Laserfiche WebLink
Priority and Subordination Agreement 8 Teanaway Court <br /> “Subordinate Loan Documents” means the promissory note, loan agreement, <br />reimbursement agreement or other evidence of the Subordinate Indebtedness referred to in a <br />Subordinate Deed of Trust and any replacement thereof and all other documents at any time <br />evidencing, securing, guaranteeing, or otherwise delivered in connection with any Subordinate <br />Indebtedness, as the same may be amended from time to time, but not including the Restrictive <br />Covenants. <br />“Subordinate Note” means each promissory note or other evidence of the Subordinate <br />Indebtedness referred to in any Subordinate Deed of Trust and any replacement thereof. <br />“Surplus Cash” means, with respect to any period, any revenues of Partnership <br />remaining after paying, or setting aside funds for paying, all of the following: <br /> All sums due or currently required to be paid under the Senior Loan <br />Documents, including any imposition or reserve deposits required <br />thereunder. <br /> All deposits to any replacement reserve, completion/repair reserve or <br />other reserve or escrow required by the Senior Loan Documents that are <br />due or currently payable. <br /> All reasonable operating expenses of the Property, including real estate <br />taxes, insurance premiums, utilities, building maintenance, painting and <br />repairs, management fees, payroll, administrative expenses, legal <br />expenses and audit expenses (excluding any developer fees payable with <br />respect to the Property). <br />2. PRIORITIES. Regardless of the time each Party’s interest in or lien on the Property <br />was or shall be created or recorded, such interests and liens have and shall have the following <br />priorities: <br /> <br />(a) Priority of Restrictive Covenants. <br /> (i) The Restrictive Covenants shall each take priority over all, and <br />shall not be subject or subordinate to any, of the Deeds of Trust. As among each <br />other, the Restrictive Covenants shall have the following priority: <br />(1) Commission Extended Use Agreement; <br />(2) Commission Bond Regulatory Agreement; <br />(3) Commerce Regulatory Agreement; and <br />(4) County Covenant. <br /> <br />(ii) Survival. It is acknowledged and agreed by the Parties that <br />each of the Restrictive Covenants, subject to their respective provisions and <br />Section 6(h) hereof, shall survive foreclosure of any of the Deeds of Trust.