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Continuation of Subordination Agreement Page 2 of 3 WHEREAS, Lender is will I!ng to make said loan provided the Deed of Trust securing the same is a I en or charge upon the above described property prior and superior to the lien or Charge of the Deed of Trust first above mentioned and provided that the Beneficiary wl11 specifically and unconditionally subordlnate the lien or charge upon said land which Is unconditionally prior and superior to the lien or charge of the Deed of Trust above mentioned. NOW, THEREFORE, in consideration of the mutual benefits accruing to the parties hereto and other valuable consideration, the receipt and sufficiency of whim consideration is hereby acknowledged, and in order to induce Lender to make the loan above referred to, it is hereby declared, understood and agreed as follows: That said Deed of Trust securing said note in favor of Lender, and renewals or extensions thereof, shall unconditionally be and remain at all times a iien prior charge on the property therein described, prior and superior to the lien or charge of the Heed of Trust first above mentioned. 2) That lender would not make Its loan above described without this subordination agreement. 3) That this agreement shall be the whole and only agreement with regard to the subordination of the lien or charge of the Deed of Trust first above mentioned to the lien or charge of the Deed of Trust In favor of lender above referred to and shall supersede and cancel, but only insofar as would affect the priority between the Deed of Trust hereinbefore speafically described any prior agreement as to such subordination 1ndudIng , but not 11mlted to, these provisions, if any, contained In the Deed of Trust first above mentioned, which provide for the subordination of the lien or charge thereof to another deed or deed of trust or to another mortgage or mortgages. Beneficiary declares, agrees and acknowledges that a. He consents to and approves (i.) all provisions of the note and Deed of Trust in favor of Lender above referred to, and (ii.) all agreements, Including but not limited to any loan or escrow agreements, between Owner and Lender for the disbursement of the proceeds of Lender's loan; b. Lender in making disbursements pursuant to any such agreement is under no obllgation or duty to, nor has mender represented that it will see to the application of such proceeds by the person or persons to whom Lender disburses such proceeds and any appiication of such proceeds for purposes other than Mose provided for in such agreement or agreements shall not defeat the subordination herein made or in part; C. He intentionally and unconditionally waives, relinquishes and subordinates the lienor charge of the Deed of Trust first above mentioned in favor of the lien or charge upon said land of the Deed of Trust In favor of Lender above referred to and understands that in reliance upon, and in consideration of, this waiver and relinquishment and subordination specific loans and advances are being and will be made and, as part and parcel thereof, specific monetaryy and other obligations are being and wl11 be entered Into which would not be made or entered into but for said reliance upon this waiver, relinquishment and subordination; and d. An endorsement has been placed upon the note secured by Deed of Trust first above mentioned that said deed of trust has by this instrument been subordinated to the Iden or charge of the deed of trust in favor of Lender referred to.