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E. The date on which at least 50% of the units in the Property was first occupied was _________, 20___. NOW, THEREFORE, in consideration of the mutual benefits accruing to the parties hereto and other valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows: 1.Recitals. The foregoing Recitals are hereby incorporated into this Agreement as agreements among the parties. 2. Subordination. The Governmental Entity and the Trustee hereby agree that the Regulatory Agreement is and shall at all times continue to be, subordinate, subject and inferior to the rights of Lender under the Loan Documents and that the liens, rights (including approval and consent rights), remedies, payment interests, priority interests, and security interests granted to Governmental Entity and/or the Trustee pursuant to or in connection with the Regulatory Agreement are hereby expressly acknowledged to be in all respects and at all times, subject, subordinate and inferior in all respects to the liens, rights (including approval and consent rights), remedies, payment, priority and security interests granted to Lender pursuant to the Loan Documents and the terms, covenants, conditions, operations and effects thereof. Notwithstanding the above, Governmental Entity and/or Trustee may exercise the remedies of specific performance or injunctive relief at any time in the event of a default under or breach of the terms of the Regulatory Agreement. 3. Financing, Encumbrance and Approval. Governmental Entity and Trustee hereby approve and acknowledge the financing evidenced by the Mortgage. Governmental Entity and Trustee further agree that any transfer of the Property in connection with foreclosure of the Mortgage or a deed in lieu thereof shall not require Governmental Entity’s or Trustee’s consent but shall require notice to Governmental Entity. 4. Satisfaction of Prior Indebtedness. Governmental Entity and Trustee acknowledge and agree that the “Loan” associated with and described in the Regulatory Agreement, owed by Borrower to Governmental Entity and/or Trustee has been paid in full to the Governmental Entity and/or Trustee, in all respects. 5. Lender Notice of Default. In consideration of Governmental Entity’s and Trustee’s agreements contained in this Agreement, Lender agrees that in the event of any default by Borrower under the Loan Documents, Governmental Entity and Trustee shall be entitled to receive a copy of any notice of default given by Lender to Borrower under the Loan Documents. Neither the giving nor the failure to give a notice to Governmental Entity and Trustee pursuant to this Section 5 will affect the validity of any notice given by Lender to the Borrower. 6. Governmental Entity Notice of Default. Governmental Entity and Trustee shall give Lender a concurrent copy of each material notice (including without limitation each notice of default) given by Governmental Entity or Trustee under or with respect to the Regulatory Agreement, and agree that Lender, at Lender’s sole election, shall have the right (but not the obligation) to cure any default by Borrower under the Regulatory Agreement on its and/or Borrower’s behalf. Governmental Entity and Trustee hereby represent that, to the best of their knowledge, there is no current default under the Regulatory Agreement. Subordination Agreement (Governmental Entity) Centennial Commons Page 2 Active\\119115625.v1