K - Fully Executed - Laserfiche WebLink

Home Browse Search

"subordinate Loan Documents" means the promissory note, loan agreement, reimbursement agreement or other evidence of the Subordinate Indebtedness referred to in a Subordinate Deed of Trust and any replacement thereof and all other documents at any time evidencing, securing, guaranteeing, or otherwise delivered in connection with any Subordinate Indebtedness, as the same may be amended from time to time, but not including the Restrictive Covenants. "subordinate Noteo'means each promissory note or other evidence of the Subordinate Indebtedness referred to in any Subordinate Deed of Trust and any replacement thereof. "surplus Cash" means, with respect to any period, any revenues of Partnership remaining "o"'.0"'*';;,::::- : T:::;ff::1:H::;-:,he Senior Loan Documents, including any imposition or reserve deposits required thereunder. All deposits to any replacement reserve, completion /tepair reserve or other reserve or escrow required by the Senior Loan Documents that are due or currently payable. All reasonable operating expenses of the Property, including real estate taxes, insurance premiums, utilities, building maintenance, painting and repairs, management fees, payroll, administrative expenses, legal expenses and audit expenses (excluding any developer fees payable with respect to the Property). 2. PRIORITIES.Regardless of the time each Party's interest in or lien on the Properfy was or shall be created or recorded, such interests and liens have and shall have the following priorities: (a) Prioritv of Restrictive Covenants. (i) The Restrictive Covenants shall each take priority over all, and shall not be subject or subordinate to any, of the Deeds of Trust. As among each other, the Restrictive Covenants shall have the following priority: (l) Commission Extended Use Agreement; (2) Commission Bond Regulatory Agreement; (3) Commerce Regulatory Agreement; and (4) County Covenant. (ii) Survival. It is acknowledged and agreed by the Parties that each of the Restrictive Covenants, subject to their respective provisions and Section 6(h) hereof, shall survive foreclosure of any of the Deeds of Trust. 8Priority and Subordination Agreement Teanaway Court