Common use of Subordinate Xxxxxx's Exercise of Remedies After Notice to Senior Lender Clause in Contracts

Subordinate Xxxxxx's Exercise of Remedies After Notice to Senior Lender. If a Subordinate Mortgage Default occurs and is continuing, Subordinate Xxxxxx agrees that it will not commence foreclosure proceedings with respect to the Mortgaged Property under the Subordinate Loan Documents or exercise any other rights or remedies it may have under the Subordinate Loan Documents with respect to the Mortgaged Property, including, but not limited to accelerating the Subordinate Loan, collecting rents, appointing (or seeking the appointment of) a receiver or exercising any other rights or remedies thereunder without Senior Xxxxxx’s prior written consent. However, the preceding sentence shall not (i) limit Subordinate Xxxxxx’s right to bring an action seeking recovery solely from Non-Project Sources or (ii) preclude Subordinate Lender from exercising or enforcing all the rights available to Subordinate Lender under the Subordinate Loan Documents and/or under applicable law to enforce covenants and agreements of Borrower relating to income, rent or affordability restrictions.

Subordinate Xxxxxx's Exercise of Remedies After Notice to Senior Lender. If a Subordinate Mortgage Loan Default occurs and is continuing, Subordinate Xxxxxx agrees that that, without Senior Xxxxxx’s prior written consent, it will not commence foreclosure proceedings with respect to the Mortgaged Property under the Subordinate Loan Documents or exercise any other rights or remedies it may have under the Subordinate Loan Documents with respect to the Mortgaged PropertyDocuments, including, but not limited to accelerating the Subordinate LoanLoan (and enforcing any “due on sale” provision included in the Subordinate Loan Documents), collecting rents, appointing (or seeking the appointment of) a receiver or exercising any other rights or remedies thereunder without unless and until it has given Senior Xxxxxx’s Lender at least sixty (60) days prior written consent. Howevernotice; during such sixty (60) day period, the preceding sentence shall not (i) limit Subordinate Xxxxxx’s right to bring an action seeking recovery solely from Non-Project Sources or (ii) preclude however, Subordinate Lender from exercising or enforcing shall be entitled to exercise and enforce all the other rights and remedies available to Subordinate Lender under the Subordinate Loan Documents and/or under applicable law laws, including without limitation, rights to enforce covenants and agreements of Borrower relating to income, rent rent, or affordability restrictionsrestrictions contained in any land use restriction agreement.