11-21-11 Council Agenda - Laserfiche WebLink

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C. Each of the parties hereto waives any right to require marshaling of assets or to require any other party hereto to proceed against or exhaust any specific security for the indebtedness held by it and any defense arising out of the loss or of impairment of any right of subrogation through the lien of any loan documentation. D. Each agreement, and each and every covenant, agreement, and other provisions hereof shall be binding upon each of the parties hereto and their successors and assigns and shall inure to the benefit of each of the parties hereto and their successors and assigns and, in particular, to any subsequent holder of the loan documentation referred to herein, including, in particular, any person or entity advancing any funds under the respective loan documents. E. This Master Subordination Agreement may he changed only by an instrument in writing executed by the parties hereto. No waiver, amendment, or modification by custom, usage, or by implication shall be effective unless in writing signed by the parties. This Master Subordination Agreement shall not be construed as altering, amending, or modifying any of the terms and conditions of the loan documentation referred to herein other than for the subordination of priorities expressed herein. 9. Notices. All notices to he given by any party to the other under this Master Subordination Agreement shall be in writing and shall he deemed to have been given when delivered personally, or when deposited in the United States Mail, registered or certified postage prepaid, addressed to the party's address listed below or addressed to any such party at such other address as such party shall furnish subsequently by notice to the other parties. Any notice delivered personally to Borrower shall be delivered to a general partner of Borrower, and any notice delivered personally to any of the other parties to this Agreement shall be delivered to an officer of such party. To Borrower: I'o Oak Grove: To Ramsey County: To the EDA: The Lodge at Little Canada LLC 233 Park Avenue South, Suite 201 Minneapolis, Minnesota 55415 Oak Grove Commercial Mortgage, Inc. 2177 Youngman Avenue St. Paul, Minnesota 55116 Ramsey County Housing and Redevelopment Authority 250 Courthouse 15 West Kellogg Boulevard St. Paul, Minnesota 55102 A'I"TN: Judy Karon Economic Development Authority of the City of Little Canada, Minnesota 515 East Little Canada Road Little Canada, Minnesota 55117 ATTN: Joel Hanson, City Administrator 8 7