CITIBANK, N (2).A - Laserfiche WebLink

Home Browse Search

Property Name: La Placita Cinco Freddie Mac Loan Number: 501847545 SUBORDINATION AGREEMENT GOVERNMENTAL ENTITY (CITY OF SANTA ANA) (Revised 10-1-2018) THIS SUBORDINATION AGREEMENT ("Agreement') is entered into as of [March] 2022, by and between (i) CITIBANK, N.A., a national banking association ("Senior Lender") and (ii) the CITY OF SANTA ANA, a municipal corporation and charter city of the State of California ("Subordinate Lender"). The date of this Assignment as set forth above is for reference purposes only, and this Assignment will not be effective and binding until the Closing Date (as defined in the Senior Loan Agreement). RECITALS A. Tiny Tim LP, a limited partnership organized under the laws of the State of California ("Borrower") is the owner of certain land located in Orange County, California, described in Exhibit A ("Land"). The Land is improved with a multifamily rental housing project ("Improvements"). B. Senior Lender has made or is making a loan to Borrower in the original principal amount of [$8,948,000] ("Senior Loan") upon the terms and conditions of a Multifamily Loan and Security Agreement dated as of [March] _, 2022 between Senior Lender and Borrower ("Senior Loan Agreement') in connection with the Mortgaged Property. The Senior Loan is secured by a Multifamily Deed of Trust, Assignment of Rents, Security Agreement and Fixture Filing dated as of the date of the Senior Loan Agreement ("Senior Mortgage") encumbering the Land, the Improvements and related personal and other property described and defined in the Senior Mortgage as the "Mortgaged Property." C. Pursuant to a Loan Agreement dated as of April 16, 2019 between Subordinate Lender and Borrower ("Subordinate Loan Agreement'), Subordinate Lender has made or is making an hiclusionary Housing Loan to Borrower in the original principal amount of $1,300,000-("Subordinate Loan"). The Subordinate Loan is or will be secured by an Agency Deed of Trust and Assignment of Rents dated as of April 16, 2019 ("Subordinate Mortgage") encumbering all or a portion of the Mortgaged Property. The Subordinate Loan also includes an Affordability Restrictions on Transfer of Property Agreement by and between the Subordinate Lender and the Borrower, dated as of April 16, 2019 ("Regulatory Agreement') that shall remain in first position on title to the Land and shall not be subordinated. Subordination Agreement — Governmental Entity Page 1 City of Santa Ana-Inclusionary Housing La Placita Cinco