HomeMy WebLinkAbout2326 2. The Pardieck Mortgage is and shall continue to be
subject and subordinate in lien to the lien of the National
Bank Mortgage as to any and all sums advanced or hereinafter
advanced on said National Bank Mortgage and any renewals,
increases, modifications, consolidations, or extensions thereof,
or to the National Bank Indebtedness, or Loan Agreement, it
being intended by National Bank and Pardieck that from the time
of delivery of the National Bank Mortgage by Ocean Dunes to
National Bank, it shall be and become a superior and prior lien
on the premises to the said Pardieck Mortgage and that National
Bank shall be entitled to priority of payment out of any fund
arising out of the sale of the premises, and shall be entitled
to all rights and remedies to the same extent as if the said
mortgage had in fact been later in date, deliver and recordation
to that of the National Bank Mortgage.
3. Pardieck will take no action (a) to assert, collect or
enforce all or any part of the Pardieck Debt, including, without
limitation, foreclosure of the Pardieck Mortgage, except as pro-
vided in paragraph seven herein, or (b) to realize upon any
collateral for the Pardieck Debt, until he shall have first
given National Bank notice of the default of Ocean Dunes, and
the default is not cured within thirty (30) days from the date
of receipt thereof.-
4. Ocean Dunes and Guarantors may pay the amount, or any
amount, on account of, or give any collateral or security for
the Pardieck Debt to Pardieck.
S. This Subordination Agreement and all obligations here-
under or with respect thereto of Ocean Dunes, Guarantors, and
Pardieck shall continue in full force and effect until the National
Bank Debt is paid in full, notwithstanding any action which
National Bank or others, with the consent of National Bank, may
take or refrain from taking with respect to the National Bank Debt,
or any collateral therefore, or any agreement or agreements (in-
cluding guarantees) executed in connection therewith.
6. This agreement shall inure to the benefit of and be
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