Laserfiche WebLink
<br /> <br />Subordination Agreement (City of Santa Ana) Form 6456 Page 16 <br />Fannie Mae 08-13 © 2013 Fannie Mae <br /> [Westview House] <br />4883-3835-3436v.3 0113877-000026 <br />16. General. <br />(a) Assignment/Successors. <br />This Agreement shall be binding upon Borrower, Senior Lender and Subordinate Lender <br />and shall inure to the benefit of the respective legal successors, transferees and assigns of <br />Borrower, Senior Lender and Subordinate Lender. Borrower shall not assign any of its rights and <br />obligations under this Agreement without the prior written consent of Senior Lender and <br />Subordinate Lender. <br />(b) No Partnership or Joint Venture. <br />Senior Lender’s permission for the placement of the Subordinate Loan does not constitute <br />Senior Lender as a joint venturer or partner of Subordinate Lender. Neither party hereto shall hold <br />itself out as a partner, agent or Affiliate of the other party hereto. <br />(c) Senior Lender’s and Subordinate Lender’s Consent. <br />Wherever Senior Lender’s consent or approval is required by any provision of this <br />Agreement, such consent or approval may be granted or denied by Senior Lender in its sole and <br />absolute discretion, unless otherwise expressly provided in this Agreement. Wherever Subordinate <br />Lender’s consent or approval is required by any provision of this Agreement, such consent or <br />approval may be granted or denied by Subordinate Lender in its sole and absolute discretion, unless <br />otherwise expressly provided in this Agreement. <br />(d) Further Assurances. <br />Subordinate Lender, Senior Lender and Borrower each agrees, at Borrower’s expense, to <br />execute and deliver all additional instruments and/or documents reasonably required by any other <br />party to this Agreement in order to evidence that the Subordinate Mortgages are subordinate to the <br />lien, covenants and conditions of the Senior Loan Documents, or to further evidence the intent of <br />this Agreement. <br />(e) Amendment. <br />This Agreement shall not be amended except by written instrument signed by all parties <br />hereto. <br />(f) Governing Law. <br />This Agreement shall be governed by the laws of the jurisdiction in which the Mortgaged <br />Property is located without giving effect to any choice of law provisions thereof that would result <br />in the application of the laws of another jurisdiction. Senior Lend er, Subordinate Lender and <br />Borrower agree that any controversy arising under or in relation to this Security Instrument shall <br />be litigated exclusively in the jurisdiction in which the Mortgaged Property is located. The state <br />and federal courts and authorities with jurisdiction in such locale shall have exclusive jurisdiction <br />over all controversies that arise under or in relation to this Agreement. The parties hereto <br />EXHIBIT 6