Common use of SUBORDINATION CLAUSE Clause in Contracts

SUBORDINATION CLAUSE. It is specifically understood and agreed by the parties hereto that this agreement and all rights, privileges and benefits hereunder are and shall be at all times subject to and subordinate to the lien of any first mortgage or deed of trust and the accompanying documents executed by the Cooperative and to any and all modifications, extensions and renewals thereof and to any mortgage or deed of trust which may at any time hereafter be placed on the project or any part thereof. The Member hereby agrees to execute, at the Cooperative's request and expense, any instrument which the Cooperative or any lender may deem necessary or desirable to affect the subordination of this agreement to any such mortgage or deed of trust, and the Member hereby appoints the Cooperative and each and every officer thereof, and any future officer, his irrevocable attorney-in-fact during the term hereof to execute any such instrument on behalf of the Member. The Member does hereby expressly waive any and all notices of default and notices of foreclosure of said mortgage which may be required by law. In the event a waiver of such notices is not legally valid, the Member does hereby constitute the Cooperative his agent to receive and accept such notices on the Member's behalf.

SUBORDINATION CLAUSE. It is specifically understood and agreed by the parties hereto that this agreement and all rights, privileges and benefits hereunder are and shall be at all times subject to and subordinate to the lien of any a first mortgage or deed of trust and the accompanying documents executed by the Cooperative Corporation and to any and all modifications, extensions and renewals thereof and to any mortgage or deed of trust made in replacement thereof and to any mortgage or deed of trust which may at any time hereafter be placed on the project Property or any part thereof. The Member hereby agrees to execute, at the Cooperative's Corporation’s request and expense, any instrument which the Cooperative Corporation or any lender may deem necessary or desirable to affect effect the subordination of this agreement to any such mortgage mortgage, or deed of trust, and the Member hereby appoints the Cooperative Corporation and each and every officer thereof, and any future officer, his irrevocable attorney-in-fact during the term hereof to execute any such instrument on behalf of the Member. The Member does hereby expressly waive any and all such notices of default and notices of foreclosure of said mortgage which may be required by law. In the event a waiver of such notices is not legally valid, the Member does hereby constitute the Cooperative Corporation his agent to receive and accept such notices on the Member's ’s behalf.

SUBORDINATION CLAUSE. It is specifically understood and agreed by the parties hereto that this agreement and all rights, privileges and benefits hereunder are and shall be at all times subject to and subordinate to the lien of any a first mortgage or deed of trust and the accompanying documents executed by the Cooperative and to any and all modifications, extensions and renewals thereof and to any mortgage or deed of trust which may at any time hereafter be placed on the project or any part thereof. The Member hereby agrees to execute, at the Cooperative's request and expense, any instrument which the Cooperative or any lender may deem necessary or desirable to affect the subordination of this agreement to any such mortgage or deed of trust, and the Member hereby appoints the Cooperative and each and every officer thereof, and any future officer, his irrevocable attorney-in-fact during the term hereof to execute any such instrument on behalf of the Member. The Member does hereby expressly waive any and all notices of default and notices of foreclosure of said mortgage which may be required by law. In the event a waiver of such notices is not legally valid, the Member does hereby constitute the Cooperative his agent to receive and accept such notices on the Member's behalf.

SUBORDINATION CLAUSE. It is specifically understood and agreed by the parties hereto that this agreement and all rights, privileges and benefits hereunder are and shall be at all times subject to and subordinate to the lien Lien of any a first mortgage or deed of trust and the accompanying documents executed by the Cooperative and to any and all modifications, extensions and renewals thereof and to any mortgage or deed of trust which may at any time hereafter be placed on the project or any part thereof. The Member hereby agrees to execute, at the Cooperative's request and expense, any instrument which the Cooperative or any lender may deem necessary or desirable to affect effect the subordination of this agreement to any such mortgage or deed of trust. Whenever the provisions of law or the ByLaws of the Cooperative or this agreement require notice to be given to either party hereto, and any notice by the Cooperative to the Member hereby appoints the Cooperative and each and every officer thereofshall be deemed to have been duly given, and any future officer, his irrevocable attorney-in-fact during demand by the term hereof to execute any such instrument on behalf of the Member. The Member does hereby expressly waive any and all notices of default and notices of foreclosure of said mortgage which may be required by law. In the event a waiver of such notices is not legally valid, Cooperative upon the Member does hereby constitute shall be deemed to have been duly made if the Cooperative same is delivered to the Member at his agent unit or to receive and accept such notices on the Member's behalflast known address.