Subordination to Federal or State Programs Sample Clauses

Subordination to Federal or State Programs. The affordability requirements in this Section 6.2.B. may be subordinated to a lien or encumbrance of a first mortgage lender or a regulatory agreement under a federal or state program where the federal or state agency is providing financing, refinancing or other assistance to the Project if the lender, federal or state agency refuses to consent to the seniority of the affordability requirements in this Section 6.2.B. on the basis that the lender, federal or state agency is required to maintain its lien, encumbrance or regulatory agreement or restrictions due to statutory or regulatory requirements, adopted or approved policies or other guidelines pertaining to the financing, refinancing or other assistance of the Project. Upon request, Landlord shall execute an instrument evidencing its agreement to subordinate; provided such lien, encumbrance or regulatory agreement includes the following: (i) Landlord shall receive any notices of default under such lien, encumbrance or regulatory agreement; (ii) Landlord shall have the right to cure any default by Tenant within a reasonable time of notice of default; (iii) Landlord shall have the right to exercise its rights hereunder without such lender, federal or state agency accelerating its debt provided Landlord has cured or is attempting to cure any defaults; and (iv) Landlord shall have the right to transfer the Project to a nonprofit corporation who shall own and operate the Project as a low income and very low income rental housing project with the consent of such federal or state agency which consent shall not be unreasonably withheld.
Sample 1
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Related to Subordination to Federal or State Programs

  • Governing Law This Agreement shall be governed by and construed in accordance with the laws of the State of New York.

  • Severability Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

  • Indemnification In the event any Registrable Securities are included in a Registration Statement under this Agreement:

  • Notices Any notice, request or other document required or permitted to be given or delivered to the Holder by the Company shall be delivered in accordance with the notice provisions of the Purchase Agreement.

  • Assignment This Agreement and all rights and obligations hereunder may not be assigned without the written consent of the other party.

  • IN WITNESS WHEREOF the parties hereto have executed this Agreement as of the day and year first above written.

  • Confidentiality (a) Subject to Section 7.15(c), during the Term and for a period of three

  • Insurance The Company and the Subsidiaries are insured by insurers of recognized financial responsibility against such losses and risks and in such amounts as are prudent and customary in the businesses in which the Company and the Subsidiaries are engaged, including, but not limited to, directors and officers insurance coverage. Neither the Company nor any Subsidiary has any reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business without a significant increase in cost.

  • Definitions For purposes of this Agreement:

  • Counterparts This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

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