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• 2. The foregoing covenant and restriction shall expire on February 1, 2045 (the "Declaration Termination Date "). • • 3. By no later than February 1 of each year through the Declaration Termination Date, Declarant shall deliver to the Authority written evidence in a form reasonably satisfactory to the Authority, demonstrating that the Subject Property complies with the requirements of this Declaration. 4. Notwithstanding anything in this Declaration to the contrary, except the requirements in 26 U.S.C. 42(h)(6)(E)(ii), this Declaration is expressly subordinate to (i) the Mortgage Note dated as of dated July 1, 2010 (the "HUD Note ") executed by the Developer in favor of Dougherty Mortgage LLC, a Delaware limited liability company ( "Lender "), (ii) the Mortgage dated July 1, 2010 (the "HUD Mortgage ") executed by the Developer in favor of Lender, (iii) the Regulatory Agreement for Multifamily Projects dated July 1, 2010 (the "HUD Regulatory Agreement ") executed by and between the Developer and the Secretary for Housing and Urban Development ( "HUD "), and (iv) all other documents executed by the Developer, Lender and /or HUD in connection with the HUD Note (collectively the "HUD Loan Documents "), and is subordinate to all applicable HUD mortgage insurance (and Section 8 of the U.S. Housing Act of 1937, if applicable) regulations and related administrative requirements. In the event of any conflict between the provisions of this Declaration and the provisions of applicable HUD regulations, related HUD administrative requirements, or HUD Loan Documents, the HUD regulations, related administrative requirements or HUD Loan Documents shall control. 5. In the event of foreclosure or transfer of title by deed in lieu of foreclosure, any and all land use covenants contained herein shall automatically terminate except those requirements set out in 26 U.S.C. 42(h)(6)(E)(ii). 6. Failure to comply with the covenants contained herein will not serve as a basis for default on any of the HUD Loan Documents. 7. The covenants contained in this Declaration are not included in any of the HUD Loan Documents. 8. Enforcement of the covenants contained herein will not result in any claim against the Property, the proceeds from the HUD Mortgage, any reserve or deposit required by HUD in connection with the HUD Mortgage transaction, or the rents or other income from the Property other than from available Surplus Cash, as defined in the HUD Regulatory Agreement. 9. So long as the Property is subject to a mortgage insured or held by HUD, no amendment shall be made to this Declaration without the prior written consent of HUD. 10. This Declaration may not be foreclosed upon or sold, transferred, assigned or pledged, without the prior written of consent of HUD of such foreclosure, conveyance, assignment or pledge. 368750v4 SJB LN 140 -25