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<br />Subordination Agreement (Affordable) Page 7 <br />(First Street Apartments) <br />has been cured, waived, or otherwise suspended by Senior Lender, the restrictions on payment to <br />Subordinate Lender in this Section 6 shall terminate, and Senior Lender shall have no right to any <br />subsequent payments made to Subordinate Lender by Borrower prior to Subordinate Lender’s <br />receipt of a new Default Notice from Senior Lender in accordance with the provisions of this <br />Section 6(d). <br />(e) Remitting Subordinate Loan Payments to Senior Lender. <br />If, after Subordinate Lender receives a Default Notice from Senior Lender in accordance <br />with Section 6(d), Subordinate Lender receives any payments under the Subordinate Loan <br />Documents, Subordinate Lender agrees that such payment or other distribution will be received <br />and held in trust for Senior Lender and unless Senior Lender otherwise notifies Subordinate <br />Lender in writing, will be promptly remitted, in kind to Senior Lender, properly endorsed to <br />Senior Lender, to be applied to the principal of, interest on and other amounts due under the <br />Senior Loan Documents in accordance with the provisions of the Senior Loan Documents. By <br />executing this Agreement, Borrower specifically authorizes Subordinate Lender to endorse and <br />remit any such payments to Senior Lender, and specifically waives any and all rights to have such <br />payments returned to Borrower or credited against the Subordinate Loan. Borrower and Senior <br />Lender acknowledge and agree that payments received by Subordinate Lender, and remitted to <br />Senior Lender under this Section 6, shall not be applied or otherwise credited against the <br />Subordinate Loan, nor shall the tender of such payment to Senior Lender waive any Subordinate <br />Loan Default which may arise from the inability of Subordinate Lender to retain such payment or <br />apply such payment to the Subordinate Loan. <br />(f) Notice of Payment from Other Persons. <br />Subordinate Lender agrees to notify (telephonically or via email, followed by written <br />notice) Senior Lender of Subordinate Lender’s receipt from any Person other than Borrower of a <br />payment with respect to Borrower’s obligations under the Subordinate Loan Documents, <br />promptly after Subordinate Lender obtains knowledge of such payment. <br />(g) Agreement Not to Commence Bankruptcy Proceeding. <br />Subordinate Lender agrees to notify (telephonically or via email, followed by written <br />notice) Senior Lender prior to commencing, or joining with any other creditor to commence any <br />bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings against or with <br />respect to Borrower. <br />(h) Affordability Restrictions Following Foreclosure of First Mortgage. <br />Subordinate Lender agrees that although the Affordability Restrictions remain senior to the lien <br />of the Senior Loan Documents, in the event title to the Property is transferred as a result of a <br />foreclosure, a deed in lieu of foreclosure or other realization upon the Property under the Senior <br />Loan Documents, notwithstanding anything to the contrary contained in the Affordability <br />Restrictions, sixty-eight (68) of the units subject to restriction under the Affordability <br />Restrictions shall be restricted for rental to and occupancy by households whose income does not <br />exceed 60% of the AMI (as defined in the Affordability Restrictions), and the rent in such units <br />EXHIBIT 4 <br />3-145