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Commonwealth Land Title Comoany <br />FREE RECORDING REQUESTED PURSUANT <br />TO GOVERNMENT CODE SECTION 27383 <br />When Recorded Mail to: <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 />INSURANCE <br />Recorded in Official Records, Orange County <br />Hugh Nguyen, Clerk -Recorder <br />I III ��������������II��I�I��� NO FEE <br />+$ R 0 0 -- 3 7 4 6$+ <br />20230000661931:37 pm 03/23/23 <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-2023-030 <br />WORK MAY PROCEED SUBORDINATION AGREEMENT <br />CITY OF SANTA ANA AND ORANGE COUNTY HOUSING FINANCE TRUST <br />CLERK OF THE COUNCIL <br />DATE: This Subordination Agreement (this "Subordination Agreement") is dated for reference <br />purposes as of March 23, 2023, and is executed by and between the CITY OF SANTA ANA, a <br />CalifoTi charter city (the "City"), and the ORANGE COUNTY HOUSING FINANCE <br />r TRUST, a joint Dowers authority (the "OCHFT"). <br />a�v )6- q.Dol5umdiviSiew of <br />00 W 5+^a flf Factual Background <br />A. City has agreed to make a permanent loan to North Broadway Housing Partners L.P., a <br />a- California limited partnership (the "Borrower"), in the original principal amount of up to <br />d 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 />a. Cb4 <br />(04AAial&.pj) multifamily residential development (the "Project") on property located at 1411 N. <br />(SN� 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 City dated as of March 23, 2023 (the "City Note"). The City Loan is secured <br />by a City HOME -ARP Deed of Trust, dated as of March 23, 2023, that will be recorded <br />in the official records of (range County ("Official Records") substantially concurrently <br />herewith (the "CIty Deed of Trust"). The City Loan Agreement, the City Note, and the <br />City Deed of Trust are collectively referred to herein as the "City Loan Documents." In <br />connection with the City Loan, Borrower and City will execute that certain Affordability <br />Restrictions on the Transfer of Property, which will be recorded substantially <br />concurrently herewith (the "City Regulatory Agreement"). <br />C. Pursuant to an Orange County Housing Finance Trust ("OCHFT') Loan Agreement <br />dated as of March 23, 2023, between OCHFT and Borrower ("OCHFT Loan <br />