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55A - AGMT LEGACY APARTMENTS
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55A - AGMT LEGACY APARTMENTS
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Last modified
12/10/2020 5:00:39 PM
Creation date
12/10/2020 4:55:21 PM
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City Clerk
Doc Type
Agenda Packet
Agency
Community Development
Item #
55A
Date
12/15/2020
Destruction Year
2025
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i0:cu:31r:1 <br />Unsubordinated Regulatory Agreement, is subordinate in all respects to the lien of the Senior <br />Deed of Trust, only) to secure the Borrower's obligation to repay the Subordinate Note and all <br />other obligations, indebtedness and liabilities of the Borrower to the Subordinate Lender under <br />and in connection with the Subordinate Loan. Such permission is subject to the condition that <br />each of the representations and warranties made by the Borrower and the Subordinate Lender in <br />Section 3 is true and correct on the date of this Agreement. If any of the representations and <br />warranties made by the Borrower and the Subordinate Lender in Section 3 is not true and <br />correct on the date of this Agreement, the provisions of the Senior Loan Documents and <br />Permanent Loan Documents applicable to unpermitted liens on the Property shall apply. <br />4. Borrower's and Subordinate Lender's Representations and Warranties. <br />Borrower and Subordinate Lender each makes the following representations and <br />warranties to Senior Lender: <br />(a) Relationship of Borrower to Subordinate Lender and Senior Lender. <br />Subordinate Lender is not an Affiliate of Borrower and is not in possession of any facts <br />which would lead it to believe that Senior Lender is an Affiliate of Borrower- <br />(b) Tern. <br />The term of the Subordinate Note does not end before the stated term of the Senior Note. <br />(c) Subordinate Loan Documents. <br />The executed Subordinate Loan Documents are substantially in the same fonus as those <br />reviewed by Senior Lender prior to the date of this Agreement. Upon execution and delivery of <br />the Subordinate Loan Documents, Borrower shall deliver to Senior Lender an executed copy of <br />each of the Subordinate Lorin DocrurIents, certified to be true, correct and complete <br />(d) Senior Loan Documents. <br />The executed Senior Loan Documents will be substantially in the same forms as those <br />reviewed by Subordinate Lender prior to the date of this Agreement. Upon execution and <br />delivery of the Senior Loan Documents, Borrower shall deliver to Subordinate Lender an <br />executed copy of each of the Senior Loan Documents, certified to be true, correct and complete. <br />5. Terms of Subordination. <br />(a) Agreement to Subordinate. <br />The Senior Lender and the Subordinate Lender agree that: (i) the indebtedness evidenced <br />by the Subordinate Loan Documents is and shall be subordinated in right of payment, to the <br />extent and in the manner provided in this Agreement to the prior payment in full of the <br />indebtedness evidenced by the Senior Loan Documents, and (ii) the Subordinate Mortgage and <br />the other Subordinate Loan Documents are and shall be subject and subordinate in all respects to <br />Subordination Agnsmam— epnc% Syuere 5 <br />55A-120 <br />
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