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\q) Recorded in Official Records, Orange County <br />Hugh Nguyen, Clerk -Recorder <br />NO FEE <br />Commonwealth Land Title Company IIIIIIIIIIIIIIIIIIIIIIIIIIIII6IIIIIIIIIIII�II����� <br />20230000661941:37 pm 03123123 <br />FREE RECORDING REQUESTED PURSUANT <br />TO GOVERNMENT CODE SECTION 27383 <br />City of Santa Ana <br />Clerk of the Council <br />20 Civic Center Plaza (M-30) <br />P.O. Box 1988 <br />Santa Ana, California 92702 <br />Attention: Clerk of the Council <br />90 CRSC06 S13 12 <br />0.00 0.00 0.00 0.00 33.00 0.00 0.000.000.00 0.00 <br />A-2023-029 <br />WORK MAY PROCEED ZWDU Al\A 11Vrt AWIME1V1LD11 <br />CITY OF SANTA ANA AND COUNTY OF ORANGE <br />CLERK OF THE COUNCIL <br />This Subordination Agreement (this "Subordination Agreement") is dated for reference <br />DATE: purposes as of March 23, 2023, and is executed by and between the CITY OF SANTA ANA, a <br />California charter city (the "City"), and the COUNTY OF ORANGE, a political subdivision of <br />the State of California (the "County"). <br />0: ��'(C�gce(iet ( Factual Backaround <br />ti <br />14 A. City has agreed to make a permanent loan to North Broadway Housing Partners L.P., a <br />cc California limited partnership (the 'Borrower"), in the original principal amount of up to <br />C Five Million Two Hundred Fifty Six Thousand Three Hundred Twenty Seven Dollars <br />($5,256,327) (the "City Loan") to assist in financing the construction of an affordable <br />multifamily residential development (the "Project") on property located at 1411 N. <br />Broadway in Santa Ana, and more particularly described in Exhibit A attached hereto and <br />incorporated herein (the "Property"). <br />B. The City Loan is evidenced by a City HOME -ARP Loan Agreement dated as of March <br />23, 2023, and executed by and between Borrower and the City (the "City Loan <br />Agreement') and a City HOME -ARP Promissory Note executed by the Borrower in <br />favor of the County dated as of March 23, 2023 (the "City Note"). 'Me City Loan is <br />secured by a City HOME -ARP Deed of Trust, dated as of March 23, 2023, that will be <br />recorded in the official records of Orange County ("Official Records") substantially <br />concurrently herewith (the "City Deed of Trust'). The City Loan Agreement, the City <br />Note, and the City —Deed of Trust are collectively referred to herein as the "City Loan <br />Documents." In connection with the City Loan, Borrower and City will execute that <br />certain Affordability Restrictions on the Transfer of Property, which will be recorded <br />substantially concurrently herewith (the "City Regulatory Agreement"). <br />C. Pursuant to a County of Orange ARPA Loan Agreement dated as of March 23, 2023, <br />between County and Borrower ("County Loan Agreement"), County has made or is <br />