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8 <br />from exercising or enforcing all the rights available to Subordinate Lender under the <br />Subordinate Loan Documents and/or under applicable law to enforce covenants and <br />agreements of Borrower relating to income, rent or affordability restrictions. <br />7. Default Under Senior Loan Documents. <br />(a) Notice of Default and Cure Rights. Senior Lender shall deliver to <br />Subordinate Lender a default notice within five Business Days in each case where Senior <br />Lender has given a default notice to Borrower (provided that Senior Lender shall have no <br />liability to Borrower, Subordinate Lender or to any other Entity for failure to timely give <br />such notice). Failure of Senior Lender to send a default notice to Subordinate Lender <br />shall not prevent the exercise of Senior Lender's right and remedies under the Senior <br />Loan Documents, subject to the provisions of this Agreement. Borrower agrees that <br />Subordinate Lender shall have the opportunity, but not the obligation, to cure either a <br />Monetary Event of Default or a Covenant Event of Default within 30 days following the <br />date of such notice, or any time prior to an assignment of the Senior Security Instrument <br />from Senior Lender to HUD, whichever date is later. Subordinate Lender acknowledges <br />that Senior Lender shall be entitled during such period described above to continue to <br />pursue its remedies under the Senior Loan Documents. Subordinate Lender shall have the <br />opportunity to cure a Covenant Event of Default during such period described above so <br />long as there is no Monetary Event of Default under the Senior Loan Documents. All <br />amounts paid by Subordinate Lender to Senior Lender to cure any default under the <br />Senior Loan Documents shall be deemed to have been advanced by Subordinate Lender <br />pursuant to, and shall be secured by the lien of, the Subordinate Mortgage. <br />(b) Cross Default. Subordinate Lender agrees that, notwithstanding any <br />contrary provision contained in the Subordinate Loan Documents, a Senior Security <br />Instrument Default shall not constitute a default under the Subordinate Loan Documents <br />if no other default occurred under the Subordinate Loan Documents. <br />8. Conflict. <br />Borrower, Senior Lender and Subordinate Lender each agrees that, in the event of any <br />conflict or inconsistency between the terms of the Senior Loan Documents, the Subordinate Loan <br />Documents and the terms of this Agreement, the terms of this Agreement shall govern and <br />control solely as to the following: (a) the relative priority of the security interests of Senior <br />Lender and Subordinate Lender in the Mortgaged Property; and (b) solely as between Senior <br />Lender and Subordinate Lender, the notice requirements, cure rights, and the other rights and <br />obligations which Senior Lender and Subordinate Lender have agreed to as expressly provided in <br />this Agreement. Borrower acknowledges that the terms and provisions of this Agreement shall <br />not, and shall not be deemed to: extend Borrower's time to cure any Senior Security Instrument <br />Default or Subordinate Mortgage Default, as the case may be; give Borrower the right to notice <br />of any Senior Security Instrument Default or Subordinate Mortgage Default, as the case may be <br />other than that, if any, provided, respectively under the Senior Loan Documents or the <br />Subordinate Loan Documents, as applicable; or create any other right or benefit for Borrower as <br />against Senior Lender or Subordinate Lender. <br />US.113590860.01 <br />