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8 <br /> documents executed by the Authority in connection therewith, are collectively referred to as <br /> the "City Loan Documents." <br /> E. Commerce's Interest. Commerce (formerly known as the Department of <br /> Community, Trade and Economic Development) and SSSC are parties to that certain Housing <br /> Trust Fund Contract 08-914100-038, dated September 2, 2009 (the"HTF Agreement")whereby <br /> Commerce lent to SSSC up to $525,000 (the "HTF Loan"). The HTF Loan is evidenced by a <br /> Promissory Note dated September 2, 2009 (the"HTF Note"),made by SSSC for the benefit of <br /> Commerce. All of SSSC's rights and obligations under the HTF Contract and the HTF Note <br /> were assigned to and assumed by the Prior Owner pursuant to that certain <br /> Repayment of the HTF Note is secured by a Deed of Trust dated September 2, 2009,in favor of <br /> Chicago Title Company, as trustee, and Commerce as beneficiary, recorded under Snohomish <br /> County recording no. 200909020297 (the "HTF Deed of Trust"), encumbering the Property. In <br /> addition, the Prior Owner and Commerce executed a Low Income Housing Covenant <br /> Agreement dated September 2, 2009, and recorded under Snohomish County recording <br /> number 200909020296 (the "HTF Covenant"). All of the Prior Owner's obligations under the <br /> HTF Loan Agreement,the HTF Note,the HTF Deed of Trust and the HTF Covenant have been <br /> assigned to and assumed by the Authority pursuant to that certain [Assignment, Assumption, <br /> Release and Consent Agreement dated as of _, 2015, and recorded under <br /> Snohomish County recording number .] All documents identified in this <br /> paragraph, and any documents executed by the Authority in connection_ therewith, are <br /> collectively referred to as the"HTF Documents." <br /> F. Purpose. The Parties desire to provide herein for--the relative priority of the .. <br /> various covenants, deeds of trust, and other instruments to be recorded in connection with the, <br /> • Project, and to undertake certain covenants with respect to the subordination Of the priority of I. <br /> their interests under recorded instruments in their favor to certain other instrument which <br /> may be put of record hereafter, as more particularly provided herein. <br /> • AGREEMENT <br /> NOW, THEREFORE, in consideration of the mutual agreements and undertakings <br /> . herein contained,the Parties agree as follows: <br /> 1. Priorities. Regardless of the time each Party's interest in or lien on the Property was <br /> or shall be created or recorded, such interests and liens have and shall have the following <br /> priorities: <br /> (a) First Priority. The County Covenant shall have first priority. The liens, <br /> rights and interests of the Lenders created under documents with a lesser priority as <br /> established in this Agreement are hereby made subordinate and subject to the rights and <br /> interests of the County under the County Covenant. Subject to the terms of the County <br /> Covenant, the County Covenant shall survive foreclosure of any lien with a lesser priority as <br /> established in this Agreement and shall be binding upon any person that acquires the Property <br /> Silver Lake Cottages <br /> Priority and Subordination Agreement Page 3 <br /> 85 <br />