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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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(b) Without the prior written consent of Senior Lender, Subordinate Lender will not <br />do any of the following: <br />(i) Pledge, assign, transfer, convey, or sell any interest in the Subordinate <br />Indebtedness or any of the Subordinate Loan Documents or the Regulatory <br />Agreement. <br />(ii) Take any action which has the effect of increasing the Subordinate <br />Indebtedness, except to cure a Senior Mortgage Default as contemplated <br />under Section 5(a) of this Agreement. <br />(iii) Accept any prepayment of the Subordinate Indebtedness. <br />3. Terms of Subordination. <br />(a) Agreement to Subordinate. The Subordinate Indebtedness is and will at all times <br />continue to be subject and subordinate in right of payment to the prior payment in <br />full of the Senior Indebtedness. Each of the Subordinate Loan Documents is, and <br />will at all times remain, subject and subordinate in all respects to the liens, terms, <br />covenants, conditions, operations, and effects of each of the Senior Loan <br />Documents, specifically excluding the Regulatory Agreement executed by and <br />between the Subordinate Lender and Borrower in connection with the <br />Subordinating Party's Loan, which shall always remain in first position on title to <br />the Land. <br />(b) Subordination of Subrogation Rights. If Subordinate Lender, by indemnification, <br />subrogation or otherwise, acquires any Lien on any of the Mortgaged Property, <br />then that Lien will be fully subject and subordinate to the receipt by Senior <br />Lender of payment in full of the Senior Indebtedness, and to the Senior Loan <br />Documents, to the same extent as the Subordinate Indebtedness and the <br />Subordinate Loan Documents are subordinate pursuant to this Agreement. <br />(c) Payments Before Senior Loan Default; Soft Subordinate Debt. Until the <br />occurrence of a Senior Mortgage Default, Subordinate Lender will be entitled to <br />retain for its own account all payments of the principal of and interest on the <br />Subordinate Indebtedness pursuant to the Subordinate Loan Documents; provided <br />that Subordinate Lender expressly agrees that it will not accept any such payment <br />that is made more than 10 days in advance of its due date and provided further <br />that Subordinate Lender will not accept any payment in an amount that exceeds <br />75% of then available Surplus Cash]. <br />(d) Payments After Senior Loan Default or BanknMtcy. <br />(i) Immediately upon Subordinate Lender's receipt of Notice or actual <br />knowledge of a Senior Mortgage Default, Subordinate Lender will not <br />Subordination Agreement— Governmental Entity 5 Tiny Tim Apartments <br />City of Santa Ana -Inclusionary Housing <br />
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