AgdaPkt 2018-02-12 Joint SA PFA - Laserfiche WebLink

Browse Search

SMRH:485014366.4 -3- “Senior Lender” means the Person named as such in the first paragraph of this Agreement. When any other Person becomes the legal holder of the First Mortgage Note, such other Person shall automatically become the Senior Lender. “Subordinate Lender” has the meaning set forth in the first paragraph of this Agreement. “Subordinate Loan” has the meaning set forth in Recital E of this Agreement. “Subordinate Loan Default” means a default by the Borrower in performing or observing any of the terms, covenants or conditions in the Subordinate Loan Documents to be performed or observed by it, which continues beyond any applicable period provided in the Subordinate Loan Documents for curing the default. “Subordinate Loan Documents” means the Subordinate Note, the Subordinate Mortgage, the Subordinate Restrictions and all other documents evidencing, securing or otherwise executed and delivered in connection with the Subordinate Loan. 2. Permission to Place Mortgage Liens Against Property. The Senior Lender agrees, notwithstanding the prohibition against inferior liens on the Property contained in the First Mortgage Loan Documents and subject to the provisions of this Agreement, to permit the Subordinate Lender to record the Subordinate Mortgage and other recordable Subordinate Loan Documents against the Property (which are subordinate in all respects to the lien of the First Mortgage) to secure the Borrower’s obligation to repay the Subordinate Note and all other obligations, indebtedness and liabilities of the Borrower to the Subordinate Lender under and in connection with the Subordinate Loan. Such permission is subject to the condition that each of the representations and warranties made by the Borrower and the Subordinate Lender in Section 4 is true and correct on the date of this Agreement. If any of the representations and warranties made by the Borrower and the Subordinate Lender in Section 4 is not true and correct on both of those dates, the provisions of the First Mortgage Loan Documents applicable to unpermitted liens on the Property shall apply. 3. Lien Priority. Each of Senior Lender and the Subordinate Lender agree that the Subordinate Loan Documents are unconditionally and will remain at all times, liens, claims, or charges on the Property in the following priority order: (a) The First Mortgage and First Mortgage Loan Documents; and (b) The Subordinate Mortgage and the Subordinate Loan Documents. 4. Borrower’s, Subordinate Lender’s and Senior Lender’s Representations and Warranties. The Borrower and the Subordinate Lender each makes the following representations and warranties to the Senior Lender: (a) Reserved. (b) Relationship of Borrower to Subordinate Lender and Senior Lender. The Subordinate Lender is not an Affiliate of the Borrower and is not in possession of any facts which would lead it to believe that the Senior Lender is an Affiliate of the Borrower. ATTY/AGR/2018.029/MID PEN MOSIAC GARDENS - SUBORDINATION AGREEMENT REV: 02-06-18 JS 6.3.A. - Page 58