SUBORDINATION AGREEMENT

KNOW ALL MEN BY THESE PRESENTS THAT:

WHEREAS, by Mortgage Deed dated December 24, 1991 and recorded in Volume 4440 at Page 29 of the New Haven Land Records, Carl D. Bell of New Haven, Connecticut executed a Mortgage Deed for real property known as 42-44 Cedar Street, New Haven, Connecticut, in favor of the City of New Haven, acting by and through its Development Administrator, as more fully appears in said Mortgage Deed; and

WHEREAS, the City of New Haven is still the Holder of said Mortgage Deed; and

WHEREAS, Carl D. Bell desires to obtain a loan in the amount of Ninety Four Thousand Dollars and Zero Cents ($94,000.00) from Capital Mortgage Corp, and have said loan secured by mortgage on said real property known as 42—44 Cedar Street, New Haven, Connecticut; and

WHEREAS, Capital Mortgage Corp. is willing to loan Ninety Four Thousand Dollars and Zero Cents ($94,000.00) to Carl D. Bell, and only said loan may be secured by a first mortgage on said real property;

WHEREAS, the City of New Haven is willing to subordinate and waive priority of the lien of its

Mortgage Deed to that of Capital Mortgage Corp. in the amount of Ninety Four Thousand Dollars and Zero Cents ($94,000.00).

NOW, THEREFORE, the City of New Haven, for the consideration of One Dollar and Zero Cents ($ I .00) and other valuable considerations, hereby subordinates the priority of the lien of the Mortgage Deed held by it on real property known as 42-44 Cedar Street, New Haven, Connecticut, dated December 24, 1991, and recorded in Volume 4440 at Page 29 of the New Haven Land Records. Said waive of priority will be only to the lien of a certain mortgage in the amount of Ninety Four Thousand Dollars and Zero Cents ($94,000.00) in favor of Capital Mortgage Corp. The City of New Haven further agrees that said mortgage in the amount of Ninety Four Thousand Dollars and Zero Cents ($94,000.00) in favor of Capital Mortgage Corp. shall take precedence over said Mortgage Deed in favor of the City of New Haven and shall be entitled to the same rights and privileges, both in law and in equity, as it would have had if it had been executed, delivered, and recorded prior to said Mortgage Deed in favor of the City of New Haven.

IN WITNESS WHEREOF, the City of New Haven has caused this Subordination Agreement to be

executed by John DeStefano, Jr. ,Mayor of the City of New Haven, duly authorized, this day of October, 1995.

Signed, Sealed, and THE TY OF W HAVEN Delivered in the presence of: A fiwyfl BY; 4 t V hn DeStefan Jr Gama). WW ' /

STATE OF CONNECTICUT) ) 55.: New Haven, CT b / , 1995 COUNTY OF NEW HAVEN )

Personally appeared, John DeStefano, Jr., as Mayor of the City of New Haven, Signer and Sealer of the

foregoing instrument, and acknowledged the same to be his fi'ee act and deed and that of the City of New Haven before me.

Nota Public ”yr . . . - ~ 0 ' ' . Commrssroner of the Superior Court6 mm'ssm" Expires Mam,- 31» 199 '- 6