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RECORDING REQUESTED BY <br />AND WHEN RECORDED MAIL TO: <br />Colin M. Gaynor, Esquire <br />Ballard Spahr LLP <br />111 S. Calvert Street, 27th Floor <br />Baltimore, MD 21202 <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 29th <br />day of April, 2025 by and among THE CITY OF RAMSEY, MINNESOTA, a home rule charter <br />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 LUMENT REAL ESTATE CAPITAL, LLC, a <br />Delaware limited liability company, its successors and assigns ("Lender"). <br />RECITALS: <br />A. Borrower is the owner of certain improved real property located in the County of <br />Anoka, State of Minnesota, as more particularly described on Exhibit A attached hereto <br />("Property"). <br />B. Borrower, as successor -in -interest to 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"), is a party to the Development Agreement between The <br />Housing and Redevelopment Authority in and for the City of Ramsey, Minnesota (the "HRA"), <br />the Governmental Entity, F & C Ramsey and F & C Ramsey Member, dated March 9, 2012 and <br />recorded in the office of the Anoka County Registrar of Titles ("Official Records") on May 3, <br />2012 as Document No. 508341.004 in the Anoka County Official Records ("Original <br />Agreement"), as affected by that certain Certificate of Completion and Release of Forfeiture <br />executed by the HRA and the Governmental Entity on October 31,2014 and recorded in the <br />Official Records on April 14, 2015 as Document No. 529754.003 (the "Certificate of <br />Completion"). <br />NG-58S8J20W #4922-7387-4484 v3 <br />