Res98 RD-98-09 - Laserfiche WebLink

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Bank has received wr~en notice of any such default and Bank fails to cum (with no ol3ligation to do so) such d~;-adlt within forty-five (45) days following rec~ of notice of such defau~ (b) Transfer of Partnershlo Interests. Notwithstanding anything stated to the c~atrery In the Govammental Body Loan Agreement, or in any of the other Governmental Body Documents, the genecal partner and limited partner in Borrower shall have the nght, without the apl:~oval or consent of C.-mvemmental Body, to pie_alga or othen~ise encumber its partnership interest in Borrower for the banal'd: of Borrower (in accor(~ance with the terms and conditions of Borrower's partnership agreement) for the bene~ of Bank and for the benefit of any future permanent lender. Additionally. no tTansfer of any such partneTship interest arising out of a foreclosure under any such pledge of encumbrar',c~ shall constitute a default under the Governmental Body Loan. (c) Default under Loan not a default under Governmental Body Loan. Notwithstanding anything stated to the contrary in the Governmental Body Documents, the occurrence of an event of default under the Loan shall not. in and of itsetf, constitute an eve~ of default under any Governmental Body Documents until and unless Bank she# have recorded a "notice of default' in the Official Records of San Mateo County, California. Bank agrees to provide Governmental Body with notice of the recording of any 'nol:ice of default' in a<.con:lance with the pt'ovision$ of applicable California law and. in addition, Bank agrees to provide Governmental Body with a copy of a~y notice of default given by Bank to Bom3wer. (d) [;lefauit Rel~tine to Commercial Project. Notwithstanding anything stated to the contt~7 in the Governmental Body Documents, the occurrence of a default under any documents relating to the Commercial Project (as such term is defins~ in the DDA) which arises from acts or omissions relating to the Comme,-c~ Project shall not constitute a default under the ~mrnerffal Body Loan or entitle Governmental Body to exercise any of its rights or remedlee under the Governmental Body Documents as they mtafa to the Property. 3. THIRD PARTIES. This agreement is made for the sole benefit of Bc~¥c, wer and Sank (and Bank's designee or nominee) ancl their successors and assigns and no otha~ person or pet~3ns shall have any rights or remedies under or by mason of this agreement or any right to the exercise of any right or power of Bank hereunder or arising from any default by Govemme~taJ Body hereunder, 4. FUTURE ESTOPPEL CERTIFICATES. ~N'~h respect to the Loan Governmental Body shall, within thirty (30) days following Bank's or such other institutional lender's written request therefor, execute and deliver to Bank or such other institutional lender an estoppel certificate in form and substance similar to this estoppel certificate with such changes as may be approved by Govemmefltal Body and Bank or such other insfJtlJtionat lender basecl on tl~e facts existing at the time of such requesL