Res98 RD-98-09 - Laserfiche WebLink

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(v) No cvcn~ of default exists under Lender's Loan that will not he cu~-d concuncntly with Benoficiary's laking title to the Prop~,rty, and (vi) Lender has approved in writing (which approval shall not be unreasonably withheld) the transfer of the Property (Beneficiary acknowledges and agrees tha~ l.~nder's approval of such transfer may he based upon, amon$ other things, ali circumstances ~hen rela~ing to Lender's Loan, Beneficiary's experience in operating proj~xCs similar to the Property). The Beneficiary declares, al0~cs and acknowledges that: (a) It consents and approves (i) all provisions of the Lender Note and Lender Dccd of Trust, and (ii) all ag~cm~ including but not limited to any loan or escrow between the Owner and Lender for the disbumement of thc proceeds of Lender's Loan; Co) Lender in making disbuncments pursuant to any such Lender Loan agreement is under no obligation or duty to, nor has Lender represented that it will, see to the application of such proceeds by the person or person to whom Lender disburses such proceeds and any application or use of such proceeds for purposes other than those provided for in such agreement or agreements shall not defeat the subordination heroin made in whole in part; provided, however, Owner represents and warrants that the proceeds of Lender's Loan shall he used to ~epay the existing construction loan that Owner obtained for the consl~uction of the ~nprovemcnts on the Property. (c) It intentionally and unconditionally waives, rolinqui-~s and subordinates thc lien or charge of thc Beneficiary Deed of Trust, the DDA, thc Regulatory Agreement and thc Restrictions in favor of the lien or charge upon the Propmy of the Lender Deed of Trust and understands that in reliance upon, and in consideration of, this waiver, relinquishment and subordination, specific loans and advances are being and will be made and, as part and parcel thereof, specific monetary and other obligations are being entered into which would be made or entered into but for said reliance upon this waiver, relinquishment and subordination; (d) An endorsement has been placed upon the note secured by the Beneficiary De~ or'Trust that thc Beneficiary Deed of Trust has by this subordination agreement been subordinated to the lien or char~ of the Le~dcr Deed of Trust in favor of Lender; (e) il waives and agrees not to as~'r~ or take advamagc of any of the following: (i) any right to require Lender to proceed against Borrow~ or any other person or to proceed against or exhaust any security held by Lander at any time or to pursue any other remedy irs Lender's power before exercising any fight or remedy under Lender's Deed of Trust; or