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Recording Requested By
<br />And When Recorded Return To:
<br />
<br />CITIBANK, Federal Savings Bank
<br />The Real Estate Group
<br />One Sansome Street, 23rd Floor
<br />San Francisco CA 94104
<br />
<br />Arm: Marcia E. Schrader
<br />Loan No.: 2496125
<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 />THIS AGREEMENT, made this 22~ day of June, 1998, by MEZES COURT ASSOCIATES, a
<br />California limited parmership, owner of the land hereinai~er described and hereinafter
<br />described as "Owner;" the REDEVELOPMENT AGENCY OF THE CITY OF REDWOOD
<br />CITY, the present owner and holder of the Deed of Trust and note first hereinafter described and
<br />hereinafter referred to as "Beneficiary;" and CITIBANK, Federal Savings Bank, hereinafter
<br />referred to as "Lender."
<br />
<br /> WITNESSETH
<br />
<br />THAT WHEREAS, the Owner did execute a Deed of Trust, dated June 18, 1996, to First
<br />American Title Insurance Company, a California corporation, as trustee, covering the "Property"
<br />described in Exhibit A, to secure a note in the sum of $1,445,000.00 dated June 18, 1996, in
<br />favor of the Beneficiary, a public body, corporate and politic, which Deed of Trust Was recorded
<br />on June 28, 1996, in Official Records of San Mateo County as Instrument Number 96079145;
<br />and
<br />
<br />WHEREAS, the Owner also executed on June 18, 1996 in favor of the Beneficiary, an
<br />Affordable Housing Covenant ("Regulatory Agreement") that encumbers the Property, which
<br />Regulatory Agreement was recorded on June 28, 1996, as Instrument Number 96-079147,
<br />Official Records of San Mateo County; and
<br />
<br />WHEREAS, the Owner (as Grantee) also executed on June 18, 1996 a Grant Deed from the
<br />Beneficiary (as Grantor) conveying Beneficiary's interest in the Property, which Grant Deed was
<br />recorded on June 28, 1996, as Instrument Number 96-079138, Official Records of San Mateo
<br />County, and which Grant Deed contains certain references in Sections 1 and 2 to restrictions
<br />pursuant to an undated and unrecorded Disposition and Development Agreement (the "DDA")
<br />among the Beneficiary, Borrower, and J.H.R. Trust, created by Trust Agreement dated October
<br />2, 1969, as amended ("JHR Trust"), which contains in Section 401 certain obligations and
<br />restrictions on usc of thc Property ("Restrictions"), and pursuant to the Regulatory Agreement;
<br />and
<br />
<br />
<br />
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