Agenda Packet_2023-03-07 - Laserfiche WebLink

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EXHIBIT 4 "Senior Security Instrument" has the meaning set forth in Recital B, above. "Subordinate Assignment" means that certain Assignment of Lessor's Interest in Leases, Rents and Profits dated as of , 2023, executed by Borrower for the benefit of Lender, which is recording in the Official Records substantially concurrently herewith, encumbering the Mortgaged Property as security for the Subordinate Loan. "Subordinate Lender" means the Person named as such in the first paragraph on page I of this Agreement, any successor or assign of Subordinate Lender, or any other Person who becomes the legal holder of the Subordinate Note after the date of this Agreement. "Subordinate Loan Agreement" has the meaning set forth in Recital D, above. "Subordinate Loan Default" means a default by Borrower in performing or observing any of the terms, covenants or conditions in the Subordinate Loan Documents to be performed or observed by it, which continues beyond any applicable period provided in the Subordinate Loan Documents for curing the default. "Subordinate Loan Documents" means the Subordinate Loan Agreement, Subordinate Note, the Subordinate Mortgage, the Subordinate Assignment, any UCC-1 financing statement filed showing Borrower, as debtor, and Subordinate Lender, as secured party, filed in connection with the Subordinate Loan, and all other documents evidencing, securing or otherwise executed and delivered in connection with the Subordinate Loan, but specifically excluding the Unsubordinated City Regulatory Agreement and the Density Bonus Agreement. "Subordinate Loan" has the meaning set forth in Recital D, above. "Subordinate Mortgage" has the meaning set forth in Recital D, above. "Subordinate Note" has the meaning set forth in Recital D, above. "Unsubordinated City Regulatory Agreement" has the meaning set forth in Recital D, above. 3. Permission to Place Mortgage Lien Against Mortgaged Property. Senior Lender agrees, notwithstanding the prohibition against inferior liens on the Mortgaged Property contained in the Senior Loan Documents and subject to the provisions of this Agreement, to permit Subordinate Lender to record the Subordinate Mortgage, the Unsubordinated City Regulatory Agreement, and other recordable Subordinate Loan Documents against the Mortgaged Property to secure Borrower's obligation to repay the Subordinate Note and all other obligations, indebtedness and liabilities of Borrower to Subordinate Lender under and in connection with the Subordinate Loan. Such permission is subject to the condition that each of the representations and warranties made by the Borrower and the Subordinate Lender in Section 4 is true and correct on the date of this Agreement and on the date on which the proceeds of the Subordinate Loan are disbursed to the Borrower. If any of the representations and warranties made by the Borrower and the Subordinate Lender in Section 4 is not true and correct on both of those dates, the Subordination Agreement (City of Santa Ana) Form 6456 Fannie Mae 08-13 Page 4 © 2013 Fannie Mae WISEPIace 4893-9038-0110vA 4900000-002383 NO incefy ou— 1'8 /