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Commonwealth Land Title Company <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 />CITY OF SANTA ANA AND ORANGE COUNTY HOUSING FINANCE TRUST <br />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 />California charter city (the "City"), and the ORANGE COUNTY HOUSING FINANCE <br />TRUST a joint Dowers authority (the "OCHFT"). <br />1C p--Po1i4-1c0-Q- 5c44diV1'5lon o� <br />44,L 51&a Factual Background <br />A. City has agreed to make a permanent loan to North Broadway Housing Partners L.P., a <br />California limited partnership (the 'Borrower"), in the original principal amount of up to <br />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 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 Orange 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 />