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(a) Entire Agreement. This Agreement constitutes the entire agreement among <br />the Parties with respect to the priority of the lien and charge of the Recorded Items against the <br />Property and all prior understandings and agreements on that subject, if any, are superseded and <br />replaced by this Agreement. <br />(b) Applicable Law. This Agreement shall be governed by and construed in <br />accordance with the laws of the state where the Land is located. <br />(c) Successors: Assignment. This Agreement is for the benefit of the Lenders <br />and their respective successors and assigns, and any provision hereof may be waived or modified by <br />agreement of Lenders without the consent of Borrower, and without affecting the priority of the liens <br />and charges of the Recorded Items as provided in this Agreement. The heirs, administrators, assigns <br />and successors -in -interest of the Parties shall be bound by this Agreement. This Agreement may be <br />assigned by a Party only as a part of an assignment of such Party's interest in the Property. <br />(d) Notices. All notices to be given pursuant to this Agreement shall be in <br />writing and shall be deemed given when hand -delivered, or two business days after deposit in the <br />U.S. mail, postage prepaid, to the Parties at the addresses set forth below, or to such other place as a <br />Party may from time to time designate for itself by notice to the other Parties. No successor or <br />assign of a Party shall be entitled to notices or opportunity to cure defaults hereunder unless notice of <br />the transfer is given in accordance with this subsection. <br />(e) Amendment. This Agreement may be amended only by a writing signed by <br />the Parties, but this clause shall not impair the validity of any further agreements among fewer than <br />all of the Parties as among themselves. <br />(f) Counterparts. This Agreement may be executed in any number of <br />counterparts, all of which taken together shall constitute one and the same instrument and whether or <br />not all Parties execute each counterpart. <br />(g) Completion of Recording Information. If this Agreement is signed without <br />completion of certain recording information called for above, any Party or any escrow agent or title <br />insurance company acting on the instructions of any Party is hereby authorized to insert such <br />information prior to recording this Agreement. <br />(Remainder of page intentionally left blank) <br />M <br />Subordination Agreement (City Loan) North Harbor Village <br />4865-1649-6244, v. 5 <br />