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D. The Senior Mortgage will be recorded in the Official Records of Orange County, <br />California ("Recording Office"). The Subordinate Mortgage will be recorded in the <br />Recording Office following the recording of the Senior Mortgage. <br />E. The execution and delivery of this Agreement is a condition of Senior Lender's <br />consenting to Subordinate Lender's making of the Subordinate Loan and Borrower's <br />granting of the Subordinate Mortgage. <br />AGREEMENT <br />NOW, THEREFORE, for valuable consideration, the receipt and sufficiency of which is <br />acknowledged, the parties agree as follows: <br />1. Definitions. The following terms, when used in this Agreement (including, as <br />appropriate, when used in the above recitals), will have the following meanings: <br />The terms "Condemnation," "Imposition Deposits," "Impositions," "Leases," "Rents" <br />and "Restoration," as well as any term used in this Agreement and not otherwise defined <br />in this Agreement, will have the meanings given to those terms in the Senior Loan <br />Agreement. <br />"Bankruptcy Proceeding" means any bankruptcy, reorganization, insolvency, <br />composition, restructuring, dissolution, liquidation, receivership, assignment for the <br />benefit of creditors, or custodianship action or proceeding under any federal or state law <br />with respect to Borrower, any guarantor of any of the Senior Indebtedness, any of their <br />respective properties, or any of their respective partners, members, officers, directors, or <br />shareholders. <br />"Borrower" means all persons or entities identified as `Borrower" in the first Recital of <br />this Agreement, together with their successors and assigns, and any other person or entity <br />who acquires title to the Mortgaged Property after the date of this Agreement; provided <br />that the term "Borrower" will not include Senior Lender if Senior Lender acquires title to <br />the Mortgaged Property. <br />"Casualty" means the occurrence of damage to or loss of all or any portion of the <br />Mortgaged Property by fire or other casualty. <br />"Enforcement Action" means any of the following actions taken by or at the direction of <br />Subordinate Lender: the acceleration of all or any part of the Subordinate Indebtedness, <br />the advertising of or commencement of any foreclosure or trustee's sale proceedings, the <br />exercise of any power of sale, the acceptance of a deed or assigmnent in lieu of <br />foreclosure or sale, the collecting of Rents, the obtaining of or seeking of the appointment <br />of a receiver, the seeking of default interest, the taking of possession or control of any of <br />the Mortgaged Property, the commencement of any suit or other legal, administrative, or <br />arbitration proceeding based upon the Subordinate Note or any other of the Subordinate <br />Loan Documents or the Regulatory Agreement, the exercising of any banker's lien or <br />Subordination Agreement — Governmental Entity 2 Tiny Tim Apartments <br />City of Santa Ana -Inclusionary Housing <br />