RecDoc 2023-008127 Subodination Agreement HIP Housing

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RECORDING REQUESTED BY: Lawyers Title Company Escrow Order No.: FLNP-0052200844 When Recorded Mail Document To: City of Redwood City 1017 Middlefield Rd Redwood City, CA 94063 Attn: City Clerk APN/Parcel I D(s): 062-093-520 SPACE ABOVE THIS LINE FOR }RECORDER'S USE SUBORDINATION AGREEMENT (City of Redwood City) N THE TY NOTICE: THIS SUBORDINATION F LOWER PRIORITYMENT RESULTS IN OUR THANETHER LIEN OF SOMEITY INTEREST IOTHER OR LATER BECOMING SUBJECT TOO AND AND OO SECURITY INSTRUMENT. 10 THIS SUBORDINATION AGREEMENT ("Agreement"), is dated as of I� "` `9Y HIP Housing Development Corporation, a California non-profit corporation ("Owner") and City of Redwood City, a municipal corporation ("Subordinate Lender"), in favor of Beacon Business Bank, its successor, transferees and assigns ("Lender°) (together "Parties"). RECITALS WHEREAS, Owner owns the real property interests described on Exhibit A, attached hereto and incorporated herein by reference: 1157-1161 Willow Road, Menlo Park, CA ("Property"); and WHEREAS, Subordinate Lender has made certain loans to Owner in Suoriginal s din al principal amount of Ninety-Two that certain One Hundred Ninety -Seven And No/100 Dollars ($92,197.00) C lett the rehabilitation evidenced rental hauling at the Agreement with HIP Housing Development Corporation for funding to compr of Property ("Subordinate Loan Agreement") dated March 4, 2013; (ii) that certain Note, dated March 15, 2013, in favor to First American Title Company, Subordinate Linder ("Subordinate as dated trustee, recorded in the official Records on March 15, 2013 as Document No. 2013- 040859 ("Subordinate Deed of Trust"); and (iv) that certain Declaration of Affordability Covenants, executed by Owner for the benefit of Subordinate Lender, recorded in nOfficial ffRecords drch ��, as Document No. �60 [Affordability Covenants"). The Subordinate Loan rinateNotSbodiraa Deed of Trust Affordability Covenants and all other documents or instruments executed in connection with the Subordinate Loan are hereinafter collectively referred to as the "Subordinate Loan Documents"; and WHEREAS, Owner has executed, or is about to execute a deed of trust ("Senior Deed of Frebr and note , {2023 r Notein in the sum of Five Hundred Seven Thousand And No1100 Dollars ($507,000.00) dated February favor of Lender, payable with interest and upon the terms and conditions described therein. Senior Deed of Trust is to be her recorded in the Official Records of San Mateotion with the Senior Loan unty, California, The earer Dee Wafter collect veed of Trust, lelyor hrefereddivlastthe documents or instruments executed In con "Senior Loan Documents"; and of Trust be u ' ly and at a[] times remain a lien or e upon WHEREAS, Lender requires that thaelS�enior Do€ the Sub nate Letnderlsecu ed by the Subordinate Loan Documents, the Property, prior and superior torights the repayment of the Subordinate Loancifi the Su rdinate Lender's rig it anally subordinates the Subo dhts under any other onate Subordinate Documents, the and that the Subordinate Lender spe Yher repayment of the Subordinate Loan and the Subordinate mend ofhe rs Sen Senior Loan andts under any otheroSen ar Loan Documents; Loan Documents to the lien or charge of the Senior Deed of Trust, the repay and REV: 12-09-2022 SK ATTY/AGR.2022.427/HIP Housing (Page 1 of 9)