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201901177
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201901177
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Last modified
12/9/2019 6:26:07 PM
Creation date
2/28/2019 4:07:54 PM
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DEEDS
Inst Number
201901177
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201901177 <br />may hereafter from time to time be amended, modified or restated being hereinafter referred to <br />as the "Deeds of Trust"); and <br />WHEREAS, Lender is or will be the Secured Party under a certain General Security <br />Agreement dated as of February 28, 2019 which covers the Personal Property and Equipment (as <br />the same may have been or may hereafter from time to time be amended, modified or restated <br />being hereinafter referred to as the "Security Agreement" and collectively with the Deeds of <br />Trusts, the "Collateral Documents" and each, a "Collateral Document"). <br />WHEREAS, Lender has requested that GIRH subordinate any rights it may have as a <br />result of the GIRH Agreements to the lien of the Collateral Documents; and <br />WHEREAS, GIRH and Lender are willing to so agree on the terms and conditions <br />hereinafter provided; <br />NOW, THEREFORE, in consideration of the premises, the mutual covenants contained <br />herein and TEN DOLLARS ($10.00) and other good and valuable consideration each to the other <br />in hand paid, receipt of which is hereby acknowledged, Lender and GIRH hereby agree as <br />follows: <br />1. All rights that may arise with respect to the GIRH Agreements are and shall be <br />subject and subordinate in all respects to the Collateral Documents and to any renewal, <br />modification, replacement or extension of the same. <br />2. If Lender elects to foreclose the Collateral Documents, Lender shall not join GIRH <br />in the foreclosure proceedings unless required by applicable law (and then only to the extent so <br />required), as long as GIRH is not in default under the GIRH Agreements beyond any period <br />allowed for notice and cure. If (i) Lender or a successor owner (hereinafter, a "Successor <br />Owner") succeeds to the interest of the Pledgors under any GIRH Agreement and (ii) GIRH is <br />not in default under such GIRH Agreement beyond any period allowed for notice and cure, <br />neither Lender nor such Successor Owner shall terminate the GIRH Agreement or interfere with <br />or disturb GIRH's possession of the Leased Property or GIRH's exercise and enjoyment of its <br />rights under such GIRH Agreements for the unexpired term(s) thereof. GIRH hereby <br />acknowledges notice that pursuant to the Collateral Documents, the Pledgors have granted to the <br />Lender an assignment of the rents due under GIRH Agreements. The Collateral Documents <br />provide that GIRH continue making payments of rents and other amounts owed by GIRH under <br />the GIRH Agreements to the Pledgors and to recognize the rights of the Pledgors under the <br />GIRH Agreements until notified otherwise in writing by the Lender. After receipt of such notice <br />from Lender, GIRH shall thereafter make all such payments directly to the Lender or to a <br />Successor Owner as the Lender may otherwise direct, without any further inquiry on the part of <br />the GIRH. Pledgors consent to the foregoing and waives any right, claim or demand which <br />Pledgors may have against GIRH by reason of such payments to Lender or Successor Owner. <br />3. GIRH hereby covenants and agrees that it shall not exercise any right under or with <br />respect to the Purchase Option without the prior written consent of the Lender. <br />-2- <br />
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