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<br />Subordination Agreement (Affordable) Page 5 <br />(First Street Apartments) <br />(b) [Reserved]. <br />(c) Relationship of Borrower to Subordinate Lender and Senior Lender. <br />Subordinate Lender is not an Affiliate of Borrower and is not in possession of any facts <br />which would lead it to believe that Senior Lender is an Affiliate of Borrower. <br />(d) Term. <br />The term of the Subordinate Note does not end before the stated term of the Senior Note. <br />(e) Subordinate Loan Documents. <br />The executed Subordinate Loan Documents are substantially in the same forms as those <br />submitted to, and approved by, Senior Lender prior to the date of this Agreement. <br />5. Deliveries. <br />Borrower shall submit the following items to Senior Lender the later of (a) ten (10) <br />Business Days after the date on which the proceeds of the Subordinate Loan are disbursed to <br />Borrower, and (b) the effective date of the Senior Loan Documents: <br />(1) Title Policy Endorsement. <br />An endorsement to the policy of title insurance insuring the lien of the Senior <br />Security Instrument which insures that (A) there are no liens or other encumbrances <br />affecting the Mortgaged Property, other than “Permitted Encumbrances” (as defined in <br />the Senior Security Instrument), the Subordinate Mortgage, and other Subordinate Loan <br />Documents filed or recorded against the Mortgaged Property, (B) the lien of the <br />Subordinate Mortgage is subordinate to the lien of the Senior Security Instrument, and <br />(C) this Agreement has been recorded among the applicable land records. <br />(2) Certification. <br />A certification from Borrower and Subordinate Lender to Senior Lender that the <br />Subordinate Loan Documents do not contain any changes from the Subordinate Loan <br />Documents submitted to, and approved by, Senior Lender prior to the date of this <br />Agreement. <br />(3) Subordinate Loan Documents. <br />A complete set of the fully executed Subordinate Loan Documents, certified by <br />Borrower to be true, correct and complete. <br />(4) Senior Loan Documents. <br />An executed copy of each of the Senior Loan Documents, certified by Borrower to <br />be true, correct and complete. <br />EXHIBIT 4 <br />3-143