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98104800
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Last modified
3/12/2012 1:31:58 PM
Creation date
10/19/2005 6:00:37 PM
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DEEDS
Inst Number
98104800
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1�48�U <br /> acknowledges the provisions of paragraphs A and C and has no objection thereto, and the parties <br /> further agree as follows: <br /> 1. �ubordination. Borrower and Subordinating Creditor each agree with Lender that <br /> the Subordinate Documents and all sums owing to Subordinating Creditor pursuant thereto from <br /> time to time are and shall be subject, subordinate and rendered junior in right of payment to the <br /> prior indefeasible payment in full of all obligations now existing or hereafter owing pursuant to <br /> the Superior pocuments, whether for principal, interest, premiums, fees (including, without <br /> limitation, attorneys' fees and disbursements), expenses, protective advances under the Superior <br /> Documents, or otherwise (collectively, the "Obligations"). For the purposes of this Agreement, <br /> the Obligations shall not be deemed to have been indefeasibly paid in full until the holders or <br /> owners of the Obligations shall have received full payment of the Obligations in cash, which <br /> payment shall have been retained by the holders of the Obligations for a period of time in excess <br /> of all applicable preference or other similar periods under applicable bankruptcy, insolvency or <br /> creditors' rights laws. Accordingly, Subordinating Creditor hereby irrevocably and <br /> unconditionally subordinates, upon the terms and conditions set forth herein, (a) all of its right, <br /> title and interest in and to the collateral described in the Subordinate Documents (including, <br /> � <br /> without limitation, the real and personal property encumbered by the Subordinate Security <br /> Documents), and the lien and securiry interest thereof, and all rights to purchase all or any part <br /> of the Property or any other collateral for the Superior pocuments, to all right, title and interest <br /> of L,ender in and to the collateral described in the Superior pocuments, a part of which collateral <br /> is the Property, such that the Lender's right, title and interest in and to the collateral described in <br /> the Superior pocuments shall at all times be superior to that of Subordinating Creditor, and (b) <br /> 4922863 4 <br />
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