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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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or a third-party consultant's estimate of the reasonable amount of procee�s�recove1 b�e�,8maoybe <br /> without regard to whether any such proceeds will be sufficient to pay any amount to Subordinating <br /> Creditor, and Subordinating Creditor hereby fully and forever releases Lender from any obligation <br /> to Subordinating Creditor with respect to any settlement by Lender of a claim for proceeds of <br /> insurance or condemnation with respect to any such collateral. Borrower and Subordinating <br /> Creditqr agree to promptly deliver written notice to Lender should any default occur pursuant to <br /> any of the Subordinate Documents. <br /> 4. Default nt to uuerior D »mp� c, Upon any Event of Default, as defined <br /> in the Superior pocuments, which continues to exist after any required notice has been given and <br /> any applicable cure period has expired and upon written notice to Bonower and Subordinating <br /> Creditor, Borrower will promptly cease making any further payments of any kind pursuant to the <br /> Subordinate Documents or otherwise to Subordinating Creditor unless and until written notice is <br /> provided by Lender to Borrower and Subordinating Creditor that such Event of Default has been <br /> cured or waived or until the Obligations have been indefeasibly paid in full. It is understood and <br /> agreed that, except as may otherwise be required by applicable law or such notices as hereinafter <br /> provided, no notice to Bonower or Subordinating Creditor shall be rec�uired pursuant to this <br /> Agreement and the Superior pocuments prior to the exercise by Lender of any right or remedy <br /> under the Superior pocuments, or the exercise of any other right or remedy deemed necessary by <br /> Lender in order to protect the value of its collateral. Lender agrees to give written notice to <br /> Subordinating Creditor prior to or simultaneously with the Lender's institution of any foreclosure <br /> proceedings with respect to any of the Property or scheduled sale of personal property collateral <br /> (if Subordinating Creditor has a security interest therein perfected by proper filing) pursuant to <br /> 4922863 '� <br />
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