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Boulevard, Mounds View MHFA Dev. #8022 Master Subordination Agreement 5 12/03/2018 (Ver. 11/20/2017) Liens and Encumbrances Created by the Loan Documents and Holder of Liens and Encumbrances Created by the Loan Documents Priority MHFA HRS FFB Loan Documents MHFA First MHFA FFCC Loan Documents MHFA Second City Loan Documents City Third HRA Loan Documents HRA Fourth (b) Tax Credit Declaration. The parties acknowledge that the Development is intended to receive the benefits of Low Income Housing Tax Credits (the “Credits”) pursuant to Section 42 of the Internal Revenue Code (“Section 42”) and that it is a condition of the receipt of the Credits that Borrower file a Declaration of Land Use Restrictive Covenants for Low-Income Housing Credits (the “Tax Credit Declaration”) substantially in the form attached to this Agreement as Exhibit G. The parties consent to the terms of the Tax Credit Declaration as required by Section 2(c) of the Tax Credit Declaration and agree that the Tax Credit Declaration is subordinate to each of their Loans and the related Loan Documents, except to the extent required by Section 9(d) of the Tax Credit Declaration (relating to the three-year vacancy control during the extended use period). (c) Use Agreement. The parties acknowledge that the Development is intended to receive a project-based rent assistance subsidy through the Section 811 Project Rental Assistance Demonstration Program (the “811 Subsidy”) and that it is a condition of the receipt of the 811 Subsidy that Borrower file a Use Agreement (the “Use Agreement”) substantially in the form attached hereto as Exhibit H. The parties consent to the terms of the Use Agreement and agree that the Use Agreement is subordinate to each of their Loans and the related Loan Documents. 5. Collection of Payments. The parties agree that MHFA will collect one Annual Payment, as defined in the Flexible Financing for Capital Costs Program Mortgage Note (the “ FFCC Note”), on behalf of the Subordinate Lenders (as defined in the FFCC Note). MHFA will apply its Allocable Portion (as defined in the FFCC Note) as payment on the FFCC Note, and will forward the remaining Allocable Portion to the Subordinate Lenders as payment on the Subordinate Notes (as defined in the FFCC Note). 6. Interpretation. The parties are entering into and executing this Agreement in order to establish the subordination and priority of the Loan Documents and any liens and encumbrances created by the Loan Documents, and, accordingly, the parties agree, understand, and acknowledge that the enforceability of this Agreement is not, and will not be, restricted, limited, or impaired by the fact that not all of the parties to this Agreement are signatories to each or any of the Loan Documents.