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DRAFT— DO NOT EXECUTE <br />2. A HOME Loan Agreement dated as of August 21, 2018 (the "Locality Loan <br />Agreement') by and between the Locality and the Borrower, recorded on September 18, 2018 in the <br />Official Records as Instrument No. 2018000341750, securing a loan by the Locality to the Borrower; <br />3. A City Home Deed of Trust and Assignment of Rents dated as of <br />(the "Locality Deed of Trust') by and between the Locality, as beneficiary, and the <br />Borrower, to be recorded in the Official Records substantially concurrently herewith, securing a loan <br />by the Locality to the Borrower; <br />The Locality Loan Agreement, the Locality Deed of Trust and any other documents, <br />recorded or unrecorded pertaining to the Project and the Locality loan, with the exception of the <br />Locality Regulatory Agreement, are collectively referred to herein as the "Locality Documents." <br />B. WHEREAS, the Agency is making, contemporaneously with the making of this <br />Agreement, a loan to Borrower (the "SNHP Loan"). The SNHP Loan is evidenced by a promissory <br />note from the Borrower to the Agency in the face amount of Two Million Nine Hundred Twelve <br />Thousand and No/100s Dollars'. ($2,912,000.00);, titled "California Housing Finance Agency, SNHP <br />Promissory Note, Ca1HFA Development No. 17-047-M " (the "SNHP Promissory Note") and <br />secured by a deed of trust. The deed of trust was executed by Borrower, as trustor, to <br />, as trustee, in favor of the Agency, as beneficiary, and is titled <br />"California Housing Finance Agency, SNHP Deed of Trust With Assignment of Rents, Security <br />Agreement and Fixture Filing, CalHFA Development No. 17-047-M" dated December 1, 2018 (the <br />"SNHP Deed of Trust") to be recorded in the Official Records contemporaneously with this <br />Agreement. The Project shall also be regulated and encumbered by a regulatory agreement executed <br />by Borrower and the Agency titled "California Housing Finance Agency, SNHP Regulatory <br />Agreement, Ca1HFA Development No. 17-047-M" dated as of December 1, 2018 (the "SNHP <br />Regulatory Agreement') to be recorded in the Official Records contemporaneously with this <br />Agreement. The SNHP Regulatory Agreement, SNHP Promissory Note, SNHP Deed of Trust and <br />related unrecorded documents, including but not limited to that certain SNHP Loan Disbursement <br />Agreement (if applicable), and the Capitalized Operating Subsidy Reserve Agreement (if applicable), <br />shall hereafter be collectively referred to herein as the "SNHP Loan Documents"; <br />C. WHEREAS, it is a condition precedent to the Agency malting the SNHP Loan that the <br />SNHP Loan Documents have priority over the Locality Documents; and <br />D. WHEREAS, it is beneficial to all parties that the Agency make the SNHP Loan, and <br />the parties are willing to subordinate the Locality Documents in order that the SNHP Loan be made. <br />NOW THEREFORE, In consideration of the foregoing and other consideration the receipt <br />and sufficiency of which are hereby acknowledged, and in order to induce the Agency to make the <br />SNHP Loan, the parties hereto agree as follows: <br />SNHP.Subordination Agreement (City of Santa Ana) <br />Santa Ana Veteran Village; CaIHFA No. 17-047-M <br />11/09/2018.PCS/jad-# <br />r <br />-2- <br />