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FREE RECORDING IN ACCORDANCE <br />WITH CALIFORNIA GOVERNMENT <br />CODE SECTION 27383 and 27388.1. <br />RECORDING REQUESTED BY, AND <br />WHEN RECORDED, MAIL TO: <br />i <br />State,of California - <br />Department of -Housing and <br />Community Development <br />P. O. Box 952052 <br />Sacramento, CA 94252-2052 <br />Attn: Legal Affairs Division <br />Affordable Housing and Sustainable <br />Communities (AHSC) Program <br />14-ASHC-10478 <br />SUBORDINATION AGREEMENT <br />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 SECURITY INSTRUMENT. <br />THIS SUBORDINATION AGREEMENT (the "Agreement") is dated as of February 15, 20191 <br />for reference purposes only, and is entered into by and among The City, of Santa Ana, a <br />Charter City and Municipal Corporation, (the °Junior Lienholder") and_Depot.at Santiago, <br />L.P:, a-Califomia limited partnership (the "Borrower"), and the Department.of Housing and <br />Community'Development, a public agency of the State -of Califomia (the "Senior Lender"). <br />'RECITALS <br />A. Borrower is the owner of the fee simple interest in that real property described in <br />Exhibit A attached hereto and made a part hereof (the "Property"). The Borrower has <br />acquired and constructed a 70 -unit multifamily residential rental development on the Property <br />(the "Improvements"). The Property and the Improvements are sometimes referred to <br />collectively as the "Development , <br />B. The Junior Lienholder has made a loan to the Borrower in the principal sum of <br />Three Million and no/100 Dollars ($3,000,000.00) (the "Junior Lienholder Loan"). The Junior <br />Lienholder Loan is evidenced by a certain promissory note (the "Junior Lienholder Note"), <br />secured by a certain deed of trust (the; "Junior Lienholder Deed of Trust's recorded on August <br />9, 201"3, as Instrument No. 2013000476764 in the Official ,Records of Orange County, <br />California (the "Official Records"). The Junior Lienholder and Borrowei modified the Junior <br />Lienholder Deed of Trust and. entered Into the City Loan Modification Agreement (the "Junior <br />AHSO Subord. AgrmL I Page 1 of 10 <br />(NOFA— 01x"1 B) <br />Rev: 11!081201 B <br />Prep: ON05M= (city of Santa Ana Liens) <br />Day:' Depot at Santiago <br />'Loan No.:14-AHSCA 0478 <br />1.25A-5 <br />