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A.P.N.: 111-120-280 Subordination Agreement - continued File No.: 4332-
<br />3569509 (ME)
<br />Date: December 14, 2010
<br />AN UNDIVIDED 1/30TH INTEREST IN LOT A (COMMON AREA) AS SHOWN AND DEFINED ON THAT CERTAIN
<br />MAP ENTITLED "WHIPPLE PLACE CONDOMINIUMS", FILED IN THE OFFICE OF THE COUNTY RECORDER OF SAN
<br />MATEO COUNTY, STATE OF CALIFORNIA ON JULY 15, 1978 IN BOOK 97 OF MAPS, AT PAGES 67, 68, 69, 70
<br />AND 71.
<br />PARCEL III:
<br />AN EXCLUSIVE EASEMENT FOR THE USE AND ENJOYMENT OF THOSE PORTIONS OF LOT A (COMMON AREA)
<br />SHOWN AND DEFINED AS P-28 AND S-28 ON THE MAP ENTITLED "WHIPPLE PLACE CONDOMINIUMS", FILED IN
<br />THE OFFICE OF THE COUNTY RECORDER OF SAN MATEO COUNTY, STATE OF CALIFORNIA, ON JUNE 15, 1978
<br />IN BOOK 97 OF MAPS AT PAGES 67, 68, 69, 70 AND 71.
<br />to secure a Note in the sum of $$100,000.00, dated April 10, 2002, in favor of The Redevelopment Agency of the
<br />City of Redwood City, which Deed of Trust was recorded April 16, 2002 in Book --, Page --, or Instrument
<br />No. 2002-073766, of said County; and
<br />WHEREAS, Owner has executed, or is about to execute, a Deed of Trust and Note in the sum of $203,485.00,
<br />dated . in favor of Bank of America, N.A., hereinafter referred to as "Lender", payable with
<br />interest and upon the terms and conditions described therein, which Deed of Trust is to be recorded concurrently
<br />herewith; and
<br />WHEREAS, it is a condition precedent to obtaining said loan that said Deed of Trust last above mentioned shall
<br />unconditionally be and remain at all times a lien or charge upon the land hereinbefore described, prior and
<br />superior to the lien or charge of the Deed of Trust first above mentioned; and
<br />WHEREAS, Lender is willing to make said loan provided the Deed of Trust securing the same is a lien or charge
<br />upon the above described property prior and superior to the lien or charge of the Deed of Trust first above
<br />mentioned and provided that Beneficiary will specifically and unconditionally subordinate the lien or charge of the
<br />Deed of Trust first above mentioned to the lien or charge of the Deed of Trust in favor of Lender; and
<br />WHEREAS, it is to the mutual benefit of the parties hereto that Lender make such loan to Owner; and Beneficiary
<br />is willing that the Deed of Trust securing the same shall, when recorded, constitute a lien or charge upon said
<br />land which is unconditionally prior and superior to the lien or charge of the Deed of Trust first above mentioned.
<br />NOW, THEREFORE, in consideration of the mutual benefits accruing to the parties hereto and other valuable
<br />consideration, the receipt and sufficiency of which consideration is hereby acknowledged, and in order to induce
<br />Lender to make the loan above referred to, it is hereby declared, understood and agreed as follows:
<br />(1) That said Deed of Trust securing said Note in favor of Lender, and any renewals or extensions thereof,
<br />shall unconditionally be and remain at all times a lien or charge on the property therein described, prior
<br />and superior to the lien or charge of the Deed of Trust first above mentioned.
<br />(2) That Lender would not make its loan above described without this subordination agreement.
<br />(3) That this agreement shall be the whole and only agreement with regard to the subordination of the lien
<br />or charge of the Deed of Trust first above mentioned to the lien or charge of the Deed of Trust in favor of
<br />Lender above referred to and shall supersede and cancel, but only insofar as would affect the priority
<br />between the Deeds of Trust hereinbefore specifically described, any prior agreement as to such
<br />subordination including, but not limited to, those provisions, if any, contained in the Deed of Trust first
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