201000785 - Laserfiche WebLink

Browse

201000785 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. Subordination to New Senior Security Instrument Junior Lender agrees that upon recordation of the New Senior Security Instrument, Junior Lender's lien /security interest in the Property shall be unconditionally and forever inferior, junior and subordinate in all respects to the lien /security interest of Senior Mortgagee's New Senior Security Instrument and all obligations it secures. Junior Mortgagee irrevocably consents to and approves all provisions of the New Senior Security Instrument and the terms of the obligations it secures. 2. No Subordination to Other Matters. Junior Lender is subordinating its lien /security interest to the New Security Instrument only, and not to other or future liens or security interests in the Property. Junior Lender has no obligation to consent to future requests for subordination of its lien /security interest. 3. No Waiver of Notice. By subordinating its lien /security instrument, Junior Lender is not waiving any rights it may have under the laws of the State where the Property is located, or Federal law, to notice of defaults or other notices or rights conferred by law to junior lienholders and mortgagees. 4. Successors and Assigns. This Agreement shall be binding upon and be for the benefit of any successor or assignee of the New Security Instrument or any successor of either of the parties. 5. Governing Law. This Agreement shall be governed by the law of the State where the Property is located. 6. Reliance. This Agreement can be relied upon by all persons having an interest in the Property or the New Senior Security Instrument, 7. Entire Agreement; Amendments. This Agreement represents the entire and complete agreement between Junior Lender and Senior Lender. Any waiver, modification or novation of this Agreement must be in writing, executed by New Senior Lender (or its successors or assigns) and Junior Lender (or its successors or assigns) and, if this Agreement 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. 8. 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 Agreement shall be void if not recorded within 90 days of the reference date first written above. S, 1b0,Ch 1;z)0,,)r1 A.;p,,Omenf ('A1.0.50404) Page 2 of 5