Subordinate Financing. Subordinate financing must comply with the terms for Community Seconds® mortgages, except that the requirement contained therein for a down payment from the borrower’s own funds shall be governed by Section 6 above (entitled “Minimum Borrower Contribution”) for the particular option.
Subordinate Financing. Borrower shall not permit there to exist nor shall Borrower obtain any subordinate financing of the SLF, or any part thereof, or any other property granted as security for the Loan.
Subordinate Financing. If Grantor, without the prior written consent of Beneficiary, executes or delivers any pledge, security agreement, mortgage or deed of trust covering all or any portion of the Property (hereinafter called “Subordinate Mortgage”), Beneficiary may, at Beneficiary’s option, which option may be exercised at any time following such pledge, security agreement, mortgage or deed of trust, without demand, presentment, protest, notice of protest, notice of intent to accelerate, notice of acceleration or other notice, or any other action, all of which are hereby waived by Grantor and all other parties obligated in any manner on the Obligation, declare the Obligation to be immediately due and payable. In the event of consent by Beneficiary to the granting of a Subordinate Mortgage, or in the event the above-described right of Beneficiary to declare the Obligation to be immediately due and payable upon the granting of a Subordinate Mortgage without the prior written consent of Beneficiary is determined by a court of competent jurisdiction to be unenforceable under the provisions of any applicable law, Grantor will not execute or deliver any Subordinate Mortgage unless (i) it shall contain express covenants to the effect: (a) that the Subordinate Mortgage is in all respects unconditionally subject and subordinate to the lien and security interest evidenced by this Deed of Trust and each term and provision hereof; (b) that if any action or proceeding shall be instituted to foreclose the Subordinate Mortgage DEED OF TRUST (LONG FORM) 22 Rev. July 2000 (regardless of whether the same is a judicial proceeding or pursuant to a power of sale contained therein), no tenant of any portion of the Property will be named as a party defendant, nor will any action be taken with respect to the Property which would terminate any occupancy or tenancy of the Property without the prior written consent of Beneficiary; (c) that the rents and profits, if collected through a receiver or by the holder of the Subordinate Mortgage, shall be applied first to the obligations secured by this Deed of Trust, including principal and interest due and owing on or to become due and owing on the Note and the other indebtedness secured hereby, and then to the payment of maintenance, operating charges, taxes, assessments, and disbursements incurred in connection with the ownership, operation and maintenance of the Property; and (d) that if any action or proceeding shall be brought to foreclose the Subordina...
Subordinate Financing. Mortgages may be subject to subordinate financing in accordance with the EA Lender Guide. Mortgages subject to subordinate financing are subject to any applicable loan level price adjustments, in addition to any other loan level price adjustments that may apply.
Subordinate Financing. No Mortgagor is permitted to incur indebtedness subordinate to the related Mortgage Loan and secured by the related Mortgaged Property.
Subordinate Financing. Xxxxxxx Mac will not purchase, but may permit another lender to extend to Borrower, subordinate financing secured by the Mortgaged Property, provided that all of Lender’s requirements are satisfied.
Subordinate Financing. No other debt is allowed against the Property without the prior written consent of Lender.
Subordinate Financing. Borrower shall not have the right to further encumber the Mortgaged Properties or any other real or personal Mortgaged Properties pledged to Lender in connection with the Loan.
Subordinate Financing. Borrower shall not permit there to exist nor shall Borrower obtain any subordinate financing of the Land, the Improvements or any other property granted as security for the Loan without prior approval of Bank.
Subordinate Financing. The following is hereby inserted at the end of Section 8.1 herein: Notwithstanding anything herein to the contrary, Borrower and Lender have agreed that with Lender's prior written consent, which shall not be unreasonably withheld, Borrower may obtain one or more unsecured subordinate loans ("Subordinate Loan") from Ramco-Xxxxxxxxxx Properties, L.P., a Delaware limited partnership (the "Partnership"), and Lender agrees that it shall not withhold its consent to such subordinate loans provided that Lender determines in its discretion that the following conditions are satisfied: