Laserfiche WebLink
Property Name: Tiny Tim Apartments <br />SUBORDINATION AGREEMENT <br />GOVERNMENTAL ENTITY <br />(CITY OF SANTA ANA) <br />(Revised 10-1-2018) <br />THIS SUBORDINATION AGREEMENT ("Agreement') is entered into as of the 1st day of <br />May, 2019, by and between (i) CITIBANK, N.A., a national banking association ("Senior <br />Lender") and (ii) the CITY OF SANTA ANA, a municipal corporation and charter city of the <br />State of California ("Subordinate Lender"). The date of this Assignment as set forth above is <br />for reference purposes only, and this Assignment will not be effective and binding until the <br />Closing Date (as defined in the Senior Loan Agreement). <br />RECITALS <br />A. Tiny Tim LP, a limited partnership organized under the laws of the State of California <br />("Borrower") is the owner of certain land located in Orange County, California, <br />described in Exhibit A ("Land"). The Land is improved with a multifamily rental <br />housing project ("Improvements"). <br />B. Senior Lender has made or is making a loan to Borrower in the original principal amount <br />of [$15,000,000] ("Senior Loan") upon the terms and conditions of a Construction Loan <br />Agreement dated as of May 1, 2019 between Senior Lender and Borrower ("Senior Loan <br />Agreement') in connection with the Mortgaged Property. The Senior Loan is secured by <br />a Multifamily Deed of Trust, Assignment of Rents, Security Agreement and Fixture <br />Filing dated as of the date of the Senior Loan Agreement ("Senior Mortgage") <br />encumbering the Land, the Improvements and related personal and other property <br />described and defined in the Senior Mortgage as the "Mortgaged Property." <br />C. Pursuant to a Loan Agreement dated as of May [], 2019 between Subordinate Lender <br />and Borrower ("Subordinate Loan Agreement'), Subordinate Lender has made or is <br />making an Inclusionary Housing Loan to Borrower in the original principal amount of <br />$1,300,000 ("Subordinate Loan"). The Subordinate Loan is or will be secured by an <br />Agency Deed of Trust and Assignment of Rents dated as of May [_], 2019 <br />("Subordinate Mortgage") encumbering all or a portion of the Mortgaged Property. <br />The Subordinate Loan also includes an Affordability Restrictions on Transfer of Property <br />agreement by and between the Subordinate Lender and the Borrower, dated as of May <br />[_], 2019 ("Regulatory Agreement') that shall remain in first position on title to the <br />Land and shall not be subordinated. <br />Subordination Agreement — Governmental Entity 1 Tiny Tim Apartments <br />City of Santa Ana -Inclusionary Housing <br />