200600638 - Laserfiche WebLink

Browse

200600638 New Senior Lender will not provide this financing without an agreement by Junior Lender to subordinate its lien/security interest lien/security in the Property to the new interest of New Senior Lender. In consideration of the benefits to Junior Lender from the new financing on the Property provided by New Senior Lender,Junior Lender agrees and declares as follows: 1.S1.1bordination to New Senior Security In.tfumlllt. Junior Lender agloes that upon recordation oHMIi New Senior Seeurlty Inltrument,Junlor Lender'. lien/security intel'l~st in the Property shall be unconditionally end forever inferlor,junlor and subordinate in all respects to the lien/security Intere.t of Senior Morgagee's New Senior Security Instrument and elll obligations it secures. Junior Mortgagee irrevOciilbly consents to and approves all provisions of tile New Senior Security Instrument and the terms of the obligations it secures. 2.No Subordination to Other Mattfilni. Junior Lender is ~;ubordinatin9 its lien/security interest to the New Security Instrument only, and not to other or future iiells or security interests in the Property. Junior Lender has no obligation to consent to future lequests for subordination of its lien/security interest. 3.No Waiver of f\lotice. I By subordinatin~J rls lien/security instrument,Junior Lender is not waiving any rights it may have under the laws of tlw State where the Property Is located, or Federallaw,to notice of defaults or other notices or IIUhts conferred by law to junior lienholders and mortgagees. 4.Successors arid Assigns. This Agreement shall be binding upon and be for the benefit of any successor or assignee of the New Security Instl-ument or any successor of either of the parties. 5.Governing Law. This A~reement :;l1all be ~overned by the law of the Stite wl'liflil thlillirODsrtv is locsted. 6.Reliance. This Agreement can be relied upon by all psrson$ h~vinC\l iA i~tfilrElst il'l thillPl'QPifty or the New Senior Security Instrument. 7.Entire Agreement;Amendments. This Agreernent Icpresents the entire andoomplete agreement between Junior Lender i!lnd Senior Lender. Any waivI'r,rnodification or novation of this Agreement must be in writing, executed by New Senior Lellder (01 Its successors or assigns) and Junior Lender (or its successors or assigns) and, if this Agrecnlerlt was recorded in the real estate records of the government entity in which the Property is located,recorded in such real estate records,to be enforceable. a.Acceptance. New Senior Lender shall be deemed to have accepted and agreed to the terms of this Agreement by recordation of this Agreement at or about the time New Senior Security Instrument is recorded. This Agreurnent ~;l1all be void if not recorded within 90 days of the reference date first written above.