HopeSource CIP Amend 4 - Laserfiche WebLink

Home Browse Search

Priority and Subordination Agreement 9 Teanaway Court Subject to their respective provisions and Section 6(h) hereof, the Restrictive Covenants shall be binding upon any person acquiring the Property by means of foreclosure or deed in lieu thereof, or who shall succeed to an interest in the Property so acquired, in each case for so long as such person shall retain an interest in the Property. Notwithstanding anything to the contrary in the foregoing, the Commission Extended Use Agreement shall terminate upon foreclosure in accordance with Section 10.3.1 of the Commission Extended Use Agreement. (iii) Amendment. Without the prior written consent of the Senior Lender (in each case, so long as such Senior Deed of Trust encumbers the Property), the Commission, the County and Commerce shall not amend, modify, extend, renew or replace any provision of any of the Restrictive Covenants, except for releases made pursuant to Section 6 below. (iv) Restrictive Covenants Apply Simultaneously. The Parties acknowledge that, notwithstanding the priority of the Restrictive Covenants established in Section 2(a)(i) above, the Restrictive Covenants apply simultaneously and that the grantors thereunder are obligated to comply with each of them regardless of their relative priority or order of recording. (b) Priority of Mortgage Liens. The Deeds of Trust, in each case for so long as such instrument remains a lien of record on the Property, or any part thereof shall rank in the following lien priority (with “1st” being the most senior): (1) Tax Exempt Bond Deed of Trust; (2) Taxable Deed of Trust; (3) Commerce Deed of Trust and Commerce Assignment; (4) County Funds Sponsor Loan Deed of Trust and County Assignment; and (5) CPF Sponsor Deed of Trust. (c) Priority of Option. The Option shall at all times be subject and subordinate and shall rank below the Restrictive Covenants and Deeds of Trust. For purposes of this Section, the lien or interest with “lesser priority” is the one with the higher numerical designation, so that, for example, “fourth priority” is a “lesser priority” than “third priority.” Any Uniform Commercial Code financing statement or fixture filing recorded or filed in connection with any deed of trust or any loan referenced in this Agreement shall have the same relative priority or subordination as the deed of trust and loan to which such financing statement or fixture filing relates.