RecDoc 2017-055500 Subordination of Deed of Trust

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SUBORDINATION OF DEED OF TRUST (Continued_) _ _ Page 3 notice of default and/or obtain a court-ordered receiver before or after providing such notice to Beneficiary or expiration of the Beneficiary Cure Period, and the Beneficiary Cure Period shall not toll or extend the statutory cure period after Lender's recordation of a notice of default. Notwithstanding the foregoing, Lender shall not conduct any foreclosure sale nor accept any deed in lieu in resolution of such foreclosure process prior to the expiration of the Beneficiary Cure Period. Any amounts advanced by Beneficiary to cure a default underthe Superior Loan Documents shall be an advance under the Subordinated Loan Documents and secured by the Subordinated Deed of Trust. In the event of any default of Borrower under the Subordinated Loan Documents, Beneficiary shall deliver to Lender a copy of any notice delivered to Borrower in connection therewith, concurrently with delivery to Borrower of the same. In such event, Lender has the right, but not the obligation, to cure the noticed default by forty-five (45) days after the dale Lender receives a copy of the notice of default (the "Lender Cure Period"), and Beneficiary shall accept such cure by Lender as if 0 were cured by Borrower. Any amounts advanced by Lender to cure a default under the Subordinated Loan Documents and shall be an advance under Superior Loan Documents and secured by the Superior Deed of Trust. DEFAULT BY BORROWER. If Borrower becomes insolvent or bankrupt, this Subordination shall remain in full force and effect. In the event of a corporate reorganization or corporate arrangement of Borrower under the provisions of the Bankruptcy Code, as amended, this Subordination shall remain in full force and effect and the court having jurisdiction over the reorganization or arrangement is hereby authorized to preserve such priority and subordination provided under this Subordination in approving any such plan of reorganization or arrangement. MISCELLANEOUS PROVISIONS. The following miscellaneous provisions are a part of this Subordination: Amendments. This Subordination constitutes the entire understanding and agreement of the parties as to the matters set forth in this Subordination. No alteration of or amendment to this Subordination shall be effective unless given in writing and signed by the party or parties sought to be charged or bound by the alteration or amendment. Authority. The person who signs this Subordination as or on behalf of Beneficiary represents and warrants that he or she has authority to execute this Subordination and to subordinate the Subordinated Indebtedness and the Beneficiary's security interests in Beneficiary's property, if any. Caption Headings. Caption headings in this Subordination are for convenience purposes only and are net to be used to interpret or define the provisions of this Subordination. Governing Law. This Subordination will be governed by federal law applicable to Lender and, to the extent not preempted by federal law, the laws of the State of California without regard to its conflicts of law provisions. This Subordination has been accepted by Lender in the State of California. Choice of Venue. If there is a lawsuit, Beneficiary agrees upon Lender's request to submit to the jurisdiction of the courts of San Mateo County, Stale of California. Successors. This Subordination shall extend to and bind the respective heirs, personal representatives, successors and assigns of the parties to this Subordination, and the covenants of Beneficiary herein in favor of Lender shall extend to, include, and be enforceable by any transferee or endorsee to whom Lender may transfer any or all of the Superior Indebtedness. No Waiver by Lender. Lender shall not be deemed to have waived any rights under this Subordination unless such waiver is given in writing and signed by Lender. No delay or omission on the part of Lender in exercising any right shall operate as a waiver of such right or any other dghL A waiver by Lender of a provision of this Subordination shall not prejudice or constitute a waiver of Lenders right otherwise to demand strict compliance with that provision or any other provision of this Subordination. No prior waiver by Lender, nor any course of dealing between Lender and Beneficiary, shall constitute a waiver of any of Lenders rights or of any of Beneficiary's obligations as to any future transactions. Whenever the consent of Lender is required under this Subordination, the granting of such consent by Lender in any instance shall not constitute continuing consent to subsequent instances where such consent is required and in all cases such consent may be granted or withheld in the sole discretion of Lender. NOTICE: THIS SUBORDINATION AGREEMENT CONTAINS A PROVISION WHICH ALLOWS THE PERSON OBLIGATED ON YOUR REAL PROPERTY SECURITY TO OBTAIN A LOAN, A PORTION OF WHICH MAY BE EXPENDED FOR OTHER PURPOSES THAN IMPROVEMENT OF THE LAND. EACH PARTY TO THIS SUBORDINATION ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS SUBORDINATION, AND EACH PARTY AGREES TO ITS TERMS. THIS SUBORDINATION IS DATED JUNE 27, 2017.