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GUEST HOUSE LP 1-2016
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GUEST HOUSE LP 1-2016
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Last modified
2/6/2017 10:43:19 AM
Creation date
2/1/2017 11:51:35 AM
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Contracts
Company Name
GUEST HOUSE LP
Contract #
A-2016-155-A
Agency
COMMUNITY DEVELOPMENT
Council Approval Date
6/21/2016
Destruction Year
0
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Lender would otherwise be entitled, but for the subordination provisions of this <br />Agreement (including without limitation, any payments or distributions during the <br />pendency of a Bankruptcy Proceeding involving Borrower or the Property), and (ii) the <br />subordination of the Junior Loan and the Junior Loan Documents shall not be affected in <br />any way by Senior Lender electing, under Section illl(b) of the federal bankruptcy <br />code, to have its claim treated as being a fully secured claim. In addition, Junior Lender <br />hereby covenants and agrees that, in connection with a Bankruptcy Proceeding involving <br />Borrower, neither Junior Lender nor any of its affiliates shall (i) make or participate in a <br />loan facility to or for the benefit of Borrower on a basis that is senior to or pari passu with <br />the liens and interests held by Senior Lender pursuant to the Senior Loan Documents, (ii) <br />not vote affirmatively in favor of any plan of reorganization or liquidation unless Senior <br />Lender has also voted affirmatively in favor of such plan, and (iii) not contest the <br />continued accrual of interest on the Senior Indebtedness, in accordance with and at the <br />rates specified in the Senior Loan Documents, both for periods before and for periods <br />after the commencement of such Bankruptcy Proceedings. Junior Lender shall execute <br />and deliver to Senior Lender powers of attorney, assignments or other instruments as may <br />be requested by Senior Lender in order to enable it to exercise the above-described <br />authority or powers with respect to any or all of the Junior Loan Documents, and to <br />collect and receive any and all payments or distributions which may be payable or <br />deliverable at any time upon or with respect to any of the Junior Loan Documents to <br />Junior Lender. <br />(1) Junior Lender covenants and agrees that the effectiveness of this <br />Agreement and the rights of Senior Lender hereunder shall be in no way impaired, <br />affected, diminished or released by any renewal or extension of the time of payment of <br />the Senior Loan, by any delay, forbearance, failure, neglect or refusal of Senior Lender in <br />enforcing payment thereof or in enforcing the lien of or attempting to realize upon the <br />Senior Loan Documents or any other security which may have been given or may <br />hereafter be given for the Senior Loan, by any waiver or failure to exercise any right or <br />remedy under the Senior Loan Documents, or by any other act or failure to act by Senior <br />Lender. Junior Lender acknowledges that Senior Lender, at its sole option, may release <br />all or any portion of the Property from the lien of the Senior Security Instrument, and <br />may release or waive any guaranty, surety or indemnity providing additional collateral to <br />Senior Lender, and Junior Lender hereby waives any legal or equitable right in respect of <br />marshaling it might have, in connection with any release of all or any portion of the <br />Property by Senior Lender, to require the separate sales of any portion of the Property or <br />to require Senior Lender to exhaust its remedies against any portion of the Property or <br />any other collateral before proceeding against any other portion of the Property or other <br />collateral (including guarantees) for the Senior Loan. Senior Lender may pursue all <br />rights and remedies available to it under the Senior Loan Documents, at law, or in equity, <br />regardless of any Enforcement Action Notice or Enforcement Action by Junior Lender. <br />At any time or from time to time and any number of times, without notice to Junior <br />Lender and without affecting the liability of Junior Lender, (a) the time for payment of <br />the Senior Indebtedness may be extended or the Senior Indebtedness may be renewed in <br />whole or in part; (b) the time for Borrower's performance of or compliance with any <br />covenant or agreement contained in the Senior Loan Documents, whether presently <br />existing or hereinafter entered into, may be extended or such performance or compliance <br />Subordination and Intemreditor Agreement (HOME) 8 The Guest House <br />
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