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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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iM:cu:31r:1 <br />the liens, terms, covenants and conditions of the Senior Deed of 'trust and the other Senior Loan <br />Documents and to all advances heretofore made or which may hereafter be made pursuant to the <br />Senior Deed of Trust and the other Senior Loan Documents (including but not limited to, all <br />sums advanced for the purposes of (1) protecting or further securing the lien of the Senior Deed <br />of Trust, curing defaults by the Borrower under the Senior Loan Documents or for any other <br />purpose expressly permitted by the Senior Deed of Trust, or (2) constructing, renovating, <br />repairing, furnishing, fixturing or equipping the Property). <br />(b) Subordination of Subrogation Rights. <br />The Subordinate Lender agrees that if, by reason of its payment of real estate taxes or <br />other monetary obligations of the Borrower, or by reason of its exercise of any other right or <br />remedy under the Subordinate Loan Documents, it acquires by right of subrogation or otherwise <br />a lien on the Property which (but for this subsection) would be senior to the lien of the Senior <br />Deed of Trust, then, in that event, such lien shall be subject and subordinate to the lien of the <br />Senior Deed of Trust. <br />(c) Payments Before Senior Loan Default. <br />Until the Subordinate Lender receives a Default Notice of a Senior Loan Default from the <br />Senior Lender, Subordinate Lender shall be entitled to retain for its own account all payments <br />made under or pursuant to the Subordinate Loan Documents. <br />(d) Payments After Senior Loan Default. <br />Borrower agrees that, after it receives a Default Notice (or otherwise acquires knowledge) <br />of a Senior Loan Default, it will not make any payments under or pursuant to the Subordinate <br />Loan Documents (including but not limited to principal, interest, additional interest, late payment <br />charges, default interest, attorneys' fees, or any other sums secured by the Subordinate Loan <br />Documents) without Senior Lender's prior written consent. Subordinate Lender agrees that, after <br />it receives a Default Notice from Senior Lender with written instructions directing Subordinate <br />Lender not to accept payments from Borrower on account of the Subordinate Loan, it will not <br />accept any payments under or pursuant to the Subordinate Loan Documents or the <br />Unsubordinated Regulatory Agreement (including but not limited to principal, interest, additional <br />interest, late payment charges, default interest, attorneys' fees, or any other sums secured by the <br />Subordinate Loan Documents) without Senior Lender's prior written consent. If Subordinate <br />Lender receives written notice from Senior Lender that the Senior Loan Default which gave rise <br />to Subordinate Lender's obligation not to accept payments has been cured, waived, or otherwise <br />suspended by Senior Lender, the restrictions on payment to Subordinate Lender in this Section 5 <br />shall terminate, and Senior Lender shall have no right to any subsequent payments made to <br />Subordinate Lender by Borrower prior to Subordinate Lender's receipt of a new Default Notice <br />from Senior Lender in accordance with the provisions of this Section 5(d). <br />(e) Remitting Subordinate Loan Payments to Senior Lender. <br />If, after Subordinate Lender receives a Default Notice from Senior Lender in accordance <br />with Section 5(d), Subordinate Lender receives any payments under the Subordinate Loan <br />Subonllna�Ion Aerecmnn Lgacy Square 6 <br />55A-121 <br />
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