lease, it being expressly

understood that the Security Deposit shall not be considered an advance payment of rental or a measure of

Landlord's damages in case of default by Tenant. Unless otherwise provided by mandatory non-waivable

law or regulation, Landlord may commingle the Security Deposit with Landlord' s other funds. Landlord may,

from time to time, without prejudice to any other remedy, use the Security Deposit to the extent necessary to

make good any arrearages of rent or to satisfy any other covenant or obligation of Tenant hereunder.

Following any such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount

so applied in order to restore the Security Deposit to its original amount. If Tenant is not in default at the

termination of this Lease, the balance of the Security Deposit remaining after any such application shall be

returned by Landlord to Tenant. If Landlord transfers its interest in the Premises during the term of this

Lease, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further

liability for the return of such Security Deposit.

20. Notice.

Any notice required or permitted under this Lease shall be deemed sufficiently given or served if

sent by United States certified mail, return receipt requested, addressed as follows:

If to Landlord to:

______________________________________________

[Landlord]

______________________________________________

[Landlord's Address]

If to Tenant to:

______________________________________________

[Tenant]

______________________________________________

[Tenant's Address]

Landlord and Tenant shall each have the right from time to time to change the place notice is to

be given under this paragraph by written notice thereof to the other party.

Commercial Lease Agreement Template - State Of New Jersey Page 5