Resolution - #15-03-086 - 01/01/2015

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8. Binding Provisions. The covenants and agreements contained in this Agreement shall be binding upon the heirs, personal representatives, successors and assigns of the respective parties to this Agreement. 9. Applicable Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Minnesota. 10. Modifications. This Agreement may not be modified orally or in any manner other than by an agreement in writing signed by the parties hereto or their respective successors in interest. 11. Notices. All notices required or permitted hereunder shall be deemed to have been received either (i) when delivered by hand and the party giving such notice has received a signed receipt thereof, or (ii) three (3) days following the date deposited in the United States mail, postage prepaid, by registered or certified mail, return receipt requested, addressed as follows (or addressed in such other manner as the party being notified shall have requested by written notice to the other party): If to Governmental Entity: City of Ramsey, Minnesota Ramsey Municipal Center 7550 Sunwood Drive Ramsey, MN 55303 Attention: City Administrator If to Lender: PNC Bank, National Association 26901 Agoura Road, Suite 200 Calabasas Hills, California 91301 Attention: Loan Servicing Manager If to Borrower: Residence at the COR Apartments LLC 9757 Juanita Drive, Suite 300 Kirkland, Washington 98034 Attention: Ben Katon 12. Further Instruments. Each of the parties hereto will, whenever and as often as they shall be requested to do so by the other, execute, acknowledge and deliver, or cause to be executed, acknowledged or delivered, any and all such further instruments and documents as may be reasonably necessary to carry out the intent and purpose of this Agreement, and to do any and all further acts reasonably necessary to carry out the intent and purpose of this Agreement. Subordination Agreement Page 19 6911974v4