NORTH HARBOR HOUSING PARTNERS, LP (CO JAMBOREE HOUSING CORPORATION) (2)

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20, 2021, recorded on April 28, 2021 in the Official Records as Instrument No. 2021000285574 ("Affordability Restrictions"). A requirement of the Junior Loan is that the Affordability Restrictions have senior priority among the Recorded Items, as defined below. The Parties hereto desire to enter into this Agreement for the purpose of complying with this requirement of the Junior Loan, and the agreement to comply with this requirement of the Junior Loan constitutes consideration for entering into this Agreement. D. The Bond Regulatory Agreement, the Bank Deed of Trust, the Bank UCC, the Junior Deed of Trust and the Affordability Restrictions are referred to as the "Recorded Items." E. It is the intent of the Parties that the order of priority of the Recorded Items as liens on or charges against the Property be as follows: 1. Affordability Restrictions 2. Bond Regulatory Agreement 3. Bank Deed of Trust 4. Bank UCC 5. Junior Deed of Trust E. It is a condition precedent to the respective obligations of each Party under the Recorded Items to which it is a party that such Recorded Item unconditionally be and remain at all times a lien or charge on the Property, having priority with respect to the other Recorded Items in the order set forth above, and that each Party specifically and unconditionally subordinate the lien or charge of each of the Recorded Items to which it is a party as necessary in order that the Recorded Items have the relative priority set forth above. In consideration of the mutual benefits accruing to the Parties and other valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows: AGREEMENT Priority and Subordination. (a) Each Recorded Item, and any and all amendments, replacements, renewals and extensions thereof, shall unconditionally be and remain at all times a lien or charge on the Property, having the relative priority with respect to the other Recorded Items as set forth above. Each Party intentionally and unconditionally waives, relinquishes and subordinates the lien or charge of the Recorded Items, except the Affordability Restrictions, to which it is a party in favor ofthe lien or charge upon the Property of the other Recorded Items to the extent necessary so that the Recorded Items shall have the relative priority set forth above. Notwithstanding anything to the contrary herein, the Affordability Restrictions are not subordinated by this Agreement. —3— Subordination Agreement (City Loan) North Harbor Village 4865-1649-6244, v. 5