Inst 2010336109 - Laserfiche WebLink

Home

• (i) the Agency and the City permit the transfer of the Property from Allied to the LLC; (ii) Allied assigns its rights, title and interest in and obligations under the Agency Loan Documents and the City Loan Documents to the LLC; and (iii) the City Loan amount will be increased pursuant to an Additional City Note in the amount of $400,000 to the total principal amount of $1,500.000.67 (the "City Additional Note "). D. The Agency Deed of Trust, the Agency /City Regulatory Agreement, the City Deed of Tnist, the City Additional Note and the Agency /City Assignment shall be referred to herein as the `'Subordinate Lienholder Documents." E. The LLC has or will execute a promissory note (the "Senior Lienholder Note ") in the original principal amount not to exceed Five Hundred Twenty -Five Thousand and No /I00 Dollars ($525,000) in favor of Senior Lienholder (the "Senior Lienholder Loan ") which will be secured by a deed of trust to be recorded in the office of the Recorder concurrently herewith (the "Senior Lienholder Deed of Trust "). The Senior Lienholder Note and Senior Lienholder Deed of Trust shall be referred to herein as the . "Senior Lienholder Loan Documents." F. It is a condition precedent to obtaining the Senior Lienholder Loan that the Senior Lienholder Deed of Trust shall unconditionally be and remain at all times a lien or charge upon the Property, prior and superior to the lien or charge of the Subordinate Lienholder Documents. G. Senior Lienholder is willing to make said loan provided the Senior Lienholder Deed of Trust securing the same is a lien or charge upon the Property prior and superior to the lien or charge of the Subordinate Lienholder Documents and provided that the Subordinate Lienholder will specifically and unconditionally subordinate the lien or charge of the Subordinate Lienholder Documents to the lien or charge of the Senior Lienholder Deed of Trust. 11. It is to the mutual benefit of the parties herein that Senior Lienholder make such loan to the Borrower and the Subordinate Lienholder is willing that the Senior Lienholder Deed of Trust shall, when recorded, constitute a lien or charge upon the Property which is unconditionally prior and superior to the lien or charge of the Subordinate Lienholder Documents. In consideration of the mutual benefit accruing to the parties hereto and other valuable consideration, the receipt and sufficiency of which consideration is hereby acknowledged, and in order to induce Senior Lienholder to make the loan referred to, it is hereby declared, understood and agreed as follows: 1. The Senior Lienholder Deed of Tnist and any modifications (other than further advances of principal or increases in the interest rate), renewals, or extensions thereof, shall unconditionally be and remain at all times a lien or charge on the Property prior and superior to the lien or charge of the Subordinate Lienholder Documents.