SUBORDINATION CLAUSE. Notwithstanding any provisions in this Agreement to the contrary, the provisions of this Occupancy Agreement and the rights and duties of the parties hereto, including any persons who may subsequently become bound hereby, shall be subject to and subordinate to the provisions of any promissory note or deeds of trust that may at any time hereafter be placed on the property of the Cooperative. The Member hereby agrees to execute at the Cooperative's request and expense, any instrument that the Cooperative or any lender may deem necessary or desirable to effect the subordination of this Occupancy Agreement to any such mortgage or deed of trust, and the Member hereby appoints the Cooperative and each and every officer thereof, and any future officer, their irrevocable attorney-in-fact, during the term hereof to execute any such instrument on behalf of the Member.
Appears in 4 contracts
Samples: Occupancy Agreement, Occupancy Agreement, Occupancy Agreement
