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<br />Subordination Agreement (Affordable) Page 10 <br />(First Street Apartments) <br />Subordinate Loan Documents arising from such Senior Loan Default shall be deemed cured and <br />the Subordinate Loan shall be retroactively reinstated as if such Senior Loan Default had never <br />occurred. <br />9. Conflict. <br />Borrower, Senior Lender and Subordinate Lender each agrees that, in the event of any <br />conflict or inconsistency between the terms of the Senior Loan Documents, the Subordinate Loan <br />Documents and the terms of this Agreement, the terms of this Agreement shall govern and <br />control solely as to the following: (a) the relative priority of the security interests of Senior <br />Lender and Subordinate Lender in the Mortgaged Property; (b) the timing of the exercise of <br />remedies by Senior Lender and Subordinate Lender under the Senior Loan Documents and the <br />Subordinate Loan Documents, respectively; and (c) solely as between Senior Lender and <br />Subordinate Lender, the notice requirements, cure rights, and the other rights and obligations <br />which Senior Lender and Subordinate Lender have agreed to as expressly provided in this <br />Agreement. Borrower acknowledges that the terms and provisions of this Agreement shall not, <br />and shall not be deemed to: extend Borrower’s time to cure any Senior Loan Default or <br />Subordinate Loan Default, as the case may be; give Borrower the right to notice of any Senior <br />Loan Default or Subordinate Loan Default, as the case may be other than that, if any, provided, <br />respectively under the Senior Loan Documents or the Subordinate Loan Documents; or create <br />any other right or benefit for Borrower as against Senior Lender or Subordinate Lender. <br />10. Rights and Obligations of Subordinate Lender Under the Subordinate Loan <br />Documents and of Senior Lender under the Senior Loan Documents. <br />Subject to each of the other terms of this Agreement, all of the following provisions shall <br />supersede any provisions of the Subordinate Loan Documents covering the same subject matter: <br />(a) Protection of Security Interest. <br />Subordinate Lender shall not, without the prior written consent of Senior Lender in each <br />instance, take any action which has the effect of increasing the indebtedness outstanding under, <br />or secured by, the Subordinate Loan Documents, except that Subordinate Lender shall have the <br />right to advance funds to cure Senior Loan Defaults pursuant to Section 8(a) and advance funds <br />pursuant to the Subordinate Loan Documents for the purpose of paying real estate taxes and <br />insurance premiums, making necessary repairs to the Mortgaged Property and curing other <br />defaults by Borrower under the Subordinate Loan Documents. <br />(b) Condemnation or Casualty. <br />Following the occurrence of (1) a Condemnation Action, or (2) a fire or other casualty <br />resulting in damage to all or a portion of the Mortgaged Property (collectively, a “Casualty”), at <br />any time or times when the Senior Security Instrument remains a lien on the Mortgaged Property <br />the following provisions shall apply: <br />(A) Subordinate Lender hereby agrees that its rights (under the <br />Subordinate Loan Documents or otherwise) to participate in any proceeding or <br />EXHIBIT 4 <br />3-148