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Priority and Subordination Agreement 6 Teanaway Court
<br />any administrative action by the Subordinate Lender with respect to the eligibility or status of
<br />Partnership, Sponsor or any affiliate with regard to any applications for any further contracts,
<br />funding or assistance.
<br /> “Enforcement Action Notice” means a written notice from a Subordinate Lender to
<br />the Senior Lender, given following a Subordinate Loan Default, setting forth in reasonable
<br />detail the Subordinate Loan Default and the Enforcement Action proposed to be taken by such
<br />Subordinate Lender.
<br /> “Impositions” means the obligations of Partnership to pay premiums required in
<br />respect of coverage against loss by fire and allied perils, general boiler and machinery coverage,
<br />rent loss and extra expense insurance or other insurance as shall be required by a Lender, taxes,
<br />assessments, vault rentals and other charges, if any, whether general, special or otherwise,
<br />including all assessments for schools, public betterments and general or local improvements,
<br />which are levied, assessed or imposed by any public authority or quasi-public authority, and
<br />which, if not paid, will become a lien on the Property, water and sewer charges (that could
<br />become a lien on the Property), ground rents, if any, assessments or other charges (that could
<br />become a lien on the Property).
<br />“Leases” means all present and future leases, subleases, licenses, concessions or grants
<br />or other possessory interests now or hereafter in force, whether oral or written, covering or
<br />affecting the Property, or any portion of the Property (including proprietary leases or occupancy
<br />agreements if Partnership is a cooperative housing corporation), and all modifications,
<br />extensions or renewals.
<br />“Loan” means each of the Bond Loan, the Taxable Loan, the Commerce Loan, the
<br />County Loan, the County Funds Sponsor Loan and the CPF Sponsor Loan.
<br /> “Loan Documents” shall mean each of the Bond Documents, the Taxable Loan
<br />Documents, the Commerce Loan Documents, the County Loan Documents, the CPF Sponsor
<br />Loan Documents and the County Funds Sponsor Loan Documents.
<br /> “Loss Proceeds” means all monies received or to be received under any insurance
<br />policy, from any condemning authority, or from any other source, as a result of any
<br />Condemnation or Casualty.
<br />“Partnership” means all persons or entities identified as “Partnership” in the first
<br />paragraph of this Agreement, together with their successors and assigns, and any other person
<br />or entity who acquires title to the Property after the date of this Agreement.
<br />“Rents” means all rents (whether from residential or non-residential space), revenues
<br />and other income of the Property, parking fees, laundry and vending machine income and fees
<br />and charges for food, health care and other services provided at the Property, whether now due,
<br />past due, or to become due, and deposits forfeited by tenants.
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