Laserfiche WebLink
3.09 Subordination of Deeds of Trust. <br /> Each of the Developer Deferred (Second) Deed of Trust and the Developer <br /> Construction (Third) Deed of Trust shall be subordinated only to: (1) a lien securing financing of <br /> improvements to the Property by a bank, savings and loan association, insurance company, pension <br /> fund, or other institutional lender reasonably acceptable to Agency (or take -out financing for an <br /> amount which does not exceed the lesser of: (i) the original principal amount of the construction <br /> loan, or (ii) the remaining balance of the construction loan as of the time the take -out loan is funded) <br /> (a "Conforming Senior Loan "), utility easements, liens which (when combined with the Agency <br /> Loan) do not exceed an eighty percent (80 %) loan to value ratio, and such other items as may be <br /> approved at the sole discretion of the Executive Director, and shall not be subordinate to the lien of <br /> any other loans, mortgages or deeds of trust, except as expressly provided in this Section 3.09 or in <br /> Section 3.12 hereof, and (2) in the case of the Developer Construction (Third) Deed of Trust, the <br /> Developer Deferred (Second) Deed of Trust. <br /> 3.10 Condition of the Property. <br /> (a) Environmental Condition Prior to Disbursement of Agency Loan <br /> Proceeds. Except as otherwise disclosed in reports obtained by or heretofore provided to the Agency, <br /> the Developer represents and warrants to the Agency that as of the date of disbursement of the <br /> Agency Loan, it is not aware of to the best of its actual knowledge, and it has not received any notice <br /> or communication from any governmental agency having jurisdiction over the Property, the owner of <br /> the Property, or any other person or entity, notifying it of the presence of Hazardous Materials or <br /> Hazardous Materials Contamination in, on, or under the Property, or any portion thereof. Developer <br /> knows of no circumstances, conditions or events that may, now or with the passage of time, give rise <br /> to any Environmental Claim against or affecting the Property. Developer represents that any <br /> inspection reports with respect to the Property, environmental audits, reports and studies which <br /> concern the Property, or inspection reports from applicable regulatory authorities with respect to the <br /> Property, which Developer has received, have been delivered to the Agency. <br /> The Developer has caused the environmental condition of the Property to be <br /> investigated at its cost. <br /> (b) Developer's Obligation to Remediate the Property After <br /> Disbursement of Agency Loan Proceeds. After the disbursement of the Agency Loan proceeds to or <br /> on behalf of the Developer, and notwithstanding the obligation of Developer to indemnify Agency <br /> pursuant to Paragraph (c) of this Section 3.10 or any other obligations of the Developer pursuant to <br /> this Agreement, Developer shall, at its sole cost and expense, promptly take (i) all actions required by <br /> any federal, state or local governmental agency or political subdivision or any Governmental <br /> Requirements with respect to the Property, and (ii) all actions necessary to make full economic use of <br /> the Property for the purposes described in this Agreement, which actions, requirements or.necessity <br /> arise from the presence upon, about or beneath the Property of any Hazardous Materials or <br /> Hazardous Materials Contamination regardless of when such Hazardous Materials or Hazardous <br /> Materials Contamination were introduced to the Property and regardless of who is responsible for <br /> introducing such Hazardous Materials or Hazardous Materials Contamination to the Property, or <br /> portion thereof (the "Remediation "). The Remediation shall include, but not be limited to, an initial <br /> investigation of the environmental condition of the Property, the preparation of any feasibility studies <br /> or reports and the performance of any cleanup, remedial, removal or restoration work required. The <br /> Developer shall take all actions necessary to promptly restore the Property to an environmentally <br /> 14 <br /> DOCS00746041 v4\24258.0002 <br />