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CITIBANK, N (2).A
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Last modified
3/15/2022 12:34:23 PM
Creation date
3/15/2022 12:32:22 PM
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Contracts
Company Name
CITIBANK, N.A
Contract #
A-2019-059-01
Agency
Community Development
Council Approval Date
4/16/2019
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to Senior Lender's right to cure a Subordinate Mortgage Default set forth <br />in Section 4(a). <br />(ii) Subordinate Lender may not commence any other Enforcement Action, <br />including any foreclosure action under the Subordinate Loan Documents, <br />until the earlier of: <br />(A) The expiration of such 90-day period or such longer period as <br />provided in Section 4(a). <br />(B) The delivery by Senior Lender to Subordinate Lender of Senior <br />Lender's written consent to such Enforcement Action by <br />Subordinate Lender. <br />(iii) Subordinate Lender acknowledges that Senior Lender may grant or refuse <br />consent to Subordinate Lender's Enforcement Action in Senior Lender's <br />sole and absolute discretion. At the expiration of such 90-day period or <br />such longer period as provided in Section 4(a) and, subject to Senior <br />Lender's right to cure set forth in Section 4(a), Subordinate Lender may <br />commence any Enforcement Action. <br />(iv) Senior Lender may pursue all rights and remedies available to it ruder the <br />Senior Loan Documents, at law, or in equity, regardless of any <br />Enforcement Action Notice or Enforcement Action by Subordinate <br />Lender. No action or failure to act on the part of Senior Lender in the <br />event of a Subordinate Mortgage Default or commencement of an <br />Enforcement Action will constitute a waiver on the part of Senior Lender <br />of any provision of the Senior Loan Documents or this Agreement. <br />(c) Cross Default. Subordinate Lender acknowledges that a Subordinate Mortgage <br />Default constitutes a Senior Mortgage Default. Accordingly, upon the occurrence <br />of a Subordinate Mortgage Default, Subordinate Lender will be deemed to have <br />actual knowledge of a Senior Mortgage Default. If Subordinate Lender notifies <br />Senior Lender in writing that any Subordinate Loan Default of which Senior <br />Lender has received Notice has been cured or waived, as determined by <br />Subordinate Lender in its sole discretion, then provided that Senior Lender has <br />not conducted a sale of the Mortgaged Property pursuant to its rights tinder the <br />Senior Loan Documents, any Senior Loan Default under the Senior Loan <br />Documents arising solely from such Subordinate Loan Default will be deemed <br />cured, and the Senior Loan will be reinstated. <br />5. Default Under Senior Loan Documents. <br />(a) Notice of Senior Loan Default and Cure Rights. <br />Subordination Agreement — Governmental Entity Page 8 <br />City of Santa Ana-Inclusionary Housing <br />La Placita Cinco <br />
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