HomeMy WebLinkAboutC2006-088 - 3/21/2006 - NA
SUBORDINATION AGREEMENT
Corpus Chnsti Community Improvement Corporation (the "Subordinate Lender")
has made a $150.000 Subordinated Real Estate Loan secured by a Real Estate Lien Note
and Leasehold Deed (\1' Trust. each dated March 22, 2006 (such loan, the "Subordinate
Loan" to Sea Breeze Seniors. LP (the "Borrower"). The Subordinate Lender
understands and agree" that the Subordinate Loan is subordinate to, and inferior in lien
rights and payment rights to. the 1I1debtedness evidenced by those certain $7,855,000
Multihunily Housing Revenue Bonds (Sea Breeze Senior Apartments), Series 2006 (the
"Bondsh). rhe Bonds have been issued pursuant to that certain Trust Indenture (the
"Indentureh). dated ciS 01 'vlarch I. 2006. between Wells Fargo Bank, National
Assuclation. as lrustee (the "[ruske'") and Sea Breeze (the ""Issuer"), a public facility
corporation. All capitalized terms n()t defined herein shall have the meanings assigned to
them in the Indenture.
!"he Subordinate Lender agrees that the Trustee's lien under the Mortgage is
superim to that of the Subordinate Lender's lien for the Subordinate Loan regardless as to
priorit\ of tilmg or other recordation issues. Subordinate Lender agrees that upon written
notice to it from the Trustee of an occurrence of an Event of Default under the Indenture
or an) related document. it shall no longer accept payments from Borrower and direct
such payments to the !rustee. Subordinate Lender shall take no remedial action against
the Borro'vver i 1 the Subordinate Loan is in default absent written consent from the
Trustee to such action. Subordinate Lender may receive regular payments on the
Subordinate Loan until it has received notice of an Event of Default under the Indenture
or related documems !i'om the Crustee
rhe terms of thIs Subordination Agreement shall remain in effect until such time
as the Bonds have been repaid !11 full
"TRUSTEE"
WEU S FA.RGO BAI\.K. NATIONAL ASSOCIATION
By:-+. /,;
Name:
Title:
.,.
j ! 4-- . :4', 1(1-,
Christina ,- alth
Jice P'ec..iem
2006-088
03/21/06
('('('Ie
"SliBORDINA TE LF~DER"
CORP\S CHR1STI C< )MMUNIT'y'
lMPROVEMEN r CORPORATION
By' Q ,~--
.' - ,-+~--- -- ~--
1\a111e:, , George K, Noe
'lltk General \1anager
ATTEST
~
AAMANDO O-IAP...
erN SfiCRETAAY
.
Dated: March 22. 2006
, / I
I ~ \ ( L ~. ~~, ,
5\ ~~:~~j~' _~_~-_}J.iLL~t..
orl-fsl i{1 )()MW\4,2--"I) Dth701 I)()( ,120 01,
"
. " "$'., ,,....-uo.............._.~
:f:~.a"l-(I'L