Laserfiche WebLink
G. The Senior Mortgage is intended to be recorded in the Recording Offices. The <br /> Restrictive Covenants are intended to be recorded in the Recording Offices following the <br /> recording of the Senior Mortgage. <br /> H. The execution and delivery of this Agreement is a condition of Senior <br /> Mortgagee's entering into the Credit Enhancement Agreement. <br /> NOW, THEREFORE, for valuable consideration, the receipt and sufficiency of which <br /> are hereby acknowledged. the parties hereto agree as follows: <br /> 1. DEFINITIONS. The following terms. when used in this Agreement (including, <br /> as appropriate, when used in the above recitals), shall have the following meanings. <br /> (a) The terms "Condemnation ", "Leases ", "Rents ", as well as any term <br /> used in this Agreement and not otherwise defined in this Agreement, shall have the <br /> meanings given to those terms in the Senior Mortgage. <br /> (b) "Bankruptcy Proceeding" means any bankruptcy, reorganization, <br /> insolvency, composition, restructuring, dissolution. liquidation, receivership, assignment <br /> for the benefit of creditors, or custodianship action or proceeding under any federal or <br /> state law with respect to the Borrower. any guarantor of any of the Senior Indebtedness. <br /> any of their respective properties, or any of their respective partners, members, officers, <br /> directors, or shareholders. <br /> (c) "Borrower" means all persons or entities identified as "Borrower" in the <br /> first paragraph of this Agreement, together with their successors and assigns. and any <br /> other person or entity who acquires title to the Land and Improvements after the date of <br /> this Agreement; provided that the term "Borrower" shall not include the Senior <br /> Mortgagee in the event that the Senior Mortgagee may acquire title to the Land and <br /> Improvements. <br /> (d) "Casualty" means the occurrence of damage to or Toss of any of the <br /> Mortgaged Property by fire or other casualty. <br /> (e) "Enforcement Action" means the filing of any legal action or proceeding <br /> seeking to enforce any right or remedy under the Restrictive Covenants or <br /> commencement of any foreclosure or trustee's sale proceedings. the exercise of any <br /> power of sale, the acceptance of' a deed or assignment in lieu of foreclosure or sale, the <br /> collecting of Rents, the obtaining of or seeking of the appointment of a receiver, the <br /> taking of possession or control of any of the Mortgaged Property. the commencement of <br /> any suit or other legal, administrative, or arbitration proceeding based upon the <br /> Restrictive Covenants, the exercising of any banker's lien or rights of set -off or <br /> recoupment, or the taking of any other enforcement action against the Borrower, any <br /> other party liable for any of the Restrictive Covenants or obligated under the Restrictive <br /> Covenants, or the Mortgaged Property. <br /> (I) "Enforcement Action Notice" means a written notice from the Agency to <br /> the Senior Mortgagee, given following a Restrictive Covenants Default and the expiration <br /> of any notice or cure periods provided for such Restrictive Covenants Default, setting <br /> forth in reasonable detail the Enforcement Action proposed to be taken by the Agency. <br /> (g) "Loss Proceeds" means all monies received or to be received under any <br /> insurance policy, from any condemning authority, or from any other source, as a result or <br /> any Condemnation or Casualty. <br /> 2 <br />