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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 />(b) No Partnership or Joint Venture. <br />The Senior Lender's permission for the placement of the Subordinate Loan Documents <br />does not constitute the Senior Lender as a joint venturer or partner of the Subordinate Lender. <br />Neither party hereto shall hold itself out as a partner, agent or Affiliate of the other party hereto. <br />(c) Senior Lender's and Subordinate Lender's Consent. <br />Wherever the Senior Lender's consent or approval is required by any provision of this <br />Agreement, such consent or approval may be granted or denied by the Senior Lender in its sole <br />and absolute discretion, unless otherwise expressly provided in this Agreement. Wherever the <br />Subordinate Lender's consent or approval is required by any provision of this Agreement, such <br />consent or approval may be granted or denied by the Subordinate Lender in its sole and absolute <br />discretion, unless otherwise expressly provided in this Agreement. <br />(d) Further Assurances. <br />The Subordinate Lender, the Senior Lender and the Borrower each agree, at the <br />Borrower's expense, to execute and deliver all additional instruments and/or -documents <br />reasonably required by any other party to this Agreement in order to evidence that the <br />Subordinate Mortgage is subordinate to the lien, covenants and conditions of the Senior Deed of <br />Trust, or to further evidence the intent of this Agreement. <br />hereto. <br />(e) Amendment. <br />This Agreement shall not be amended except by written instrument signed by all parties <br />(f) Governing Law. <br />This Agreement shall be governed by the laws of the State in which the Property is <br />located. <br />(g) Severable Provisions. <br />If any provision of this Agreement shall be invalid or unenforceable to any extent, then <br />the other provisions of this Agreement, shall not be affected thereby and shall be enforced to the <br />greatest extent permitted by law. <br />(h) Term. <br />The term of this Agreement shall commence on the date hereof and shall continue until <br />the earliest to occur of the following events: (i) the payment of all of the principal of, interest on <br />and other amounts payable under the Senior Loan Documents; (ii) the payment of all of the <br />principal of, interest on and other amounts payable under the Subordinate Loan Documents, other <br />than by reason of payments which the Subordinate Lender is obligated to remit to the Senior <br />Lender pursuant to Section d hereof, (iii) the acquisition by the Senior Lender of title to the <br />Property pursuant to a foreclosure or a deed in lieu of foreclosure of, or the exercise of a power <br />Submilinaiimi Agreement— Legacy Squme " <br />55A-129 <br />
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