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<br />DOC ~ 2003-082109
<br />03/28/2003 08:00A SA Fee:16.00
<br />Page 1 of 4
<br />Recorded in Official Records
<br />County of San Mateo
<br />Uarren Slocum
<br />Assessol--County C lerk-Reco.der
<br />Recorded By STEUART TITLE OF CALIFORNIA
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<br />eft E C .EI V ED'
<br />-ITY A1TORNEY'S OFFl
<br />RECORDING REQUESTED BY: CE
<br />Stewart Title of California, In4VU\Y . 2003
<br />
<br />AND WHEN RECORDED MAIL TO:
<br />CITY OF REDWOOD CITY
<br />City of Redwood City
<br />1017 Middlefield
<br />Redwood City, CA 94063
<br />
<br />Title Order No.:
<br />
<br />THIS SPACE FOR RECORDER'S USE ONLY:
<br />Escrow No.: 12006080
<br />
<br /><If'
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<br />SUBORDINATION AGREEMENT
<br />NOTICE: THIS SUBORDINATION AGREEMENT RESULTS IN YOUR SECURITY INTEREST IN THE PROPERTY
<br />BECOMING SUBJECT TO AND OF LOWER PRIORITY THAN THE LIEN OF SOME OTHER OR LATER SECURITY
<br />INSTRUMENT.
<br />
<br />THIS AGREEMENT, made February 20, 2003, by Ronald B. Bianconi and Linda L. Bianconi, Owner of the land
<br />hereinafter described and hereinafter referred to as "Owner", and City of Redwood City, a municipal corporation,
<br />Present owner and holder of the deed of trust and note first hereinafter described and hereinafter referred to as
<br />"Beneficiary";
<br />
<br />WITNESSETH
<br />THAT WHEREAS, Ronald B Bianconi and Linda L. Bianconi, did execute a deed of trust, dated December 15, 1998,
<br />to Fidelity National Title Insurance Company, a corporation, as trustee, covering:
<br />LEGAL DESCRIPTION ATTACHED HERETO AS EXHIBIT "A" AND MADE A PART HEREOF
<br />
<br />to secure a note in the sum of $42,780.00, dated December 15, 1998, in favor of City of Redwood City, a municipal
<br />Corporation, which deed of trust was recorded December 24, 1998, as Instrument No. 98-216998, Official Records of
<br />said county; and
<br />WHEREAS, Owner has executed, or is about to execute, a deed of trust and note in the sum of $277,500.00, dated
<br />March 17, 2003, in favor of Gateway Bank, FSB, a Federal Savings Bank, hereinafter referred to as "Lender", payable
<br />with interest and upon the terms and conditions described therein, which deed of trust is to be recorded concurrently,
<br />herewith; and
<br />WHEREAS, it is a condition precedent to obtaining said loan that said deed of trust last above mentioned shall
<br />unconditionally be and remain at all times a lien or charge upon the land hereinbefore described, prior and superior to
<br />the lien or charge of the deed of 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
<br />the above described property prior and superior to the lien or charge of the deed of trust first above mentioned and
<br />provided that Beneficiary will specifically and unconditionally subordinate the lien or charge of the deed of trust first
<br />above mentioned to the lien or charge 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
<br />willing that the deed of trust securing the same shall, when recorded. constitute a lien or charge upon said land which is
<br />unconditionally prior and 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
<br />consideration, the receipt and sufficiency of which consideration is hereby acknowledged, and in order to induce
<br />Lender to make the loan above 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
<br />the lien or charge of the deed of trust first above mentioned.
<br />(2) That Lender would not make its loan above described without this subordination agreement.
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<br />SUBORDINATION RECORDED DEED OF TRUST TO RECORD
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