CALIFORNIA HOUSING FINANCE AGENCY

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2. A HOME Loan Agreement dated as of August 21, 2018 (the "Locality Loan Agreement") by and between the Locality and the Borrower, recorded on September 18, 2018 in the Official Records as Instrument No. 2018000341750, securing a loan by the Locality to the Borrower; 3. A City Home Deed of Trust and Assignment of Rents dated as of December 4, 2018 (the "Locality Deed of Trust") by and between the Locality, as beneficiary, and the Borrower, to be recorded in the Official Records substantially concurrently herewith, securing a loan by the Locality to the Borrower; The Locality Loan Agreement, the Locality Deed of Trust and any other documents, recorded or unrecorded pertaining to the Project and the Locality loan, with the exception of the Locality Regulatory Agreement, are collectively referred to herein as the "Locality Documents." B. WHEREAS, the Agency is making, contemporaneously with the making of this Agreement, a loan to Borrower (the "SNHP Loan"). The SNHP Loan is evidenced by a promissory note from the Borrower to the Agency in the face amount of Two Million Nine Hundred Twelve Thousand and No/100s Dollars ($2,912,000.00), titled "California Housing Finance Agency, SNHP Promissory Note, CaIHFA Development No. 17-047-M " (the "SNHP Promissory Note") and secured by a deed of trust. The deed of trust was executed by Borrower, as trustor, to First American Title Company, as trustee, in favor of the Agency, as beneficiary, and is titled "California Housing Finance Agency, SNHP Deed of Trust With Assignment of Rents, Security Agreement and Fixture Filing, CaIHFA Development No. 17-047-M" dated December 1, 2018 (the "SNHP Deed of Trust") to be recorded in the Official Records contemporaneously with this Agreement. The Project shall also be regulated and encumbered by a regulatory agreement executed by Borrower and the Agency titled "California Housing Finance Agency, SNHP Regulatory Agreement, CaIHFA Development No. 17-047-M" dated as of December 1, 2018 (the "SNHP Regulatory Agreement') to be recorded in the Official Records contemporaneously with this Agreement. The SNHP Regulatory Agreement, SNHP Promissory Note, SNHP Deed of Trust and related unrecorded documents, including but not limited to that certain SNHP Loan Disbursement Agreement (if applicable), and the Capitalized Operating Subsidy Reserve Agreement (if applicable), shall hereafter be collectively referred to herein as the "SNHP Loan Documents"; C. WHEREAS, it is a condition precedent to the Agency making the SNHP Loan that the SNHP Loan Documents have priority over the Locality Documents; and D. WHEREAS, it is beneficial to all parties that the Agency make the SNHP Loan, and the parties are willing to subordinate the Locality Documents in order that the SNHP Loan be made. NOW THEREFORE, In consideration of the foregoing and other consideration the receipt and sufficiency of which are hereby acknowledged, and in order to induce the Agency to make the SNHP Loan, the parties hereto agree as follows: -2- SNHP.Subordinadon Agreement (City of Santa Ana) Santa Ana Veteran Village; Ca1HFA No. 17-047-M I 1 /09/2018,PCS/jad-#HFMF-1492531200-1