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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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9�- ��3�0� <br /> Loans or the Subordinate Documents except the regularly scheduled payments of principal and <br /> interest due prior to maturity pursuant to the Subordinate Notes and except for the repayment of <br /> amounts paid by Subordinating Creditor to cure a Default or Event of Default as provided in <br /> paragraph 6 hereof or the payment or repayment of any prepayment premium as provided in <br /> paragraph 7 hereof; and (c) Subordinating Creditor shall have no right to exercise any right to <br /> purchase or acquire (pursuant to any option, right of first refusal or otherwise) any interest in <br /> Bonower or any of the Property or other collateral for the Obligations, except as set forth herein. <br /> Until indefeasible payment in full of the Obligations, if Borrower shall pay and Subordinating <br /> Creditor shall receive any payment at any time which either (i) violates the agreements contained <br /> herein, or (ii) is pernutted herein but is received after Lender has notified Subordinating Creditor <br /> that an Event of Default exists (meaning any applicable cure period shall have expired pursuant <br /> to the Superior pocuments) and prior to such Event of Default being waived in writing by Lender, <br /> then in either of such events Subordinating Creditor will promptly disclose such fact to Lender in <br /> writing and promptly deliver to Lender all such payments to be applied instead to the Obligations. <br /> Until indefeasible payment in full of the Obligations, Subordinating Creditor shall have no right <br /> to participate in any negotiations or proceedings involving any condemnation of any collateral for <br /> > <br /> the Obligations or involving any insurance that may be available for loss of or damage to any <br /> collateral for the Obligations, and shall have no right to receive any proceeds of insurance or <br /> condemnation with respect to any collateral for the Obligations until the Obligations are fully paid. <br /> Subordinating Creditor appoints Lender as its attorney-in-fact to settle or compromise any claim <br /> for proceeds of insurance or condemnation with respect to any collateral for the Obligations. Any <br /> settlement by Lender of any such claim, so long as it is made in good faith based upon I.ender's <br /> 4922863 6 <br />
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