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5 <br />condemnation proceeds for rebuilding under a construction escrow or similar arrangement; and (c) no <br />material default then exists under this County Note. If the casualty or condemnation affects only part of the <br />Project and total rebuilding is infeasible, then proceeds may be used for partial rebuilding and partial <br />repayment of this County Note in a manner that provides adequate security to the County for repayment of <br />the remaining balance of this County Note. <br /> <br />15. Subordination. The indebtedness evidenced by this Note is and shall be subordinate in <br />right of payment to the prior payment in full of all amounts then due and payable (including, but not <br />limited to, all amounts due and payable by virtue of any default or acceleration or upon maturity) with <br />respect to the indebtedness evidenced by the Note (as defined by that certain Multifamily Deed of Trust, <br />Assignment of Rents, Security Agreement and Fixture Filing by the Borrower in favor of Citibank, <br />N.A.), in the original maximum principal amount not to exceed $9,000,000 executed by Borrower and <br />payable to Citibank, N.A. (“Senior Lender”), to the extent and in the manner provided in that certain <br />Priority and Subordination Agreement, dated as of [_____, 2026] (the “Subordination Agreement”). The <br />rights and remedies of the payee and each subsequent holder of this Note shall be deemed, by virtue of <br />such holder’s acquisition of this Note, to have agreed to perform and observe all of the terms, covenants <br />and conditions to be performed or observed by the “Junior Lender” under the Subordination <br />Agreement.” <br /> <br /> <br />[Signature Page Follows] <br />