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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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intended to limit any Notice Party's rights to (I) injunctive relief to enforce the provisions <br /> of this Agreement, or (2) seek recovery of actual damages (excluding consequential <br /> damages) that are directly caused by completion of a Foreclosure Remedy without Notice • <br /> Party receiving a thirty (30) day notice and opportunity to cure as provided pursuant to <br /> the procedures described under California Civil Code Section 2924b or other applicable <br /> law. <br /> (iii) Unless expressly prohibited by law, each Lender agrees to record a <br /> "Request for Notice," or similar appropriate document requesting notice of any <br /> foreclosure sale, in the Official Records of the County in which the Property is located, <br /> and in the event a Defaulted Lender has failed to sooner provide notice to any Notice <br /> Party. the receipt of such notice of foreclosure sale by such Notice Party shall be deemed <br /> to be notice to the Notice Party as contemplated hereunder. Except as specifically <br /> provided herein, or otherwise agreed in writing, Defaulted Lender's failure to give any <br /> such notice for any reason shall not act to impair or waive any remedy or right of such <br /> Defaulted Lender under this Agreement or any of such Defaulted Lender's loan <br /> documents. <br /> (iv) With respect to the exercise of the cure rights provided above, the following <br /> shall apply: <br /> (I) Each Notice Party, whether Senior Lienholder or Subordinate <br /> Lienholder, shall have the right, but not the obligation, to elect to cure the noticed <br /> default(s) or Event(s) of Default (the "Noticed Defaults ") by giving the Defaulted <br /> Lender written notice of its intention to cure the Noticed Defaults within the <br /> ninety (90) day cure period described above (the "Cure Period ") and thereafter <br /> curing all Noticed Defaults within the Cure Period. <br /> (2) If a cure of all the Noticed Defaults is completed within the Cure <br /> Period, the Defaulted Lender will rescind any notice of default recorded and <br /> request dismissal of any receiver who has been appointed, after reimbursement of <br /> all of Defaulted Lender's costs, including, without limitation, reasonable <br /> attorneys' fees and costs. <br /> (3) Following the timely cure of all Noticed Defaults by a Notice Party, <br /> the Defaulted Lender will not exercise its right to accelerate (or will de- accelerate) <br /> the amounts due under the Defaulted Lender's loan documents by reason of the <br /> Noticed Defaults cured by such Notice Party; provided, however, that nothing <br /> herein shall be construed to waive or limit any of Defaulted Lender's rights or <br /> remedies as to any uncured Noticed Default, or any subsequent default by Owner. <br /> (4) Nothing in this Paragraph (iv) is intended to limit or modify any <br /> covenant, term, or condition contained in Senior Lienholder Documents or the <br /> Subordinate Lienholder Documents, including, without limitation, any covenant <br /> against creating or recording any liens or encumbrances against the Property <br /> without Senior Lienholder's or Subordinate Lienholder's prior written approval, as <br /> applicable, and any acceleration clause in the Senior Lienholder Documents or the <br /> Subordinate Documents. Nothing in this Paragraph (i) is intended to diminish the <br />
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