Laserfiche WebLink
6.A. - Page 14 of 24 <br />(c) No Modification of Subordinate Loan Documents. The Borrower <br />and the Subordinate Lender each agrees that, until the principal of, interest on and all <br />other amounts payable under the Senior Loan Documents have -been paid in full, it wiII <br />not, without the prior written consent of the Senior Lender in each instance, increase the <br />amount of the Subordinate Loan, increase the required payments due under the <br />Subordinate Loan, decrease the term of the Subordinate Loan, increase the interest rate on <br />the Subordinate Loan, or otherwise amend the Subordinate Loan terms in a manner that <br />creates an adverse effect upon the Senior Lender under the Senior Loan Documents. Any <br />unauthorized amendment of the Subordinate Loan Documents or assignment of the <br />Subordinate Lender's interest in the Subordinate Loan without the Senior Lender's <br />consent shall be void ab initio and of no effect whatsoever. <br />9. Modification or Refinancing of Senior Loan. <br />The Subordinate Lender consents to any agreement or arrangement in which the Senior <br />Lender waives, postpones, extends, reduces or modifies any provisions of the Senior Loan <br />Documents, including any provision requiring the payment of money. Subordinate Lender <br />further agrees that its agreement to subordinate hereunder shall extend to any new mortgage <br />debt which is for the purpose of refinancing all or any part of the Senior Loan (including <br />reasonable and necessary costs associated with the closing and/or the refinancing); and that <br />all the terms and covenants of this Agreement shall inure to the benefit of any holder of <br />any such refinanced debt; and that all references to the Senior Loan, the Senior Note, the <br />Senior, the Senior Loan Documents and Senior Lender shall mean, respectively, the <br />refinance loan, the refinance note, the mortgage securing the refinance note, all documents <br />evidencing, securing or otherwise pertaining to the refinance note and the holder of the <br />refinance. <br />10. Default by the Subordinate Lender or Senior Lender. <br />If the Subordinate Lender or Senior Lender defaults in performing or observing any of <br />the terms, covenants or conditions to be performed or observed by it under this Agreement, <br />the other, non -defaulting lender shall have the right to all available legal and equitable relief. <br />11. Notices. <br />Each notice, request, demand, consent, approval or other communication <br />(hereinafter in this Section referred to collectively as "notices" and referred to singly as a <br />"notice") which the Senior Lender or the Subordinate Lender is required or permitted to <br />give to the other party pursuant to this Agreement shall be in writing and shall be deemed <br />to have been duly and sufficiently given if: (a) personally delivered with proof of delivery <br />thereof (any notice so delivered shall be deemed to have been received at the time so <br />delivered); or (b) sent by Federal Express (or other similar national overnight courier) <br />designating early morning delivery (any notice so delivered shall be deemed to have been <br />received on the next Business Day following receipt by the courier); or (c) sent by United <br />States registered or certified mail, return receipt requested, postage prepaid, at a post <br />office regularly maintained by the United States Postal Service (any notice so sent shall be <br />REV: 12-06-18 VR <br />Page 11 of 21 <br />ATTY/AGR.2018.274/KDF Hallmark 20 <br />