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CITIBANK, N.A
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Last modified
4/29/2019 10:26:22 AM
Creation date
4/29/2019 10:25:50 AM
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Contracts
Company Name
CITIBANK, N.A
Contract #
A-2019-059
Agency
COMMUNITY DEVELOPMENT
Council Approval Date
4/16/2019
Destruction Year
0
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amend the Subordinate Loan terms in a manner that creates an adverse effect <br />upon Senior Lender under the Senior Loan Documents. If Subordinate Lender <br />either (i) amends the Subordinate Loan Documents in the manner set forth above <br />or (ii) assigns the Subordinate Loan without Senior Lender's consent then such <br />amendment or assignment will be void ab initio and of no effect whatsoever. <br />(d) Modification of Senior Loan Documents. Senior Lender may amend, waive, <br />postpone, extend, renew, replace, reduce or otherwise modify any provisions of <br />the Senior Loan Documents without the necessity of obtaining the consent of or <br />providing Notice to Subordinate Lender, and without affecting any of the <br />provisions of this Agreement. Notwithstanding the foregoing, Senior Lender may <br />not modify any provision of the Senior Loan Documents that increases the Senior <br />Indebtedness, except for increases in the Senior Indebtedness that result from <br />advances made by Senior Lender to protect the security or lien priority of Senior <br />Lender under the Senior Loan Documents or to cure defaults under the <br />Subordinate Loan Documents. <br />(e) Commercial or Retail Leases. If requested, Subordinate Lender will enter into <br />attornment and non -disturbance agreements with all tenants under commercial or <br />retail Leases, if any, to whom Senior Lender has granted attornment and non- <br />disturbance, on the same terms and conditions given by Senior Lender. <br />(f) Consent Rights. Whenever the Subordinate Loan Documents give Subordinate <br />Lender approval or consent rights with respect to any matter, and a right of <br />approval or consent for the same or substantially the same matter is also granted <br />to Senior Lender pursuant to the Senior Loan Documents or otherwise, Senior <br />Lender's approval or consent or failure to approve or consent will be binding on <br />Subordinate Lender. None of the other provisions of Section 7 are intended to be <br />in any way in limitation of the provisions of this Section 7(f). <br />(g) Escrows. Except as provided in this Section 7(g), and regardless of any contrary <br />provision in the Subordinate Loan Documents, Subordinate Lender will not <br />collect any escrows for any cost or expense related to the Mortgaged Property or <br />for any portion of the Subordinate Indebtedness. However, if Senior Lender is not <br />collecting escrow payments for one or more Impositions, Subordinate Lender may <br />collect escrow payments for such Impositions; provided that all payments so <br />collected by Subordinate Lender will be held in trust by Subordinate Lender to be <br />applied only to the payment of such Impositions. <br />(h) Certification. Within 10 days after request by Senior Lender, Subordinate Lender <br />will furnish Senior Lender with a statement, duly acknowledged and certified <br />setting forth the then -current amount and teens of the Subordinate Indebtedness, <br />confirming that there exists no default under the Subordinate Loan Documents or <br />the Regulatory Agreement (or describing any default that does exist), and <br />certifying to such other information with respect to the Subordinate Indebtedness <br />as Senior Lender may request. <br />Subordination Agreement — Governmental Entity 12 Tiny Tim Apartments <br />City of Santa Ana -Inclusionary Housing <br />
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