Common use of Subordinate Note Clause in Contracts

Subordinate Note. In confirmation, and not as a condition, of the subordination of the Subordinate Indebtedness and the Subordinate Loan Documents, Subordinate Mortgagee will place on or attach to the Subordinate Note the following Notice, and will provide Senior Mortgagee with a copy of the Subordinate Note showing such Notice: “The right of the holder of this promissory note to payment of any of the indebtedness evidenced by this promissory note is and will at all times be subordinate to the right of the [NAME OF GOVERNMENTAL LENDER], its successors and assigns, under a Multifamily Note dated [as of] ___________, 20__ (“Senior Note”) to payment in full of the indebtedness evidenced by the Senior Note. The foregoing subordination is pursuant to a Subordination Agreement dated as of ___________, 20__ between [NAME OF FISCAL AGENT] and the holder of this promissory note on the date of the Subordination Agreement.”

Subordinate Note. In confirmation, and not as a condition, of the subordination of the Subordinate Indebtedness and the Subordinate Loan Documents, Subordinate Mortgagee will place on or attach to the Subordinate Note the following Notice, and will provide Senior Mortgagee with a copy of the Subordinate Note showing such Notice: “The right of the holder of this promissory note to payment of any of the indebtedness evidenced by this promissory note is and will at all times be subordinate to the right of the [NAME OF GOVERNMENTAL LENDERSENIOR NOTE HOLDER], its successors and assigns, under a Multifamily Note dated [as of] ___________, 20__ (“Senior Note”) to payment in full of the indebtedness evidenced by the Senior Note. The foregoing subordination is pursuant to a Subordination Agreement dated as of ___________, 20__ between [NAME OF FISCAL AGENTSELLER/SERVICER] and the holder of this promissory note on the date of the Subordination Agreement.”