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ATTY/AGR/2017.143/1512 STAFFORD – INTERCREDITOR AGREEMENT <br />REV: 06-21-17 JS <br />Page 1 of 6 <br />RECORDING REQUESTED PURSUANT <br />AND WHEN RECORDED MAIL TO: <br /> <br />County of San Mateo Department of Housing <br />264 Harbor Blvd., Bldg. A <br />Belmont, California 94002 <br />Attention: Raymond Hodges <br />PONY DOH 209 <br /> <br />No fee for recording pursuant to <br />Government Code Section 27383 <br />________________________________________________________________________ <br />INTERCREDITOR AGREEMENT <br />(1512 Stafford Street) <br />This Intercreditor Agreement (the "Agreement") is made as of ______________, 2017, <br />by and among the City of Redwood City, a municipal corporation (the "City"), the County of San <br />Mateo, a political subdivision of the State of California (the "County"), and HIP Housing <br />Development Corporation, a California nonprofit public benefit corporation (the "Borrower"), <br />with reference to the following facts: <br />A. The Borrower intends to acquire existing rental housing consisting of seven <br />residential units and one commercial space, located at 1512 Stafford Street in the City of <br />Redwood City, County of San Mateo, on the real property described on the attached Exhibit A, <br />which is incorporated herein by reference (the "Property"). <br />B. Pursuant to a Loan Agreement (the "City Agreement") dated as of _________ __, <br />2017, the City has agreed to loan Borrower One Million Five Hundred Seventy-Seven Thousand, <br />Seven Hundred Fifty and no/100 Dollars ($1,577,750.00) (the "City Loan") consisting of City <br />Affordable Housing Funds, Community Development Block Grant funds, and HOME <br />Investment Partnership Program funds. The City Loan is evidenced by a promissory note by the <br />Borrower in favor of the City (the "City Note"). The Borrower's obligation to repay the City <br />Loan, as evidenced by the City Note, will be secured by a deed of trust on the Property (the "City <br />Loan Deed of Trust"). <br />C. Pursuant to a Loan Agreement dated as of_________ __, 2017 (the "County Loan <br />Agreement"), by and between the County and the Borrower, the County has agreed to loan the <br />Borrower a total of Six Hundred Thousand Dollars ($600,000) (the "County Loan"), consisting <br />of Measure K funds. The County Loan is evidenced by a promissory note by Borrower in favor <br />of the County (the "County Note"). The Borrower's obligation to repay the County Loan, as <br />evidenced by the County Note, will be secured by a deed of trust on the Property (the "County <br />Deed of Trust")(collectively, the City Deed of Trust and the County Deed of Trust shall be <br />referred to as the "Deeds of Trust"). <br />D. The City, the County, and the Borrower (the "Parties") wish the City Loan Deed <br />of Trust and the County Deed of Trust to be equal in lien priority and for the Parties to share, <br />6.3.E. - Page 60