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Recording Requested By <br /> And When Recorded Return To: <br /> <br /> Union Bank of California, N.A. <br /> Community Development Finance <br /> Dcpamnent <br /> 200 Pringle Avenue, Suite 200 <br /> Walnut Creek, California 94596 <br /> Attention: Ms. Anita Mayer <br /> <br /> SUBORDINATION AGREEMENT '- <br /> <br />NOTICE: THIS SUBORDINATION AGREEMENT RESULTS IN YOUR SECURITY <br /> INTEREST IN THE PROPERTY BECOMING SUBJECT TO AND OF <br /> LOWER PRIORITY THAN THE LIEN OF SOME OTHER OR LATER <br /> SECURITY INSTRUMENT. <br /> <br />1998, by MEZES COURT ASSOCIATES, a California limited l~rmer~hip, owner of the <br />land hereinai~ d~scribed and herdnaf~er described as "Owner;," the REDEVELOPMENT <br />AGENCY OF THE CITY OF REDWOOD CITY, the presem owner and homer of the Deed <br />of Trust and note first hereinafter described and hereina~er refehed to as "Beneficiary;" and <br />UNION BANK OF CALIFORNIA, N.A., hc-~iv, ai~er r~fcL,cd to as "Lender." <br /> <br /> WITNESSETH <br /> <br />THAT WHEREAS, the Owner did execute a Deed of Trust (the "Beneficiary Deed of Trust"), <br />dated June 18, 1996, to First American Title Insurance Company, a Califom/a corporation, as <br />tru.~e~, covering the "Pwperty" dcscr/bed in Exhibit A, to recur= a no~e in the sum of <br />$1,445,000.00 dated June l 8, 1996, in favor of the Benefidary, a public body, corporate and <br />polite, wh/ch Beneficiary Deed of Trust was recorded on June 28, 1996, in Official Records of <br />San Marco County as Instrument Number 96079145; and <br /> <br />WHEREAS, the Owner also executed on Sunc 18, 1996 in favor of the Beneficiary, an <br />Affordable Houdag Covenant ("Regulatory Agr~aent") that encumbe~ the Pwperty, which <br />Regulatory Agreement was recorded on Sune 28, I!~96, as ln~-ument Number 96-079147, <br />Official Records of San Mateo County; and <br /> <br />WHEREAS, in accordance with the terms and conditions of an undated and unrecorded <br />Disposition and Development Agreement (the "DDA") among thc Beneficiary, Borrower, and <br />J.H.R. Trust, created by Trust Agrc'~mcnt dated Octob~-r 2, ! 969, az amended ("JHR Trust"), thc <br />Owner obtained title to the Proper~y pursuant to a Grant Deed from the Beneficiary (as Grantor), <br /> <br />~922~0~$.3 61S91 ~37p9~4707! <br /> <br /> EXHIBff <br /> <br /> <br />