Common use of SUBORDINATION CLAUSE Clause in Contracts

SUBORDINATION CLAUSE. It is specifically understood and agreed by the parties hereto that this agreement and all rights, privileges and benefits hereunder are and shall be at all times subject to and subordinate to the lien of a first mortgage and the accompanying documents executed by the Corporation and to any and all modifications, extensions and renewals thereof and to any mortgage or deed of trust made in replacement thereof and to any mortgage or deed of trust which may at any time hereafter be placed on the Property or any part thereof. The Member hereby agrees to execute, at the Corporation’s request and expense, any instrument which the Corporation or any lender may deem necessary or desirable to effect the subordination of this agreement to any such mortgage, or deed of trust, and the Member hereby appoints the Corporation and each and every officer thereof, and any future officer, his irrevocable attorney-in-fact during the term hereof to execute any such instrument on behalf of the Member. The Member does hereby expressly waive any and all such notices of default and notices of foreclosure of said mortgage which may be required by law. In the event a waiver of such notices is not legally valid, the Member does hereby constitute the Corporation his agent to receive and accept such notices on the Member’s behalf.

SUBORDINATION CLAUSE. It is specifically understood and agreed by the parties hereto that this agreement and all rights, privileges and benefits hereunder are and shall be at all times subject to and subordinate to the lien of a any first mortgage or deed of trust and the accompanying documents executed by the Corporation Cooperative and to any and all modifications, extensions and renewals thereof and to any mortgage or deed of trust made in replacement thereof and to any mortgage or deed of trust which may at any time hereafter be placed on the Property project or any part thereof. The Member hereby agrees to execute, at the Corporation’s Cooperative's request and expense, any instrument which the Corporation Cooperative or any lender may deem necessary or desirable to effect affect the subordination of this agreement to any such mortgage, mortgage or deed of trust, and the Member hereby appoints the Corporation Cooperative and each and every officer thereof, and any future officer, his irrevocable attorney-in-fact during the term hereof to execute any such instrument on behalf of the Member. The Member does hereby expressly waive any and all such notices of default and notices of foreclosure of said mortgage which may be required by law. In the event a waiver of such notices is not legally valid, the Member does hereby constitute the Corporation Cooperative his agent to receive and accept such notices on the Member’s 's behalf.

SUBORDINATION CLAUSE. It is specifically understood and agreed by the parties hereto that this agreement and all rights, privileges and benefits hereunder are and shall be at all times subject to and subordinate to the lien of a first mortgage or deed of trust and the accompanying documents executed by the Corporation Cooperative and to any and all modifications, extensions and renewals thereof and to any mortgage or deed of trust made in replacement thereof and to any mortgage or deed of trust which may at any time hereafter be placed on the Property project or any part thereof. The Member hereby agrees to execute, at the Corporation’s Cooperative's request and expense, any instrument which the Corporation Cooperative or any lender may deem necessary or desirable to effect affect the subordination of this agreement to any such mortgage, mortgage or deed of trust, and the Member hereby appoints the Corporation Cooperative and each and every officer thereof, and any future officer, his irrevocable attorney-in-fact during the term hereof to execute any such instrument on behalf of the Member. The Member does hereby expressly waive any and all such notices of default and notices of foreclosure of said mortgage which may be required by law. In the event a waiver of such notices is not legally valid, the Member does hereby constitute the Corporation Cooperative his agent to receive and accept such notices on the Member’s 's behalf.

SUBORDINATION CLAUSE. It is specifically understood and agreed by the parties hereto that this agreement and all rights, privileges and benefits hereunder are and shall be at all times subject to and subordinate to the lien Lien of a first mortgage or deed of trust and the accompanying documents executed by the Corporation Cooperative and to any and all modifications, extensions and renewals thereof and to any mortgage or deed of trust made in replacement thereof and to any mortgage or deed of trust which may at any time hereafter be placed on the Property project or any part thereof. The Member hereby agrees to execute, at the Corporation’s Cooperative's request and expense, any instrument which the Corporation Cooperative or any lender may deem necessary or desirable to effect the subordination of this agreement to any such mortgage, mortgage or deed of trust. Whenever the provisions of law or the ByLaws of the Cooperative or this agreement require notice to be given to either party hereto, and any notice by the Cooperative to the Member hereby appoints the Corporation and each and every officer thereofshall be deemed to have been duly given, and any future officer, demand by the Cooperative upon the Member shall be deemed to have been duly made if the same is delivered to the Member at his irrevocable attorney-in-fact during the term hereof unit or to execute any such instrument on behalf of the Member. The Member does hereby expressly waive any and all such notices of default and notices of foreclosure of said mortgage which may be required by law. In the event a waiver of such notices is not legally valid, the Member does hereby constitute the Corporation his agent to receive and accept such notices on the Member’s behalf's last known address.