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Inst 2006181154
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Inst 2006181154
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12/22/2010 5:05:58 PM
Creation date
12/22/2010 5:05:57 PM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Agreement
Document Date (6)
5/3/2006
Recorded Document Type
Subordination
Retention
PERM
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5. Senior Lienholder declares, agrees and acknowledges that: <br /> a. Notice and Cure: <br /> (i) Subject to subparagraph (ii) below, and only as 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 (b) 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 /> intended to limit any Notice Party's rights to (1) 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 pursuant to California <br /> Civil Code Section 29246 or other applicable 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 /> C: \Documents and Settings \tliao\Local Settings \Temporary Internet Files \0LK49\SLO - Mission Bell Final Subordination Agreement Fremom <br /> Bank.DOC <br />
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