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" . . . l, Apartments Project), 1987 Series A, the proceeds of which were loaned to the Original Developer for the purpose of financing, in part, the Project; E. In December, 1997, the Agency agreed to amend the Owner Participation Agreement pursuant to the terms of a First Amendment to Owner Participation Agreement, dated as of December 1, 1997, to assist in the refinancing of the Project with the proceeds of the Housing AuthQrity of the City of Santa Ana Multi~mily Housing Revenue Refunding Bonds (Heninger VIllage Senior Apartments) 1997 Issue A in the original principal amount of $2,540,000; G. KDF Communities and Foundation For Human Resources (the Developers") have requested the Authority to issue and sell revenue bonds in a principal amount not to exceed four mUlion five hundred thousand dollars ($4,500,000) (the "Bonds") pursuant to the procedures specified in the Law for the purpose of financing the acquisition and rehabilitation by the Developers (or a limited partnership or limited liability company to be formed by the Developers) of the Project; and H. In the furtherance of providing very low and low and moderate income housing, the Developers have requested the Agency to subordinate payments to be made on the Note in the principal amount of $240,000 together with any due but unpaid interest to the date of the execution of a novation to the Note, plus interest on the Note from the date of such novation (the "Revised Note"), to assist the Developers in the purch8'S& of the Project, the purchase price of which is expected to be financed, in part, with the proceeds of the Bonds; and I. All conditions, things and acts required to exist, to have happened and to have been performed precedent to and in connection with the subordination of the payments under the Revised Note to the payments with respect to the Bonds as contemplated by this resolution and the documents referred to herein exist, have happened and have been performed in due time, form and manner as required by the laws of the State of California. Section 2. The Agency hereby finds and declares that the above recitals are true and correct. Section 3. The Agency hereby agrees to subordinate all payments to be made under the Revised Note to the payments to be made with respect to the Bonds (the .Subordination"). The Chairman, Executive Director, Ass.istant Executive Director and Finance Officer of the Agency (the "Designated Officers") are, and each of them acting alone is, hereby authorized and directed, for and in the name and on behalf of the Agency, to execute and deliver any amendment to the Owner Participation Agreement necessary to effect the Subordination. Section 4. All actions heretofore taken by the officers and agents of the Agency with respect to the Subordination and the execution and delivery of any necessary amendment to' the Owner Participation Agreement are hereby approved,