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<br /> ,:i . -- • -�s'
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<br /> liquidation, or other dfsposifion of or realization upon the ��Y � y�,
<br /> .f..�'`. �` i '" r� ,
<br /> �.-.,°�::�-`:��:-:< �`-;.w Premises and/or the Collateral incurred by NationsBank; (fi) to `� _, _. . c`
<br /> ` �r-:"' � the payment of all late charqes as provided in tlie NationsHank �< G -
<br /> . .. • ` .`.;,.
<br /> �i}� "`` �� �� � Note un�il pa3.d; (iii) all accrued but unpaid interest due under _,.`n:.�.Y`:
<br /> �;�.`? � �°� � ttae NationsBank Note until paid; (iv) to the outstanding :_ `i'
<br /> c it ;..
<br /> ,� ` � '_ principal balance of the �JationsBank Note unt�l paid; (v) to any :,;` °
<br /> � . '.s. - . < h ��4_.�.
<br /> , ,. ,< < .} r.,. other person or entity, leqally enti�ied to any surplus - t �� -
<br /> 4 ..= � -z`� -� rp,maininq� rov ed, havr�ver, that if as of the @ate of such _ __-
<br /> _,:�. � -" F foreclosure, �ale� liquidation, or other disposit�on of, or J f, _:
<br /> - "� `�������t=� realization upcn the Premises and/ar the Collateral, NatfongBank �<� �����
<br /> «.:-..µ _.._._,:
<br /> �� : ' �` fails to properly or sufficiently perfect or continue t�e �. �. �
<br /> ; �i ^. � � � - erfection cf its lien or security intexest in the Premises ar <
<br /> .. .� � P .:=: _ '.
<br /> - �'�<:`.-=`�.. : the Collateral, and such failure causes the NatiansHank's � `.
<br />- ' ,'�� perfected lien or security interest in such Premises and/or ��-�<�"�"��'���
<br /> ' :.:�.<.:. ,=<,.:-.:
<br /> =�` `�'� - � �.�`�� Collatera� oz any portior► thereof ta be ranked subordinate and � � �.
<br /> �:::�>., �_�.
<br /> � "'� ��' �' inferior to the perfected lien, seaurity interest or other valicl ��,:�_`'.;;
<br /> ; , _ --. `..z;i .
<br /> ' `$ claim of Subo�rdinate Lender, tlaen the subordination provisions � �y�.v T
<br />'���'` ` �- r�� �:,s: and the priorities as to distributions as hereinabove described . �
<br /> r. :�"r'_
<br /> �},`� ���L " shall continue to apply in all respects. `
<br /> � ''.� �" ��- ' 5. This Agreement shall continue to apply hereto L Y `% �'
<br /> `�� ������r� notwithstaatding the fact that the NationsBanlc Note or any claim -- - . '"=_
<br /> Y;`' - `�=�• in respect thereof shall Toe disallawed, avoided or subordinated �` �
<br /> Y_.,�.�. . . ,. _ .. :t�_.:. Code or other �. ,..r �, -=
<br /> f �� � � � pursuant to the provisions of the BankruptaY ;,.:.
<br /> ��.i_�,:'=` • -.e applicable law. In the event of any proceeding by or against r. . ,
<br />�°' '� � �`� ��'�� �� Borrower seeking to adjudicate it a bankrupt or irisolvent, ar ;;- �.;�.��..�:`
<br /> � � � ,������� seekinq liquidation, winding up, reorqanization, arrancyement, �_
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<br /> w `•�--�� •°`�- �°��°�� a d j u s t m e n t, p r o tection, relief or compositson of it or its debts __ �f,-
<br /> .0 ' � � •� under any law relating to bankruptcy, insolvency or �
<br /> . �r,-:..
<br /> - . � - xeorganization or relief of debtors, or seekinq the entry of an ,,�� �.
<br /> � �` = � order for relief or the appointment of a receiver, trustes or �r•,:
<br /> :,_ : � ,�.:«. _:,,�':
<br /> , �, cther similar of€iaial for it or for any substantial part of the H;4 s»_. .
<br /> Pretaises or tLe Callateral, the NationsHank Note shall be paid in , ,
<br /> " l full or such payment shall have been pro v i d e d f o r, b e f o r e a n y � �_
<br /> ' .,. _��";� paymen� or distribution, whether in cash, securities or other :�•+:.
<br /> ;,:r.�:.`,. � . . ., .. . ;'._
<br /> � � property, shall be made to Subordinate Lender an account of the '�t �
<br /> '�' , Subordinate Note. Any payment or distribution of any kiad or ; °
<br /> � ;: .. which -
<br /> • � character, whether in cash, securities or other property, � : �..
<br /> +�`'"` � � would otherwise (but for the subordination prov is ioas c o n t a i n e d � � _ -
<br /> ;`�a�;.'.:. . . �
<br /> herein) be payable or deliverable in respect of the Suhordinate
<br /> •�'i'`�, `" . �`'" � Note shall be paid or delivered direatly to NationsHaifZc for
<br /> :.�'`� • � application in gayment of the NationsHank Note until tAe
<br /> '�'`�'' � � �� � NationsHas�k Note shall been paid in full or such payment shall
<br /> � ,. ._ � ' have been provided for. . {
<br /> ���-`- ' � � 6. In the event of any lass or damage to the Premises .
<br /> :.r,k.:::. � . �
<br /> , . and/or the Collateral, any insurance proceeds shall be payable
<br /> .�,��- '�� '� �. directly �o NationaHank and Subordinate Lender authorizes and , :
<br /> .;�i. . . . ,,., ..;
<br /> s• =•� � empowers NationsHank to apply such proceeds in the order and the �,, �.�
<br /> �.F`�.,�;,��� ; : .�`. �r manner as set forth in Section 4 above. ,
<br /> � .[.1.:..' . •� : :♦ � .� �
<br /> :"�. .�_:; � � •- 7. NationsHank shall not be required to marst�all any .
<br /> .��,�,��.`:� : � • � present or future security for the Nationsgank Note or to resort . ,
<br /> ��'` �� � - to such security or guarantees in any particular order; and all ,
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