Item 13 - Affordable Housing Project at 1411 N Broadway

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Subordination Agreement (City of Santa Ana) Form 6456 Page 1 Fannie Mae 08-13 © 2013 Fannie Mae WISEPlace 4893-9038-0110v.4 4900000-002383 NOTE: NO CREDIT APPROVAL HAS BEEN RECEIVED. THIS IS NOT A COMMITMENT. RECORDING REQUESTED BY AND WHEN RECORDED RETURN TO: Davis Wright Tremaine LLP 865 S. Figueroa Street Suite 2400 Los Angeles, California 90017 Attention: Nancy Clapp, Esq. SPACE ABOVE THIS LINE FOR RECORDER’S USE SUBORDINATION AGREEMENT (City of Santa Ana) This SUBORDINATION AGREEMENT (this “Agreement”) dated as of ____________________, 2023, is executed by and among (i) BANK OF AMERICA, N.A., a national banking association (“Senior Lender”), (ii) CITY OF SANTA ANA, a charter city and municipal corporation (“Subordinate Lender”), (iii) NORTH BROADWAY HOUSING PARTNERS LP, a California limited partnership (“Borrower”), and (iv) WISEPLACE, a California nonprofit public benefit corporation (“Ground Lessor”, and together with Borrower, “Trustor”). RECITALS: A.Senior Lender has determined to make a mortgage loan to the Borrower in the maximum aggregate principal amount of $_______________ (the “Senior Loan”) to provide for the financing of a 48-unit rental housing development project (the “Project”) on certain real property more particularly described on Exhibit A attached hereto (the “Land”). The Senior Loan will be made pursuant to that certain Construction Loan Agreement dated as of even date herewith (as amended from time to time, the “Senior Loan Agreement”), between Senior Lender, as lender, and Borrower, as borrower. The Senior Loan is evidenced by, among other things, that certain Promissory Note dated as of even date herewith (the “Senior Note”), made by Borrower to the order of Senior Lender in the face principal amount of $_______________. B.To secure Borrower’s obligations under the Senior Loan Agreement and the Senior Note, the Borrower is executing and delivering that certain Construction Deed of Trust, Assignment, Security Agreement and Fixture Filing dated as of even date herewith (as amended from time to time, the “Senior Security Instrument”), executed by Borrower for the benefit of Senior Lender, encumbering, among other things, Borrower’s leasehold interest in the Land, Ground Lessor’s fee simple interest in the Land, and certain personal property more particularly described therein (collectively, the “Mortgaged Property”), which is being recorded in the Official Records of the County of Orange, State of California (the “Official Records”), substantially concurrently herewith. EXHIBIT 4