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N <br />0 <br />N <br />r— <br />CD <br />FREE RECORDING IN ACCORDANCE <br />WITH CALIFORNIA GOVERNMENT <br />CODE SECTION 27383 and 27388.1. <br />5 City of Santa Ana (714) 647-6987 <br />RECORDING REQUESTED BY, AND <br />WHEN RECORDED, MAIL TO: <br />State of California Apr <br />Department of Housing and _G, <br />Community Development <br />P. O. Box 952052 <br />Sacramento, CA 94252-2052 <br />Attn: Legal Affairs Division lu'I J� cc d <br />Affordable Housing and Sustaina <br />Communities (AHSC) Program www.santa-ana.org <br />16-AHSC-11199 <br />Return ORIGINAL A-2021-102-01 <br />executed copy toCOTC, SUBORDINATION AGREEMENT <br />M-30 <br />3;NOTICE: THIS SUBORDINATION AGREEMENT RESULTS IN YOUR SECURITY <br />GfINTEREST IN THE PROPERTY BECOMING SUBJECT TO AND OF LOWER PRIORITY <br />THAN THE LIEN OF SOME OTHER OR LATER SECURITY INSTRUMENT. <br />THIS SUBORDINATION AGREEMENT (the "Agreement') is dated as of August 1, 2021, for <br />o reference purposes only, and is entered into by and among City of Santa Ana, a charter city <br />and municipal corporation (the "Junior Lienholder"), Santa Ana Arts Collective, L.P., a California <br />limited partnership (the 'Borrower"), and the Department of Housing and Community <br />Development, a public agency of the State of California (the "Senior Lender"). <br />RECITALS <br />A. Borrower is the owner of the fee simple interest in that real property described in <br />Exhibit A attached hereto and made a part hereof (the "Property"). The Borrower has developed <br />a 58-unit multifamily residential rental development on the Property (the "Improvements"). The <br />Property and the Improvements are sometimes referred to collectively as the "Development." <br />B. The Junior Lienholder has made a loan to the Borrower in the principal sum of <br />Four Million Seven Hundred Seventy -Five Thousand and no/100 Dollars ($4,775,000.00) from <br />Inclusionary funds (the "Junior Lienholder Loan #1 "). The Junior Lienholder Loan is evidenced <br />by a certain promissory note dated as of July 5, 2017 (the "Junior Lienholder Note #1"), secured <br />by a certain deed of trust (the "Junior Lienholder Deed of Trust #1 ") recorded on July 26, 2017, <br />as Instrument No. 2017000308363 in the Official Records of Orange County, California (the <br />AHSC Subord. Agrmt. <br />(NOFA- 01 /29/16) <br />Rev: 11/08/2018 <br />Prep: 08/03/2021 (City of Santa Ana Loans) <br />Dev: Santa Ana Arts Collective <br />Loan No.: 16-AHSC-11199 <br />Page 1 of 9 <br />