PRIOR SECURITY INTERESTS. HTFC acknowledges that its security interest in the Collateral, and HTFC's rights under this Agreement, are subject and subordinate to (a) a security interest held by the "Senior Lender" identified on the cover page, to secure funds that were loaned to Shareholder or that may, in the future, be advanced to Shareholder; and (b) extensions, renewals and replacements of such security interest without regard to the amount secured, provided only that HTFC's security interest shall not be subordinate to more than one such security interest at any time. The holder of such superior security interest is called the Senior Lender, even though such security interest may be held by a successor to the Senior Lender identified on the cover page or by another lender entirely. HTFC acknowledges that its security interest is and will also be subordinate to a security interest afforded to the Cooperative Corporation to secure fulfillment of Shareholder's obligations under the Proprietary Lease. WHEN RECAPTURE OCCURS. The date on which the Recapture Obligation becomes due and payable is sometimes called the "Recapture Date". As described below, in certain cases the Recapture Obligation becomes due and payable (an event that is sometimes referred to in this Agreement as "recapture") without the necessity of notice or action by HOME LPA or HTFC, while in other cases HOME LPA or HTFC must give notice to effect recapture. The Recapture Obligation shall become immediately due and payable in any one or more of the following events: Upon prior notice by HOME LPA or HTFC to Shareholder that Shareholder failed to make any payment due to the Senior Lender within sixty (60) days after the date on which it was due and Shareholder does not make such payments within thirty (30) days after such notice; Upon prior notice by HOME LPA or HTFC to Shareholder that Senior Lender has notified Shareholder that Shareholder has defaulted with respect to any material obligation imposed on Shareholder by the loan documents evidencing and securing Senior Lender's loan, and Shareholder has not cured such default within any period provided in such loan documents for the cure of such default; Without the need for notice or action by HOME LPA or HTFC, if Shareholder sells or otherwise transfers the Shares, or assigns Shareholder's leasehold under the Proprietary Lease, other than to an "Approved Resale Purchaser" as described below; Upon prior notice to Shareholder by HOME LPA or HTFC that Shareholder has sublet the Unit, or has otherwise failed or ceased to occupy the Unit as Shareholder's principal residence and Shareholder does end such subletting or does not reoccupy the Unit as Shareholder's principal residence within thirty (30) days after such notice. If Shareholder consists of more than one individual, recapture shall not be affected under the preceding sentence if at least one of such individuals continues to occupy the Unit as his or her principal residence; Without the need for notice or action by HOME LPA or HTFC, if the Proprietary Lease is terminated and such termination is not reinstated within thirty (30) days after such termination, for any reason, including without limitation, action by the Cooperative Corporation, Shareholder's voluntary cancellation of the Shares or expiration of the term of the Proprietary Lease; Upon notice to Shareholder by HOME LPA or HTFC that Shareholder has failed to fulfill any other obligation imposed on Shareholder under this Agreement, and such failure was not cured within thirty (30) days after HOME LPA gave prior notice to Shareholder, reasonably specifying such failure.
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PRIOR SECURITY INTERESTS. HTFC acknowledges that its security interest in the Collateral, and HTFC's rights under this Agreement, are subject and subordinate to (a) a security interest held by the "Senior Lender" identified on the cover page, to secure funds that were loaned to Shareholder or that may, in the future, be advanced to Shareholder; and (b) extensions, renewals and replacements of such security interest without regard to the amount secured, provided only that HTFC's security interest shall not be subordinate to more than one such security interest at any time. The holder of such superior security interest is called the Senior Lender, even though such security interest may be held by a successor to the Senior Lender identified on the cover page or by another lender entirely. HTFC acknowledges that its security interest is and will also be subordinate to a security interest afforded to the Cooperative Corporation to secure fulfillment of Shareholder's obligations under the Proprietary Leaseobligations. WHEN RECAPTURE OCCURS. The date on which the Recapture Obligation becomes due and payable is sometimes called the "Recapture Date". As described below, in certain cases the Recapture Obligation becomes due and payable (an event that is sometimes referred to in this Agreement as "recapture") without the necessity of notice or action by HOME LPA or HTFC, while in other cases HOME LPA or HTFC must give notice to effect recapture. The Recapture Obligation shall become immediately due and payable in any one or more of the following events: Upon prior notice by HOME LPA or HTFC to Shareholder that Shareholder failed to make any payment due to the Senior Lender within sixty (60) days after the date on which it was due and Shareholder does not make such payments within thirty (30) days after such notice; Upon prior notice by HOME LPA or HTFC to Shareholder that Senior Lender has notified Shareholder that Shareholder has defaulted with respect to any material obligation imposed on Shareholder by the loan documents evidencing and securing Senior Lender's loan, and Shareholder has not cured such default within any period provided in such loan documents for the cure of such default; Without the need for notice or action by HOME LPA or HTFC, if Shareholder sells or otherwise transfers the Shares, or assigns Shareholder's leasehold under the Proprietary Leaseownership, other than to an "Approved Resale Purchaser" as described below; Upon prior notice to Shareholder by HOME LPA or HTFC that Shareholder has sublet rented the Unit, or has otherwise failed or ceased to occupy the Unit as Shareholder's principal residence and Shareholder does not end such subletting leasing or does not reoccupy the Unit as Shareholder's principal residence within thirty (30) days after such notice. If Shareholder consists of more than one individual, recapture shall not be affected under the preceding sentence if at least one of such individuals continues to occupy the Unit as his or her principal residence; Without the need for notice or action by HOME LPA or HTFC, if the Proprietary Lease manufactured home unit is terminated and such termination is not reinstated within thirty (30) days after such terminationsold, for any reason, including without limitation, action by the Cooperative Corporation, Corporation or Shareholder's voluntary cancellation of the Shares or expiration of the term of the Proprietary Lease; Shares. Upon notice to Shareholder by HOME LPA or HTFC that Shareholder has failed to fulfill any other obligation imposed on Shareholder under this Agreement, and such failure was not cured within thirty (30) days after HOME LPA gave prior notice to Shareholder, reasonably specifying such failure.
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PRIOR SECURITY INTERESTS. HTFC acknowledges that its security interest in the Collateral, and HTFC's rights under this Agreement, are subject and subordinate to (a) a security interest held by the "Senior Lender" identified on the cover page, to secure funds that were loaned to Shareholder or that may, in the future, be advanced to Shareholder; and (b) extensions, renewals and replacements of such security interest without regard to the amount secured, provided only that HTFC's security interest shall not be subordinate to more than one such security interest at any time. The holder of such superior security interest is called the Senior Lender, even though such security interest may be held by a successor to the Senior Lender identified on the cover page or by another lender entirely. HTFC acknowledges that its security interest is and will also be subordinate to a security interest afforded to the Cooperative Corporation to secure fulfillment of Shareholder's obligations under the Proprietary Lease. WHEN RECAPTURE OCCURS. The date on which the Recapture Obligation becomes due and payable is sometimes called the "Recapture Date". As described below, in certain cases the Recapture Obligation becomes due and payable (an event that is sometimes referred to in this Agreement as "recapture") without the necessity of notice or action by HOME LPA or HTFC, while in other cases HOME LPA or HTFC must give notice to effect recapture. The Recapture Obligation shall become immediately due and payable in any one or more of the following events: Upon prior notice by HOME LPA or HTFC to Shareholder that Shareholder failed to make any payment due to the Senior Lender within sixty (60) days after the date on which it was due and Shareholder does not make such payments within thirty (30) days after such notice; Upon prior notice by HOME LPA or HTFC to Shareholder that Senior Lender has notified Shareholder that Shareholder has defaulted with respect to any material obligation imposed on Shareholder by the loan documents evidencing and securing Senior Lender▇▇▇▇▇▇'s loan, and Shareholder has not cured such default within any period provided in such loan documents for the cure of such default; Without the need for notice or action by HOME LPA or HTFC, if Shareholder sells or otherwise transfers the Shares, or assigns Shareholder's leasehold under the Proprietary Lease, other than to an "Approved Resale Purchaser" as described below; Upon prior notice to Shareholder by HOME LPA or HTFC that Shareholder has sublet the Unit, or has otherwise failed or ceased to occupy the Unit as Shareholder's principal residence and Shareholder does end such subletting or does not reoccupy the Unit as Shareholder's principal residence within thirty (30) days after such notice. If Shareholder consists of more than one individual, recapture shall not be affected under the preceding sentence if at least one of such individuals continues to occupy the Unit as his or her principal residence; Without the need for notice or action by HOME LPA or HTFC, if the Proprietary Lease is terminated and such termination is not reinstated within thirty (30) days after such termination, for any reason, including without limitation, action by the Cooperative Corporation, Shareholder's voluntary cancellation of the Shares or expiration of the term of the Proprietary Lease; Upon notice to Shareholder by HOME LPA or HTFC that Shareholder has failed to fulfill any other obligation imposed on Shareholder under this Agreement, and such failure was not cured within thirty (30) days after HOME LPA gave prior notice to Shareholder, reasonably specifying such failure.
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