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"Subordinate Lender" means the person or entity named as such in the first paragraph <br />of this Agreement and any other person or entity who becomes the legal holder of the <br />Subordinate Note after the date of this Agreement. <br />"Subordinate Loan Documents" means the Subordinate Mortgage, the Subordinate <br />Note, the Subordinate Loan Agreement and all other documents at any time evidencing, <br />securing, guaranteeing, or otherwise delivered in connection with the Subordinate <br />Indebtedness, as such documents may be amended and specifically excluding the <br />Regulatory Agreement, provided, that any exercise of remedies under the Subordinate <br />Loan Documents, by reason of a default trader the Regulatory Agreement, shall be and <br />remain subordinated, pursuant to the terms of this Subordination. <br />"Subordinate Mortgage Default" means any act, failure to act, event, condition, or <br />occurrence which allows (but for any contrary provision of this Agreement), Subordinate <br />Lender to take an Enforcement Action. <br />"Subordinate Note" means the promissory note or other evidence of the Subordinate <br />Indebtedness and any replacement of the Subordinate Note. <br />"Surplus Cash" means, with respect to any period, any revenues of Borrower remaining <br />after paying, or setting aside funds for paying, all the following: <br />(a) All sums due or currently required to be paid under the Senior Loan Documents, <br />including any reserves and Imposition Deposits. <br />(b) All reasonable operating expenses of the Mortgaged Property, including real <br />estate taxes, insurance premiums, utilities, building maintenance, painting and <br />repairs, management fees, payroll, administrative expenses, legal expenses and <br />audit expenses (excluding any developer fees payable with respect to the <br />Mortgaged Property). <br />Subordinate Lender's Representations and Warranties. <br />(a) Subordinate Lender represents and warrants that each of the following is true as <br />of the date of this Agreement: <br />(i) Subordinate Lender is now the owner and holder of the Subordinate Loan <br />Documents and the Regulatory Agreement. <br />(ii) No Subordinate Mortgage Default has occurred and is continuing. <br />(iii) The current unpaid principal balance of the Subordinate Indebtedness is <br />(iv) No scheduled payments under the Subordinate Note have been prepaid. <br />Subordination Agreement — Governmental Entity 4 Tiny Tim Apartments <br />City of Santa Ana -Inclusionary Housing <br />