SUBORDINATION AGREEMENT (3) - Laserfiche WebLink

9 9386162 lien or charge of the Loan Documents. TCAC subjects and subordinates the liens, claims and charges of the Regulatory Agreement to the liens, claims and charges of the Loan Documents. 3. Surviving Provisions. Notwithstanding anything to the contrary in this Agreement, Lender agrees that the Surviving Provisions, to the extent they remain in full force and effect,shall at all times remain superior to the lien of the Loan Documents. If the Project is transferred to Lender as a result of a foreclosure or deed -in -lieu of foreclosure or similar instrument, the Surviving Provisions shall survive such transfer and shall remain binding on Lender, its successors and assigns. This Agreement is not intended and shall not be construed to subordinate the Regulatory Agreement to any mortgage, deed of trust or other security document other than those referred to in this Agreement securing the indebtedness of Lender. 4. Obligations of Lender. In consideration of TCAC's agreements contained in this Agreement, Lender agrees that in the event of any default by Borrower under the Loan Documents, TCAC shall be entitled to receive a copy of any notice of default given by Lender to Borrower under the Loan Documents. 5. TCAC's Rights. Nothing in this Agreement is intended, nor shall it be construed, to abridge or adversely affect any right or remedy of TCAC under the Regulatory Agreement in the event of any failure by Borrower to abide by any of the terms, covenants or conditions of the Regulatory Agreement nor to permit the Lender to require the Borrower to take any action in violation of any of the terms, covenants or conditions thereof. 6. Entire Agreement. This Agreement represents the entire understanding and agreement between the parties hereto with regard to the subordination of the Regulatory Agreement to the lien or charge of the Loan Documents, and shall supersede and cancel any prior agreements with regard to this subject matter. 7. Binding Provisions. The covenants and agreements contained in this Agreement shall be binding upon the heirs, personal representatives, successors and assigns of the respective parties to this Agreement. 8. Applicable Law. This Agreement shall be governed by and construed in accordance with the laws of the State of California. 9. Assignment. This Agreement may not be modified orally or in any manner other than by an agreement in writing signed by the parties hereto or their respective successors in interest. 10. Notices. All notices required or permitted hereunder shall be deemed to have been received either (i) when delivered by hand and the party giving such notice has received a signed receipt thereof, or (ii) three (3) days following the date deposited in the United States mail, postage prepaid, by registered or certified mail, return receipt requested, addressed as follows (or addressed in such other manner as the party being notified shall have requested by 5C1 5967 .2 018241 Aar