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11 <br />12. Notices. <br />Each notice, request, demand, consent, approval or other communication (hereinafter in <br />this Section referred to collectively as "notices" and referred to singly as a "notice") which <br />Senior Lender or Subordinate Lender is required or permitted to give to the other party pursuant <br />to this Agreement shall be in writing and shall be deemed to have been duly and sufficiently <br />given if: (a) personally delivered with proof of delivery thereof (any notice so delivered shall be <br />deemed to have been received at the time so delivered); or (b) sent by Federal Express (or other <br />similar national overnight courier) designating next Business Day delivery (any notice so <br />delivered shall be deemed to have been received on the next Business Day following receipt by <br />the courier); or (c) sent by United States registered or certified mail, return receipt requested, <br />postage prepaid, at a post office regularly maintained by the United States Postal Service (any <br />notice so sent shall be deemed to have been received two Business Days after mailing in the <br />United States), addressed to the respective parties as follows: <br />With a copy to: <br />SENIOR LENDER: <br />Dougherty Mortgage LLC <br />90 South Seventh Street, Suite 4300 <br />Minneapolis, MN 55402 <br />Attention: Asset Management / Servicing <br />U.S. Department of Housing and Urban Development <br />Director - Office of Multifamily Asset Management <br />Room 6160 <br />451 Seventh Street, S.W. <br />Washington, DC 20410 <br />SUBORDINATE LENDER: <br />City of Ramsey <br />7550 Sunwood Drive NW <br />Ramsey, MN 55303 <br />Attention: Community Development Director <br />Either party may, by notice given pursuant to this Section, change the person or persons and/or <br />address or addresses, or designate an additional person or persons or an additional address or <br />addresses for its notices, but notice of a change of address shall only be effective upon receipt. <br />13. General. <br />(a) Assignment/Successors. This Agreement shall be binding upon <br />Borrower, Senior Lender and Subordinate Lender and shall inure to the benefit of the <br />respective legal successors and assigns of Senior Lender and Subordinate Lender. <br />(b) No Partnership or Joint Venture. Senior Lender's permission for the <br />placement of the Subordinate Loan Documents does not constitute Senior Lender as a <br />US.113590860.01 <br />