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*** DISTRIBUTED FOR DISCUSSION PURPOSES ONLY - CREDIT APPROVAL HAS <br />NOT BEEN OBTAINED *** <br /> <br />Subordination Agreement (Affordable) Page 1 <br />(First Street Apartments) <br />BN 31557804v4 <br />RECORDING REQUESTED BY ) <br />AND WHEN RECORDED MAIL TO: ) <br /> ) <br />Buchalter, a Professional Corporation ) <br />1000 Wilshire Blvd., Suite 1500 ) <br />Los Angeles, CA 90017 ) <br />Attention: Scott M. Salomon, Esq. ) <br /> <br /> <br /> <br />---------------------------- [Space Above This Line For Recording Data] ---------------------------- <br />SUBORDINATION AGREEMENT <br />(1440 East First Street, Santa Ana, California) <br />This SUBORDINATION AGREEMENT (this “Agreement”) dated as of [_________, <br />2018], is executed by and among (i) BANK OF AMERICA, N.A., a national banking association <br />(“Senior Lender”), (ii) the HOUSING AUTHORITY OF THE CITY OF SANTA ANA, acting <br />as the Housing Successor Agency, a public body, corporate and politic (“Subordinate Lender”), <br />and (iii) AMCAL 1440 SANTA ANA FUND, LP, a California limited partnership <br />(“Borrower”). <br />RECITALS: <br />A. Pursuant to that certain Construction Loan Agreement dated as of the date hereof, <br />executed by and between Borrower and Senior Lender (as amended, restated, replaced, <br />supplemented or otherwise modified from time to time, the “Senior Loan Agreement”), Senior <br />Lender has agreed to make a loan to Borrower in the original principal amount of [Nineteen <br />Million Fifty-Six Thousand Four Hundred Ninety-Five and 00/100 Dollars ($19,056,495)] (the <br />“Senior Loan”), as evidenced by that certain Promissory Note dated as of the date hereof, <br />executed by Borrower and made payable to the order of Senior Lender in the amount of the <br />Senior Loan (as amended, restated, replaced, supplemented or otherwise modified from time to <br />time, the “Senior Note”). <br />B. In addition to the Senior Loan Agreement, the Senior Loan and the Senior Note <br />are also secured by a certain Construction Deed of Trust, Assignment, Security Agreement and <br />Fixture Filing dated as of the date hereof (as amended, restated, replaced, supplemented or <br />otherwise modified from time to time, the “Senior Security Instrument”), encumbering the <br />property described on Exhibit A attached hereto and described in the Senior Security Instrument <br />as the “Mortgaged Property.” The Senior Security Instrument shall be recorded substantially <br />concurrently herewith in the Official Records of Orange County (“Official Records”). <br />C. Borrower has requested Senior Lender to permit that certain subordinate loan in <br />the amount of $[8,522,740] (the “Subordinate Loan”) from the Low and Moderate Income <br />EXHIBIT 4 <br />3-139