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DRAFT— DO NOT EXECUTE <br />FREE RECORDING REQUESTED <br />PURSUANT TO GOVERNMENT CODE <br />SECTION 27383 <br />Recording requested by and <br />when recorded return to: <br />CALIFORNIA HOUSING FINANCE AGENCY <br />Office of General Counsel <br />P.O. Box 4034 <br />Sacramento, CA 95812-4034 <br />(space above this line for Recorder's use) <br />SUBORDINATION AGREEMENT <br />SNHP <br />EXHIBIT 2 <br />NOTICE: THIS SUBORDINATION AGREEMENT RESULTS IN YOUR <br />SECURITY INTEREST IN THE PROPERTY BECOMING SUBJECT <br />TO AND OF LOWER PRIORITY THAN THE LIENS) OF SOME <br />OTHER OR LATER SECURITY INSTRUMENT. <br />THIS AGREEMENT dated as of December 1, 2018 for informational purposes, is entered <br />into by and between City of Santa Ana, a charter city and municipal corporation (the "Locality"), <br />Santa Ana Village LP, a California limited partnership ("Borrower"), and the California Housing <br />Finance Agency ("Agency") a public instrumentality and political subdivision of the State of <br />California in connection with a loan by the Agency to Borrower to finance a multifamily residential <br />rental housing project on real property located in the City of Santa Ana, County of Orange, California <br />and more particularly described on Exhibit A attached hereto and incorporated herein by this <br />reference ("Project"). Unless otherwise noted, references to instruments recorded in "Official <br />Records" refer to instruments recorded in the Office of the County Recorder of the County of Orange. <br />RECITALS <br />A. WHEREAS, Borrower and the Locality have or will encumber the Project with the <br />following documents related to the financing and/or development of the Project: <br />1. That certain Affordability Restrictions on Transfer of Property dated as of <br />(the "Locality Regulatory Agreement') by and between the Locality and the <br />Borrower to be recorded in the Official Records substantially concurrently herewith; <br />SNHP.Subordination Agreement (City of Santa Ana) <br />Santa Ana Veteran Village; Cal[IFA No. 17-047-M <br />11/09/2018.PCS/jad-# <br />-1- <br />25B-5 <br />