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which has the legal capacity to own property. <br /> <br /> "Regulatory Agreement Default" means a default by the Borrower in performing or <br />observing any of the terms, covenants or conditions in the County Regulatory Agreement to <br />be performed or observed by it, which continues beyond any applicable period provided in <br />the County Regulatory Agreement for curing the default <br /> <br /> "Senior Mortgage Loan Default" means the occurrence of either a default by the <br />Borrower in performing or observing any of the terms, covenants or conditions in the Senior <br />Mortgage Loan Documents to be performed or observed by it, which continues beyond any <br />applicable period provided in the Senior Mortgage Loan Documents for curing the default, or <br />an "Event of Default" as that term is defined in the Senior Mortgage Loan Documents. <br /> <br /> "Senior Mortgage Loan Documents" means the Senior Mortgage Note and all other <br />documents evidencing, securing or otherwise executed and delivered in connection with the <br />Senior Mortgage Loan. <br /> <br /> "Subordinate Lender" means the City of Santa Ana, a charter city and municipal <br />corporation, and any other Person who becomes the legal holder of the Subordinate Notes <br />after the date of this Agreement. <br /> <br /> "Subordinate Loan Default" means a default by the Borrower in performing or <br />observing any of the terms, covenants or conditions in the Subordinate Loan Documents to <br />be performed or observed by it, which continues beyond any applicable period provided in <br />the Subordinate Loan Documents for curing the default. <br /> <br /> "Subordinate Loan Documents" means the Subordinate Notes, the Subordinate <br />Mortgages, and all other documents evidencing, securing or otherwise executed and delivered <br />in connection with the Subordinate Loans. <br /> <br /> "Subordinate Mortgages" means the mortgages or deeds of trust encumbering the <br />Property as security for the Subordinate Loans, which were previously recorded in the <br />applicable land records. <br /> <br /> "Subordinate Notes" means the promissory notes issued by the Borrower to the <br />Subordinate Lender, or order, to evidence the Subordinate Loans. <br /> <br /> 2. Permission to Place Mortgage Lien Against Property. <br /> <br /> The County has agreed and hereby consents to, notwithstanding the prohibition against <br />inferior liens on the Property contained in the Senior Mortgage Loan Documents and subject to the <br />provisions of this Agreement, the Subordinate Mortgages and other recordable Subordinate Loan <br />EXHIBIT 8