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1 <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 />_________________________________________________________________ <br />SUBORDINATION AGREEMENT <br />CITY OF SANTA ANA AND COUNTY OF ORANGE <br />This Subordination Agreement (this "Subordination Agreement") is dated for reference <br />purposes as of ____________, 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 />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 <br />________________, and executed by and between Borrower and the City (the “City <br />Loan Agreement”) and a City HOME-ARP Promissory Note executed by the Borrower <br />in favor of the County dated as of ______________ (the “City Note”). The City Loan is <br />secured by a City HOME-ARP Deed of Trust________, dated as of _________, that will <br />be 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 _____________, <br />between County and Borrower (“County Loan Agreement”), County has made or is <br />EXHIBIT 5