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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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rights of Lenders pursuant to California Civil Code Section 29246, or to diminish <br /> the rights of a junior lienholder to receive notice under applicable law. <br /> (v) If following the occurrence of a default under the Senior Lienholder <br /> Documents but prior to any foreclosure or deed in lieu of foreclosure under the Senior <br /> Lienholder Documents, Subordinate Lienholder takes title to or possession of the <br /> Property and cures all outstanding defaults under the Senior Lienholder Documents, <br /> Senior Lienholder hereby agrees not to exercise any rights Senior Lienholder may have <br /> under the Senior Lienholder Documents to declare a default and accelerate the Senior <br /> Lienholder Loan that arise solely as a result of the transfer of title or possession of the <br /> Property to Subordinate Lienholder (or, i Senior Lienholder has already accelerated the <br /> Senior Lienholder Loan, Senior Lienholder hereby agrees that Senior Lienholder will <br /> reinstate the Senior Lienholder Loan at that time) and Senior Lienholder shall permit the <br /> transfer of the entire Property to Subordinate Lienholder subject to the Senior Lienholder <br /> Documents if and only if each and all of the following conditions have been satisfied in <br /> Senior Lienholder's reasonable determination: (1) Subordinate Lienholder has executed <br /> the form of Assumption Agreement provided by Senior Lienholder; (2) Subordinate <br /> Lienholder cures any existing defaults under the Senior Lienholder Documents through <br /> escrow, and there exists no other event, which, with the giving of notice or the passage of <br /> time or both, would constitute an event of default under any of the Senior Lienholder <br /> Documents; and (3) Senior Lienholder receives a new Senior Lienholder's policy of title <br /> insurance or endorsement insuring the continued existing lien status of the Senior <br /> Lienholder Loan. In the event the above conditions are met, all existing terms of the <br /> Senior Lienholder Documents will remain in effect. The obligations of Senior Lienholder <br /> stated herein are expressly conditioned upon the assumption transaction being in <br /> compliance with the applicable law and regulations of all government agencies having <br /> jurisdiction over Senior Lienholder at the time of the transfer. The provisions of this <br /> Paragraph shall apply to the transfer of the Property to Subordinate Lienholder only and it <br /> shall not apply to any other or subsequent transfer to any other party. <br /> (vi) As required pursuant to Section 33334.14(a)(4) of the California, Health <br /> and Safety Code, Subordinate Lienholder has determined that an economically feasible <br /> alternative method of financing, refinancing or assisting the project situated or to be <br /> situated on the Property, on substantially comparable terms and conditions to the Senior <br /> Lienholder Documents, without subordination, is not reasonably available. <br /> 6. The Agency declares, agrees and acknowledges that: <br /> a. It consents to and approves of all provisions of the Senior Lienholder Loan <br /> Documents and any and all loan or escrow agreements between the Borrower and Senior <br /> Lienholder for the disbursement of the proceeds of Senior Lienholder's loan; <br /> b. Senior Lienholder in making disbursements pursuant to any such <br /> agreement is under no obligation or duty to, nor has Senior Lienholder represented that it will see <br /> to the application of such proceeds by the person or persons to whom Senior Lienholder <br /> disburses such proceeds and any application or use of such proceeds for purposes other than <br />
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