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Inst 2010336109
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Inst 2010336109
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Last modified
12/22/2010 5:18:49 PM
Creation date
12/15/2010 2:45:26 PM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Agreement
Document Date (6)
10/21/2010
Recorded Document Type
Subordination
Retention
PERM
Document Relationships
Inst 2006181157
(Reference)
Path:
\City Clerk\City Council\Recorded Documents\2006
Inst 2006181159
(Reference)
Path:
\City Clerk\City Council\Recorded Documents\2006
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• <br /> 2. That Senior Lienholder would not make its loan above described without this <br /> subordination agreement. <br /> 3. That with regard to the priority given to each deed of trust hereinbefore <br /> specifically described, this agreement shall be the sole and only agreement with regard to the <br /> subordination of the lien or charge of the Subordinate Lienholder Documents to the lien or <br /> charge of the Senior Lienholder Deed of Trust, and shall supersede and cancel any prior <br /> agreements as to such subordination including, but not limited to, those provisions, if any, <br /> contained in the Subordinate Lienholder Documents which provide for the subordination of the <br /> lien or charge thereof to another deed of trust or mortgage. <br /> 4. In the event of foreclosure on the Property, the Senior Lienholder Deed of Trust <br /> shall be prior and superior to the rights of the Agency and the City. <br /> 5. Senior Lienholder declares, agrees and acknowledges that: <br /> a. Notice and Cure: <br /> (i) Subject to subparagraph (ii) below, and only as a separate and independent <br /> covenant and not as a condition to the continued effectiveness of the covenants and <br /> agreements as set forth, each of Subordinate Lienholder and Senior Lienholder (each, a <br /> "Lender ") agrees that it shall not complete a foreclosure sale of the Property, or any <br /> portion thereof, or record a deed -in -lieu of' foreclosure with respect to the Property, or any <br /> portion thereof, (each. a "Foreclosure Remedy ") unless and until the other Lender <br /> ("Notice Party") has first been given ninety (90) days written notice of the default(s) or <br /> Event(s) of Default. giving rise to such Lender's right to complete such Foreclosure <br /> Remedy (a "Default Notice "), and the other Lender has failed, within such ninety (90) day <br /> period to cure such default(s) or Event(s) of Default; provided, however, that the Lender <br /> giving the Default Notice (the "Defaulted Lender ") shall be entitled during such ninety <br /> (90) day period to continue to pursue all of its rights and remedies under its respective <br /> loan documents, including but not limited to acceleration of its note (subject to the de- <br /> acceleration provisions set forth below), commencement and pursuit of foreclosure (but <br /> not completion of the foreclosure sale), any guaranty (subject to any notice and cure <br /> provisions contained therein), and /or any other loan document. All such notices shall be <br /> at the address noted below or at another address as each Lender may instruct the other <br /> Lender in writing from time to time. <br /> (ii) It is the express intent of the parties hereunder that any Defaulted Lender's <br /> failure to give the notice described in subparagraph (i) above for any reason whatsoever <br /> shall not a act to impair or waive any remedy or right of such Defaulted Lender under <br /> this Agreement or any other loan document of such Defaulted Lender (except only <br /> completion of the Foreclosure Remedy), or L) subject such Defaulted Lender to any <br /> liability whatsoever to any Notice Party for any loss, cost, or expense any such Notice <br /> Party may incur as a result of the failure to provide such notice to such Notice Party, or as <br /> a result of such Event(s) of Default giving rise to such Defaulted Lender's right to <br /> complete such Foreclosure Remedy. Nothing contained in this subparagraph (ii) is <br />
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