Res98 RD-98-09 - Laserfiche WebLink

Browse Search

(ii) any defense based upon an election of remedies by Lender (includinE~ without limitation, an election by Lender to proceed by non-judicial rather than judicial foreclosure) that destroys or otherwise impa~ the subrogation or other fights, if any, of Ben¢ficiaxy, or the fight of Beneficia. ty to proceed agai~ Borwwcr, or both; (0 Beneficiary has issued Certificates of Completion (as such term is defined in the DDA) for both the Property and the Commercial Proper~ (as such term is defined in thc DDA); (g) The pwvisions of Sections 321 and 513 of tbe DDA, and the provisions of Paragraph~ 4 and 5 of the Deed, are no longer effective or enforceable and Beneficiary shall no longer have any rights thereunder, and (h) Notwithstanding anything stated to thc couh~u'y in thc Beneficiary Deed of Trust, and subject to the rights of the beneficial, under any deed of trust senior to the Lender Deed of Trust, so long as the Lender Deed of Trust contiaues to encumber all or portions of the Property, all insurance proceed.~ that may bec, omc available from time to time a~ a l~suit of damage or destruction to all or portions of the improvements On the Property and all condemnation awards that may become available from time to time as a result of the condemnation of all or portions of the Proper~ shall be held by Lender, disbursed by Lender and applied by Lender in accordance with the terms and conditions of the Lender Deed of Trust and the other Lender Loan,documents and Beneficiary shall have no right ~o hold, disburse or apply any of such proceeds and/or NOTICE: THIS SUBORDINATION AGREE~ CONTAINS A PROVISION WHICH ALLOWS THE PERSON OBLIGATED ON YOUR REAL PROPERTY SECURITY TO OBTAIN A LOAN A PORTION OF WHICH MAY BE EXTENDED FOR OTHER PURPOSES THAN IMPROVEMENT OF THE LAND.