RecDoc 2017-061508 96 Buckingham Subordination Agreement RWC-DOH_07.19.2017

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37EA40 10 kP5 M RECORDING REQUESTED BY: COUNTY OF SAN MATEO DEPARTMENT OF HOUSING AND WHEN RECORDED MAIL TO: COUNTY OF SAN MATEO DEPARTMENT OF HOUSING 264 Harbor Blvd., Bldg A Belmont, CA 94002 Attn: Tracy Choi PONY: DOH 209 2017-061508 CHICAGO TITLE INSURANCE COMPANY 8:00 am 07119117 SA Fee: NO FEE Count of Pages 11 Recorded in Official Records County of San Mateo Mark Church Aasesaor,County Clerk -Recorder 111�1 II II II 111111[ Ell 1111110 * R 0 0 0 2 4 2 5 0 6 3* SUBORDINATION AGREEMENT (City of Redwood City) NOTICE: THIS SUBORDINATION AGREEMENT 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. THIS SUBORDINATION AGREEMENT ("Agreement") is dated as of 6 e 2 , 2017, by SERVICE LEAGUE OF SAN MATEO COUNTY, a California nonprofit public benefit corporation ("Owner") and THE CITY OF REDWOOD CITY, CALIFORNIA ("Subordinate Lender"), in favor of COUNTY OF SAN MATEO DEPARTMENT OF HOUSING ("Con ), its successors, transferees and assigns ('Londe rt ). RECITALS A. Owner is the owner of the real property interests described on Exhibit A, attached hereto and incorporated herein by reference: 96 Buckingham Avenue, Redwood City, CA 94063 (the "Property"). B. Subordinate Lender has made or agreed to make certain loans to Owner in the original principal amount of Two Hundred Fifty Thousand Dollars ($250,000.00) (the "Subordinate Loan"), evidenced by (1) that certain Agreement with Service League of San Mateo County for Funding to Acquire Property at 96 Buckingham Avenue ("Subordinate Loan Agreement") dated as of August 14, 2008, and (ii) that certain Declaration of Restrictive Covenants dated as of August 14, 2008, executed by Owner for the benefit of Subordinate Lender, recorded in the Official Records on August 18, 2008 as Document No. 2008-094149 ('Affordability Covenants"). The Subordinate Loan Agreement, Affordability Covenants and all other documents or instruments executed in connection with the Subordinate Loan are hereinafter collectively referred to as the "Subordinate Loan Documents." not to exceed the amount C. Lender has made or agreed to make a loan to Owner in the principal amount/ of Two Hundred Fifty Nine Thousand Nine Hundred Twenty Nine Dollars ($259,929) (the "Senior Loan") to be evidenced by (i) that certain Agreement by and between Lender and Owner (°Senior Loan Agreement"), (11) that certain Promissory Note to be made by Owner to the order of Lender ("Senior Note"), (iii) that certain Deed of Trust ("Senior Deed of Trust') to be recorded in the Official Records of San Mateo County, California ("Official Records'), and (iv) that certain Declaration of Affordability Covenants to be recorded in the Official Records (Senior Restrictions"). The Senior Loan Agreement, Senior Note, Senior Deed of Trust, Senior Restrictions, and all other documents or instruments executed in connection with the Senior Loan are hereinafter collectively referred to as the "Senior Loan Documents". D. Lender requires that the Senior Deed of Trust be unconditionally and at all times remain a lien or charge upon the Property, prior and superior to all the rights of the Subordinate Lender secured by the Subordinate Loan Documents, the repayment. of the Subordinate Loan and the Subordinate Lender's rights under any other Subordinate Loan Documents and that the Subordinate Lender specifically and unconditionally subordinates the Subordinate Loan Documents, the repayment of the Subordinate Loan and the Subordinate Lender's rights under REV: 0&05-17 PR -1- ATTY/AGR.2017.131/Service League - 96 Buckingham Loan Subordination Document Number: 2017-061508 Page: 1 of 11