AgdaPkt 2017-06-26 Closed and Joint SA PFA

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RECORDATION REQUESTED BY: Boston Private Bank & Trust Company WHEN RECORDED MAIL TO: Boston Private Bank & Trust Company Attn: Credit Administration 160 Bovet Road San Mateo, CA 94402-9955 FOR RECORDER'S USE ONLY NOTICE: THIS SUBORDINATION OF DEED OF TRUST RESULTS IN YOUR SECURITY INTEREST IN THE PROPERTY BECOMING SUBJECT TO AND OF LOWER PRIORITY THAN THE LIEN OF SOME OTHER OR LATER SECURITY INSTRUMENT. SUBORDINATION OF DEED OF TRUST THIS SUBORDINATION OF DEED OF TRUST dated June 27, 2017, is made and executed among City of Redwood City ("Beneficiary"); North American Title Company ("Trustee"); HIP Housing Development Corporation, a California Non-profit public benefit corporation ("Borrower"); and Boston Private Bank & Trust Company ("Lender"). RECITALS SUBORDINATED INDEBTEDNESS. Beneficiary has extended the following described financial accommodations, secured by the Real Property (the "Subordinated Indebtedness"): A Promissory Note dated of even date herewith made by Borrower to the order of Beneficiary in the Amount of $1,577,750.00 (“Subordinated Promissory Note”). SUBORDINATED DEED OF TRUST. The Subordinated Indebtedness is or will be secured by the Real Property and evidenced by a deed of trust dated __________, 2017 from HIP Housing Development Corporation, a California Non-profit public benefit corporation ("Trustor") to North American Title Company ("Trustee") in favor of City of Redwood City ("Beneficiary") (the "Subordinated Deed of Trust") and recorded i n San Mateo County, State of California as follows: Instrument Number ____________________________; Recording Date: ________________________. SUBORDINATED LOAN DOCUMENTS: The Subordinated Indebtedness is evidenced by the following documents: (i) that certain Agreement with HIP Housing Development Corporation for Funds to Acquire 1512 Stafford Street, dated as of even date herewith by and between Borrower and Trustee (the “Subordinated Loan Agreement”); (ii) the Subordinated Promissory Note; (iii) that certain Declaration of Affordability Covenants of even date herewith executed by Borrower and to be recorded concurrently herewith in San Mateo County (the “Subordinated Restrictions”); and (iv) the Subordinated Deed of Trust. The Subordinated Loan Agreement, the Subordinated Promissory Note, the Subordinated Restrictions, and the Subordinated Deed of Trust are hereinafter collectively referred to as the “Subordinated Loan Documents”. REAL PROPERTY DESCRIPTION. The Subordinated Deed of Trust covers the following described real property (the "Real Property") located in San Mateo County, State of California: Lot 8 in Block 7, as shown on that certain Map entitled "Lenolt, Redwood City, California," which Map was filed in the Office of the Recorder of the County of San Mateo, State of California, on May 7, 1925, in Book 12 of Maps at Pages 30 and 31. The Real Property or its address is commonly known as 1512 Stafford Street, Redwood City, CA 94063. The Assessor's Parcel Number for the Real Property is 052-112-120. SUPERIOR INDEBTEDNESS. Lender has extended or has agreed to extend the following described financial accommodations to Borrower, secured by the Real Property (the "Superior Indebtedness"): A Promissory Note in the amount of $1,000,000.00 (“Superior Promissory Note”). LENDER'S LIEN. The Superior Indebtedness is or will be secured by the Real Property and evidenced by a mortgage, deed of trust, or other lie n instrument, dated June 27, 2017, from Borrower to Lender (the "Lender's Lien") and recorded in San Mateo County, State of California as follows: Instrument Number ____________________________; Recording Date: ________________________. As a condition to the granting of the requested financial accommodations, Lender has required that the Lende r's Lien be and remain superior to the Subordinated Deed of Trust. SUPERIOR LOAN DOCUMENTS: The Superior Indebtedness is evidenced by the following documents: Assignment of Rents Business Loan Agreement Promissory Note Deed of Trust Commercial Guaranty Hazardous Substances Certificate and Indemnity Agreement The foregoing documents, along with any amendments, modifications, replacements and renewals thereof, are hereinafter collectively referred to as the “Superior Loan Documents”. REQUESTED FINANCIAL ACCOMMODATIONS. Trustor, who may or may not be the same person or entity as Borrower, and Beneficiary each 6.3.E. - Page 54