Laserfiche WebLink
Subject to each of the other terms of this Agreement, all of the following provisions shall <br />supersede any provisions of the Subordinate Loan Documents covering the same subject matter: <br /> <br /> (a) Protection of Security Interest. The Subordinate Lender shall not, without <br />the prior written consent of the County in each instance, take any action which has the effect <br />of increasing the indebtedness outstanding under, or secured by, the Subordinate Loan <br />Documents, except that the Subordinate Lender shall have the right to advance funds to cure <br />Senior Mortgage Loan Defaults pursuant to Section 6(a) above and advance funds pursuant <br />to the Subordinate Mortgages for the purpose of paying real estate taxes and insurance <br />premiums, making necessary repairs to the Property and curing other defaults by the Borrower <br />under the Subordinate Loan Documents. <br /> <br /> (b) Condemnation or Casualty. In the event of: a taking or threatened taking by <br />condemnation or other exercise of eminent domain of all or a portion of the Property <br />(collectively, a "Taking"); or the occurrence of a fire or other casualty resulting in damage to <br />all or a portion of the Property (collectively, a "Casualty"), at any time or times when the <br />Senior Mortgage remains a lien on the Property the following provisions shall apply: <br /> <br /> (1) The Subordinate Lender hereby agrees that its rights (under the <br />Subordinate Loan Documents or otherwise) to participate in any proceeding or action <br />relating to a Taking and/or a Casualty, or to participate or join in any settlement of, or <br />to adjust, any claims resulting from a Taking or a Casualty shall be and remain <br />subordinate in all respects to the County's rights under the Senior Mortgage Loan <br />Documents with respect thereto, and the Subordinate Lender shall be bound by any <br />settlement or adjustment of a claim resulting from a Taking or a Casualty made by the <br />County; provided, however, this subsection and/or anything contained in this <br />Agreement shall not limit the rights of the Subordinate Lender to file any pleadings, <br />documents, claims or notices with the appropriate court with jurisdiction over the <br />proposed Taking and/or Casualty; and <br /> <br /> (2) All proceeds received or to be received on account of a Taking or a <br />Casualty, or both, shall be applied (either to payment of the costs and expenses of <br />repair and restoration or to payment of the Senior Mortgage Loan) in the manner <br />determined by the County in its sole discretion; provided, however, that if the County <br />elects to apply such proceeds to payment of the principal of, interest on and other <br />amounts payable under the Senior Mortgage Loan, any proceeds remaining after the <br />satisfaction in full of the principal of, interest on and other amounts payable under the <br />Senior Mortgage Loan shall be paid to, and may be applied by, the Subordinate Lender <br />in accordance with the applicable provisions of the Subordinate Loan Documents, <br />provided however, the County agrees to consult with the Subordinate Lender in <br />determining the application of Casualty proceeds, provided further however that in <br />the event of any disagreement between the County and the Subordinate Lender over <br />EXHIBIT 8