Subordination of Deed of Trust. Notwithstanding anything to the contrary set forth above, any mortgagee or beneficiary under any mortgage or deed of trust may at any time subordinate its mortgage or deed of trust to this Lease in whole or in part, without Xxxxxx's consent, by execution of a written document subordinating such mortgage or deed of trust to this Lease to the extent set forth in such document, and thereupon this Lease shall be deemed prior to such mortgage or deed of trust to the extent set forth in such document without regard to their respective dates of execution, delivery and/or recording. In that event, to the extent set forth in such document, such mortgage or deed of trust shall have the same rights with respect to this Lease as would have existed if this Lease had been executed, and a memorandum thereof recorded, prior to the execution, deliver and recording of the mortgage or deed of trust.
Subordination of Deed of Trust. The County agrees that the Deed of Trust may be subordinate to the lien of a permanent loan secured by a Senior Construction/Permanent Deed of Trust (and any refinancing of said permanent loan secured by the Senior Construction/Permanent Deed of Trust) securing financing in an amount not to exceed $[XXX,XXX] so long as (i) the documentation for said loan is approved by the County and (ii) said loan is otherwise provided for and approved by the County in the Financing Plan. Any other financing, refinancing or encumbrance of the Project is prohibited without the County’s prior written consent which consent the County may arbitrarily withhold in the exercise of its discretion In order to affect the subordinations described above and elsewhere in this Agreement, the County and Borrower agree to execute and acknowledge for recordation a subordination agreement (in a form acceptable to the County) in favor of the senior lender, as requested by such senior lender.
Subordination of Deed of Trust. The lien of this Deed of Trust shall be subordinate to any sale, conveyance, assignment, mortgage, or other disposition of an ORRI. The Deed of Trust and the indebtedness secured by the Deed of Trust is and shall be subordinated in all respects to any ORRI granted to, and it is agreed that the ORRI shall be and remain, at all times, prior and superior to the lien of this Deed of Trust.
Subordination of Deed of Trust. The Dealer agrees that, except as hereafter provided, the Agency shall not be required to subordinate its lien under the Deed of Trust. Notwithstanding the foregoing, the Agency will agree to subordinate its lien under the Deed of Trust if by the second anniversary of the Agreement, Dealer shall have produced Sales Tax Revenues in an amount equal to at least fifty percent (50%) of the Dealership Sales Tax Guaranty plus interest accrued through such date. After the fifth anniversary of this Agreement, the Agency will consider subordinating its lien under the Deed of Trust upon request of Adventurecorp in connection with any loan with respect to the Site.
Subordination of Deed of Trust. The Agency shall execute subordination agreements as may be reasonably required by the Redeveloper's lender(s) Disposition and Development Agreement No. 93-001 Page 8 only for the purpose of securing loan of funds to be used for financing the development and/or permanent financing of the Site and any other purposes necessary and appropriate in connection with development under this Agreement.
Subordination of Deed of Trust. FRANKLIN SYNERGY BANK, a Tennessee state bank (“Lender”), hereby subordinates that certain Commercial Construction Deed of Trust dated as of December 8, 2014, and recorded at Book 6336, page 395, Register’s Office for Xxxxxxxxxx County, Tennessee, together with that certain Commercial Deed of Trust dated August 6, 2015, and recorded at Book 6533, page 117, said Register’s Office (collectively, the “Deeds of Trust”), to the foregoing Declaration, and all future amendments, modifications or supplemental declarations to the Declaration, including without limitation any Supplemental Declaration pursuant to which additional real property within the Development may be submitted to the Declaration, but only if Lender consents in writing to each such future amendment, modification or supplemental declaration (collectively, the “Declaration”). The Deeds of Trust shall be considered a first and or second deed of trust lien on the Property, as defined in the Deed of Trust, as applicable, but subordinate to the Declaration, as fully as if the Declaration had been recorded prior to the Deeds of Trust. The lien of the Deed of Trust is junior and inferior to that of the Declaration, and notwithstanding any foreclosure of the Deed of Trust the Declaration shall continue to encumber the Land. The priorities specified herein are applicable irrespective of the time or order of the attachment or perfection of any liens described herein or the time or order of recording the deeds of trust or declarations described herein, or the granting of or failure to give notice hereof. Lender hereby warrants and represents to Declarant that Lender has not assigned, sold or transferred the Deeds of Trust, or any interest therein, to any person or entity. The subordination granted herein shall be continuing, irrevocable and binding on Lender and its successors and assigns. LENDER: FRANKLIN SYNERGY BANK, a Tennessee state bank By: Print Name: Title: STATE OF TENNESSEE ) ) COUNTY OF ) Before me, , a Notary Public of said County and State, personally appeared , with whom I am personally acquainted (or proved to me on the basis of satisfactory evidence), and who, upon oath, acknowledged himself to be the of FRANKLIN SYNERGY BANK, the within named bargainor, a Tennessee banking corporation, and that as such executed the foregoing instrument for the purposes therein contained, by personally signing the name of the banking corporation, by self as . Witness my hand and seal, at Office in , Tennesse...
Subordination of Deed of Trust. Lender will subordinate the priority the Lender Deed of Trust and Lender's UCC-1 Financing Statement filed in connection therewith to the Tokai Deed of Trust and the UCC-1 Financing Statement filed in connection therewith, provided that the Tokai Deed of Trust and UCC-1 Financing Statement are in form and content acceptable to Lender and its counsel.
Subordination of Deed of Trust. Provided that Borrower is not in default under the Deed of Trust, Lender shall, on written request of Borrower, subordinate the Deed of Trust to the lien of a new deed of trust or deeds of trust (i) securing a loan obtained by Borrower for the sole purpose of paying the hard and soft costs of construction of new or remodeled improvements upon the Principal Residence, and (ii) securing a loan for the difference, if any, between the Loan amount and the purchase price of the Principal Residence. The aggregate amount of the foregoing loans to which the Deed of Trust shall be subordinated shall not exceed $6,000,000.
