Are you talking about the 1ed or 2ed of the book?
The 1ed is very explicit about the prioritization of the control signals. Look at the spec given in Figure 3.5. I would be a bit surprised if the 2ed didn't have the same spec.
The reset signal takes priority over everything. Only if it is NOT asserted does anything else come into play (everything else is in the 'else' clause of the spec). The remaining signals are described similarly. Hence the priority is: reset, load, inc
reset load inc function
0 0 0 hold
0 0 1 increment
0 1 0 load
0 1 1 load
1 0 0 reset
1 0 1 reset
1 1 0 reset
1 1 1 reset
Personally, I think the spec is unnecessarily complicated. There's no situation where you want it to just hold the current value (unless it's due to reset or load being asserted) and the CPU design provides no means to place it in a hold condition anyway. Thus the 'inc' pin could be eliminated altogether and the logic trimmed considerably.