Res98 RD-98-09 - Laserfiche WebLink

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(3) That with regard to the priority of the Lender Deed of Trust and thc Beneficia~T Deed of Tms~ the DDA, thc Regulatory Agreement and the Restrictions, this subord!n_~tion agreement shall be the sole and only agreement with rep~xi to the subordination of thc lien or cha~c of thc Bcncficiary Deed of Trust, ~u~ DDA, thc Regulatory Agreement and the Restrictions to thc lien or charge of thc Lender Eh~cl of Trust and shall supersede and cancel any prior agreements as to such subordination including, but not limited to, those provisions, if any, contained in tile Beneficiary Deed of Trust which provide for the subordination of the lien or charge thereof to another deed of deeds of trust or to another mortgage or mortgages. (4) (a) Lender shall give to Beneficiary's Housing Department, or its successor, a copy of any notice of default given by Lender to Borrower undcr thc Lender Loan; Co) Beneficiary shall have the righ~ to cute any default under the Lender Loan provided that such default is cured within 30 day~ after Lender sends to Beneficiary notice of such default; (c) Lender agrees that if, prior to foreclosure of the Lender Deed of Trust, Beneficiary cures the default under thc Lender's Deed of Trust, Lender will not exercise any right it may have to accelerate the Lender Loan by reason of the defa__~!t so cured by Beneficiary. This paragraph 4 (c) shall not be deemed to prohibit Lender from accelerating thc Lender Loan by rca.son ora later uncured dcfault; (d) Lcndcr agrees that if Bcncficiary obtains titlc to thc Property thc tr~nsfcr of thc Pwpctly shall not, in and of itself; constitule an event of default under Lender's Loan provided that all of the following conditions are satisfied prior to, or concurrently with, such transfer: (i) Lender is provided with no less than fifteen (15) days' prior written. notice of such intended transfer, (ii) Beneficiary executes and delive~ to Lender such documents as Lendcr may reasonably require in order to cause Beneficia~ to expressly a.sa'ume in writing all of Borrowcr's obl/gations (as of the date Beneficia~y takes rifle to the Property) under Lender's (iii) Beneficiary causes the title policy(ies) insuring thc lien priority of Lender's Deed of Trim to be endom~ with an endorsemem insuring that, upon the transfer of the Prope, ty to B~eflciary, the lien priority of Lender's Deed Of Trust shall no~ be affected by such uansfcr, (iv) Beneficiary delivers to Lender evidencc reasonably satisfaelory to Lender that Beneficiary has authority to assume all of Borrower's obligations (as of the date Beneficimy takes title to the Property) under Lender's Loan,