Subordinate Loan Documents. The executed Subordinate Loan Documents are substantially in the same form as those submitted to, and approved by, HUD prior to the date of this Agreement. Upon execution and delivery of the Subordinate Loan Documents, Borrower shall deliver to Senior Lender an executed copy of each of the Subordinate Loan Documents, certified to be true, correct and complete.
Subordinate Loan Documents. The Subordinate Loan is evidenced by the Subordinate Note and is secured by the Subordinate Mortgage.
Subordinate Loan Documents. Without Funding Lender’s prior written consent, Borrower will not surrender, terminate, cancel, modify, change, supplement, alter, amend, waive, release, assign, transfer, pledge or hypothecate any of its rights or remedies under the Subordinate Loan Documents.
Subordinate Loan Documents. The Subordinate Loan Documents are in full force and effect and the Borrower has paid all commitment fees and other amounts due and payable to the Subordinate Lender(s) thereunder. There exists no material violation of or material default by the Borrower under, and no event has occurred which, upon the giving of notice or the passage of time, or both, would constitute a material default under the Subordinate Loan Documents.
Subordinate Loan Documents. Without Funding Xxxxxx’s prior written consent, Xxxxxxxx will not surrender, terminate, cancel, modify, change, supplement, alter, amend, waive, release, assign, transfer, pledge or hypothecate any of its rights or remedies under the Subordinate Loan Documents.
Subordinate Loan Documents. The executed Subordinate Loan Documents are substantially in the same forms as those submitted to, and approved by, County prior to the date of this Agreement. Borrower shall deliver to County an executed copy of each of the Subordinate Loan Documents, certified to be true, correct and complete.
Subordinate Loan Documents. Borrower represents that the executed Subordinate Loan Documents are substantially in the same forms as those submitted to prior to the date of this Agreement. Upon execution and delivery of the Subordinate Loan Documents, Borrower shall deliver to Senior Lender an executed copy of each of the Subordinate Loan Documents, certified to be true, correct and complete.
Subordinate Loan Documents. The Subordinate Loan is not evidenced or secured by a mortgage or any other recorded document securing the Subordinate Loan. To the best of Subordinate Lender’s knowledge, no note or loan agreement was executed by Borrower in connection with the Subordinate Loan. The Subordinate Loan has a 40-year term and accrues interest at 0% per annum. The current outstanding balance of the Subordinate Loan is $150,000. Upon the maturity of the Subordinate Loan, the remaining principal balance is forgiven so long as the Project achieves and maintains a set aside of at least 6 units at a maximum of 50% of Area Median Income (“AMI”) and the remaining units at a maximum of 60% AMI for the term of the Subordinate Loan (i.e. 40 years from the initial loan date of August 20, 2002).
Subordinate Loan Documents. Borrower has provided Administrative Agent with a true and correct copy of each of the Subordinate Loan Documents including all amendments and modifications thereto. No material rights or obligations of any party to any of such Subordinate Loan Documents have been (or will be on the Closing Date) waived, and no Credit Party nor any other party to any of such Subordinate Loan Documents is (or will be on the Closing Date) in default of its obligations thereunder. Each of the Subordinate Loan Documents is a valid, binding and enforceable obligation of the parties thereto in accordance with its terms (except as (i) the enforceability thereof may be limited by bankruptcy, insolvency or similar Laws affecting creditors' rights generally, and (ii) the availability of equitable remedies may be limited by equitable principles of general applicability) and is in full force and effect.
Subordinate Loan Documents. Original executed counterparts certified by Borrower and the holder of the Subordinate Loan to be true and complete, of all documents evidencing, securing or otherwise relating to the Subordinate Loan;
