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iW:cu:110:1 Person(s) shall automatically become the Senior Lender. From and after the Conversion Date, the Permanent Lender, and its successors and/or assigns, shall become the Senior Lender hereunder. "Senior Loan Default" means the occurrence of an "Event of Default" as that tern is defined in the Senior Loan Documents. "Subordinate Lender" means the Person named as such in the first paragraph on page 1 of this Agreement, any successor or assign of Subordinate Lender, including without limitation, a receiver, trustee or debtor -in -possession and any other Person who becomes the legal holder of the Subordinate Note after the date of this Agreement. "Subordinate Loan Agreement" means the loan agreement dated on or about the date hereof by and between Borrower and Subordinate Lender in the aggregate principal amount of $[3,170,547]. "Subordinate Loan Default" means a default by Borrower in performing or observing any of the terms, covenants or conditions in the Subordinate Loan Documents or the Unsubordinated Regulatory Agreement to be perf'ornned or observed by it, which continues beyond any applicable period provided in the Subordinate Loan Documents or the Unsubordinated Regulatory Agreement for curing the default. "Subordinate Loan Documents" means the Subordinate Note, the Subordinate Mortgage, the Subordinate Loan Agreement, and all other documents evidencing, securing or otherwise executed and delivered in connection with the Subordinate Loan, provided, however, the Unsubordinated Regulatory Agreement is not a Subordinate Loan Document for purposes of this Agreement. "Subordinate Mortgage" means that certain Inclusionary Leasehold Deed of Trust and Assignment of Rents dated as of [_, 2020]. encumbering the Borrower's interests in the Property as security for the Subordinate Loan, to be recorded in the Official Records substantially concurrently herewith. "Subordinate Note" means the promissory note dated on or about the date hereof, issued by Borrower to Subordinate bender, or order, to evidence the Subordinate Loan. "Unsubordinated Regulatory Agreement" means the Affordability Restrictions on Transfer of Property dated on or about the date hereof, by Borrower for the benefit of Subordinate Lender, in connection with the Subordinate Loan, encumbering the property and to be recorded in first position concurrently herewith in the Official Records. 3. Permission to Place Mortgage Lien Against Property. The Senior Lender agrees, notwithstanding the prohibition against inferior liens on the Property contained in the Senior Loan Documents or the Permanent Loan Documents and subject to the provisions of this Agreement, to pennit the Subordinate Lender to record or retain the Unsubordinated Regulatory Agreement, the Subordinate Mortgage and other recordable Subordinate Loan Documents against the Property (which, with the exception of the tiuhonlinalfon A�recment Legacy Syuam 4 55A-119