200302901 - Laserfiche WebLink

Browse

legal or equitable interests in the property. 200302901 In consideration of the mutual benefits to the parties and to induce Lenderto make a loan to Owner, it is hereby agreed as follows: (1) Lender's Security Instruments, and any renewals or extensions thereof, shall be a lien on the property, in the two respective counties, priorto the liens of the SBA Security Instruments, filed in the two respective counties, in an amount not to exceed $302,925.00. (2) Lender would not make its loan without this subordination agreement. (3) Lender will not make any additional advances under any of its Security Instruments except such disbursements that become necessary to protect its security interest and for which Owner is liable under Lender's Security Instruments and related loan documents. (4) This agreement shall be the whole and only agreement with regard to the subordination of the SBA Security Instruments to Lenders Security Instruments. (5) Except as expressly provided herein, this agreement shall not operate or be construed to alterthe priority of the SBA Security Instruments with regard to any legal or equitable interest in the property. Owner and Lender shall hold SBA harmless from any impairment of its liens (with regard to any third party) which is occasioned by this subordination. (6) All proceeds of Lender's loan shall be, or has been, applied to satisfy debt secured by a liens presently superiorto the lien of the SBA Security Instruments, in addition to the following described uses, if any, plus customary closing costs: No other uses Any other use of proceeds not described herein shall void this agreement. (7) Lendershall provide noticetoSBAof anydefault undertheterms of anyofthe Lender's Security Instruments which remains uncured for 60 days. Adefaultin the obligation secured by Lender's Security Instruments may be cured (including purchase of the property at or prior to foreclosure) by the SBA via cash, certified funds or a United States Treasury check, at SBA's option. Lender will not enforce any default provision in its Security Instrument to the detriment of the SBA, including, but not limited to, any provision regarding a default rate of interest. (S) SBA's agreement to subordinate its lien interest to that of the Lender is expressly conditioned upon Lender's, Borrower's and Guarantor's execution of this subordination agreement. This subordination agreement is null and void if not duly executed by the foregoing parties. (9) By executing this subordination agreement, the SBA does not waive federal immunity from state or local control, penalty, tax or liability. As to the SBA Security Instruments, the Owner may not claim or assert against SBA any state or local law to deny any obligation, defeat any claim of SBA or preempt federal law.