Junior Lienholder definition
Examples of Junior Lienholder in a sentence
Upon foreclosure by a Junior Lienholder, the property remains subject to all liens senior to the foreclosed lien.
In the event Bank has accelerated the Loan and a Junior Lienholder cures all Events of Default giving rise to such acceleration within the Cure Period, such cure shall have the effect of de-accelerating the Loan; provided, however, that such de-acceleration shall not waive or limit any of Bank’s rights to accelerate the Loan or exercise any other remedies under the Senior Loan Documents as to any future or continuing Events of Default.
Junior Lienholders acknowledges and agrees that Bank may amend or modify any provision of the Senior Loan Documents without the consent of any Junior Lienholder.
If indicated on the attached Exhibit “C” or otherwise required by Lender, Junior Lienholders shall execute and deliver the attached Consent of Junior Lienholder and the attached Consent to the Seventh Memorandum hereof described in Paragraph 2(b) of this Seventh Modification (suitable for recording).
Each Junior Lienholder agrees that, without the Bank’s prior written consent, it will not accelerate the Junior Obligations, commence foreclosure proceedings with respect to the Property, collect rents, appoint (or seek the appointment of) a receiver or institute any other collection or payment enforcement action, provided that nothing herein shall limit the City’s right to seek specific performance of the City Regulatory Agreement (as defined in Exhibit B).
Except as otherwise expressly agreed to herein, if a Junior Lienholder shall receive any payments in connection with the Junior Obligations in violation of this Agreement, such payment shall immediately be delivered and transferred to Bank after written notice to Junior Lienholders.
The undersigned is the holder of an obligation secured by a lien (the “Junior Lienholder”) against the same property, which secures, in a senior priority position (subject to all of the terms of the following Subordination and Intercreditor Agreement between Lender and Junior Lienholder), Borrower’s obligations to Lender under the Loan Agreement and the other Loan Instruments.
Upon the occurrence of any Bankruptcy Proceeding with respect to the Borrower, each Junior Lienholder agrees to fully cooperate with Bank in connection with such Bankruptcy Proceeding and to refrain from taking any actions which are inconsistent with the agreements contained in this Agreement.
Nothing contained in this Agreement shall be deemed to require Bank, in any way whatsoever, to act for or on behalf of any Junior Lienholder or to hold or monitor any proceeds, awards or compensation in trust for or on behalf of a Junior Lienholder, and all or any of such sums so held or monitored may be commingled with any funds of Bank.
On the Closing Date, the applicable Junior Lienholder shall pay to Bank, in immediately available funds and lawful monies of the United States of America, the Senior Loan Purchase Price.