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