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<br />8 <br />Subordination Agreement <br />4917-4736-5298 <br />City of Little Canada <br />515 Little Canada Rd E <br />Little Canada, MN 55117 <br />Attention: City Administrator <br /> <br />With a copy to: <br />Eckberg Lammers, P.C. <br />1809 Northwestern Avenue E <br />Stillwater, MN 55082 <br />Attn: Amanda Johnson <br />If to Borrower: <br />LC Apartments, LP <br />1801 County Road B West, Suite 201 <br />Roseville, Minnesota 55113 <br />Attention: Steve Minn <br />With a copy to: <br />Winthrop & Weinstine, P.A. <br />225 S. 6th Street, Suite 3500 <br />Minneapolis, Minnesota 55402 <br />Attention: Joshua N. Noah <br />Each Notice shall be effective the day delivered if personally delivered, the next business day if sent by <br />overnight courier or three (3) days after being deposited in the United States Mail as aforesaid. Rejection <br />or other refusal to accept or the inability to deliver because of changed address for which no Notice was <br />given shall be deemed to be receipt of the Notice sent. Each of the parties hereto shall have the right from <br />time to time and at any time during the term of this Agreement to change its respective address and the right <br />to specify as its address any other address within the United States of America. <br />17. No Third Party Beneficiaries. No person or entity other than the parties hereto and their <br />respective successors and assigns shall have any rights under this Agreement. To the fullest extent <br />permitted by applicable law, facsimile or electronically transmitted signatures shall constitute original <br />signatures for all purposes under this Agreement. <br />18. Counterparts; Electronic Signatures. This Agreement may be executed in one or more <br />counterparts, each of which shall be deemed an original but all of which together shall constitute one and <br />the same instrument. To the fullest extent permitted by applicable law, facsimile or electronically <br />transmitted signatures shall constitute original signatures for all purposes under this Agreement. <br />19. Amendment, Supplement, Modification, Waiver and Termination. No amendment, <br />supplement, modification, waiver or termination of this Agreement shall be effective unless (i) the party <br />against whom the enforcement of such amendment, supplement, modification, waiver or termination would <br />be asserted, has consented in writing to such amendment, supplement, modification, waiver or termination, <br />and (ii) the Controlling Person has consented in writing to such amendment, supplement, modification, <br />waiver or termination. All amendments shall be made in accordance with any applicable provisions of <br />Article VI of the Funding Loan Agreement.