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Attention: Servicing Department <br />If to Borrower: <br />Elk River Prop I LLC <br />13000 Hilltop Rd <br />Burnsville, Minnesota 55337 <br />Attention: Patrick Bagan <br />14. Further Instruments. Each of the parties hereto will, whenever and as often as they <br />shall be requested to do so by the other, execute, acknowledge and deliver, or cause to be executed, <br />acknowledged or delivered, any and all such further instruments and documents as may be <br />reasonably necessary to carry out the intent and purpose of this Agreement, and to do any and all <br />further acts reasonably necessary to carry out the intent and purpose of this Agreement. <br />15. Valid Authorization. Each person executing this Agreement on behalf of a party <br />hereto represents and warrants that such person is duly and validly authorized to do so on behalf <br />of such parry with full right and authority to execute this Agreement and to bind such party with <br />respect to all of its obligations hereunder. <br />16. Counterparts. This Agreement may be executed in counterparts each of which shall <br />be deemed an original and all of which when taken together constitute one and the same <br />instrument, binding on all of the parties. The signature of any party to any counterpart shall be <br />deemed a signature to, and may be appended to, any other counterpart. <br />NOTICE: THIS SUBORDINATION AGREEMENT RESULTS IN THE REGULATORY <br />AGREEMENT BECOMING SUBJECT TO AND OF LOWER PRIORITY THAN THE LIEN <br />OF THE MORTGAGE. <br />Subordination Agreement (Governmental Entity) <br />Dove Tree Apartments Page 4 <br />Page 55 of 273 <br />