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6.D. -Page 11 of 19 <br />FREE RECORDING IN ACCORDANCE <br />WITH CALIFORNIA GOVERNMENT <br />CODE SECTION 27383 and 27388.1. <br />RECORDING REQUESTED BY, AND <br />WHEN RECORDED, MAIL TO: <br />State of California <br />Department of Housing and <br />Community Development <br />P. O. Box 952052 <br />Sacramento, CA 94252-2052 <br />Attn: Legal Affairs Division <br />14-SHMHP-10397 <br />SUBORDINATION AGREEMENT <br />NOTICE: THIS SUBORDINATION AGREEMENT RESULTS IN YOUR SECURITY <br />INTEREST IN THE PROPERTY BECOMING SUBJECT TO AND OF LOWER PRIORITY <br />THAN THE LIEN OF SOME OTHER OR LATER SECURITY INSTRUMENT. <br />THIS SUBORDINATION AGREEMENT (the "Agreement") is dated as of March 25, 2019, for <br />reference purposes only, and is entered into by and among the City of Redwood City, a <br />municipal corporation (the "Junior Lienholder") and Waverly Place Apartments, L.P., a <br />California limited partnership (the "Borrower"), and the Department of Housing and <br />Community Development, a public agency of the State of California (the "Senior Lender"). <br />RECITALS <br />A. Borrower is the owner of the fee simple interest in that real property described in <br />Exhibit A attached hereto and made a part hereof (the "Property"). The Borrower is <br />developing a 16 -unit multifamily residential rental development on the Property (the <br />"Improvements"). The Property and the Improvements are sometimes referred to collectively <br />as the "Development." <br />B. The Junior Lienholder has made a loan to the Borrower in the principal sum of Four <br />Hundred Thousand and no/100 Dollars ($400,000.00) (the "Junior Lienholder Loan"). The <br />Junior Lienholder Loan is evidenced by a certain promissory note (the "Junior Lienholder <br />Note"), secured by a certain deed of trust (the "Junior Lienholder Deed of Trust") recorded on <br />August 29, 2013, as Instrument No. 2013-127351 in the Official Records of San Mateo <br />County, California (the "Official Records"). The Junior Lienholder and Borrower entered into a <br />document entitled Assignment, Assumption and Modification Agreement affecting the use of <br />the Development, recorded on April 11, 2017, as Instrument No. 2017-031307 in the Official <br />Records (the "Junior Lienholder Modification") that increased the loan to the Borrower in the <br />principal sum of Six Hundred Thousand and no/100 Dollars ($600,000.00). Junior Lienholder <br />and Borrower have also entered into a Declaration of Affordable Covenants recorded on <br />MiTAKIP19El5RD1C1 <br />Page 1 of 9 <br />ATTY/AGR.2019.057/MHA - Waverly Place Apartments 116 <br />