Laserfiche WebLink
the application of Casualty proceeds, the decision of the County, in its sole discretion, <br />shall prevail. <br /> <br /> (c) No Modification of Subordinate Loan Documents. The Borrower and the <br />Subordinate Lender each agrees that, until the principal of, interest on and all other amounts <br />payable under the Senior Mortgage Loan Documents have been paid in full, it will not, <br />without the prior written consent of the County in each instance, increase the amount of the <br />Subordinate Loans, increase the required payments due under the Subordinate Loans, <br />decrease the term of the Subordinate Loans, increase the interest rate on the Subordinate <br />Loans, or otherwise amend the terms of the Subordinate Loans in a manner that creates an <br />adverse effect upon the County under the Senior Mortgage Loan Documents. Any <br />unauthorized amendment of the Subordinate Loan Documents or assignment of the <br />Subordinate Lender's interest in the Subordinate Loans without the County's consent shall be <br />void ab initio and of no effect whatsoever. <br /> <br /> 9. Modification or Refinancing of Senior Mortgage Loan. <br /> <br /> Subject to the final sentence hereof, the Subordinate Lender consents to any agreement or <br />arrangement in which the County waives, postpones, extends, reduces or modifies any provisions of <br />the Senior Mortgage Loan Documents, including any provision requiring the payment of money. <br />Subordinate Lender further agrees that its agreement to subordinate hereunder shall extend to any <br />new mortgage debt which is for the purpose of refinancing all or any part of the Senior Mortgage <br />Loan (including reasonable and necessary costs associated with the closing and/or the refinancing); <br />and that all the terms and covenants of this Agreement shall inure to the benefit of any holder of any <br />such refinanced debt; and that all references to the Senior Mortgage Loan, the Senior Mortgage Note, <br />the Senior Mortgage, the Senior Mortgage Loan Documents and County shall mean, respectively, the <br />refinance loan, the refinance note, the mortgage securing the refinance note, all documents evidencing <br />securing or otherwise pertaining to the refinance note and the holder of the refinance note. <br />Notwithstanding anything to the contrary in this Section 9, the County shall not, without the prior <br />written consent of the Subordinate Lender in each instance, which will not be unreasonably withheld, <br />take any action which has the effect of increasing the indebtedness outstanding under, or secured by, <br />the Senior Mortgage Loan Documents, increasing the required payments due under the Senior <br />Mortgage Loan, decreasing the term of the Senior Mortgage Loan, or increasing the interest rate on <br />the Senior Mortgage Loan (other than on account of regular fluctuations in the variable interest rate <br />on the Senior Mortgage Loan or in connection with charging default rate of interest following a Senior <br />Mortgage Loan Default), except that the Senior Lender shall have the right to advance funds to cure <br />Subordinate Loan Defaults pursuant to Section 5(a), above, and advance funds pursuant to the Senior <br />Mortgage Loan Documents for the purpose of paying real estate taxes and insurance premiums, <br />making necessary repairs to the Property, curing other defaults by Borrower under the Senior <br />Mortgage Loan Documents, or protecting the Senior Lender’s security interest in the Property. <br /> <br />EXHIBIT 8