Laserfiche WebLink
<br /> 2 <br /> <br /> <br />making a loan to Borrower in the maximum principal amount of One Million Five <br />Hundred Thousand Dollars ($ 1,500,000) (“County Loan”). The County is secured by a <br />County of ARPA Deed of Trust dated as of _______________ (“County Deed of <br />Trust”) encumbering all or a portion of the Mortgaged Property. In connection with the <br />County Loan, Borrower and County have entered into that certain Amended and Restated <br />Rent Limitation and Regulatory Agreement by and between Borrower and City to be <br />recorded with the Recording Office on or about the date hereof (the “County Regulatory <br />Agreement”). <br />AGREEMENT <br />1. Subordination. <br />1.1 The City Deed of Trust, and any and all renewals, modifications permitted <br />hereunder, extensions, or protective advances (including those costs to cure Borrower’s default) <br />thereunder (including interest thereon), is and will remain at all times, a lien, claim, or charge on <br />the Property prior and superior to the County Deed of Trust. County acknowledges that it has <br />had an opportunity to review the City Loan Documents, and County intentionally subordinates <br />the lien of the County Deed of Trust to the City Deed of Trust. <br />1.2 The City Regulatory Agreement, and any and all renewals, modifications <br />permitted hereunder, extensions, or protective advances (including those costs to cure <br />Borrower’s default) thereunder (including interest thereon), is and will remain at all times, a lien, <br />claim, or charge on the Property prior and superior to the County Regulatory Agreement. <br />County acknowledges that it has had an opportunit y to review the City Regulatory Agreement, <br />and County intentionally subordinates the County Regulatory Agreement to the City Regulatory <br />Agreement. <br />2. Amendments Require Consent. County agrees that it will not amend or modify <br />the County Loan Documents to shorten the maturity date, increase the principal amount, <br />accelerate the repayment schedule (excluding any acceleration of the County Note due to <br />Borrower’s default) or increase the interest rate payable under the County Loan Documents <br />without City’s prior written consent. City agrees that it will not amend or modify the City Loan <br />Documents to shorten the maturity date, increase the principal amount, accelerate the repayment <br />schedule (excluding any acceleration of the County Note due to Borrower’s default) or increase <br />the interest rate payable under the City Loan Documents without County’s prior written consent. <br />3. Notice and Cure Rights. <br />3.1 Definitions: For purposes of this Section 3, the following capitalized words <br />and terms shall have the following meanings. <br />"Cure Period" means a period of a ninety (90) consecutive days from the giving of a <br />Default Notice. <br />"Defaulted Lender" means the party giving a Default Notice. <br />EXHIBIT 5