Laserfiche WebLink
ATTACHMENT 3 <br />RECORDING REQUESTED PURSUANT <br />AND WHEN RECORDED MAIL TO: <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 />No fee for recording pursuant to <br />Government Code Section 27383 <br />INTERCREDITOR AGREEMENT <br />(Mosaic Garden) <br />This Intercreditor Agreement (the "Agreement") is made as of 2018, <br />by and among the City of Redwood City, a California municipal corporation (the "City"), the <br />County of San Mateo, a political subdivision of the State of California (the "County"), and MP <br />Mosaic Garden Associates, L.P., a California limited partnership (the "Borrower"), with <br />reference to the following facts: <br />A. The Borrower intends to renovate 55 units of existing affordable rental housing <br />and construct supportive on-site service offices at 3752-3770 Rolison Road 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 , 2018, <br />the City has agreed to loan Borrower One Million One Hundred Thousand and No/100 Dollars <br />($1,100,000.00) (the "City Loan") consisting of funds from the City's Affordable Housing Fund. <br />The City Loan is evidenced by a promissory note by the Borrower in favor of the City (the "City <br />Note"). The Borrower's obligation to repay the City Loan, as evidenced by the City Note, will be <br />secured by a deed of trust on the Property (the "City Loan Deed of Trust"). <br />C. Pursuant to a Loan Agreement dated as of _, 2018 (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 Eight Million Four Hundred Twenty -Nine Thousand Two Hundred and <br />Eleven Dollars ($8,429,211) (the "County Loan"), consisting of Affordable Rental Acquisition <br />and Preservation Program (Measure K) funds. The County Loan is evidenced by a promissory <br />note by Borrower in favor of the County (the "County Note"). The Borrower's obligation to <br />repay the County Loan, as evidenced by the County Note, will be secured by a deed of trust on <br />the Property (the "County Deed of Trust") (collectively, the City Deed of Trust and the County <br />Deed of Trust shall be 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 />ATTY/AGR/2018.028/MID PEN MOSIAC GARDENS —I NTERCREDITOR AGREEMENT <br />REV: 02-06-1815 <br />Page 1 of 7 <br />