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rules, regulations, policies, procedures, rulings or other official statements pertaining to <br />the Credit. <br />(d) Subordination of Agreement. This Agreement and the restrictions hereunder are <br />subordinate to the loan and loan documents, if any, on the Project except insofar as <br />Section 42 requires otherwise (relating to the three -year vacancy control during the <br />extended use period). <br />(e) Governing Law. This Agreement shall be governed by the laws of the State of <br />Minnesota and, where applicable, the laws of,the United States of America. <br />(i <br />Survival of Obligations. The obligations df the Owner as set forth herein and in the <br />Application shall survive the allocation of the Credit and shall not be deemed to <br />terminate or merge with the issuing of the allocation. <br />IN WITNESS WHEREOF, the Owner has caused this Agreement to be signed by its duly <br />authorized representatives, as of the day and year first written above. <br />This document drafted by: <br />R1NKE- NOONAN <br />400 1st Street South, Suite 700 <br />PO Box 1497 <br />St. Cloud, MN 56302 <br />091196 <br />F:\DATAV.Lf OV104Q0910CJM <br />OWNER <br />COTTAGE HOMESTEADS OF WILLOW <br />PONDS LIMITED PARTNERSHIP <br />LUMBER ONE PROPERI1IS 111, AVON INC., <br />GENERAL PARTNER <br />By P <br />Name: Terry J. S <br />Title: President <br />9 <br />