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• • • North American Title Company Page 4 After the close of escrow, the City A&R Deed of Trust will be the fourth deed of trust on the Property. F. The County is making a loan of NSP program funds to Eden Surf LP in the original amount of$250,000 (the "County Loan") which will be secured by a deed of trust (the "County Deed of Trust") and a regulatory agreement (the "County Regulatory Agreement"). Through this escrow: (I) the County Deed of Trust and the County Regulatory Agreement will be subordinated to the CaIHFA Deed of Trust, the CaIHFA Regulatory Agreement and the CaIHFA RHCP Deed of Trust pursuant to a subordination agreement (the "CaIHFA/County Subordination"); and (ii) the County Deed of Trust and the County Regulatory Agreement will be subordinated to the City A&R Deed of Trust, the City A&R Regulatory Agreement and the Agency Deed of Trust pursuant to a subordination agreement (the "City/Agency/County Subordination"). After the close of escrow, the County Deed of Trust will be the fifth,deed of trust on the Property. G. Citizens Surf LP and the California Tax Credit Allocation Committee ("TCAC") have entered into a regulatory agreement recorded December 13, 2004, as Instrument No. 2004-550451 (the "TCAC Regulatory Agreement"). Through this escrow: (i) Citizens Surf LP will assign its rights,title and interest in and obligations under the TCAC Regulatory Agreement to Eden Surf LP pursuant to an assignment and assumption agreement (the "TCAC Assignment"); and (ii) the TCAC Regulatory Agreement will be subordinated to the CaIHFA Deed of Trust, the CaIHFA Regulatory Agreement and the CaIHFA RHCP Deed of Trust pursuant to a subordination agreement (the "CaIHFA/TCAC Subordination"). II. Deposit of Funds and Documents Into Escrow: A. Investor Funds: Alliant Tax Credit Fund XXV, Ltd., its successor and/or assign will deposit funds in the amount of $100,000(the "Investor Contribution").