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Boulevard, Mounds View MHFA Dev. #8022 <br />Master Subordination Agreement 7 12/03/2018 <br />(Ver. 11/20/2017) <br />securing the MHFA Bridge Loan. In connection with the closing of the MHFA HRS FFB Loan <br />and payment in full of the MHFA Bridge Loan, the parties to this Agreement agree that the <br />MHFA HRS FFB Loan will have first lien priority pursuant to Section 4(a) without the need to <br />amend this Agreement. <br /> <br />13. Survival of Termination. The terms of this Agreement will continue, and will <br />survive the termination of this Agreement, if any payment under the Loan Documents (whether <br />by or on behalf of Borrower, as proceeds of security or enforcement of any right of set-off or <br />otherwise) is for any reason repaid or returned to Borrower or its insolvent estate, or avoided, set <br />aside or required to be paid to Borrower, a trustee, receiver or other similar party under any <br />bankruptcy, insolvency, receivership or similar law. In the event, any or all of the Loans <br />originally intended to be satisfied will be deemed to be reinstated and outstanding to the extent of <br />any repayment, return, or other action, as if the payment had not been made. <br /> <br />14. Execution in Counterparts. This Agreement may be executed in any number of <br />counterparts, each of which will be an original but all of which will constitute one instrument. <br /> <br /> <br />(THE REMAINING PORTION OF THIS PAGE IS INTENTIONALLY LEFT BLANK) <br />