8I Consent 2010 1206 - Laserfiche WebLink

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(a) For a period of ninety (90) days following delivery of an Enforcement Action Notice given by the Agency as a consequence of the Restrictive Covenants Default, the Senior Mortgagee shall have the right to cure any Restrictive Covenants Default, provided if such Restrictive Covenants Default is not capable of being cured within such ninety (90) days period and Senior Mortgagee has commenced and is diligently pursuing such cure to completion, such additional period of time as may be required to cure such Restrictive Covenants Default or until such time, if ever, as the Senior Mortgagee's delivery to the Agency of written consent to an Enforcement Action described in an Enforcement Action Notice given by the Agency as a consequence of the Restrictive Covenants Default. The Senior Mortgagee shall not have any obligation whatsoever to cure any Restrictive Covenants Default. The Senior Mortgagee shall not be subrogated to the rights of the Agency under the Restrictive Covenants by reason of the Senior Mortgagee having cured any Restrictive Covenants Default. However, the Agency acknowledges that all amounts advanced or expended by the Senior Mortgagee in accordance with the Senior Loan Documents to cure a Restrictive Covenants Default shall be added to and become a part of the Senior Indebtedness under Section 12 of the Senior Mortgage and shall be secured by the lien of, the Senior Mortgage. (b) The Senior Mortgagee shall deliver to the Agency a notice within five (5) business days in each case where the Senior Mortgagee has given notice to the Borrower of a Senior Mortgage Default. Failure of the Senior Mortgagee to send notice to the Agency shall not prevent the exercise of the Senior Mortgagee's rights and remedies under the Senior Mortgage Documents, subject to the provisions of this Agreement. The Agency shall have the right, but not the obligation, to cure any such Senior Mortgage Default within 30 days following the date of such notice; provided, however, that the Senior Mortgagee shall be entitled during such 30 -day period to continue to pursue its remedies under the Senior Mortgage Documents. Agency may have up to 90 days from the date of the notice to cure a non - monetary default if during such 90 -day period Agency keeps current all payments required by the Senior Mortgage Documents. In the event that such a non - monetary default creates an unacceptable level of risk relative to the Mortgaged Property, or Senior Mortgagee's secured position relative to the Mortgaged Property, as determined by Senior Mortgagee in its sole discretion, then Senior Mortgagee may exercise during such 90 -day period all available rights and remedies to protect and preserve the Mortgaged Property and the rents, revenues and other proceeds from the Mortgaged Property. (c) In the event of a Restrictive Covenants Default, the Agency will not commence any Enforcement Action until after the expiration of a period of ninety (90) days after the Agency has given the Senior Mortgagee an Enforcement Action Notice with respect to such Enforcement Action, provided that during such 90 day period, the Agency shall be entitled to seek specific performance to enforce covenants and agreements of the Borrower relating to income, rent, or affordability restrictions contained in the Restrictive Covenants subject to Senior Mortgagee's right to cure a Restrictive Covenants Default set forth in Section 4(a). The Agency may not commence any other Enforcement Action, until the earlier of (A) the expiration of such ninety (90) day period or; (B) the delivery by Senior Mortgagee to the Agency of the Senior Mortgagee's written consent to such Enforcement Action by the Agency. The Agency acknowledges that the Senior Mortgagee may grant or refuse consent to the Agency's Enforcement Action in the Senior Mortgagee's sole and absolute discretion, and that such discretion may be exercised in an arbitrary manner. At the expiration of such ninety (90) day period, subject to Senior Mortgagee's right to cure set forth in Section 4(a), Agency may commence any Enforcement Action. Any Enforcement Action on the part of the Agency shall be subject to the provisions of this Agreement. The Agency acknowledges that the provisions of this Section 4(c) are fair and reasonable under the circumstances, that the Agency has received a substantial benefit from the Senior Mortgagee having 5