My WebLink
|
Help
|
About
|
Sign Out
Home
02/28/12
Ramsey
>
Public
>
Dissolved Boards/Commissions/Committees
>
Housing & Redevelopment Authority
>
Agendas
>
2010's
>
2012
>
02/28/12
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
7/18/2025 11:12:08 AM
Creation date
2/23/2012 5:23:31 PM
Metadata
Fields
Template:
Meetings
Meeting Document Type
Agenda
Document Title
Housing & Redevelopment Authority
Document Date
02/28/2012
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
40
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
Show annotations
View images
View plain text
This Note is subject to the terms of a Debt Subordination Agreement in favor of <br />PNC Bank, National Association. Notwithstanding any contrary statement <br />contained in the within instrument, no payment on account of any obligation arising <br />from or in connection with the within instrument or any related agreement (whether <br />of principal, interest or otherwise) shall be made, paid, received or accepted except <br />in accordance with the terms of said Debt Subordination Agreement. <br />17. Financing of Fiduciary. In the event a bankruptcy, reorganization, other <br />insolvency or court proceeding for Borrower commences, Bank shall have the option (in its sole <br />and absolute discretion) to continue to provide financing (on terms acceptable to Bank) of the <br />trustee, other fiduciary, or of Borrower as a debtor -in- possession, if Bank deems such financing <br />to be in its best interests. The subordination and lien priority provisions of this Agreement shall <br />continue to apply to all advances made during the pendency of such court proceedings, so that <br />Bank shall have a prior lien on all Collateral as set forth in this Agreement, created before or <br />during such court proceeding, to secure all Obligations, whether created before or during such <br />court proceeding. Creditor hereby waives any right it may have to object to financing by Bank <br />during the pendency of such court proceeding and Creditor's consent to such financing shall not <br />be required regardless of whether the court supervising such proceeding approves, grants or <br />allows adequate protection to Creditor. <br />18. Investigation of Parties. Creditor has entered into the Creditor Documents with <br />Mezzanine Borrower, Bank has entered into the Loan Documents with Borrower and Creditor <br />and Bank have entered into this Agreement, each upon its own independent investigation, and <br />each makes no warranty or representation as to each other with respect to the financial condition <br />of Borrower or Mezzanine Borrower, or either entity's ability to repay its loans to Creditor or <br />Bank in the future. Nothing in this Agreement shall be deemed to constitute this Agreement as a <br />security or create a joint venture or partnership between Creditor and Bank for any purpose. <br />19. Improper Action by Creditor. If any of Creditor, Mezzanine Borrower or <br />Borrower, contrary to this Agreement, make, attempt to or threaten to allow Creditor to exercise <br />its remedies against Mezzanine Borrower under Creditor Documents, or make any payment or <br />take any action contrary to this Agreement, Bank may restrain or enjoin Creditor, Mezzanine <br />Borrower and Borrower from so doing, it being expressly understood and agreed by Creditor, <br />Mezzanine Borrower and Borrower that: (i) Bank's damages from their actions may at that time <br />be difficult to ascertain and may be irreparable, and (ii) Creditor, Mezzanine Borrower and <br />Borrower waive any defense or claim that Bank or Borrower cannot demonstrate damages or can <br />be made whole by the awarding of damages. <br />20. Indemnification of Bank. Creditor agrees to indemnify and to hold Bank, its <br />officers, directors, agents and employees harmless for any and all losses, damages, liabilities, <br />expenses and obligations, including attorneys' fees and expenses, as they arise, relating to <br />actions of Creditor taken contrary to this Agreement. <br />21. Notices. All notices, demands, requests, consents, approvals and other <br />communications required or permitted hereunder ( "Notices ") must be in writing and will be <br />effective upon receipt. Notices may be given in any manner to which the parties may separately <br />1616593v10 (4982- 95337) <br />9 <br />
The URL can be used to link to this page
Your browser does not support the video tag.