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2023-008127
<br />Simplifile,
<br />10:53 am 0212312023 SA Fee: $44.00
<br />Count of Pages 10
<br />RECORDING REQUESTED BY: Recorded in official Records
<br />Lawyers Title Company County of San Mateo
<br />Mark Church
<br />Escrow Order No.: FLNP-0052200844. Assessor -County Clerk -Recorder
<br />When Recorded Mail Document To: I IIII I 1111111 III VIII I6III VIII VIII VIII VIII VIII VIII VIII IIII I III IIII
<br />City of Redwood City *$ R 0 0 0 3 3 3 4 1 8 7$
<br />1017 Middlefield Rd
<br />Redwood City, CA 94063
<br />Attn: City Clerk
<br />APN/Parcel ID(s): 062-093-520 SPACE ABOVE THIS UNE,FOR RECORDER'S USE
<br />SUBORDINATION AGREEMENT
<br />(City of Redwood City)
<br />NOTICE: THIS SUBORDINATION AGREEMENT RESULTS IN YOUR SECURITY INTEREST IN -THE PROPERTY
<br />BECOMING SUBJECT TO AND OF LOWER PRIORITY THAN THE LIEN OF SOME OTHER OR LATER -
<br />SECURITY INSTRUMENT.
<br />THIS SUBORDINATION AGREEMENT ("Agreement"), is dated as of3A_ j�HIP Housing Development
<br />Corporation, a California non -profit corporation ("Owner") and City of Redwood City, a municipal corporation ("Subordinate
<br />Lender"), in favor of Beacon Business Bank, its successor, transferees and assigns ("Lender") (together "Parties").
<br />RECITALS
<br />WHEREAS, Owner owns the real property interests described on Exhibit A, .attached hereto and incorporated herein by
<br />reference: 1157-1161 Willow Read, Menlo Park, CA ("Property"); and
<br />WHEREAS, Subordinate Ler der has made certain loans to Owner in the original principal amount of Ninety -Two Thousand
<br />One Hundred Ninety -Sever, And No/100 Dollars ($92,197.00) ('Subordinate Loan"), evidenced by (i) that certain
<br />Agreement with HIP Housing Development Corporation for funding to complete the rehabilitation of rental housing at the
<br />Property CSubordinate Loan Agreement) dated March 4, 2013; (ii) that certain Note, dated March 15, 2013, in favor of
<br />Subordinate Lender ("Suborriins.te Note"); (iii) that certain Deed of Trust, dated March '15, 2013, executed by Owner to
<br />First American Title Company, as trustee, recorded in the Official Records on March 15, 2013, as Document -No. 2013-
<br />040859 ("Subordinate Deed o Trust"); and (iv) that certain Declaration of Affordability Covenants, executed by Owner for
<br />the benefit of Subordinate Loncler, recorded in the Official Records on March 15, 2013, as Document No. 2013-040860
<br />("Affordability Covenants"). The Subordinate Loan Agreement, Subordinate Note, Subordinate Deed of Trust, Affordability
<br />Covenants and all other documents or instruments executed in connection with the Subordinate Loan are hereinafter
<br />collectively referred to as the "Subordinate Loan Documents"; and
<br />WHEREAS; Owner has executed, or is about to execute a deed of trust ("Senior Deed of Trust') and note ("Senior Note")
<br />in the sum of Five Hundred Seven Thousand Arid No/100 Dollars ($507,000.00) dated February 7, 2023 in
<br />favor of Lender, payable with interest and upon the terms and conditions described therein. Senior Deed of Trust is to be
<br />recorded in the Official Records of San Mateo County, California. The Senior Deed of Trust, Senior Note, and all other
<br />documents or instruments executed in connection with the Senior Loan are hereinafter collectively referred to as the
<br />"Senior Loan Documents"; and
<br />WHEREAS, Lender requires that the Senior Deed of Trust be unconditionally and at all times remain a lien or charge upon
<br />the Property, prior and superior to all the rights of the Subordinate Lender secured by the Subordinate Loan Documents,
<br />the repayment of the Subordinate Loan and the Subordinate Lender's rights under any other Subordinate Loan Documents
<br />and that the Subordinate Lender specifically and unconditionally subordinates the Subordinate Loan Documents, the
<br />repayment of the Subordinate Loan and the Subordinate Lender's rights under any other Subordinate' Loan Documents
<br />to the lien or charge of the Senior Geed of Trust, the repayment of the Senior Loan and the other Senior Loan Documents;
<br />and
<br />REV: 12-09-2022 SK
<br />A7ITY/AGR.2022.427/1-1IP Housing (Page 1 of 9)
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