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by any party other than Borrower or Lender; (iii) appointment of a receiver for the Property; (iv) <br />the application of insurance or condemnation proceeds other than as approved by Lender pursuant <br />to the Loan Documents; (v) the removal or replacement of the existing property manager of the <br />Property; or (vi) a material adverse effect on Lender's security for the Loan. <br />8. Foreclosure by Lender. hi the event of foreclosure, deed in lieu of foreclosure, or <br />similar disposition of the Property by Lender, no consent shall be required from Governmental <br />Entity. <br />9. Entire Agreement. This Agreement represents the entire understanding and <br />agreement between the parties hereto with regard to the subordination of the Regulatory <br />Agreement to the lien or charge of the Loan Documents, and shall supersede and cancel any prior <br />agreements with regard to this subject matter. <br />10. Binding Provisions. The covenants and agreements contained in this Agreement <br />shall be binding upon the heirs, personal representatives, successors and assigns of the respective <br />parties to this Agreement. <br />11. Applicable Law. This Agreement shall be governed by and construed in <br />accordance with the laws of the State of Minnesota. <br />12. Modifications. This Agreement may not be modified orally or in any manner other <br />than by an agreement in writing signed by the parties hereto or their respective successors in <br />interest. <br />13. Notices. All notices required or permitted hereunder shall be deemed to have been <br />received either (i) when delivered by hand and the party giving such notice has received a signed <br />receipt thereof, or (ii) three (3) days following the date deposited in the United States mail, postage <br />prepaid, by registered or certified mail, return receipt requested, addressed as follows (or addressed <br />in such other manner as the party being notified shall have requested by written notice to the other <br />Pam') <br />If to Governmental Entity: <br />The City of Elk River <br />13065 Orono Parkway <br />Elk River, Minnesota 55330 <br />Attn: City Administrator <br />If to Lender: <br />NORTHMARQ CAPITAL FINANCE, L.L.C. <br />3500 American Boulevard West, Suite 500 <br />Bloomington, Minnesota 55431 <br />Subordination Agreement (Governmental Entity) <br />Dove Tree Apartments Page 3 <br />Page 54 of 273 <br />