RecDoc2025-028832 - Laserfiche WebLink

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injunction, or other prohibition against or delay in the exercise of its remedies under the City Documents and HEART Documents. HEART shall not record a Notice of Default under the HEART Deed of Trust related to such initial notice during the period ninety (90) days after the date of such initial notice if such notice relates to a nonmonetary default under the HEART Deed of Trust. During the term of such period, City shall have the right, but not the obligation, to cure any nonmonetary default under such initial notice. Notwithstanding the foregoing, if at any time following the date of the initial notice, there shall occur or be continuing a default in the payment of any amount due HEART under the HEART Documents, HEART shall have the right to, and in its sole discretion may, record a Notice of Default under the HEART Documents and proceed to foreclosure based upon any such nonpayment regardless of any extended cure period with respect to nonmonetary defaults. C. HEART has read, understands and approves the City Documents and agrees to be bound thereby in the event of its foreclosure or acquisition of the Project. 2. Representations. HEART hereby represents and warrants to City that at the time of execution of this Subordination Agreement, the Borrower is in substantial compliance with its obligations to HEART under the terms of the HEART Documents, and HEART has read and understands the City Documents and agrees that in the event City determines there is a conflict of terms between the City Documents and HEART Deed of Trust, the terms of the City Documents shall prevail. 3. Attorneys Fees & Costs. If any party shall take any action to enforce or otherwise relating to this Subordination Agreement, the prevailing party or parties shall be entitled to recover reasonable attorney's fees and costs from the other party or parties. 4. Amendments. Amendments to this Subordination Agreement shall be in writing and signed by all the parties hereto. 5. Governing Law. This Subordination Agreement shall be construed in accordance with and be governed by the laws of California. 6. Counterparts. This Subordination Agreement may be executed in several counterparts, each of which shall be an original and all of which shall constitute one and the same instrument. 7. Severability. In the event any provision of this Subordination Agreement shall be held invalid or unenforceable by any court of competent jurisdiction, it shall not invalidate or render unenforceable any other part of this Subordination Agreement. 8. Successors and Assigns. This Subordination Agreement shall be binding upon the successors and assigns of the respective parties to this Subordination Agreement. 9. Notices. Any notice required or authorized under this Subordination Agreement, or service of process, shall be effective if, and only if, in writing and if, and only if, personally served or mailed, postage prepaid, by registered or certified mail, to the party in question at, the address shown below: REV: 05-22-25 LF n-- nnnI 1 - a.. Mtn/n\ /o...... � ..F 01