Res98 RD-98-09 - Laserfiche WebLink

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- which Grant Deed was recorded on June 28, 1996, as Insh'umeni Number 96-097138, Official Recozds of San Marco County, and which Grant Deed covtn~,~ ceftin restrictions therein, including the restrictions set forth in Paralp-apl~ 1 and 2 therein ('Restrictions"); and WHEREAS, The Owner has executed or is about to execute (a) a $6,800,000 Commercial Note Secured by Deed of Trast (the "Lender Note") dated June 19, 1998, made payable by Borrower to the order of Lender, which L~nder Note shall evidence all amounts to b~ disbursed by Lender to Borrower under a $6,800,000 loan (the "Lender Loan") to be made by Lender to Borrower, and (b) a Deed of Trust, Assignment of Rent~ Security Agreement and Fixture Filing (the "Lender Deed of Trust") dated June 19, 1998, ex~cuted by Borrower for the benefit of Lender, which Lender Deed of Trust is to be recon~ed co~ ,~y het~with~ and WI-I~I~zAS, it is a condition precedent to obtnlnln$ said Lender Loan that said Lender Deed of Trust shall unconditionally be and remain at all times a li~n or charge upon thc Property prior and superior to thc lien or charge of the Beneficiary Deed of Trust, the Regulatory Ag~ement, the DDA and the Restrictions; and WHEREAS, Lender is willing to make the Lender Loan pwvided the Lender Deed of Trust is a lien or charge upon the Property prior and superior to the liert or charge of thc Beneficiary Deed of Trust, the Regulatory Agreement, the DDA and thc Res'~ri~ons and l~vvided that the Beneficiary will specifically and uncortditiomtll.v subordinate thc lien or charge of the Beneficiary D_erd__ of Trust, thc DDA, thc Regulat. ot~ Agreement and the Restrictions to the lien or charge of thc Lender Deed of T~'t in favor of L~der;, and WHERF_,AS, it is to the mm-al bene~t of the pa~es heroin that Lender make thc Lender Loan to the Owner;, and the Beneficiary is willing that the Lender Deed of Trust securing Londer's Loan shall, when recorded, constitute a lienor chnrge upon the Property which is unconditionally prior and superior to the lien or charge of the Beneficiary Deed of Trust, the DDA, the Regulatory Agr~ment and thc Rcshlctions. NOW, THEREFOR.F., in consideration of the mutual benefits accruing to thc parties hct~o and other valuable consideration, thc receipt and sufficiency of which consides~tion is hereby acknowledged, and in order to induce Lender to make the Lender Loan, it is hereby declared, understood and agreed as follows: (1) Thc Lender Deed of Tru~ and any renewals or extensions thereof, shall unconditionally be and remain at all times a lien or charg~ on the Property prior and superior to thc lien or cbau'gc of the Beneficia~ Deed of Trnst, the DDA, the Regulatory Ag~emcnt and the Restrictions; (2) That L~nder would not wake the !~ender Loan without this subordination agreement;