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EXHIBIT 5 <br />(C) To proceed against Borrower, any other party that may be liable <br />for any of the Senior Indebtedness (including any general partner <br />of Borrower if Borrower is a partnership), all or any portion of the <br />Mortgaged Property or combination of portions of the Mortgaged <br />Property or any other collateral, before proceeding against all or <br />such portions or combination of portions of the Mortgaged <br />Property as Senior Lender determines. Subordinate Lender waives <br />to the fullest extent permitted by law any and all benefits under <br />California Civil Code Sections 2845, 2849 and 2850. <br />(ii) Subordinate Lender consents to and authorizes, at the option of Senior <br />Lender, the sale, either separately or together, of all or any portion of the <br />Mortgaged Property. Subordinate Lender acknowledges that without <br />Notice to Subordinate Lender and without affecting any of the provisions <br />of this Agreement, Senior Lender may do any of the following: <br />(A) Extend the time for or waive any payment or performance under <br />the Senior Loan Documents. <br />(B) Modify or amend in any respect any provision of the Senior Loan <br />Documents or the Regulatory Agreement. <br />(C) Modify, exchange, surrender, release, and otherwise deal with any <br />additional collateral for the Senior Indebtedness. <br />Notwithstanding the foregoing, Senior Lender agrees that it will provide Subordinate <br />Lender with all Notices of foreclosure or foreclosure sale that are required under <br />applicable State or local law. <br />6. Conflicts. If there is any conflict or inconsistency between the terms of the Subordinate <br />Loan Documents and the terms of this Agreement, then the terms of this Agreement will <br />control. Borrower acknowledges that the terms and provisions of this Agreement will not, <br />and will not be deemed to do any of the following: <br />(a) Extend Borrower's time to cure any Senior Loan Default or Subordinate Loan <br />Default. <br />(b) Give Borrower the right to receive notice of any Senior Loan Default or <br />Subordinate Loan Default, other than that, if any, provided, respectively under the <br />Senior Loan Documents of the Subordinate Loan Documents. <br />(c) Create any other right or benefit for Borrower as against Senior Lender or <br />Subordinate Lender. <br />7. Rights and Obligations of Subordinate Lender Under the Subordinate Loan <br />Documents and of Senior Lender under the Senior Loan Documents. <br />Subordination Agreement — Governmental Entity 10 Tiny Tim Apartments <br />Housing Authority of the City of Santa Ana <br />80A-307 <br />