Res98 RD-98-09 - Laserfiche WebLink

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WHEREAS, The Owner has executed or is about to execute a Deed of Trust and Note in the sum of $2,890,000.00, dated June 23, 1998, in favor of CITIBANK, Federal Savings Bank, hereinafter referred to as "Lender," payable with interest and upon the terms and conditions described therein, which Deed of Trust is to be recorded concurrently herewith; and WHEREAS, it is a condition precedent to obtaining said loan that said Deed of Trust last above mentioned shall unconditionally be and remain at all times a lien or charge upon the land hereinbefore described, prior and superior to the lien or charge of the Deed of Trust, Regulatory Agreement and Restrictions first above mentioned; and WHEREAS, Lender is willing to make said loan provided the Deed of Trust securing the same is a lien or charge upon the above described property prior and superior to the lien or charge of the Deed of Trust first above mentioned and provided that the Beneficiary will specifically and unconditionally subordinate the lien or charge of the Deed of Trust, Regulatory Agreement and Restrictions first above mentioned to the lien or charge of the Deed of Trust in favor of Lender; and WHEREAS, it is to the mutual benefit of the parties herein that Lender make such loan to the Owner; and the Beneficiary is willing that the Deed of Trust securing Lender's loan shall, when recorded constitute a lien or charge upon said land which is unconditionally prior and superior to the lien or charge of the Deed of Trust first above mentioned; and NOW, THEREFORE, in consideration of the mutua! benefits accruing to the parties hereto and other valuable consideration, the receipt and sufficiency of which consideration is hereby acknowledged, and in order to induce Lender to make the loan above referred to, it is hereby declared, understood and agreed as follows: (1) That Deed of Trust securing said note in favor of Lender, and any renewals or - extensions thereof, shall unconditionally be and remain at ail times a lien or charge on the property therein described, prior and superior to the lien or charge of the Deed of Trust, Regulatory Agreement and Restrictions first above mentioned. (2) That Lender would not make its loan above described without this subordination agreement. (3) That with regard to the priority of deeds of trust hereinbefore specifically described, this agreement shall be the sole and only agreement with regard to the subordination of the lien or charge of the Deed of Trust first above mentioned to the lien or charge of the Deed of Trust in favor of Lender above referred to and shall supersede and cancel any prior agreements as to such subordination including, but not limited to, those provisions, if any, contained in the Deed of Trust first above mentioned, which provide for the subordination of the lien or charge thereof to another deed or deeds of trust or to another mortgage or mortgages. (4) In the event of a foreclosure on the Property, the Lender Deed of Trust shall be prior and superior to the fights of Beneficiary, provided that Lender has fully complied in ail respects with conditions 4 (a) through 4 (g) set forth below: (a) Lender shall give written notice to Beneficiary's Housing Department, or its successor, of any delinquency or default under the Deed of Trust and of any event which, with the passage of time or the giving of notice, may become a default under the Deed of Trust. The written notice shall state the date by which Beneficiary may REIS SUB CITY (Rev. 1/96) 2