Subordination of City Deed of Trust Sample Clauses

Subordination of City Deed of Trust. The City Deed of Trust shall be subordinate to the Construction Loan, the Permanent Loan and any deeds of trust in favor of any Senior Lender in connection therewith. Prior to the recordation of the City Deed of Trust, the Mayor shall execute such subordination agreements as may be necessary to subordinate the City Deed of Trust to the lien of any Senior Lender Deed of Trust, provided such subordination agreements are substantially similar in form to Attachment No. 14 to the DDA, which the Mayor is authorized to modify to the extent reasonably required by any Senior Lender, so long as such modification (i) is a non-substantive modification as may be agreed to by the Mayor and City Attorney, (ii) does not result in any increased risk financial risk to the City and does not materially impair the City’s interests, and (iii) is consistent with the DDA and this Method of Financing. Any modifications to the form of subordination agreement (Attachment No. 14) that do not comply with the requirements set forth in the preceding sentence and elsewhere in this Method of Financing shall be submitted to the City Council for approval. Except as otherwise set forth in this Method of Financing, the City Deed of Trust shall not be subordinated to any increased amount of any construction and permanent Sources of Financing beyond the sources and respective amounts allowed by the DDA and this Method of Financing, without the approval of the City Council.
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Subordination of City Deed of Trust. Subj ect to the terms above in Section 1107, et seq., City shall agree to subordinate its City Deed of Trust, to the deed of trust under the Senior Loan (and any approved refinancing thereof) and enter into appropriate agreement(s) in connection therewith; provided, City shall not be required by the terms of any such subordination agreement(s) to pre-authorize the subordination of the City Deed of Trust to refinancing(s) of the Senior Loan except for a Permitted Refinancing The Regulatory Agreement and Entitlements shall not be subordinated.
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Subordination of City Deed of Trust. Subject to the terms above in Section 13.2, et seq., City shall agree to subordinate its City Deed of Trust, to the deed of trust under the Senior Loan (and any approved refinancing thereof) and enter into appropriate agreement(s) in connection therewith; provided, City shall not be required by the terms of any such subordination agreement(s) to pre authorize the subordination of the City Deed of Trust, the affordable housing covenants to refinancing(s) of the Senior Loan except for a Permitted Refinancing that occurs within the Permitted Refinancing Period. After the Permitted Refinancing Period, the City Manager shall have the right to approve each refinancing of the Senior Loan, which approval shall not be unreasonably withheld. In connection with the review of a proposed refinancing of the Senior Loan, the City Manager shall take into account the following factors: (a) increases in the principal amount of or interest rate accruing on the Senior Loan; (b) materially adversely impacts the ability of Developer to make payments when they become due under the City Note; (c) impacts on the financial viability of the Project, including likelihood of a default by Developer under the proposed refinancing loan documents; and (d) whether the terms of the proposed refinancing are consistent with then-current market terms for similar financings. The Entitlements and this Agreement shall not be subordinated and shall remain senior to any loans affecting the Site, including without limitation the Site. ATTACHMENT NO. 6 REGULATORY AGREEMENT
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Subordination of City Deed of Trust. The City Deed of Trust shall be subordinate to the SDHC Loan. Prior to the recordation of the City Deed of Trust, the Mayor shall execute such subordination agreements as may be necessary to subordinate the City Deed of Trust to the lien of SDHC Deed of Trust, provided such subordination agreements are substantially similar in form to Attachment No. 14 to the DDA, which the Mayor is authorized to modify to the extent reasonably required by SDHC, so long as such modification (i) is a non-substantive modification as may be agreed to by the Mayor and City Attorney, (ii) does not result in any increased financial risk to the City and does not materially impair the City’s interests, and (iii) is consistent with the OPA and this Method of Financing. Any modifications to the form of subordination agreement (Attachment No.
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Related to Subordination of City Deed of Trust

  • SUBORDINATION OF LEASE This Agreement and Tenant's interest hereunder are and shall be subordinate, junior and inferior to any and all mortgages, liens or encumbrances now or hereafter placed on the Premises by Landlord, all advances made under any such mortgages, liens or encumbrances (including, but not limited to, future advances), the interest payable on such mortgages, liens or encumbrances and any and all renewals, extensions or modifications of such mortgages, liens or encumbrances.

  • SUBORDINATION OF AGREEMENT 18.1 The parties hereto and the employees of the City are governed by the provisions of applicable Federal Law, State Law, and the City Charter. When any provisions thereof are in conflict with the provisions of this Agreement, the provisions of said Federal Law, State Law, or City Charter are paramount and shall prevail.

  • Declaration of Trust The Owner Trustee hereby declares that it will hold the Owner Trust Estate in trust upon and subject to the conditions set forth herein for the use and benefit of the Certificateholders, subject to the obligations of the Trust under the Basic Documents. It is the intention of the parties hereto that the Trust constitute a statutory trust under the Statutory Trust Act and that this Agreement constitute the governing instrument of such statutory trust. The Trust is not intended to be a business trust within the meaning of Section 101(9)(A)(v) of the Bankruptcy Code. It is also the intention of the parties hereto that, solely for Federal, state and local income and franchise tax purposes, on and after the Closing Date, (a) so long as the Trust has only one Certificateholder, the Trust shall be disregarded as a separate entity and (b) at such time as the Trust has more than one Certificateholder, the Trust will be treated as a partnership, with the assets of the partnership being the Receivables and other assets held by the Trust, the partners of the partnership being the Certificateholders, and the Notes being non-recourse debt of the partnership. The Depositor (and any future Certificateholder by the purchase of the Trust Certificate will be deemed to have agreed) and the Owner Trustee agree to take no action inconsistent with such tax treatment. The Trust shall not elect to be treated as an association under Treasury Regulations Section 301.7701-3(a). The parties agree that, unless otherwise required by appropriate tax authorities, the sole Certificateholder or the Trust, as applicable, will file or cause to be filed annual or other necessary returns, reports and other forms consistent with the foregoing characterization of the Trust for such tax purposes. Effective as of the date hereof, the Owner Trustee, shall have all rights, powers and duties set forth herein and, to the extent not inconsistent herewith, in the Statutory Trust Act with respect to accomplishing the purposes of the Trust. Any action taken on behalf of the Trust prior to the date hereof with respect to the filing of financing statements, the Certificate of Trust, a qualification to do business in the State of Alabama or any other similar qualification or license in any other state or jurisdiction, if applicable, is hereby ratified.

  • SUBORDINATION AND ATTORNMENT Prior to the Commencement Date, Landlord shall provide Tenant with reasonable nondisturbance agreements pursuant to which each existing holder of a mortgage or deed of trust or lessor under a ground lease shall agree that Tenant shall not be disturbed in the event of sale, foreclosure or other actions so long as Tenant is not in default hereunder. Tenant covenants and agrees that, within ten (10) business days from Landlord’s written request, it will execute without further consideration instruments reasonably requested by Landlord or Landlord's mortgagee subordinating this Lease in the manner requested by Landlord to all ground or underlying leases and to the lien of any mortgage or any deed of trust or other encumbrance which may now or hereafter affect the Premises or the Project, or any portion thereof, together with all renewals, modifications, consolidations, replacements or extensions thereof; provided that any lienor or encumbrancer relying on such subordination or such additional agreements will covenant with Tenant that this Lease shall remain in full force and effect, and Tenant shall not be disturbed in the event of sale, foreclosure or other actions so long as Tenant is not in default hereunder. Tenant agrees to attorn to the successor in interest of Landlord following any transfer of such interest either voluntarily or by operation of law and to recognize such successor as Landlord under this Lease. However, if Landlord or any such ground lessor or mortgagee so elects, this Lease shall be deemed prior in lien to any ground lease, mortgage, deed of trust or other encumbrance upon or including the Premises regardless of date of recording, and Tenant will execute a statement in writing to such effect at Landlord's request

  • Loan Agreement This Agreement duly executed by Borrower and Lender.

  • SUBORDINATION TO TRUST AGREEMENT This Agreement and all rights of Company hereunder are expressly subordinated and subject to the lien and provisions of any pledge, transfer, hypothecation, or assignment made at any time by Authority to secure financing. This Agreement is subject and subordinate to the terms, covenants, and conditions of the Trust Agreement, made by Authority, authorizing the issuance of bonds by Authority. Conflicts between this Agreement and the documents mentioned above will be resolved in favor of such documents.

  • Security Instruments (i) The Administrative Agent shall fail to have an Acceptable Security Interest in any portion of the Collateral or (ii) any Security Instrument shall at any time and for any reason cease to create the Lien on the Property purported to be subject to such agreement in accordance with the terms of such agreement, or cease to be in full force and effect, or shall be contested by the Borrower, any Guarantor or any of their respective Subsidiaries;

  • Termination of Trust Agreement Section 9.01.

  • Event of Default Under Any Trust Indenture; Amendments to Any Trust Indenture; Waiver In the event that, as to any MBS, there shall be a Default Under the Trust Indenture or an Event of Default Under the Trust Indenture, the Holders of the Certificates of the related Classes may, in the event that the Trustee shall not take any such action on their behalf, give such notice and take such action as certificateholders under such Trust Indenture shall be permitted to take in respect thereof. For purposes of any Trust Indenture pursuant to which any such action shall be taken or notice given, the holders of the fractional undivided interest in the related trust fund represented by the MBS shall be considered to have approved any such action or given any such notice in an amount which is equal to such fractional undivided interest multiplied by a percentage equal to that percentage obtained by dividing the aggregate of the Certificate Balances of all such Certificates the Holders of which have taken such action or given such notice as permitted hereby by the aggregate of the related Class Balances. In the event that Xxxxxx Xxx shall desire to amend any Trust Indenture pursuant to Section 11.02 (or any similar provision) thereof, under circumstances requiring the vote of certificateholders thereunder, the Trustee may not vote the related MBS on behalf of Holders of the related Certificates except upon the direction to do so from the Holders of the Certificates of the related Classes having Certificate Balances aggregating not less than 51% of the aggregate of the related Class Balances. Similar direction shall be required in order for the Trustee to waive compliance with any provision of a Trust Indenture where the vote of certificateholders is required pursuant to Section 11.02 (or any similar provision) thereof.

  • Affirmation of the TBT Agreement 1. Each Party affirms its rights and obligations with respect to each other Party under the TBT Agreement.

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