Tenancy in Common. (a) Tenancy in Common Agreement. The Mortgaged Property and each of the Co-Owner Borrowers will be subject to the Tenancy in Common Agreement which, if recorded, will be recorded following the recording of the Security Instrument or will be subordinated to the Lien of the Security Instrument. No termination, modifications or waivers of the Tenancy in Common Agreement may be made without Lender’s prior written consent. Lender must be named in the Tenancy in Common Agreement as a third-party beneficiary of the Tenancy in Common Agreement and may enforce the provisions of the Tenancy in Common Agreement against any party to the Tenancy in Common Agreement.
Appears in 3 contracts
Sources: Rider to Multifamily Loan and Security Agreement, Rider to Multifamily Loan and Security Agreement, Rider to Multifamily Loan and Security Agreement