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(b) Subordinate Lender May Not Exercise Remedies Without Senior Lender's <br />Written Consent. <br />If a Subordinate Loan Default occurs and is continuing, Subordinate Lender agrees that, <br />without Senior Lender's prior written consent, it will not commence foreclosure proceedings <br />with respect to the Mortgaged Property under the Subordinate Loan Documents or exercise any <br />other rights or remedies it may have under the Subordinate Loan Documents, including, but not <br />limited to accelerating the Subordinate Loan (and enforcing any "due on sale" provision included <br />in the Subordinate Loan Documents), collecting rents, appointing (or seeking the appointment <br />of) a receiver or exercising any other rights or remedies thereunder. <br />(c) Effect of Foreclosure by Subordinate Lender. <br />Subordinate Lender acknowledges that any conveyance or other transfer of title to the <br />Mortgaged Property pursuant to a foreclosure of the Subordinate Mortgage (including a <br />conveyance or other transfer of title pursuant to the exercise of a power of sale contained in the <br />Subordinate Loan Documents), or any deed or assignment in lieu of foreclosure or similar <br />arrangement, shall be subject to the transfer provisions of the Senior Loan Documents; and the <br />Person (including Subordinate Lender) who acquires title to the Mortgaged Property pursuant to <br />the foreclosure proceeding (or pursuant to the exercise of a power of sale contained in the <br />Subordinate Loan Documents) shall not be deemed to be automatically approved by Senior <br />Lender. <br />(d) Cross Default. <br />Borrower and Subordinate Lender agree that a Subordinate Loan Default shall constitute <br />a Senior Loan Default under the Senior Loan Documents and Senior Lender shall have the right <br />to exercise all rights or remedies under the Senior Loan Documents in the same manner as in the <br />case of any other Senior Loan Default. <br />8. Default Under Senior Loan Documents. <br />(a) Senior Loan Notices. <br />Senior Lender shall deliver to Subordinate Lender a Default Notice within five (5) Business <br />Days in each case where Senior Lender has given a Default Notice to Borrower. Failure of Senior <br />Lender to send a Default Notice to Subordinate Lender shall not prevent the exercise of Senior <br />Lender's rights and remedies under the Senior Loan Documents, nor shall such failure constitute a <br />default by Senior Lender under this Agreement. <br />(b) Cross Default. <br />Subordinate Lender agrees that, notwithstanding any contrary provision contained in the <br />Subordinate Loan Documents, a Senior Loan Default shall not constitute a default under the <br />Subordinate Loan Documents (if no other default has occurred under the Subordinate <br />Loan Documents) until either (1) Senior Lender has accelerated the maturity of the Senior Loan, <br />or (2) Senior Lender has taken affirmative action to exercise its rights under the Senior Loan <br />Subordination Agreement (Conventional) <br />Fannie Mae <br />Form 6414 <br />08 -14 <br />201603850 <br />Page 9 <br />© 2014 Fannie Mae <br />