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<br />Subordination Agreement (City of Santa Ana) Form 6456 Page 5
<br />Fannie Mae 08-13 © 2013 Fannie Mae
<br /> [Westview House]
<br />4883-3835-3436v.3 0113877-000026
<br />“Subordinate Loan Default” means a default by Borrower in performing or observing any of the
<br />terms, covenants or conditions in the Subordinate Loan Documents to be p erformed or observed
<br />by it, which continues beyond any applicable period provided in the Subordinate Loan Documents
<br />for curing the default.
<br />“Subordinate Loan Documents” means the Subordinate Loan Agreements, Subordinate Notes,
<br />the Subordinate Mortgages, any UCC-1 financing statement filed showing Borrower, as debtor,
<br />and Subordinate Lender, as secured party, filed in connection with the Subordinate Loans, and all
<br />other documents evidencing, securing or otherwise executed and delivered in connection with the
<br />Subordinate Loans.
<br />“Subordinate Loans” has the meaning set forth in Recital D, above.
<br />“Subordinate Mortgages” means, collectively, (a) that certain City HOME Deed of Trust and
<br />Assignment of Rents dated as of May 26, 2022, (b) that certain City Inclusionary Housing Program
<br />Deed of Trust and Assignment of Rents dated as of May 26, 2022, and (c) that certain City Rental
<br />Rehabilitation Program Deed of Trust and Assignment of Rents dated as of May 26, 2022, each,
<br />executed by Borrower in favor of Subordinate Lender, and recorded in the Official Records
<br />substantially concurrently herewith, encumbering the Mortgaged Property as security for the
<br />applicable Subordinate Loan.
<br />“Subordinate Notes” means, collectively, (a) that certain City HOME Loan Note Secured By
<br />Subordinated Deed of Trust to the City of Santa Ana, California dated as of May 26, 2022,
<br />executed by Borrower to the order of Subordinate Lender, in the face principal amount of
<br />$2,003,705, evidencing the HOME Loan, (b) that certain City Inclusionary Housing Fund Loan
<br />Note Secured By Subordinated Deed of Trust to the City of Santa Ana, California dated as of May
<br />26, 2022, executed by Borrower to the order of Subordinate Lender, in the face principal amount
<br />of $1,514,113, evidencing the Inclusionary Loan, and (c) that certain City Rental Rehabilitation
<br />Program Loan Note Secured By Subordinated Deed of Trust to the City of Santa Ana, California
<br />dated as of May 26, 2022, executed by Borrower to the order of Subordinate Lender, in the face
<br />principal amount of $386,523, evidencing the Rehabilitation Loan.
<br />“Unsubordinated City Regulatory Agreements” means, collectively, (a) that certain
<br />Affordability Restrictions on Transfer of Property dated May 26, 2022 (the “HOME Regulatory
<br />Agreement”), (b) that certain Inclusionary Housing Program Affordability Restrictions on
<br />Transfer of Property dated May 26, 2022 (the “Inclusionary Regulatory Agreement”), and (c)
<br />that certain Rental Rehabilitation Program Affordability Restrictions on Transfer of Property dated
<br />May 26, 2022 (the “Rehabilitation Regulatory Agreement”), each, executed by and between
<br />Borrower and Subordinate Lender, and recorded in the Official Records substantially concurrently
<br />herewith.
<br />3. Permission to Place Mortgage Lien Against Mortgaged Property.
<br />Senior Lender agrees, notwithstanding the prohibition against inferior liens on the
<br />Mortgaged Property contained in the Senior Loan Documents and subject to the provisions of this
<br />Agreement, to permit Subordinate Lender to record the Subordinate Mortgages, the
<br />EXHIBIT 6
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