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6 <br /> 2. For purposes of this Priority and Subordination Agreement, the lien or interest with <br /> "lesser priority" is the one with the higher numerical designation, so that, for example, "fifth <br /> priority" is a "lesser priority"than "fourth priority." <br /> The parties agree that the Lenders do not have any obligation to each other to advance <br /> funds or to see to the application of their respective loan proceeds and that any application <br /> of such proceeds contrary to the terms of any loan documents shall not defeat the <br /> subordinations granted herein in whole or in part. <br /> The priorities and subordinations provided herein are intended to cover all interests and <br /> benefits in the Property, excepting any right of reverter held by the United States of <br /> America and including but not limited to, all rents, leases, profits, insurance proceeds, <br /> condemnations and other profits and benefits related thereto. The Owner and the <br /> Lenders agree that all monetary rights therein, including the right to collect and apply <br /> such amounts, shall be collected and applied in accordance with the terms of the <br /> respective agreements. <br /> 3. Miscellaneous. <br /> A. Entire Agreement. This Agreement comprises the entire agreement among the <br /> parties with respect to the priority of each party's liens upon and interests in the <br /> Property, and all prior understandings of agreements on that subject are <br /> superseded hereby. <br /> B. Applicable Law. This Agreement shall be governed by and construed in <br /> accordance with the laws of the State of Washington, without regard to any <br /> principles of conflicts of laws. <br /> C. Successors; Assignment. This Agreement is for the benefit of the Lenders and <br /> their respective successors and assigns, in each case for so long as such party's <br /> Deed of Trust or covenant, or both, remains in effect with respect to the Property <br /> or any part thereof, and any provision hereof may be waived or modified by <br /> agreement of the Lenders (or by any two or more of them, if the others are <br /> unaffected thereby) without the consent of the Owner. The assigns and <br /> successors-in-interest of any of the parties hereto shall be bound by this <br /> Agreement. This Agreement may be assigned by a party only as a part of an <br /> assignment of a party's interest in the Property or its loan documents. <br /> D. Notices. All notices to be given pursuant to this Agreement shall be in writing and <br /> shall be deemed given when hand-delivered within normal business hours, when <br /> actually received by facsimile transmission during normal business hours, or two (2) <br /> business days after deposit in the U.S. mail, postage prepaid, to the parties hereto <br /> at the addresses set forth on their respective signature pages, or to such other <br /> place as a party may from time to time designate in writing. No transferee or <br /> successor of a party hereto shall be entitled to notices or opportunity to cure <br /> defaults hereunder unless notice of the transfer is given in accordance with this <br /> subsection. <br /> Page 6 of 12 <br /> 78 <br />