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2021_0322_CCPacket
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2021_0322_CCPacket
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1/13/2022 3:31:22 PM
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Roseville City Council
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Council Agenda/Packets
Meeting Date
3/22/2021
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E. The date on which at least 50% of the units in the Property was first occupied was <br />_________, 20___. <br /> <br />NOW, THEREFORE, in consideration of the mutual benefits accruing to the parties <br />hereto and other valuable consideration, the receipt and sufficiency of which is hereby <br />acknowledged, the parties agree as follows: <br /> <br />1.Recitals. The foregoing Recitals are hereby incorporated into this Agreement as <br />agreements among the parties. <br />2. Subordination. The Governmental Entity and the Trustee hereby agree that the <br />Regulatory Agreement is and shall at all times continue to be, subordinate, subject and inferior to the <br />rights of Lender under the Loan Documents and that the liens, rights (including approval and consent <br />rights), remedies, payment interests, priority interests, and security interests granted to Governmental <br />Entity and/or the Trustee pursuant to or in connection with the Regulatory Agreement are hereby <br />expressly acknowledged to be in all respects and at all times, subject, subordinate and inferior in all <br />respects to the liens, rights (including approval and consent rights), remedies, payment, priority and <br />security interests granted to Lender pursuant to the Loan Documents and the terms, covenants, <br />conditions, operations and effects thereof. Notwithstanding the above, Governmental Entity and/or <br />Trustee may exercise the remedies of specific performance or injunctive relief at any time in the event <br />of a default under or breach of the terms of the Regulatory Agreement. <br />3. Financing, Encumbrance and Approval. Governmental Entity and Trustee hereby <br />approve and acknowledge the financing evidenced by the Mortgage. Governmental Entity and <br />Trustee further agree that any transfer of the Property in connection with foreclosure of the <br />Mortgage or a deed in lieu thereof shall not require Governmental Entity’s or Trustee’s consent <br />but shall require notice to Governmental Entity. <br />4. Satisfaction of Prior Indebtedness. Governmental Entity and Trustee acknowledge <br />and agree that the “Loan” associated with and described in the Regulatory Agreement, owed by <br />Borrower to Governmental Entity and/or Trustee has been paid in full to the Governmental Entity <br />and/or Trustee, in all respects. <br /> <br />5. Lender Notice of Default. In consideration of Governmental Entity’s and Trustee’s <br />agreements contained in this Agreement, Lender agrees that in the event of any default by <br />Borrower under the Loan Documents, Governmental Entity and Trustee shall be entitled to receive <br />a copy of any notice of default given by Lender to Borrower under the Loan Documents. Neither <br />the giving nor the failure to give a notice to Governmental Entity and Trustee pursuant to this <br />Section 5 will affect the validity of any notice given by Lender to the Borrower. <br /> <br />6. Governmental Entity Notice of Default. Governmental Entity and Trustee shall <br />give Lender a concurrent copy of each material notice (including without limitation each notice of <br />default) given by Governmental Entity or Trustee under or with respect to the Regulatory <br />Agreement, and agree that Lender, at Lender’s sole election, shall have the right (but not the <br />obligation) to cure any default by Borrower under the Regulatory Agreement on its and/or <br />Borrower’s behalf. Governmental Entity and Trustee hereby represent that, to the best of their <br />knowledge, there is no current default under the Regulatory Agreement. <br />Subordination Agreement (Governmental Entity) <br />Centennial Commons Page 2 <br />Active\\119115625.v1 <br /> <br />
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