RecDoc 2021-146163 Subordination Agreement 353 Main Street

Browse Search

RECORDING REQUESTED BY AND WHEN RECORDED MAIL TO: City of Redwood City 1017 Middlefield Road Redwood City, CA 94063 Attn: City Clerk No fee document pursuant to Government Code Section 27383 (SPACE ABOVE THIS LINE FOR RECORDER'S USE) SUBORDINATION AGREEMENT (353 Main Street) 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 SECURITY INSTRUMENT. This Subordination Agreement (the "Agreement") is dated as of feH/)f October 1.4, and is by and among the City of Redwood City, a California charter city (the "City"), the i IO wing Authority of the County of San Mateo, a public body, corporate and politic (the "Housing Authority"), the County of San Mateo, a political subdivision of the State of California (the "County"), and 353 Main Street Apartments, L.P., a California limited partnership ("Borrower"), with reference to the following facts: RECITALS A. Borrower is the owner of that certain real property located at 353 Main Street, in the City of Redwood City, County of San Mateo, State of California, as more particularly described in Exhibit "A" (the "Property"). Borrower intends to own and operate 125 -unit multifamily residential project (the "Development"). B. The Housing Authority and the Borrower entered into that certain Agreement Between Housing Authority of San Mateo County and 353 Main Street Apartments, L.P. To Assist with 353 Main Street Project For Period of January 1, 2019 - December 31, 2024, dated October 18, 2019, as may be amended from time to time (the "Authority Loan Agreement"), pursuant to which the Borrower agreed to borrow Seven Million Dollars ($7,000,000) (the "Housing Authority Loan"). The Housing Authority Loan is evidenced by a Promissory Note from the Borrower in favor of the Authority (the "Authority Note"). The Authority Note is secured by that certain Deed of Trust and Assignment of Rents executed by Borrower for the benefit of the Authority, dated as of October 18, 2019, and recorded in the Official Records of the County of San Mateo (the "Official Records") as Document No. 2019-086818, on October 18, 2019 (the "Authority Deed of Trust"). The Authority Loan Agreement, the Authority Deed of Trust, and the Authority Note are hereinafter collectively referred to as the "Authority Loan Documents". REV: 11-30-2020 PR ATTY/AGR.2020.275/ROEM (Page 1 of 15)