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(d) With respect to the exercise of the cure rights provided above, the following shall apply: (1) Each Notice Party, whether the Senior Lienholder or the Subordinate Lienholder, shall have the right, but not the obligation, to elect to cure the noticed default(s) or Event(s) of Default (the "Noticed Defaults ") by giving the Defaulted Lender written notice of its intention to cure the Noticed Defaults within the forty -five (45) day cure period described above (the "Cure Period ") and thereafter curing all Noticed Defaults within the Cure Period. (2) If a cure of all the Noticed Defaults is completed within the Cure Period, the Defaulted Lender will rescind any notice of default recorded and request dismissal of any receiver who has been appointed, after reimbursement of all of Defaulted Lender's costs, including, without limitation, reasonable attomeys' fees and costs. (3) Following the timely cure of all Noticed Defaults by a Notice Party, the Defaulted Lender will not exercise its right to accelerate (or will de- accelerate) the amounts due under the Defaulted Lender's loan documents by reason of the Noticed Defaults cured by such Notice Party; provided, however, that nothing herein shall be construed to waive or limit any of Defaulted Lender's rights or remedies as to any uncured Noticed Default, or any subsequent default by the Borrower. (4) Nothing in this subparagraph (d) is intended to limit or modify any covenant, term, or condition contained in the Senior Lienholder Loan Documents or the Subordinate Lienholder Documents, including, without limitation, any covenant against creating or recording any liens or encumbrances against the Property without the Senior Lienholder's or the Subordinate Lienholdel's prior written approval, as applicable, and any acceleration clause in the Senior Lienholder Loan Documents or the Subordinate Lienholder Documents. Nothing in this subparagraph (iv) is intended to diminish the rights of Lenders pursuant to Califomia Civil Code Section 2924b, or to diminish the rights of a junior lienholder to receive notice under applicable law. (e) As required pursuant to Section 33334.14(a)(4) of the California, Health and Safety Code, the Subordinate Lienholder has determined that an economically feasible alternative method of financing, refinancing or assisting the project situated or to be situated on the Property, on substantially comparable terms and conditions to the Senior Lienholder Documents, without subordination, is not reasonably available. 6. The Subordinate Lienholder declares, agrees and acknowledges that: (a) It consents to and approves of all provisions of the Senior Lienholder Loan Documents and any and all loan or escrow agreements between the Borrower and the Senior Lienholder for the disbursement of the proceeds of the Senior Lienholder Loan; (b) The Senior Lienholder in making disbursements pursuant to any such agreement is under no obligation or duty to, nor has the Senior Lienholder represented that it will see to the application of such proceeds by the person or persons to whom the Senior Lienholder disburses such proceeds and any application or use of such proceeds for purposes other than those 43511- 0001.su(City.Agency)