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6.A. - Page 11 of 24 <br />Loan Documents to cure a Subordinate Loan Default shall be deemed to have been advanced <br />by the Senior Lender pursuant to, and shall be secured by the lien of, the Senior Security <br />Instrument. <br />(b) Subordinate Lender's Exercise of Remedies After Notice to Senior <br />Lender. If a Subordinate Loan Default occurs and is continuing, the Subordinate Lender <br />agrees that, without the Senior Lender's prior written consent, it will not commence <br />foreclosure proceedings with respect to the Property under the Subordinate Loan <br />Documents or exercise any other rights or remedies it may have under the Subordinate Loan <br />Documents, including, but not limited to, accelerating the Subordinate Loan, collecting <br />rents, appointing (or seeking the appointment of) a receiver or exercising any other rights or <br />remedies thereunder, unless and until it has given the Senior Lender at least 60 days' prior <br />written notice; during such 60 day period, however, the Subordinate Lender shall be <br />entitled to exercise and enforce all other rights and remedies available to the Subordinate <br />Lender under the Subordinate Loan Documents and/or under applicable laws, including <br />without limitation, rights to enforce covenants and agreements of the Borrower relating to <br />income, rent, or affordability restrictions contained in the Covenants. <br />(c) Cross Default. The Borrower and the Subordinate Lender agree that a <br />Subordinate Loan Default shall constitute a Senior Loan Default under the Senior Loan <br />Documents and the Senior Lender shall have the right to exercise all rights or remedies <br />under the Senior Loan Documents in the same manner as in the case of any other Senior <br />Loan Default. If the Subordinate Lender notifies the Senior Lender in writing that any <br />Subordinate Loan Default of which the Senior Lender has received a Default Notice has <br />been cured or waived, as determined by the Subordinate Lender in its sole discretion, then, <br />provided that Senior Lender has not conducted a sale of the Property pursuant to its rights <br />under the Senior Loan Documents, any Senior Loan Default under the Senior Loan <br />Documents arising solely from such Subordinate Loan Default shall be deemed cured, and <br />the Senior Loan shall be reinstated, provided, however, that the Senior Lender shall not be <br />required to return or otherwise credit for the benefit of the Borrower any default rate <br />interest or other default related charges or payments received by the Senior Lender during <br />such Senior Loan Default. <br />6. Default Under Senior Loan Documents. <br />(a) Notice of Default and Cure Rights. The Senior Lender shall <br />deliver to the Subordinate Lender a Default Notice within five Business Days in each case <br />where the Senior Lender has given a Default Notice to the Borrower. Failure of the Senior <br />Lender to send a Default Notice to the Subordinate Lender shall not prevent the exercise of <br />the Senior Lender's rights and remedies under the Senior Loan Documents, subject to the <br />provisions of this Agreement. The Subordinate Lender shall have the right, but not the <br />obligation, to cure any such Senior Loan Default within 60 days following 'the date of such <br />notice; provided, however, that the Senior Lender shall be entitled during such 60 -day <br />period to continue to pursue its remedies under the Senior Loan Documents. Subordinate <br />Lender may have up to 90 days from the date of the Default Notice to cure a non -monetary <br />default if during such 90 -day period Subordinate Lender keeps current all payments <br />required by the Senior Loan Documents. In the event that such a non -monetary default <br />REV: 12-06-18 VR <br />Page 8 of 21 <br />ATTY/AGR.2018.274/KDF Hallmark 17 <br />