Common use of Subordinate Loan Clause in Contracts

Subordinate Loan. LHC acknowledges and agrees that Borrower has entered or will enter into a Subordinate Loan affecting the Project, in the original principal sum of $[ ] secured by a Subordinate Mortgage in favor of the Subordinate Lender, which will have a third priority mortgage lien on the Project, and evidenced by a Subordinate Note and such other Subordinate Loan Documents as required by the Subordinate Lender. LHC’s Mortgage and the Loan Documents shall be senior to the Subordinate Loan documents in all respects.

Subordinate Loan. LHC acknowledges and agrees that Borrower ▇▇▇▇▇▇▇▇ has entered or will enter into a Subordinate Loan affecting the Project, in the original principal sum of $[ ] secured by a Subordinate Mortgage in favor of the Subordinate Lender▇▇▇▇▇▇, which will have a third priority mortgage lien on the Project, and evidenced by a Subordinate Note and such other Subordinate Loan Documents as required by the Subordinate Lender. LHC’s Mortgage and the Loan Documents shall be senior to the Subordinate Loan documents in all respects.