Agenda Packets - 2018/12/10 - Laserfiche WebLink

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Boulevard, Mounds View MHFA Dev. #8022 Master Subordination Agreement 6 12/03/2018 (Ver. 11/20/2017) 7. Most Restrictive Requirements. Notwithstanding the order of priority and subordinations granted in this Agreement, the Borrower will comply not only with the Loan Documents having first priority but with all Loan Documents. For example, if a party’s Loan Documents contain rent, income or occupancy requirements that are more restrictive than Loan Documents that are more senior in priority, then the Borrower will comply with the more restrictive Loan Documents for as long as they remain in effect. 8. Absence of Events of Default and Compliance with Closing Requirements. Each party states, represents, and warranties that as to each of its individual Loans, (i) its Loans have been duly closed, (ii) there are no events of default, or events that with the passage of time could constitute an event of default, currently existing with respect to any of its Loans, and (iii) all of its Loans are in good standing. 9. Notice of Default and Cure Rights. Each party will deliver to the other parties a default notice within five business days in each case where a party has given a default notice to Borrower (provided that each party will have no liability to any party for failure to timely give notice). Failure of the notifying party to send a default notice to the other parties will not prevent the exercise of the notifying party's rights and remedies under the Loan Documents, subject to the provisions of this Agreement. The other parties will have the opportunity, but not the obligation, to cure any default within 60 days following the date of the notice; provided, however that the notifying party will be entitled, during the 60-day period, to continue to pursue its rights and remedies under the Loan Documents. 10. Use of Insurance and Condemnation Proceeds. Notwithstanding any provisions to the contrary contained in this Agreement or in any of the Loan Documents, the parties agree that any and all insurance and/or condemnation proceeds will be used first to repair or reinstate the Development. If there are any remaining proceeds, or if the amounts are insufficient to repair or reinstate the Development, or if the Development cannot be repaired or reinstated, then the proceeds will be used to pay off the Loans in order of the priority of the Loan Documents specified in this Agreement. 11. Agreement Not to Commence Bankruptcy Proceeding. The parties agree that during the term of this Agreement they will not commence, or join with any other creditor in commencing, any Bankruptcy Proceeding with respect to Borrower, without the other parties’ prior written consents. 12. Consent to MHFA HRS FFB Loan. The parties to this Agreement acknowledge that MHFA and the Borrower have executed and delivered an End Loan Commitment of even date with this Agreement pursuant to which MHFA commits to loan to the Borrower, and the Borrower commits to borrow from MHFA the MHFA HRS FFB Loan following completion of construction of the Development and fulfillment of the conditions set forth in this Agreement. The MHFA HRS FFB Loan will be used for the purpose of paying off the MHFA Bridge Loan. MHFA, the City, and the HRA hereby consent to the making and borrowing of the MHFA HRS FFB Loan, and agree that the MHFA HRS FFB Loan will be secured by a mortgage on the Property. The mortgage securing the MHFA HRS FFB Loan will be in first lien position upon payment in full of the MHFA Bridge Loan and the release or satisfaction of all documents