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6.A. - Page 7 of 24 <br />"Senior Loan Default" means the occurrence of an "Event of Default" as that term is <br />defined in the Senior Loan Documents. <br />"Senior Loan Documents" means the Senior Note, the Senior Security Instrument, <br />and all other documents evidencing, securing or otherwise executed and delivered in <br />connection with the Senior Loan. <br />"Subordinate Lender" means the Person named as such in the first paragraph on <br />page 1 of this Agreement and any other Person who becomes the legal holder of the <br />Subordinate Note after the date of this Agreement. <br />"Subordinate Loan Default" means a default by the Borrower in performing or <br />observing any of the terms, covenants or conditions in the Subordinate Loan Documents <br />to be performed or observed by it, which continues beyond any applicable period <br />provided in the Subordinate Loan Documents for curing the default. <br />"Subordinate Loan Documents" means the Subordinate Note. the Subordinate <br />Security Instrument, the Owner Participation Agreement, the Covenants and aII other <br />documents evidencing, securing or otherwise executed and delivered in connection with the <br />Subordinate Loan. <br />"Subordinate Note" means the promissory note made by the Borrower to the <br />Subordinate Lender, or order, to evidence the Subordinate Loan. <br />"Subordinate Security Instrument" means the mortgage or deed of trust <br />encumbering the Property as security for the Subordinate Loan, which the Subordinate <br />Lender will cause to be recorded among the applicable land records immediately before <br />this Agreement. <br />2. Permission to Place Mortgage Lien Against Property. <br />The Senior Lender agrees, notwithstanding the prohibition against inferior liens on <br />the Property contained in the Senior Loan Documents and subject to the provisions of this <br />Agreement, to permit the Subordinate Lender to maintain the Subordinate Security <br />Instrument and other recorded Subordinate Loan Documents of record against the Property <br />(which are subordinate in all respects to the lien of the Senior Security Instrument) to secure the <br />Borrower's obligation to repay the Subordinate Note and all other obligations, indebtedness and <br />liabilities of the Borrower to the Subordinate Lender under and in connection with the <br />Subordinate Loan. Such permission is subject to the condition that each of the representations <br />and warranties made by the Borrower and the Subordinate Lender in Section 3 is true and <br />correct on the date of this Agreement. If any of the representations and warranties made by the <br />Borrower and the Subordinate Lender in Section 3 is not true and correct, the provisions of the <br />Senior Loan Documents applicable to unpermitted liens on the Property shall apply. <br />REV: 12-06-18 VR <br />Page 4 of 21 <br />ATTY/AGR.2018.2741KDF Hallmark 13 <br />