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I N S U AT& 11 Jr � P 019t, I R ' 0 <br />WOW MAY PRXEEI) <br />9CLERK OFCOUNCIL <br />FR'�9RECORDING IN ACCORDANCE <br />WITH CALIFORNIA GOVERNMENT <br />VOIAPCODE SECTION 27383 and 27388.1. <br />RECORDING REQUESTED BY, AND <br />WHEN RECORDED, MAIL TO: <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 />W <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, 2019, <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 California limited partnership (the "Borrower"), and the Department of Housing and <br />Community Development, a public agency of the State of California (the "Senior Lender"). <br />[a*0311111" <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 is <br />constructing a 70-unit multifamily residential rental development on the Property (the <br />"Improvements"). The Property and the Improvements are sometimes referred to collectively <br />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 Dollar-, ($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") recorded on August <br />9, 2013, as Instrument No. 2013000476764 in the Official Records of Orange County, <br />California (the "Official Records"), The Junior Lienholder and Borrower modified the Junior <br />Lienholder Deed of Trust and entered into the City Loan Modification Agreement (the "Junior <br />AHSC Subord. Agrrnt. <br />(NOFA— 01/30/15) <br />Now 11/08/2018 <br />Prep: 08/03/2019 (City of Santa Ana Liens) <br />Dev: Depot at Santiago <br />Loin No.: 14-AHSC-10478 <br />Page 1 of 10 <br />