Examples of THDA Loan Documents in a sentence
If a default occurs under the THDA Loan Documents, THDA shall notify the Senior Lender and Syndicator in writing within five (5) business days of THDA’s knowledge of the default, which notice shall specify the nature of the default.
If Senior Lender makes insurance proceeds or a condemnation award to which it is entitled under the Senior Loan Documents available to Borrower for the restoration of the Property, THDA shall also make available to Borrower for the purpose of restoration the insurance proceeds or condemnation award (if any) to which it is entitled under the THDA Loan Documents.
If there is a taking or threatened taking by condemnation or the exercise of a power of eminent domain (collectively, a “Taking”) or the Property is damaged or destroyed by fire or some other hazard (collectively, a “Casualty”), THDA agrees that its right to participate in any action, adjustment, settlement, award, or insurance proceeds resulting from the Taking or Casualty (under the THDA Loan Documents or otherwise) is subordinate to Senior Lender’s rights under the Senior Loan Documents.
Notwithstanding any prohibition of inferior liens in the Senior Loan Documents, but subject to the terms of this Agreement, Senior Lender agrees that THDA may record the THDA Deed of Trust, and any of the other THDA Loan Documents that need to be recorded.
This Agreement is expressly limited in application to Senior Lender and THDA and the Senior Loan Documents and the THDA Loan Documents, and, notwithstanding the subordination and priorities between the parties set forth in this Agreement, the parties’ priorities are retained as against all third parties and other instruments or liens as if this Agreement did not exist.
If the default is a non-monetary default that Senior Lender or Syndicator is incapable of curing (such as a bankruptcy, the insolvency of Borrower, or an assignment for the benefit of creditors by Borrower), Senior Lender and Syndicator shall have the right to pay the THDA Loan in full in accordance with the terms of the THDA Loan Documents and obtain the release of the Property and Collateral from any lien or security interest or title created under the THDA Loan Documents.
For a period of thirty (30) days following the Senior Lender’s receipt of such notice or the Syndicator’s receipt of such notice (the “Senior Lender/Syndicator Cure Period”), THDA will not exercise any of its remedies under the THDA Loan Documents or institute any legal action against the Borrower or the Property, including accelerating the maturity of its Note or instituting foreclosure.
If a default occurs under the THDA Loan Documents, THDA shall notify the Private Lender and Syndicator in writing within five (5) business days of THDA’s knowledge of the default, which notice shall specify the nature of the default.
Notwithstanding the foregoing or any other provision of this Agreement, however, until THDA receives written notice that Borrower is in monetary default under the Senior Loan Documents, THDA may accept and retain all payments from Borrower under the THDA Loan Documents.
The DealerTrack Companies, on the one hand, and CREDCO, on the other hand will be responsible for their or its, respectively, own expenses related to building, implementation, refinements and enhancements of their or its, respectively, systems and services.