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8 <br /> 3. Cross-Defaults. Any default under the Bank Documents,the HTF Documents, the City <br /> Loan Documents, or the County Loan Documents, after notice of default shall have been given <br /> thereunder, and that is not cured or waived within the applicable cure period set forth therein, <br /> shall constitute an event of default under the other Lenders' loan documents at the option of such <br /> Lender ("Cross-Default"). Unless and until there shall be a Cross-Default under this Section, <br /> each Lender agrees not to accelerate indebtedness of the Authority or seek remedies under <br /> loan documents against the Authority or the Property (other than the withholding of further <br /> disbursement of loan proceeds until such default or breach is cured and actions to compel <br /> specific performance of the instruments described in Paragraphs 1(a) through 1(c), inclusive, <br /> of this Agreement) based solely upon a breach or default by the Authority under another <br /> Lender's documents described herein, other than a default in the payment of money. The <br /> foregoing shall not constitute a waiver, defense, limitation or estoppel to any other breach or <br /> default under any Lender's documents. <br /> 4. Subordinate Lenders' Agreement to Standstill. Until the Bank Loan has been paid in <br /> full,each Lender other than the Bank agrees for the benefit of the Bank and its successors and <br /> assigns, that if a default occurs and is continuing under documents other than the Bank <br /> Documents, the other Lenders shall not, without the Bank's prior written consent (which <br /> consent shall not be unreasonably withheld), accelerate their respective loans, commence <br /> foreclosure proceedings with respect to the Property, collect rents, appoint (or seek the <br /> appointment of) a receiver or institute any other enforcement action with respect to the <br /> Property (other than actions to compel specific performance of the instruments described in <br /> Paragraphs 1(a) through 1(c), inclusive, of this Agreement). After the Bank Loan has been <br /> paid in full, so long as the County Loan is outstanding, each Lender other than the County <br /> agrees for the benefit of the County and its successors and assigns,that if a default occurs and <br /> is continuing under documents other than the. County Loan Documents, the other Lenders <br /> shall not, without the County's prior written consent, accelerate their respective loans, <br /> commence foreclosure proceedings with respect to the Property, collect rents, appoint(or seek <br /> the appointment of) a receiver or institute any other enforcement action(other than actions to <br /> compel specific performance with respect to defaults other than payment defaults) with <br /> respect to the Property. After the Bank Loan and the County Loan have each been paid in <br /> full, so long as the HTF Loan is outstanding, each Lender other than Commerce agrees for the <br /> benefit of Commerce and its successors and assigns, that if a default occurs and is continuing <br /> under documents other than the HTF Loan Documents, the other Lenders shall not, without <br /> Commerce's prior written consent, accelerate their respective loans, commence foreclosure <br /> proceedings with respect to the Property, collect rents, appoint (or seek the appointment of) a <br /> receiver or institute any other enforcement action (other than specific performance with <br /> respect to defaults other than payment defaults) with respect to the Property. <br /> 5. Reliance: Authority's Consent. It is understood by the Parties hereto that the Bank <br /> would not enter into, or would not make disbursement under, the Bank Loan Agreement <br /> without this Agreement. The Authority consents to all of the terms hereof. <br /> Silver Lake Cottages <br /> Priority and Subordination Agreement Page 6 <br /> 88 <br />