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Boulevard, Mounds View MHFA Dev. #8022 Master Subordination Agreement 1 12/03/2018 (Ver. 11/20/2017) FOR USE BY FILING OFFICER ONLY MASTER SUBORDINATION AGREEMENT AND ESTOPPEL CERTIFICATE THIS MASTER SUBORDINATION AGREEMENT AND ESTOPPEL CERTIFICATE (this “Agreement”) is effective as of the ____ day of ____________, 20___, and entered into among Boulevard Apartments, Limited Partnership, a Minnesota limited partnership (“Borrower”), the Minnesota Housing Finance Agency, a public body corporate and politic of the State of Minnesota (“MHFA”), City of Mounds View, a Minnesota municipal corporation (the “City”), and Ramsey County Housing and Redevelopment Authority, a political subdivision of the State of Minnesota (the “HRA). RECITALS A. Borrower has applied to and obtained certain loans from the other parties to this Agreement and will use the proceeds of the loans and additional equity to fund the acquisition, construction and/or rehabilitation of a multifamily housing development identified as MHFA Development No. 8022 (the “Development”), which will be situated on real property located in the City of Mounds View, County of Ramsey, State of Minnesota, and legally described in Exhibit A attached to this Agreement (the “Property”). B. The following is a listing and description of the loans that Borrower has obtained from the other parties to this Agreement (collectively, the “Loans”), and the repayment of the Loans will be secured by liens on the Property, and a listing of the documents that evidence and secure the repayment of the Loans (collectively, the “Loan Documents”): Description of Loan Amount of Loan Loan Documents Evidencing and Securing Repayment A loan from MHFA through its Bridge Loan Program. $6,980,000.00 Those documents set forth in Exhibit B attached to this Agreement.