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are not true and correct on the date of this Agreement, the provisions of the Senior Loan Documents applicable to unpeiniitted liens on the Mortgaged Property shall apply. 4. Borrower's and Subordinate Lender's Representations and Warranties. Borrower and Subordinate Lender each makes the following representations and warranties to Senior Lender: (a) Subordinate Loan Documents. The Subordinate Loan is evidenced by the Subordinate Note and is secured by the Subordinate Mortgage, the Subordinate Loan Agreement and the Subordinate Loan Documents. (b) Subordinate Note. The Subordinate Note contains the following provision: The indebtedness evidenced by this Note is and shall be subordinate in right of payment to the prior payment in full of the indebtedness evidenced by a Multifamily Note (and any schedules) dated as of even date herewith in the original principal amount of $3,502,000, executed by CHERRY PARK, LLC, a Nebraska limited liability company and payable to the order of BERKELEY POINT CAPITAL LLC, a Delaware limited liability company ( "Senior Lender "), to the extent and in the manner provided in that certain Subordination Agreement dated as of even date herewith between the payee of this Note, and Senior Lender and Cherry Park, LLC (the "Subordination Agreement "). The Mortgage, Deed of Trust or Deed to Secure Debt (and any exhibits) securing this Note is and shall be subject and subordinate in all respects to the liens, terms, covenants and conditions of the Multifamily Mortgage, Deed of Trust or Deed to Secure Debt (and any exhibits) securing the Multifamily Note and the terms, covenants and conditions of the Multifamily Loan and Security Agreement evidencing the terms of the Multifamily Note, as more fully set forth in the Subordination Agreement. The rights and remedies of the payee and each subsequent holder of this Note under the Mortgage, Deed of Trust or Deed to Secure Debt (and any exhibits) securing this Note are subject to the restrictions and limitations set forth in the Subordination Agreement. Each subsequent holder of this Note shall be deemed, by virtue of such holder's acquisition of the Note, to have agreed to perform and observe all of the terms, covenants and conditions to be performed or observed by Subordinate Lender under the Subordination Agreement. (c) Terms of the Subordinate Loan. (i) The outstanding principal amount of the First Subordinate Note is $930,000.00. Interest on the First Subordinate Note accrues at the rate of five percent (5.0 %) per annum for five years then shall increase to a rate one and one -half percent over the 30 year mortgage rate as published by the Wall Street Journal, which rate may not otherwise be increased Subordination Agreement (Conventional) Fannie Mae Form 6414 08 -14 20 1603850 Page 5 © 2014 Fannie Mae