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Defaulted Lender under this Agreement or any of such Defaulted Lender's loan documents. (iv) With respect to the exercise of the cure rights provided above, the following shall apply: (1) Each Notice Party, whether Senior Lienholder or 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 ninety (90) 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 attorneys' 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 Owner. (4) Nothing in this Paragraph (iv) is intended to limit or modify any covenant, term, or condition contained in Senior Lienholder Documents or the Subordinate Lienholder Documents, including, without limitation, any covenant against creating or recording any liens or encumbrances against the Property without Senior Lienholder's or Subordinate Lienholder's prior written approval, as applicable, and any acceleration clause in the Senior Lienholder Documents or the Subordinate Documents. Nothing in this Paragraph (i) is intended to diminish the rights of Lenders pursuant to California Civil Code Section 2924b, or to diminish the rights of ajunior lienholder to receive notice under applicable law. (v) If following the occurrence of a default under the Senior Lienholder Documents but prior to any foreclosure or deed in lieu of foreclosure under the Senior Lienholder Documents, Subordinate Lienholder takes title to or possession of the Property and cures all outstanding defaults under the Senior Lienholder Documents, Senior Lienholder hereby agrees not to exercise any rights Senior Lienholder may have under the Senior Lienholder Documents to declare a default and accelerate the Senior Lienholder Loan that arise solely as a result of the transfer of title or possession of the Property to Subordinate Lienholder (or, if Senior Lienholder has already accelerated the Senior Lienholder Loan, Senior Lienholder hereby agrees that Senior Lienholder will reinstate the Senior Lienholder Loan at that time) and Senior Lienholder shall permit the transfer of the entire Property to Subordinate Lienholder subject to the Senior Lienholder Documents if and only if each and all of the following conditions have been satisfied in C: \Documents and Settings \iliao\Local Settings \Temporary Internet Files \0LK49\SLO - Mission Bell Final Subordination Agreement Fremont Bank. DOC