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2021_0322_CCPacket
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2021_0322_CCPacket
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Roseville City Council
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Council Agenda/Packets
Meeting Date
3/22/2021
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7. Governmental Entity's Rights. Except as set forth in Sections 2 and 8 of this <br />Agreement, nothing in this Agreement is intended to abridge or adversely affect any right or <br />obligation of Borrower and/or Governmental Entity and/or Trustee, respectively, under the <br />Regulatory Agreement; provided that, (A) the Regulatory Agreement may be released but it may <br />not be modified, amended, changed or otherwise altered without the prior written consent of <br />Lender so long as the Loan is secured by the Property and (B) for so long as the Loan is secured <br />by the Property, notwithstanding the terms of the Regulatory Agreement to the contrary, neither <br />Borrower nor Governmental Entity nor Trustee will, without Lender’s prior written consent, <br />exercise or seek any right or remedy under the Regulatory Agreement or available at law or in <br />equity which will or could result in (i) a transfer of possession of the Property or the control, <br />operations or management thereof, (ii) the collection or possession of rents or revenues from or <br />with respect to the Property by any party other than Borrower or Lender; (iii) appointment of a <br />receiver for the Property; (iv) the application of insurance or condemnation proceeds other than as <br />approved by Lender pursuant to the Loan Documents; (v) the removal or replacement of the <br />existing property manager of the Property; or (vi) a material adverse effect on Lender’s security <br />for the Loan. <br />8. Reserved. <br /> <br />9. Entire Agreement. This Agreement represents the entire understanding and <br />agreement between the parties hereto with regard to the subordination of the Regulatory <br />Agreement to the lien or charge of the Loan Documents, and shall supersede and cancel any prior <br />agreements with regard to this subject matter. <br />10. Binding Provisions. The covenants and agreements contained in this Agreement <br />shall be binding upon the heirs, personal representatives, successors and assigns of the respective <br />parties to this Agreement. <br />11. Applicable Law. This Agreement shall be governed by and construed in <br />accordance with the laws of the State of Minnesota. <br /> <br />12. Modifications. This Agreement may not be modified orally or in any manner other <br />than by an agreement in writing signed by the parties hereto or their respective successors in <br />interest. <br />13. Notices. All notices required or permitted hereunder shall be deemed to have been <br />received either (i) when delivered by hand and the party giving such notice has received a signed <br />receipt thereof, or (ii) three (3) days following the date deposited in the United States mail, postage <br />prepaid, by registered or certified mail, return receipt requested, addressed as follows (or addressed <br />in such other manner as the party being notified shall have requested by written notice to the other <br />party): <br />Subordination Agreement (Governmental Entity) <br />Centennial Commons Page 3 <br />Active\\119115625.v1 <br /> <br />
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