Examples of Junior Lender in a sentence
If Junior Lender receives any payment under a Junior Loan Document in violation of the terms and conditions of this Agreement, Junior Lender will hold the amount so received in trust for Senior Lender and will forthwith turn over such payment to Senior Lender in the form received for application to the Senior Obligations (whether or not due), in such order of application as Senior Lender may choose.
Neither Senior Lender nor Junior Lender (a) makes any representation or warranty under this Agreement concerning the Deed of Trust Property or the validity, perfection, or (except as to the subordination effected hereby) priority of any security interest therein or (b) shall have any duty under this Agreement to preserve, protect, care for, insure, take possession of, collect, dispose of, or otherwise realize upon any of the Deed of Trust Property.
As a condition to facilitating the Borrower Loan, and taking assignment of the Borrower Note, Senior Lender requires that Junior Lender execute and deliver this Agreement.
Junior Lender will not commence any action or proceeding with respect to the Land or against Borrower, nor will it take possession of, sell or dispose of, or otherwise deal with the Land, and it will not exercise or enforce any other right or remedy that may be available to Junior Lender against Borrower or with respect to the Land upon Xxxxxxxx’s default with respect to the Junior Obligations without Senior Xxxxxx’s prior written consent.
If Junior Lender, by subrogation, shall acquire any lien, estate, right, or other interest in the Land in addition to those set forth in the Junior Loan Documents, that lien, estate, right, or other interest shall be subject and subordinate to the Repayment in Full of the Senior Obligations and to the Senior Deed of Trust and the other Senior Loan Documents to the same extent as the Junior Obligations are subordinate to the Senior Obligations hereunder.