Examples of Subordinate Loan in a sentence
If a default occurs under the Subordinate Loan Documents which Subordinate Lender seeks to enforce, Subordinate Lender shall notify the Senior Lender in writing contemporaneously with any notice of such default to the Borrower , which notice shall specify the nature of the default.
Notwithstanding the foregoing, until such time as Subordinate Lender shall have received written notice from Senior Lender of a default under the Senior Loan Documents, Subordinate Lender may receive and collect any regularly scheduled payments of principal or interest or other amounts then due under the Subordinate Loan Documents and apply same against the payment then due and owing under the Subordinate Loan Documents.
The Subordinate Loan is evidenced by a Note in the principal amount of $2,152,000.00 (the "Subordinate Note") and secured by inter alia a Mortgage and Security Agreement (the "Subordinate Security Instrument") from Borrower to Subordinate Xxxxxx, conveying the Property as collateral for the Subordinate Loan.
As long as any portion of the Senior Obligations shall remain outstanding, the sole remedy of the holder of the Subordinate Loan Documents, in the event of any default under the Subordinate Loan Documents, shall be to pay off (or to purchase at par, without warranty or recourse) the Senior Loan and the Senior Loan Documents as a condition to, and prior to asserting, any rights or remedies under the Subordinate Loan Documents.
Subordinate Xxxxxx agrees that it will not accelerate the Subordinate Obligations or otherwise exercise any rights under the Subordinate Loan Documents (including, but not limited to, instituting a foreclosure proceeding) or take or accept a deed in lieu of foreclosure of the Subordinate Security Instrument until the Senior Obligations shall have been indefeasibly paid and performed in full and the Senior Security Instrument shall have been satisfied and cancelled of record.