SUBORDINATE MORTGAGE. Notwithstanding any provisions of this Instrument or any of the other Loan Documents to the contrary, it is understood and agreed that the lien, terms, covenants and conditions of this Instrument are and shall be subordinate in all respects, including in right of payment, to the Bond Mortgage, subject to the terms of the Intercreditor Agreement. ATTACHED EXHIBITS. The following Exhibits are attached to this Instrument: |X| Exhibit A Description of the Land (required). | | Exhibit B Modifications to Instrument
SUBORDINATE MORTGAGE. Grantor (i) represents as a special inducement to Beneficiary to make the loan secured hereby that as of the date hereof the Mortgaged Property is not encumbered for purposes of securing debt junior to this Deed of Trust other than as specifically permitted by the Loan Agreement, and covenants that there shall be none as of the date when this Deed of Trust becomes of record, and (ii) agrees that Grantor will not, without the prior written consent of Beneficiary being first had and obtained, which consent may be withheld by Beneficiary in its sole and absolute discretion and without regard to the adequacy of its security hereunder, execute or deliver any pledge, security agreement, mortgage or deed of trust covering all or any portion of the Mortgaged Property or any interest therein.
SUBORDINATE MORTGAGE. The Deed of Trust and Security Agreement (with Fixture Filing) (Auburn Xxxxxxx – Second) dated as of the date of this Instrument, executed by Borrower, for the benefit of Lender, securing the Other Obligations.
SUBORDINATE MORTGAGE. Permanent Lender and Borrower acknowledge and agree that this Mortgage is subordinate in all respects including without limitation lien and priority of payment to the lien and right of payment of the Construction Mortgage and Permanent Mortgage, as the same may be modified, renewed, amended or extended. Permanent Lender agrees to execute such Subordination Agreement as the Construction or Permanent Permanent Lender may reasonably request.
SUBORDINATE MORTGAGE. Notwithstanding any provisions of this Instrument or any other Loan Document to the contrary, it is understood and agreed that the lien, terms, covenants and conditions of this Instrument are and shall be subordinate in all respects, including in right of payment, to the indebtedness evidenced by a Multifamily Note dated October 28, 1998, in the original principal amount of $1,980,000.00 (as the same may be modified, amended, or refinanced, the "Senior Note") made by the Borrower and secured by a Multifamily Deed of Trust, Assignment of Rents and Security Agreement dated the same date as the Senior Note (the "Senior Instrument").
SUBORDINATE MORTGAGE. Borrower shall not, without the prior written consent of Lender, which consent may be withheld for any reason whatsoever or no reason, as Lender may determine in its sole and absolute discretion, grant any lien, security interest, or other encumbrance (a "Subordinate Instrument") covering any of the Property. If Lender consents to a Subordinate Instrument or if the foregoing prohibition is determined by a court of competent jurisdiction to be unenforceable, any such Subordinate Instrument shall contain express covenants to the effect that: (a) the Subordinate Instrument is unconditionally subordinate to this Instrument; (b) if any action (whether judicial or pursuant to a power of sale) shall be instituted to foreclose or otherwise enforce the Subordinate Instrument, no tenant of any of the leases shall be named as party defendants and no action shall be taken that would terminate any occupancy or tenancy without the prior written consent of Lender, which consent may be withheld for any reason whatsoever as Lender may determine in its sole and absolute discretion; (c) rents, if collected by or for the holder of the Subordinate Instrument, shall be applied first to the payment of the Indebtedness then due and expenses incurred in the ownership, operation, and maintenance of the Property in such order as Lender may determine, prior to being applied to any indebtedness secured by the Subordinate Instrument; and (d) written notice of default under the Subordinate Instrument and written notice of the commencement of any action (whether judicial or pursuant to a power of sale) to foreclose or otherwise enforce the Subordinate Instrument shall be given to Lender with or immediately after the occurrence of any such default or commencement.
SUBORDINATE MORTGAGE. Borrower shall cause the mortgagee of -------------------- the Subordinate Mortgage to execute and deliver to Lender in recordable form the Subordination Agreement in the form of Exhibit "G" ----------- attached hereto and made a part hereof.
SUBORDINATE MORTGAGE. In consideration of the Subordinate Loan, and as security for the Basic Payments and Additional Charges to be made by the Borrower for the payment of the Subordinate Bonds, and as security for the performance of all of the other obligations, agreements, and covenants of the Borrower to be performed and observed hereunder, the Borrower shall execute and cause to be delivered and recorded in the real estate records of the County the Subordinate Mortgage, and shall keep, perform, and observe each of its obligations thereunder.
SUBORDINATE MORTGAGE. This Mortgage is subject to and subordinate to that certain Mortgage, Assignment of Leases and Rents and Security Agreement (the "SENIOR MORTGAGE") and to that certain Assignment of Leases and Rents (the "SENIOR ASSIGNMENT") each of even date herewith from Borrower to Lender, which Senior Mortgage and Senior Assignment have been recorded immediately prior to this Mortgage.
SUBORDINATE MORTGAGE. Without the prior written consent of Administrative Agent, Borrower (i) creates or places, permits to be created or placed, attempts to create or place, through any act or failure to act, acquiesces in the creation or placing of, or allows to remain, any Subordinate Mortgage or (ii) grants any easement or dedication, seeks or obtains a zoning reclassification or variance, files any plat, condominium declaration, or restriction or enters into any Lease (other than as expressly permitted by the Loan Documents) which affects all or any portion of the Mortgaged Property;