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THE LODGE AT LITTLE CANADA <br />MASTER SUBORDINATION AGREEMENT <br />AND ESTOPPEL CERTIFICATE <br />THIS MASTER SUBORDINATION AGREEMENT made and entered into as of the 1" <br />day of November, 2011, by and between THE LODGE AT LITTLE CANADA LLC, a <br />Minnesota limited partnership, with offices located at 233 Park Avenue South, Suite 201, <br />Minneapolis, Minnesota 55415 ( "Borrower "), OAK GROVE COMMERCIAL MORTGAGE, <br />LLC, a Delaware limited liability company, with its offices located at 2177 Youngman Avenue, <br />St. Paul, Minnesota 55116 ( "Oak Grove "), the RAMSEY COUNTY HOUSING AND <br />REDEVELOPMENT AUTHORITY, Minnesota political subdivision, with its offices located <br />at 250 Courthouse, 15 West Kellogg Boulevard, St. Paul, Minnesota 55102 ( "Ramsey County ") <br />and the ECONOMIC DEVELOPMENT AUTHORITY OF THE CITY OF LITTLE <br />CANADA, MINNESOTA, a Minnesota public body corporate and politic, with its offices <br />located at 515 Little Canada Road, Little Canada, Minnesota 55117 ( "EDA "). (Oak Grove, <br />Ramsey County and the EDA are sometimes collectively referred to herein as "Lenders "). <br />RECITALS: <br />WHEREAS. Borrower has obtained a mortgage loan from Oak Grove in the original <br />principal amount of Nine Million Nine Hundred Four Thousand and no /100ths Dollars <br />($9,904,000.00) ( "Oak Grove Loan ") for a seventy -nine (79) unit multifamily facility in Little <br />Canada, Minnesota (the "Project ") on the real property described in Exhibit A attached hereto <br />( "Premises), which Loan is being insured by the Federal Housing Administration (the "FHA ") of <br />the United States Department of Housing and Urban Development ( "HUD ") under Section <br />221(d)(4) of the National Housing Act of 1934, as amended (the "Act ") pursuant to the FHA's <br />Commitment dated , 2011 (FHA Project No. ), as amended (the <br />"FHA Commitment "). <br />WHEREAS, Borrower has obtained a loan of HOME Investment Partnership Act funds <br />from Ramsey County in the original principal amount of Three Hundred Thousand and <br />No /100ths Dollars ($300,000) (the "Ramsey County Loan "), none of which has been disbursed, <br />which will be used for the construction of the Project; and <br />WHEREAS, in connection with the purchase of the Premises from the EDA. Borrower <br />and The Villas of Little Canada LLC, a Minnesota limited liability company (the "Villas "), have <br />executed that certain Promissory Note in favor of the EDA (the "Land Sale Note ") in the original <br />2 <br />