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maximum principal amount of$238,000. The Snohomish County Loan is evidenced by one or more <br /> promissory notes dated on or about November 28,2001, in the aggregate amount of$238,000,the <br /> repayment of which is secured by a Deed of Trust on the Property recorded under Snohomish County <br /> recording number 200112070152, as amended by that certain instrument recorded under Snohomish <br /> County recording numbers 200605040194 and 200609220272(as amended,the"Snohomish County <br /> Deed of Trust"). In addition, Owner has entered into a Use Restriction Covenant Agreement recorded <br /> under Snohomish County recording number 200112070151,as amended by that certain instrument <br /> recorded under Snohomish County recording numbers 200605040195 and 200609220270(as <br /> amended,the"Snohomish County Covenant"),for the benefit of Snohomish County,which <br /> Snohomish County Covenant restricts the use of the Property to low-income housing. All documents <br /> identified in this Recital D,and any documents executed by Owner in connection therewith,including <br /> the Snohomish County Home Loan Agreement recorded under Snohomish County recording number <br /> 200112070154,as amended by that certain instrument recorded under Snohomish County recording <br /> numbers 200605040196 and 200609220273,and the Loan Rider recorded under Snohomish County <br /> recording number 20012070153, are referred to collectively in this Agreement as the"Snohomish <br /> County Loan Oocumentsk1]." <br /> E. The State's Interest. The State is the holder of a loan(together with any extension, <br /> renewal or refinancing thereof,the"State Loan")to Owner in the principal amount of$225,000. <br /> Owner has executed and delivered to the State a promissory note dated on or about October 11,2001, <br /> in the principal amount of$225,000,the repayment of which is secured by a deed of trust on the <br /> Property recorded under Snohomish County recording number 200703070330(the"State Deed of <br /> Trust"). In addition,Owner has entered into a Low Income Housing Covenant Agreement recorded <br /> under Snohomish County recording number 200110120962(which instrument was amended and <br /> restated in its entirety by that certain Amended and Restated Low Income Housing Covenant <br /> Agreement recorded under Snohomish County recording number 200703070331)and a Low Income <br /> Housing Covenant Agreement recorded under Snohomish County recording number 200406160782 <br /> (individually and collectively,the"State Covenant"),with respect to the Property. All documents <br /> identified in this Recital E, and any documents executed by Owner in connection therewith,are <br /> referred to collectively in this Agreement as the"State Loan Documents." The Washington State <br /> Legislature changed the name of the Department of Community,Trade and Economic Development to <br /> the Department of Commerce effective July 26,2009,in Engrossed House Bill 2242, and,therefore, <br /> all references in the State Loan Documents to the Department of Community,Trade and Economic <br /> Development or State shall now be deemed references to the Department of Commerce. <br /> F. Purpose. The parties wish to enter into this Agreement in order to establish their <br /> respective rights and priorities regarding the Mortgaged Property, all as more fully set forth herein. <br /> AGREEMENT <br /> NOW,THEREFORE,in consideration of the mutual agreements and undertakings herein <br /> contained,the parties agree as follows: <br /> 1. Priorities and Subordination. Regardless of the time each Lender's various interests <br /> in the Mortgaged Property,or any part thereof,was or shall be created or recorded, such interests have <br /> and shall have the following priorities: <br /> 075440-0196/4825-7411-2185.1 Page 4 <br /> 56 <br />