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EXHIBIT G <br />SUBORDINATION AGREEMENT <br />RECORDING REQUESTED BY <br />AND WHEN RECORDED MAIL TO: <br />SPACE ABOVE LINE FOR <br />RECORDER'S USE <br />Residence at the COR <br />SUBORDINATION AGREEMENT <br />THIS SUBORDINATION AGREEMENT (this "Agreement") is effective as of the <br />day of March, 2015 by and among THE CITY OF RAMSEY, MINNESOTA, a home rule <br />charter city organized and existing under the constitution and laws of the State of Minnesota <br />("Governmental Entity"), RESIDENCE AT THE COR APARTMENTS LLC, a Minnesota <br />limited liability company ("Borrower"), and PNC BANK, NATIONAL ASSOCIATION, a <br />national banking association, its successors and assigns ("Lender"). <br />RECITALS: <br />A. Simultaneously herewith Borrower is acquiring certain improved real property <br />located in the County of Anoka, State of Minnesota, as more particularly described on Exhibit A <br />attached hereto ("Property"). <br />B. In connection with such acquisition, Borrower is assuming the rights and <br />obligations of F & C Ramsey, LLC and F & C Ramsey Member, LLC under the Development <br />Agreement between The Housing and Redevelopment Authority in and for the City of Ramsey, <br />Minnesota (the "HRA"), the Governmental Entity, F & C Ramsey, LLC, an Indiana limited <br />liability company ("F & C Ramsey") and F & C Ramsey Member, LLC, an Indiana limited <br />liability company ("F & C Member") dated March 9, 2012 and recorded in the office of the <br />Anoka County Registrar of Titles ("Official Records") on May 3, 2012 as Document No. <br />508341.004 in the Anoka County Official Records ("Original Agreement"), as affected by that <br />certain Certificate of Certificate of Completion and Release of Forfeiture executed by the HRA <br />and the Governmental Entity on October 31, 2014 and recorded in the Official Records on March <br />2015 as Document No. (the "Certificate of Completion") and as <br />amended by that certain First Amendment to Development Agreement dated on or about March <br />2015 and to be recorded in the Official Records by and between the Governmental Entity, <br />both for itself and in its capacity as the successor to the interest of the HRA; F & C Ramsey, F & <br />C Member, and F & C Ramsey Apartments, LLC, an Indiana limited liability company, ("F & C <br />Subordination Agreement Page 16 <br />6911974v4 <br />