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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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iW:cu:110:1 <br />(b) Subordinate Lender's Agreement to Standstill. <br />If a Subordinate Loan Default occurs and is continuing, the Subordinate Lender agrees <br />that it will not accelerate the Subordinate Loan, commence foreclosure proceedings with respect <br />to the Property, collect rents, appoint (or seek the appointment of) a receiver or institute any other <br />collection or enforcement action specifically related to the enforcement of any terns of the <br />Subordinate Loan Documents or the Unsubordinated Regulatory Agreement without first giving <br />at least ninety (90) days' notice of a default under the Subordinate Loan and Subordinate Lender's <br />intent to exercise one of the preceding actions; provided, however, that such limitation on the <br />remedies of Subordinate Lender shall not derogate or otherwise limit Subordinate Lender's rights, <br />following an event of default under the Subordinate Loan Documents to (a) compute interest on <br />all amounts due and payable under the Subordinate Loan at the default rate described in the <br />Subordinate Loan Documents, (b) compute prepayment premiums and late charges, (c) enforce <br />against any person, other than Borrower and any guarantors or indemnitors under the Senior <br />Loan Documents, any guaranty of the obligations of Borrower under the Subordinate Loan, and <br />(d) seek specific performance to enforce covenants and agreements of Borrower relating to <br />income, rent, or affordability restrictions contained in the Unsubordinated Regulatory <br />Agreement, and (e) appear in, defend or bring an action in connection with the Property in <br />Subordinate Lender's capacity as a municipal authority to the extent required by law. <br />(c) Cross Default. <br />The Borrower and the Subordinate Lender agree that a Subordinate Loan Default shall <br />constitute a Senior Loan Default under the Senior Loan Documents and the Senior Lender shall <br />have the right to exercise all rights or remedies under the Senior Loan Documents in the same <br />manner as in the case of any other Senior Loan Default. If the Subordinate Lender notifies the <br />Senior Lender in writing that any Subordinate Loan Default of which the Senior Lender has <br />received a Default Notice has been cured or waived, as determined by the Subordinate Lender in <br />its sole discretion, then provided that Senior Lender has not conducted a sale of the Property <br />pursuant to its rights under the Senior Loan Documents, any Senior Loan Default under the <br />Senior Loan Documents arising solely from such Subordinate Loan Default shall be deemed <br />cured, and the Senior Loan shall be reinstated, provided, however, that the Senior Lender shall <br />not be required to return or otherwise credit for the benefit of the Borrower any default rate <br />interest or other default related charges or payments received by the Senior Lender during such <br />Senior Loan Default. <br />7. Default Under Senior Loan Documents. <br />(a) Notice of Senior Loan Default and Cure Rights. <br />The Senior Lender shall deliver to the Subordinate Lender a Default Notice within five <br />(5) Business Days in each case where the Senior Lender has given a Default Notice to the <br />Borrower. Failure of the Senior lender to send a Default Notice to the Subordinate Lender shall <br />not prevent the exercise of the Senior Lender's rights and remedies under the First Mortgage <br />Loan Documents, subject to the provisions of this Agreement. The Subordinate Lender shall have <br />the right, but not the obligation, to cure any such Senior Loan Default as provided below. <br />Subordinate Lender may have up to thirty (30) days from the date of the Default Notice to cure <br />S uboali nation Agrv��nenl—Legacy Square A <br />55A-123 <br />
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