|
V
<br />First American Title Company
<br />Escrow NO. 4101-5012290
<br />New APN 060-165-150
<br />Old APN 060-265-050, 060 and 070
<br />RECORDING REQUESTED BY:
<br />CITY OF REDWOOD CITY
<br />AND WHEN RECORDED MAIL TO:
<br />CITY OF REDWOOD CITY
<br />CDD -Planning and Housing
<br />ATTN: Rhonda Coffman
<br />1017 Middlefield Road
<br />Redwood City, CA 94063
<br />2017-031325
<br />9:41 am 04/11/17 SA Fee: NO FEE
<br />Count of Pages 13
<br />Recorded in Official Records
<br />County of San Mateo
<br />Mark Church
<br />Assessor -County Clerk -Recorder
<br />111111111111111111111111111111111111111 II
<br />* R 0 0 0 2 3 7 9 6 7 3*
<br />SUBORDINATION AGREEMENT
<br />(County of San Mateo)
<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
<br />SECURITY INSTRUMENT.
<br />THIS SUBORDINATION AGREEMENT ("Agreement) is dated as of March 1, 2017, by WAVERLY PLACE
<br />APARTMENTS, L.P., a California limited partnership ("Owner") and the COUNTY OF SAN MATEO DEPARTMENT OF
<br />HOUSING ("County") and the HOUSING AUTHORITY OF THE COUNTY OF SAN MATEO ("HACSM" and, together with
<br />the County, collectively, the "Subordinate Lenders)", in favor of THE CITY OF REDWOOD CITY, CALIFORNIA, its
<br />successors, transferees and assigns ("Lender .
<br />RECITALS
<br />A. Owner is the owner of the real property interests described on Exhibit A, attached hereto and incorporated herein
<br />by reference (the "Property'). Owner proposes to construct on the Property certain improvements consisting of a
<br />16 -unit affordable housing project, together with other appurtenances, fixtures, and tenant improvements now or
<br />hereafter located on the Property ("Improvements" or the "Project").
<br />County has made or agreed to make certain loans to Owner in the aggregate original principal amount of One
<br />Million Eighteen Thousand Seven Hundred and No/100 Dollars ($1,018,700.00) (the "Home/CDBG #1 Loans"),
<br />consisting of $563,452 HOME funds and $455,248 CDBG funds and evidenced by (i) that certain Agreement
<br />Between County of San Mateo Department of Housing and Owner to Assist with Waverly Place for the Period July
<br />1, 2016 to June 30, 2020 dated as of March 24, 2017 ("HOME/CDBG #1 Loan Aoreement"), (ii) that certain
<br />Promissory Note Secured by a Deed of Trust dated as of March 24, 2017 executed by Owner to the order of the
<br />County in the principal amount of $563,452 ("HOME #1 Note"), (iii) that certain Promissory Note Secured by a Deed
<br />of Trust dated as of March 24, 2017 executed by Owner to the order of County in the principal amount of $455,248
<br />("CDBG #1 Note" and, together with thq HOME #1 Note, collectively, the "HOME/CDBG #1 Notes"); (iv) that certain
<br />Deed of Trust and Assignment of Rents dated as of March 24, 2017, executed by Owner for the benefit of County
<br />to be recorded in the Official Records of San Mateo County, California ("Official Records") concurrently herewith
<br />securing the obligations under the HOME #1 Note ("HOME #1 Deed of Trust"), (v) that certain Deed of Trust and
<br />Assignment of Rents dated as of March 24, 2017, executed by Owner for the benefit of County to be recorded in
<br />the Official Records concurrently herewith securing the obligations under the CDBG #1 Note ("CDBG #1 Deed of
<br />Trust" and, together with the HOME #1 Deed of Trust, collectively, the "HOME/CDBG #1 Deeds of Trust"); and
<br />(vi) that certain Declaration of Restrictive Covenants dated as of March 24, 2017, executed by Owner for the benefit
<br />of County, to be recorded in the Official Records concurrently herewith ("HOME #1 Restrictions"). The
<br />HOME/CDBG #1 Loan Agreement, HOME/CDBG #1 Notes, HOME/CDBG #1 Deeds of Trust, HOME #1
<br />Restrictions and all other documents or instruments executed in connection with the HOME/CDBG #1 Loan are
<br />hereinafter collectively referred to as the "HOME/CDBG #1 Loan Documents."
<br />C. County has made or agreed to make certain loans to Owner in the aggregate original principal amount of Four
<br />Hundred Thousand and No/100 Dollars ($400,000.00) (the "Home/CDBG #2 Loans"), consisting of $100,000
<br />ATTY/AGR/2017.077/MHA WAVERLY PLACE—COUNTY SUBORDINATION AGREEMENT
<br />REV: 04-07-17 JS -1-
<br />
|