RecD08 2008-042417 - Laserfiche WebLink

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( c) Cross Default. The Borrower and the Subordinate Lender agree that a Subordinate Loan Default shall constitute a Senior Default under the Senior Documents and the Swap Provider shall have the right to exercise all rights or remedies under the Senior Documents in the same manner as in the case of any other Senior Default. If the Subordinate Lender notifies the Swap Provider in writing that any Subordinate Loan Default of which the Swap Provider has received a Default Notice has been cured or waived, as determined by the Subordinate Lender in its sole discretion, then, provided that Swap Provider has not conducted a sale of the Property pursuant to its rights under the Senior Documents, any Senior Default under the Senior Documents arising solely from such Subordinate Loan Default shall be deemed cured, and the Senior Security Instrument shall be reinstated, provided, however, that the Swap Provider shall not be required to return or otherwise credit for the benefit of the Borrower any default rate interest or other default related charges or payments received by the Swap Provider during such Senior Default. 6. Default Under Senior Documents. (a) Notice of Default and Cure Rights. The Swap Provider shall deliver to the Subordinate Lender a Default Notice within five Business Days in each case where the Swap Provider has given a Default Notice to the Borrower. Failure of the Swap Provider to send a Default Notice to the Subordinate Lender shall not prevent the exercise of the Swap Provider's rights and remedies under the Senior Documents, subject to the provisions of this Agreement. The Subordinate Lender shall have the right, but not the obligation, to cure any such Senior Default within 60 days following the date of such notice; provided, however, that the Swap Provider shall be entitled during such 60-day period to continue to pursue its remedies under the Senior Documents. Subordinate Lender may have up to 90 days from the date of the Default Notice to cure a non-monetary default if during such 90-day period Subordinate Lender keeps current all payments required by the Senior Documents. In the event that such a non-monetary default creates an unacceptable level of risk relative to the Property, or Swap Provider's secured position relative to the Property, as determined by Swap Provider in its sole discretion, then Swap Provider may exercise during such 90-day period all available rights and remedies to protect and preserve the Property and the rents, revenues and other proceeds from the Property. All amounts paid by the Subordinate Lender to the Swap Provider to cure a Senior Default shall be deemed to have been advanced by the Subordinate Lender pursuant to, and shall be secured by the lien of, the Subordinate Security Instrument. (b) Cross Default. The Subordinate Lender agrees that, notwithstanding any contrary provision contained in the Subordinate Loan Documents, a Senior Default shall not constitute a default under the Subordinate Loan Documents if no other default occurred under the Subordinate Loan Documents until either (i) the Swap Provider has accelerated the indebtedness of the Swap Agreement, or (ii) the Swap Provider has taken affirmative action to exercise its rights under the Senior Security Instrument to collect rent, to appoint (or seek the appointment of) a receiver or to foreclose on (or to exercise a power of sale contained in) the Senior Security Instrument. At any time after a Senior Default is determined to constitute a default under the Subordinate Loan Documents, the Subordinate Lender shall be permitted to pursue its remedies for default under the Subordinate Loan Documents, subject to the restrictions and limitations of this Agreement. If at any time the Borrower cures any Senior Default to the satisfaction of the Swap Provider, as evidenced by written notice from the Swap Provider to the Subordinate Lender, any default under the Subordinate Loan Documents arising from such Senior Default 7