ORANGE, COUNTY OF (41) - Laserfiche WebLink

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making a loan to Borrower in the maximum principal amount of One Million Five Hundred Thousand Dollars (S 1,500,000) ("County Loan"). The County is secured by a County of ARPA Deed of Trust dated as of March 23, 2023 ("County Deed of Trust") encumbering all or a portion of the Mortgaged Property. In connection with the County Loan, Borrower and County have entered into that certain Amended and Restated Rent Limitation and Regulatory Agreement by and between Borrower and City to be recorded with the Recording Office on or about the date hereof (the "County Regulatory Agreement"). AGREEMENT Subordination. 1.1 The City Deed of Trust, and any and all renewals, modifications permitted hereunder, extensions, or protective advances (including those costs to cure Borrower's default) thereunder (including interest thereon), is and will remain at all times, a lien, claim, or charge on the Property prior and superior to the County Deed of Trust. County acknowledges that it has had an opportunity to review the City Loan Documents, and County intentionally subordinates the lien of the County Deed of Trust to the City Deed of Trust. 1.2 The City Regulatory Agreement, and any and all renewals, modifications permitted hereunder, extensions, or protective advances (including those costs to cure Borrower's default) thereunder (including interest thereon), is and will remain at all times, a lien, claim, or charge on the Property prior and superior to the County Regulatory Agreement. County acknowledges that it has had an opportunity to review the City Regulatory Agreement, and County intentionally subordinates the County Regulatory Agreement to the City Regulatory Agreement. 2. Amendments Require Consent. County agrees that it will not amend or modify the County Loan Documents to shorten the maturity date, increase the principal amount, accelerate the repayment schedule (excluding any acceleration of the County Note due to Borrower's default) or increase the interest rate payable under the County Loan Documents without City's prior written consent. City agrees that it will not amend or modify the City Loan Documents to shorten the maturity date, increase the principal amount, accelerate the repayment schedule (excluding any acceleration of the County Note due to Borrower's default) or increase the interest rate payable under the City Loan Documents without County's prior written consent. 3. Notice and Cure Rights. 3.1 Definitions: For purposes of this Section 31 the following capitalized words and terms shall have the following meanings. "Cure Period" means a period of a ninety (90) consecutive days from the giving of a Default Notice. "Defaulted Lender" means the party giving a Default Notice.