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<br /> ~ Û r(~ DOC þ 2003-188441
<br /> RECORDING REQUESTED BY: 9~i.{t1 07/09/2003 01:15P SA Fee:19.00
<br /> GATEWAY TITLE COMPANY Page 1 of 5
<br /> Recorded in Official Records
<br /> WHEN RECORDED MAIL TO: County of San Mateo
<br /> A Warren Slocum
<br />DEBBIE JONES THOMAS Record:~e~~oFI~g~81~LCf~TtER~gorder
<br />SUBORDINATION DEPT. 1111111 11111111111111 11111111 1111111111111 1111111111111
<br />REDWOODCITY REDEVELOPMENT
<br />AGENCY
<br />1017 MIDDLEFIELD
<br />REDWOOD CITY, CA 94064-0391
<br />Alliance Title Company THIS SPACE FOR RECORDER'S USE ONLY:
<br />ESCROW NO. 66384-BF TITLE ORDER NO. 41098825-'
<br /> SUBORDINATION AGREEMENT ~7:Ã
<br />NOTICE: THIS SUBORDINATION AGREEMENT RESULTS IN YOUR SECURITY INTEREST IN THE
<br /> PROPERTY BECOMING SUBJECT TO AND OF LOWER PRIORITY THAN THE LIEN OF
<br /> SOME OTHER OR LATER SECURITY INSTRUMENT.
<br />THIS AGREEMENT, made JUNE 23, 2003, by
<br />BARBARA ESTRADA, an Unmarried Woman
<br />owner of the land hereinafter described and hereinafter referred to as "Owner," and
<br />THE REDEVELOPMENT AGB\lCY OF THE CITY OF REDWOOD CITY,
<br />present owner and holder of the deed of trust and note first hereinafter described and hereinafter referred to as "Beneficiary";
<br /> WITNESSETH
<br />THA T WHEREAS, BARBARA ESTRADA, an Unmarried Woman
<br />did execute a deed of trust, dated MAY 31, 2001, to AMERICAN TITLE COMPANY, Sp
<br />as trustee, covering:
<br />LEGAL DESCRIPTION ATTACHED HERETO AS EXHIBIT A AND MADE A PART HEREOF. ~
<br />to secure a note in the sum of $100,000.00, dated MAY 31. 2001, in favor of THE REDEVELOPMENT AGENCY OF THE CITY OF
<br />REDWOOD CITY, which deed of trust was recorded JUNE 8, , 2001, as Instrument No. 2001-084332, in book N/A page N/A,
<br />Official Records of said county; and
<br />WHEREAS, Owner has executed, or is about to execute, a deed of trust and note in the sum of $159.000.00, dated JUNE 17.
<br />2003, in favor of CHASE MANHATTAN MORTGAGE CORPORATION, hereinafter referred to as "Lender," payable with interest and
<br />upon the terms and conditions described therein, which deed of trust is to be recorded concurrently herewith; and
<br />WHEREAS, it is a condition precedent to obtaining said loan that said deed of trust last above mentioned shall unconditionally be
<br />and remain at all times a lien or charge upon the land hereinbefore described, prior and superior to the lien or charge of the deed of
<br />trust first above mentioned; and
<br />WHEREAS, Lender is willing to make said loan provided the deed of trust securing the same is a lien or charge upon the above
<br />described property prior and superior to the lien or charge of the deed of trust first above mentioned and provided that Beneficiary
<br />will specifically and unconditionally subordinate the lien or charge of the deed of trust first above mentioned to the lien or charge
<br />of the deed of trust in favor of Lender; and
<br />WHEREAS, it is to the mutual benefit of the parties hereto that Lender make such loan to Owner; and Beneficiary is willing that the
<br />deed of trust securing the same shall, when recorded, constitute a lien or charge upon said land which is unconditionally prior and
<br />superior to the lien or charge of the deed of trust first above mentioned.
<br />NOW, THEREFORE, in consideration of the mutual benefits accruing to the parties hereto and other valuable consideration, the
<br />receipt and sufficiency of which consideration is hereby acknowledged, and in order to induce Lender to make the loan above
<br />referred to, it is hereby declared, understood and agreed as follows;
<br />(1) That said deed of trust securing said note in favor of Lender, and any renewals or extensions thereof, shall
<br />unconditionally be and remain at all times a lien or charge on the property therein described, prior and superior to the lien
<br />or charge of the deed of trust first above mentioned.
<br /> SUBORDINATION, RECORDED DEED OF TRUST TO DEED OF TRUST TO RECORD.
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