Laserfiche WebLink
<br />6 <br /> <br />9. Subordination Effective. This Agreement, the subordination effected hereby, and the <br />respective rights and priorities of the parties hereto in and to the Property, shall be effective as stated herein, <br />notwithstanding any modification or amendment of any Senior Loan Document (other than any <br />modification or amendment of any Senior Loan Document that increases the amount of indebtedness to <br />which the Subordinate Indebtedness is subordinate for reasons other than protective advances or costs of <br />Senior Lender), or the obtaining by Senior Lender or Subordinate Lender of any additional document <br />confirming, perfecting or otherwise affecting the Senior Loan Documents, or the Subordinate Loan <br />Documents, as the case may be. <br />10. Amendments of Subordinate Loan Documents and Senior Loan Documents. The Borrower <br />and Subordinate Lender agree that they will not enter into any amendment, modification or supplement to <br />any of the Subordinate Loan Documents without the express prior written consent of Senior Lender (which <br />consent shall not be unreasonably withheld). No consent of Subordinate Lender shall be required for any <br />amendment, modification or supplement to any of the Senior Loan Documents, provided that no <br />amendment, modification or supplement to any of the Senior Loan Documents shall increase the amount <br />of indebtedness to which the Subordinate Loan Documents are subordinate other than increases resulting <br />from protective advances or costs of Senior Lender. <br />11. Notice of Defaults. Subordinate Lender hereby agrees to give notice to Senior Lender of <br />any default (or event that, with the giving of notice or passage of time, or both, would constitute a default) <br />under the Subordinate Loan Documents. <br />12. Cross Default. The Borrower and Subordinate Lender agree that a default under the <br />Subordinate Loan Documents or Subordinate Lender’s default hereunder shall, at the election of Senior <br />Lender, constitute a default under the Senior Loan Documents and Senior Lender shall have the right to <br />exercise all rights or remedies under the Senior Loan Documents in the same manner as in the case of any <br />other default under the Senior Loan Documents. If Subordinate Lender notifies Senior Lender in writing <br />that any default under the Subordinate Loan Documents has been cured or waived, as determined by <br />Subordinate Lender in its sole discretion, then provided that Senior Lender has not conducted a foreclosure <br />or exercised its rights with respect to the power of sale of the Property pursuant to its rights under the Senior <br />Loan Documents, any default under the Senior Loan Documents arising solely from such default under the <br />Subordinate Loan Documents shall be deemed cured, and the Senior Indebtedness shall be reinstated. <br />13. Further Assurances. The parties hereto shall cooperate fully with each other in order to <br />carry out promptly and fully the terms and provisions of this Agreement. Each party hereto shall from time <br />to time execute and deliver such other agreements, documents or instruments and take such other actions <br />as may be reasonably necessary or desirable to effectuate the terms of this Agreement. <br />14. No Waiver. No failure or delay on the part of any party hereto in exercising any right, <br />power or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any <br />such right, power or remedy preclude any other or further exercise thereof or the exercise of any other right, <br />power or remedy hereunder. <br />15. Equitable Remedies. Each party hereto acknowledges that, to the extent that no adequate <br />remedy at law exists for breach of its obligations under this Agreement, in the event any party fails to <br />comply with its obligations hereunder, the aggrieved party shall have the right to obtain specific <br />performance of the obligations of such defaulting party, injunctive relief, or such other equitable relief as <br />may be available, other than consequential or punitive damages. <br />16. Notices. Any notice to be given under this Agreement shall be in writing and shall be <br />deemed to be given when received by the party to whom it is addressed. Notwithstanding the foregoing, if