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Minneapolis, MN 55402 <br />Attention: Jeffrey Koerselman <br />and <br />Wincopin Circle LLLP <br />70 Corporate Center <br />11000 Broken Land Parkway, Suite 700 <br />Columbia, MD 21044 <br />Attn: General Counsel <br />26. Counterparts. This Agreement may be executed in several counterparts, each of which shall be <br />deemed to be an original copy, and all of which together shall constitute one agreement binding on all <br />parties hereto. <br />27. Subordination. Notwithstanding anything in this Development Agreement to the contrary, this <br />Development Agreement shall be subordinate to any loan documents recorded against the Subject <br />Property in favor of the Minnesota Housing Finance Agency; provided, however, that such <br />subordination shall not be applicable to the City's right to enforce (i) the Permittee's obligation to <br />construct and install the Required Improvements in accordance with the Approved Plans, or (ii) the <br />Permittee's obligations to satisfy all of the fees it is required to pay under this Development <br />Agreement. <br />[The remainder of this page has been left blank intentionally.] <br />Sunwood Village <br />Development Agreement <br />Page 6of10 <br />