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Commonwealth Land Title Company <br />WHEN RECORDED MAIL TO: <br />Century Housing Corporation <br />1000 Corporate Pointe <br />Culver City, CA 90230 <br />Attention: Legal Department <br />Recorded in Official Records, Orange County <br />Hugh Nguyen, Clerk -Recorder <br />IIIII I I II IIII II IIIII IIIII IIIII III II IIIII III II II III VI II VIII III I I II I IIII 42.00 <br />*$ R 0 0 0 8 0 4 4 1 0 1$ <br />2015000645194 8:00 am 12/23115 <br />232 407 S13 F13 12 <br />0.00 0.00 0.00 0.00 33.00 0.00 0.00 0.00 <br />Rol - <br />5I -)K& Space Above This Line For Recorder's Use <br />NOTICE <br />THIS SUBORDINATION AGREEMENT <br />RESULTS IN YOUR SECURITY INTERESTS IN THE PROPERTY <br />BECOMING SUBJECT TO AND OF LOWER PRIORITY THAN THE <br />LIEN IDENTIFIED IN THIS AGREEMENT <br />THIS SUBORDINATION AGREEMENT ("Agreement") is made this 17d' day of <br />December, 2015, by Newport Veterans Housing LP, a California limited partnership <br />("Borrower"), Century Housing Corporation, a California nonprofit corporation <br />("Century"), and City of Newport Beach ("City"). <br />RECITALS <br />A. Borrower has executed a Regulatory Agreement and Declaration of Covenants <br />and Restrictions dated DtUkA6W 11 , 2015, recorded as Instrument No.: <br />,Z o Ira uoo 6+;0E;1► in the Orange County Official Records ("Official Records") and as <br />Instrument No.: 2,o 1 b�Ooo 6 4,Co ,T a Notice of Affordability, Restriction on <br />transfer of property (collectively the "Regulatory Agreement ") encumbering that certain <br />real property located in the County of Orange, State of California, as more particularly <br />described in Exhibit A attached hereto (the "Property"). The Regulatory Agreement is <br />given in connection with Borrower's obligations under a promissory note in favor of <br />Lender (the "Lender Note") in the amount of $1,975,000.00. <br />B. Borrower has executed, or is about to execute a promissory note in favor of <br />Century in the face amount of $1,997,000.00 ("Century Note") of even date herewith, <br />and evidencing a loan (the "Century Loan") in such amount to Borrower by Century. The <br />Century Note is to be secured by a deed of trust executed by Borrower of even date <br />herewith in favor of Century, encumbering the Property which will be recorded in the <br />Official Records ("Century Deed"). <br />Page 1 of 10 <br />