No Present Transfer and Subordination to Construction Loan. This Agreement shall not be construed as a present transfer of any interest in the Apartment. It is, rather, an agreement to transfer in the future. The Buyer acknowledges that the Seller may borrow, or has borrowed, money from one or more construction and development lenders (the "Lender") for the development of the Project. To secure such loan, the Seller may grant to the Lender security interests covering the Seller's interest in the land and the Project, including the property covered by this Agreement. The Buyer acknowledges and agrees that all security interests obtained by the Lender in connection with such loan, as well as any extensions, renewals and modifications thereof, shall be and remain at all times, until the recordation of the apartment deed, a lien or charge on the Project, including the property covered by this Agreement, prior to and superior to any and all liens or charges on the Project arising from this Agreement or any prior agreement. The Buyer hereby intentionally waives, relinquishes and subordinates the priority or superiority of any lien or other legal or equitable interest arising under this Agreement in favor of the lien or charge on the project of the security interests of the lender, including but not limited to any lien, mortgage or charge securing a loan made to finance the acquisition of the land and the costs of construction and other costs during such construction and any and all advances therefor, whether contractual or voluntary, until the recordation of the apartment deed. The Buyer further agrees to execute any further documentation or subordination agreement required by the Lender to evidence this subordination and hereby irrevocably appoints the Seller as the Buyer's attorney-in-fact to execute any such instrument on behalf of the Buyer, should the Buyer fail or refuse to do so within 10 days after request is made or mailed. Said power of attorney is coupled with an interest, shall be irrevocable, and shall not be affected by the disability of the Buyer. The Buyer also consents to the Seller's assignment by way of security of the Seller's interests in this Agreement and in the Buyer's escrow deposits to the Lender and agrees that in the event of passage of the Seller's interests therein pursuant to said assignment, that the Buyer will, at Lender's option, perform to, attorn to and recognize the Lender (and its successors in interest, if any) as the Seller hereunder, with all of the rights of the Seller hereunder,...
No Present Transfer and Subordination to Construction Loan. This Agreement shall not be construed as a present transfer of any interest in the Lot. It is, rather, an agreement to transfer in the future. Buyer acknowledges that Seller has previously obtained construction loans from First Hawaiian Bank (“Lender”) to pay for costs
