RecD08 2008-042417 - Laserfiche WebLink

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documents evidencing, securing or otherwise executed and delivered in connection with the Subordinate Loan. "Subordinate Note" means the promissory note made by the Borrower to the Subordinate Lender, or order, to evidence the Subordinate Loan. "Subordinate Security Instrument" means the mortgage or deed of trust encumbering the Property as security for the Subordinate Loan, which the Subordinate Lender will cause to be recorded among the applicable land records immediately before this Agreement. "Swap Provider" means Deutsche Bank AG, New York Branch. 2. Permission to Place Mortgage Lien Against Property. Swap Provider agrees, notwithstanding the prohibition against inferior liens on the Property contained in the Senior Documents and subj ect to' the provisions of this Agreement, to permit the Subordinate Lender to record the Subordinate Security Instrument and other recordable Subordinate Loan Documents against the Property (which are subordinate in all respects to the lien of the Senior Security Instrument) 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 subj ect to the condition that each of the representations and warranties made by the Borrower and the Subordinate Lender in Section 3 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 3 is not true and correct, the provisions of the Senior Documents applicable to unpermitted liens on the Property shall apply. 3. Borrower's and Subordinate Lender's Representations and Warranties. The Borrower and the Subordinate Lender each makes the following representations and warranties to the Swap Provider: prOVISIOn: (a) Subordinate Note. The Subordinate Note contains the following "The indebtedness evidenced by this Note is and shall be subordinate in right of payment to the prior payment in full of all amounts then due and payable (including, but not limited to, all amounts due and payable by virtue of any default or acceleration or upon maturity) with respect to that certain Swap Agreement executed by the Borrower and Deutsche Bank AG, New York Branch ("Swap Provider"), to the extent and in the manner provided in that certain Subordination Agreement, dated as of February 1, 2008, among the Swap Provider and the Borrower (the "Subordination Agreement"). The deed of trust securing this Note is and shall be subject and subordinate in all respects to the liens, terms, covenants and conditions of the Subordinate Multifamily Deed of Trust, Assignment of Rents, Security Agreement and Fixture Filing securing the Swap Agreement as more fully set forth in the Subordination Agreement. The rights and remedies of the payee and each subsequent holder of this Note under the mortgage or deed of trust securing this Note are subject to the restrictions and limitations set forth in 3