Laserfiche WebLink
Documents against the Property (which are subordinate in all respects to the lien of the Senior <br />Mortgage) which secure the Borrower's obligation to repay the Subordinate Notes and all other <br />obligations, indebtedness and liabilities of the Borrower to the Subordinate Lender under and in <br />connection with the Subordinate Loans. Such consent is subject to the condition that each of the <br />representations and warranties made by the Borrower and the Subordinate Lender in Section 3 are <br />true and correct as of the date of this Agreement. If any of the representations and warranties made <br />by the Borrower and the Subordinate Lender in Section 3 is not true and correct as of the date of this <br />Agreement, the provisions of the Senior Mortgage Loan Documents applicable to unpermitted liens <br />on the Property shall apply. <br /> <br /> 3. Borrower's and Subordinate Lender's Representations and Warranties. <br /> <br /> A. The Borrower and the Subordinate Lender each makes the following <br />representations and warranties to the County: <br /> <br /> (a) Relationship of Borrower to Subordinate Lender and Borrower. <br />The Subordinate Lender is not an Affiliate of the Borrower and is not in possession of any <br />facts that would lead it to believe that the Subordinate Lender is an Affiliate of the Borrower. <br /> <br /> B. The Borrower makes the following representations and warranties to the <br />County and the Subordinate Lender: <br /> <br /> (a) Subordinate Loan Documents. The executed Subordinate Loan <br />Documents are substantially in the same forms as those submitted to, and approved by, <br />County prior to the date of this Agreement. Borrower shall deliver to County an executed <br />copy of each of the Subordinate Loan Documents, certified to be true, correct and complete. <br /> <br /> (b) Senior Loan Documents. The executed Senior Loan Documents are <br />substantially in the same forms as, when applicable, those submitted to Subordinate Lender <br />prior to the date of this Agreement. Upon execution and delivery of the Senior Loan <br />Documents, Borrower shall deliver to Subordinate Lender an executed copy of each of the <br />Senior Loan Documents, certified to be true, correct and complete. <br /> <br /> 4. Terms of Subordination. <br /> <br /> (a) Subordinate Lender Agreement to Subordinate. The County and the <br />Subordinate Lender agree that: (i) the indebtedness evidenced by the Subordinate Loan <br />Documents is and shall be subordinated in right of payment, to the extent and in the manner <br />provided in this Agreement to the prior payment in full of the indebtedness evidenced by the <br />Senior Mortgage Loan Documents, and (ii) the Subordinate Mortgages and the other <br />Subordinate Loan Documents are and shall be subject and subordinate in all respects to the <br />liens, terms, covenants and conditions of the Senior Mortgage and the other Senior Mortgage <br />EXHIBIT 8