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Priority and Subordination Agreement 3 Teanaway Court Citibank, and secured by that certain Subordinate Multifamily Deed of Trust, Assignment of Rents, Security Agreement and Fixture Filing (the “Taxable Deed of Trust”) recorded in Kittitas County, Washington. All documents identified in this paragraph, and any documents executed by the Partnership in connection therewith, are collectively referred to as the “Taxable Loan Documents”. E. Commerce’s Interests. Sponsor and Commerce have entered into a Capital Funding Agreement (the “Commerce Contract”) which sets forth the terms and conditions under which Commerce has agreed to lend Sponsor up to $12,630,020.00 (the “Commerce Loan”). The Commerce Loan is evidenced by a Promissory Note (the “Commerce Note”), made by Sponsor to the order of Commerce. The Commerce Contract and the Commerce Note were assigned to the Partnership under an Assignment, Assumption and Consent Agreement recorded concurrently herewith in Kittitas County, Washington (the “Commerce Assignment”). The Commerce Contract is secured by a Deed of Trust for the benefit of Commerce, to be recorded in Kittitas County, Washington (the “Commerce Deed of Trust”). Commerce has entered into that certain Low Income Housing Covenant Agreement granted by the Partnership for the benefit of Commerce to be recorded in Kittitas County, Washington (the “Commerce Regulatory Agreement”). All documents identified in this paragraph, and any documents executed by the Partnership in connection therewith, as the same may be amended from time to time, subject to the restrictions set forth in Section 5(b) below, are collectively referred to as the “Commerce Loan Documents”, provided, however, for the avoidance of doubt, as it pertains to statements of priority or subordination in this Agreement, the Commerce Regulatory Agreement shall not be considered part of the “Commerce Loan Documents”, the intent being that the Commerce Regulatory Agreement shall have third (3rd) priority as provided below. F. Sponsor’s and General Partners’ Interest. a. Sponsor’s Interest as CPF Sponsor Loan Lender. The Sponsor has made a loan to the Partnership in the amount of $2,030,000 (the “CPF Sponsor Loan”). The CPF Sponsor Loan is evidenced by a Promissory Note (Sponsor Loan - CPF) (the “CPF Sponsor Note”), made by the Partnership to the order of the Sponsor. The Partnership's obligation to repay the CPF Sponsor Note is secured by a Deed of Trust (Sponsor Loan - CPF) for the benefit of Sponsor, to be recorded in Kittitas County, Washington (the “CPF Sponsor Deed of Trust”). All documents identified in this subparagraph, and any documents executed by the Partnership in connection therewith, as the same may be amended from time to time, subject to the restrictions set forth in Section 5(b) below, are collectively referred to as the “CPF Sponsor Loan Documents”. b. Sponsor’s Interest as County Funds Sponsor Loan Lender. The Sponsor has made a loan to the Partnership in the amount of $750,000 (the “County Funds Sponsor Loan”). The County Funds Sponsor Loan is evidenced by a Promissory Note (Sponsor Loan - County Funds) (the “County Funds Sponsor Note”), made by the Partnership to the order of the Sponsor. The