Laserfiche WebLink
(Page 2 of 9) <br />D. Lender requires that the Senior Deed of Trust be unconditionally and at all times remain a lien or charge upon the <br />Property, prior and superior to all the rights of the Subordinate Lender secured by the Subordinate Loan <br />Documents, the repayment of the Subordinate Loan and the Subordinate Lender's rights under any other <br />Subordinate Loan Documents and that the Subordinate Lender specifically and unconditionally subordinates the <br />Subordinate Loan Documents, the repayment of the Subordinate Loan and the Subordinate Lender's rights under <br />any other Subordinate Loan Documents to the lien or charge of the Senior Deed of Trust, the repayment of the <br />Senior Loan and the other Senior Loan Documents. <br />E. The Subordinate Lender and Owner agree to the above -referenced subordination in favor of Lender. <br />THEREFORE, for valuable consideration and to induce Lender to make certain amendments to the Senior Loan and <br />Senior Loan Documents, Owner and Subordinate Lender hereby agree for the benefit of Lender as follows: <br />1.1 Each of Lender and the Subordinate Lender agree that the Senior Loan Documents and the Subordinate <br />Loan Documents are unconditionally and will remain at all times, liens, claims, or charges on the Property <br />in the following priority order: <br />(a) the Senior Loan Documents including the Senior Deed of Trust; and <br />(b) the Subordinate Loan Documents including the Subordinate Deed of Trust. <br />1.2 The Senior Deed of Trust securing the Senior Note in favor of Lender, and any modifications, renewals or <br />extensions thereof (including, without limitation, any modifications, renewals or extensions with respect to <br />any additional advances made subject to the Senior Deed of Trust), together with Lender's right to <br />repayment of the Senior Loan and Lender's rights under any other Senior Loan Documents, shall <br />unconditionally be and at all times remain a lien or charge on the Property prior and superior to the <br />Subordinate Loan Documents, the repayment of the Subordinate Loans and Subordinate Lender's rights <br />under any other Subordinate Loan Documents, subject to the terms of this Agreement;rop vided, <br />however, Subordinate Lender must have given its prior written consent to any modification, renewal or <br />extension that affects the principal sum and/or increases the interest rate accruing on the principal sum of <br />the Senior Loan as a condition to the subordination of the Subordinate Loan Documents to any such <br />change in terms. <br />1.3 This Agreement shall be the whole agreement with regard to the subordination of (a) the Subordinate <br />Loan Documents, (b) the repayment of the Subordinate Loans and (c) Subordinate Lender's rights under <br />any other Subordinate Loan Documents to the lien or charge of the Senior Deed of Trust together with <br />Lender's right to repayment of the Senior Loan and Lender's rights under any other Senior Loan <br />Documents and shall supersede and cancel, but only insofar as would affect the priority of the Senior <br />Deed of Trust, any prior agreements as to such subordination, including, without limitation, those <br />provisions, if any, contained in the Subordinate Loan Documents, which provide for the subordination of <br />the Subordinate Deed of Trust or any other Subordinate Loan Documents to a deed or deeds of trust or to <br />a mortgage or mortgages. <br />Subordinate Lender further declares, agrees and acknowledges for the benefit of Lender, that: <br />1.4 Lender, in making disbursements pursuant to any such agreement, is under no obligation or duty to, nor <br />has Lender represented that it will, see to the application of such proceeds by the person or persons to <br />whom Lender disburses such proceeds, and any application or use of such proceeds for purposes other <br />than those provided for in such agreement or agreements shall not defeat the subordination herein made <br />in whole or in part. <br />1.5 Subject to the order of priority set forth in Section 1.1, Subordinate Lender intentionally and <br />unconditionally waives, relinquishes and subordinates all of its right, title and interest in and to the <br />Property to the lien or charge of the Senior Deed of Trust upon the Property and understands that in <br />reliance upon, and in consideration of, this waiver, relinquishment and subordination, specific <br />Page 2 of 8 <br />REV: 06-08-17 PR <br />ATTY/AGR.2017.136/Service League - 3789 Hoover Loan Subordination <br />