The Undersigned acknowledges an assignment of documents contained in that certain Deed of Trust and Security Agreement (the "Deed of Trust") to be ------------- executed and delivered by CRIT-VA III, INC., a Virginia corporation ("Borrower") --------...Consent and Agreement of Manager • August 30th, 2001 • Cornerstone Realty Income Trust Inc • Real estate investment trusts
The Undersigned does hereby agree that: (i) in the event of either (a) any material default by Borrower under the terms of the Loan Documents and the taking of control of the Premises by Lender or (b) the foreclosure of the Deed of Trust or transfer of title to the Premises by conveyance in lieu thereof, then, the Contract shall be terminable at the option of Lender upon thirty days' notice; and (ii) the rights of the Undersigned under the Contract to receive any compensation reimbursement of costs and expenses or other payments in consideration for its management services for the premises shall be and remain subordinate in all respects to the Lender's rights under Loan Documents.
