CALIFORNIA, STATE OF DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT

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Lienholder Modified Deed of Trust') recorded on March 16, 2016, as Instrument No. 2016000109370 in the Official Records. The Junior Lienholder and Borrower subsequently entered into that certain Substitution of Trustee and Deed of Partial Reconveyance (the "Junior Lienholder Deed of Reconveyance") recorded on October 30, 2018, as Instrument No. 2018000393452 in the Official Records. The Junior Lienholder and Borrower have also entered in that certain Loan Agreement Home Program/CDBG Funds (the "Junior Lienholder Loan Agreement') recorded on August 9, 2013, as Instrument No. 2013000476765 in the Official Records, as amended by that certain Amendment to Loan Agreement (the "Junior Lienholder Amended Loan Agreement") recorded on June 27, 2014, as Instrument No. 2014000255562 in the Official Records, and as further amended by that certain City Loan Agreement Modification (the "Junior Lienholder Modified Loan Agreement") recorded on March 16, 2016, as Instrument No. 2016000109370 in the Official Records. The Junior Lienholder and Borrower have also entered into that certain Partial Release and Termination of City of Santa Ana Loan Agreement and Affordability Restrictions (the "Junior Lienholder Partial Release and Termination") recorded on October 30, 2018, as Instrument No. 2018000393451 in the Official Records. The Junior Lienholder and Borrower have also entered into that certain Affordability Restrictions of Transfer of Property (the "Junior Lienholder Affordability Restrictions") recorded on August 9, 2013, as Instrument No. 2013000476766 in the Official Records, as amended by that certain Amendment to Affordability Restrictions of Transfer of Property (the "Junior Lienholder Amended Affordability Restrictions") recorded on June 27, 2014, as Instrument No. 2014000255563 in the Official Records, and as further amended by the Junior Lienholder Modified Loan Agreement. The Junior Lienholder Deed of Trust, the Junior Lienholder Modified Deed of Trust, the Junior Lienholder Deed of Reconveyance, the Junior Lienholder Loan Agreement, the Junior Lienholder Amended Loan Agreement, the Junior Lienholder Modified Loan Agreement, the Junior Lienholder Partial Release and Termination, the Junior Lienholder Affordability Restrictions, the Junior Lienholder Amended Affordability Restrictions and all other documents evidencing or securing the Junior Lienholder Liens are collectively referred to herein as the "Junior Lienholder Documents." C. In order to finance the development of the Improvements, the Senior Lender has agreed to loan the Borrower a sum not to exceed Four Hundred Twenty Five Thousand and no/100 Dollars ($425,000.00) (the "AHSC Loan"), subject to the terms and conditions of: (i) a regulatory agreement restricting the use and occupancy of the Development and the income derived therefrom which shall be dated as of even date herewith and recorded concurrently herewith as an encumbrance on the Property in the Official Records (the "AHSC Regulatory Agreement'), and (ii) other loan documents. The AHSC Loan will be evidenced by a promissory note (the "AHSC Note"), the repayment of which will be secured by, among other things, a deed of trust by Borrower as trustor, to Senior Lender as beneficiary recorded concurrently herewith as an encumbrance on the Property in the Official Records (the "AHSC Deed of Trust") and by such other security as is identified in other loan documents. AHSC Subord. Agrmt. (NOFA-01/30/15) Rev: 11/08/2018 Prep: 08/03/2019 (City of Santa Ana Liens) Dev: Depot at Santiago Loan No.: 14-AHSC-10478 Page 2 of 10