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RECORDING REQUESTED BY: <br />1'AT WI1101011171711130K110CIS <br />KMO Partners, LLP <br />3777 Long Beach Blvd. <br />Suite 280 <br />Long Beach, CA 90807 <br />Attention: John Opgenorth <br />THIS SPACE FOR RECORDER'S USE ONLY <br />APR 16 2024 SUBORDINATION AGREEMENT A-2021-054-03 <br />p.coAc) <br />(c.dhnw)^^� NOTICE: THIS SUBORDINATION AGREEMENT RESULTS IN YOUR SECURITY <br />INTEREST IN THE PROPERTY BECOMING SUBJECT TO AND OF LOWER PRIORITY <br />THAN THE LIEN OF SOME OTHER OR LATER INSTRUMENT. <br />THIS SUBORDINATION AGREEMENT ("Agreement') is entered into as of April 1, 2024, <br />by and among NORTH HARBOR HOUSING PARTNERS LP, a California limited partnership <br />("Borrower"), THE CITY OF SANTA ANA ("Junior Lender % and JPMORGAN CHASE BANK, <br />N.A., a national banking association (`Bank"), in its capacity as agent for the Issuer in connection <br />with the issuance of the Bonds (each as defined below). The parties to this Agreement are referred <br />to as the "Parties." Bank and Junior Lender are referred to as the "Lenders." <br />RECITALS <br />A. Pursuant to the terms of that certain Master Pledge and Assignment by and between <br />California Municipal Finance Authority (the "Issuer") and Bank dated March 1, 2021 ("Master <br />Pledge and Assignment'), Bank agreed to purchase those certain Multifamily Housing Revenue <br />Bonds (North Harbor Village) 2021 Series A in the principal amount of $19,000,000 (the "Tax - <br />Exempt Bonds") and those certain Multifamily Housing Revenue Taxable Bonds (North Harbor <br />Village) 2021 Series A-T in the principal amount of $13,700,000 (the "Taxable Bonds", and together <br />with the Tax -Exempt Bonds, the "Bonds"), the proceeds of which were to be used to fund a loan to <br />Borrower in the original principal amount of up to $32,700,000 for the acquisition, construction, <br />development and operation of a multifamily project located in the City of Santa Ana, County of <br />Orange, California (the `Bank Loan"), as increased pursuant to the Modification Agreement <br />(Supplemental Issuance) defined below. In connection therewith, Borrower executed a Deed of <br />Trust, Security Agreement, Assignment of Leases and Rents and Fixture Filing recorded in the <br />Official Records of Orange County, California ("Official Records") on April 1, 2021 as Instrument <br />No. 2021000224389, as amended by the Modification Agreement (Supplemental Issuance) defined <br />—1— <br />Subordination Agreement (City Loan) North Harbor Village <br />4865-1649-6244, v.5 <br />