RecDoc 2020-039722 - Subordination Agreement, Hallmark House (531 Woodside)

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"Default Notice" means: (a) -a copy of the. written notice from the Senior Lender to the Borrower stating that a Senior Loan Default has occurred under the Senior Loan; or (b) a copy of the written notice from the Subordinate Lender to the Borrower stating that a Subordinate Loan Default has occurred under the Subordinate Loan. Each Default Notice shall specify the default upon which such Default Notice is based. "Owner Participation Agreement" means that Owner Participation Agreement by and between the City of Redwood City, the Redevelopment Agency of the City of Redwood City and Prior Owner, dated December 1, 2003, and recorded in the Official Records as Document No. 2003-350637, as the same may be amended from time to time in accordance with the terms hereof by an instrument recorded in the Official Records. "Person" means an individual, estate, trust, partnership, corporation, limited liability company, limited liability partnership, governmental department or agency or any other entity which has the legal capacity to own property. "Senior Lender" means the Person named as such in the first paragraph on page I of this Agreement, its successors and assigns, and any other Person who becomes the legal holder of the Senior Note after the date of this Agreement. "Senior Loan Default" means the occurrence of an "Event of Default" as that term is defined in the Senior Loan Documents. "Senior Loan Documents" means the Senior Note, the Senior Security instrument, and all other documents evidencing, securing or otherwise executed and delivered in connection with the Senior Loan. "Subordinate Lender" means the Person named as such in the first paragraph on page I of this Agreement and any other Person who becomes the legal holder of the Subordinate Note after the date 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 Security Instrument, the Owner participation Agreement, the Covenants and all other documents evidencing, securing or otherwise executed and delivered in connection with the Subordinate Loan_ "Subordinate Note" means the promissory note made by Prior Owner to the Subordinate Lender, or order, to evidence the Subordinate Loan. "Subordinate Security Instrument" means that certain Deed of Trust with Assignment of Rents dated December 22, 2003, by Prior Owner, as trustor to Old Republic Title Company, a California. corporation, as trustee, for the benefit of Subordinate Lender and recorded in the Official Records as Document No. 2003-350640 on December 22, 2003, as the same may be Subordination Agreement 3 Hallmark House Apartments Description: San Mateo, CA Document - Year.DocID 2020.39722 Page: 5 of 24 Order: eeee Comment;