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2. Approval of Subordination Agreement. A draft of the <br /> Subordination Agreement has been presented to this Board and is ordered placed on <br /> file in the office of the Executive Director. The Chairman and Secretary are hereby <br /> authorized and directed to execute and deliver the Subordination Agreement on <br /> behalf of the HRA in substantially the form presented hereto with such changes and <br /> modifications as may be approved by the officers executing the Subordination <br /> Agreement. The execution and delivery of the Subordination Agreement by the <br /> Chairperson and Secretary shall be conclusive evidence of the approval of any <br /> changes and modifications to the Subordination Agreement by such officers. <br /> Passed the 14th day of July, 1992. <br /> Chairperson . <br /> Attest: <br /> Executive Director <br />