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to enforce covenants and agreements of Borrower relating to income, rent, or affordability restriction <br />contained in the Affordability Restrictions. <br />(e) Junior Lender agrees that Bank shall have all approval, consent and oversight rights <br />in connection with any insurance claims relating to the Property, any decisions regarding the use of <br />insurance proceeds after a casualty loss or condemnation awards, the hiring or firing of property <br />managers, or otherwise related in any way to the Property, and Junior Lender shall have no right to <br />object to any such action or approval taken by Bank and shall consent thereto and be bound thereby. <br />Reserved. <br />3. Recordin¢. Each Party consents to the recording of each of the Recorded Items, in <br />the lien priority as set forth herein, and the recording of this Agreement. <br />4. No Obligation. No Lender is under any obligation to any other Lender to, nor has <br />any Lender represented that it will, see to the application of any proceeds of any loan secured by any <br />of the Recorded Items except as may otherwise be set forth in a written agreement (other than this <br />Agreement) executed by the Lender sought to be charged with such an obligation. <br />5. Notice of Default; Opportunity to Cure. Each Party shall give each of the other <br />Parties notice of default under each Recorded Item in favor of such Party prior to enforcing remedies <br />for such default against Borrower or the Property and each of the other Parties shall have the right to <br />cure such default at any time that Borrower would have a right to cure it. <br />6. Actions by Bank; Certain Waivers. Bank, without the consent of or notice to any <br />other Lender, may enter into amendments of the Bank Deed of Trust and the documents and <br />obligations secured thereby (collectively, the `Bank Loan Documents") in any manner, may release <br />any or all persons or entities liable for any obligation secured by the Bank Loan Documents, and <br />may release any or all security for the obligations secured by the Bank Loan Documents, all without <br />affecting the subordination under this Agreement. Each Party waives any right to require marshaling <br />of assets or to require Bark to proceed against or exhaust any specific security for the obligations <br />secured by the Bank Loan Documents, and waives any and all defenses arising out of the loss or <br />impairment of any right of subrogation to the lien of the Bank Loan Documents. Any Lender may <br />release any or all persons or entities liable for any obligation secured by the deed of trust in its favor <br />and the documents secured thereby (collectively, with respect to each respective Lender, that <br />Lender's "Loan Documents"), without the consent of or notice to any other Lender, all without <br />affecting the subordination under this Agreement. Each Party waives any right to require marshaling <br />of assets or to require a Lender to proceed against or exhaust any specific security for the obligations <br />secured by any of the Loan Documents, and waives any and all defenses arising out of the loss or <br />impairment of any right of subrogation to the lien of any of the Loan Documents. <br />Miscellaneous. <br />—5— <br />Subordination Agreement (City Loan) North Harbor Village <br />4865-1649-6244, v. 5 <br />