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EXHIBIT 4 <br />Documents or assignment of Subordinate Lender's interest in the Subordinate Loan without <br />Senior Lender's consent shall be void ab initio and of no effect whatsoever. <br />11. Modification or Refinancing of Senior Loan. <br />Subordinate Lender consents to any agreement or arrangement in which Senior Lender <br />waives, postpones, extends, reduces or modifies any provisions of the Senior Loan Documents, <br />including any provision requiring the payment of money. Subordinate Lender further agrees that <br />its agreement to subordinate hereunder shall extend to any new mortgage debt which is for the <br />purpose of refinancing all or any part of the Senior Loan (including reasonable and necessary <br />costs associated with the closing and/or the refinancing) so long as the new mortgage debt does <br />not increase the maximum principal amount of the Senior Loan; and that all the terms and <br />covenants of this Agreement shall inure to the benefit of any holder of any such refinanced debt; <br />and that all references to the Senior Loan, the Senior Note, the Senior Loan Agreement, the <br />Senior Security Instrument, the Senior Loan Documents and Senior Lender shall mean, <br />respectively, the refinance loan, the refinance note loan agreement, the mortgage securing the <br />refinance note, all documents evidencing securing or otherwise pertaining to the refinance note <br />and the holder of the refinance note. Notwithstanding anything to the contrary in this Section 11, <br />or in Section 6(a) above, the Senior Lender shall not, without the prior written consent of the <br />Subordinate Lender in each instance, which shall not be unreasonably withheld, take any action <br />which has the effect of increasing the indebtedness outstanding under, or secured by, the Senior <br />Loan Documents, increasing the required payments due under the Senior Loan, decreasing the <br />term of the Senior Loan, or increasing the interest rate on the Senior Loan, except that the Senior <br />Lender shall have the right to advance funds to cure Subordinate Loan Defaults pursuant to <br />Section 7(a) above and advance funds pursuant to the Senior Loan for the purpose of paying real <br />estate taxes and insurance premiums, making necessary repairs to the Property and curing other <br />defaults by the Borrower under the Senior Loan Documents. Following Conversion, all the terms <br />and covenants of this Agreement shall inure to the benefit of any holder of the Permanent Loan; <br />and all references to the Senior Loan, the Senior Security Instrument, the Senior Note and the <br />Senior Loan Documents shall mean, respectively, the Permanent Loan, the Permanent Mortgage, <br />the Permanent Note and the Permanent Loan Documents. <br />12. Default by Subordinate Lender or Senior Lender. <br />If Subordinate Lender or Senior Lender defaults in performing or observing any of the <br />terms, covenants or conditions to be performed or observed by it under this Agreement, the other, <br />non -defaulting lender shall have the right to all available legal and equitable relief. <br />13. Reinstatement. <br />To the extent that Borrower makes a payment to Senior Lender or Senior Lender receives <br />any payment or proceeds of the collateral securing the Senior Loan for Borrower's benefit, which <br />payment or proceeds or any part thereof are subsequently invalidated, declared to be fraudulent or <br />preferential, set aside and/or required to be repaid to a trustee, receiver or any other party under <br />any bankruptcy law, state or federal law, common law or equitable doctrine, then to the extent of <br />such payment or proceeds received and not retained by Senior Lender, this Agreement shall be <br />reinstated and continue in full force and effect until full and final payment shall have been made <br />Subordination Agreement (Affordable) Page 12 <br />(First Street Apartments) <br />3-150 <br />