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Subordinate Lender agrees that such payment or other distribution will be received and held <br />in trust for the County and unless the County otherwise notifies the Subordinate Lender in <br />writing, will be promptly remitted, in kind to the County, properly endorsed to the County, to <br />be applied to the principal of, interest on and other amounts due under the Senior Mortgage <br />Loan Documents in accordance with the provisions of the Senior Mortgage Loan Documents. <br />By executing this Agreement, the Borrower specifically authorizes the Subordinate Lender to <br />endorse and remit any such payments to the County, and specifically waives any and all rights <br />to have such payments returned to the Borrower or credited against the Subordinate Loans. <br />Borrower and County acknowledge and agree that payments received by the Subordinate <br />Lender, and remitted to the County under this Section 4, shall not be applied or otherwise <br />credited against the Subordinate Loans, nor shall the tender of such payment to the County <br />waive any Subordinate Loan Default which may arise from the inability of the Subordinate <br />Lender to retain such payment or apply such payment to the Subordinate Loans. <br /> <br /> (f) Subordinate Lender Agreement Not to Commence Bankruptcy <br />Proceeding. The Subordinate Lender agrees that during the term of this Agreement it will <br />not commence, or join with any other creditor in commencing any bankruptcy reorganization, <br />arrangement, insolvency or liquidation proceedings with respect to the Borrower, without the <br />County's prior written consent. <br /> <br /> <br /> <br /> 5. Default Under Subordinate Loan Documents. <br /> <br /> (a) Notice of Default and Cure Rights. The Subordinate Lender shall deliver to <br />the County a Default Notice within five (5) Business Days in each case where the Subordinate <br />Lender has given a Default Notice to the Borrower. Failure of the Subordinate Lender to send <br />a Default Notice to the County shall not prevent the exercise of the Subordinate Lender's rights <br />and remedies under the Subordinate Loan Documents, subject to the provisions of this <br />Agreement. The County shall have the right, but not the obligation, to cure any Subordinate <br />Loan Default or Regulatory Agreement Default (as applicable) within sixty (60) days <br />following the date of such notice; provided, however that the Subordinate Lender shall be <br />entitled, during such sixty (60) day period, to continue to pursue its rights and remedies under <br />the Subordinate Loan Documents. All amounts paid by the County in accordance with the <br />Senior Mortgage Loan Documents to cure a Subordinate Loan Default or Regulatory <br />Agreement Default (as applicable) shall be deemed to have been advanced by the County <br />pursuant to, and shall be secured by the lien of, the Senior Mortgage. <br /> <br /> (b) Subordinate Lender's Exercise of Remedies After Notice to County. If a <br />Subordinate Loan Default or Regulatory Agreement Default occurs and is continuing, the <br />Subordinate Lender agrees that, without the County's prior written consent, it will not <br />commence foreclosure proceedings with respect to the Property under the Subordinate Loan <br />EXHIBIT 8