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this waiver, relinquishment and subordination, specific loans and advances are being and <br /> will be made and, as part and parcel thereof, specific monetary and other obligations are <br /> being entered into which would not be made or entered into but for said reliance upon this <br /> waiver, relinquishment and subordination; and <br /> <br /> (d) An endorsement has been place upon the Note secured by the Deed of Trust first <br /> above mentioned that said Deed of Trust has by this instrument been subordinated to the <br /> lien or charge of the Deed of Trust in favor of Lender above referred to. <br /> <br /> (e) The proceeds of Lender's loan will be applied to the payoff of the conslxuction loan <br /> on the Property from Wells Fargo Bank. <br /> <br />NOTICE: THIS SUBORDINATION AGREEMENT CONTAINS A PROVISION <br /> WHICH ALLOWS THE PERSON OBLIGATED ON YOUR REAL <br /> PROPERTY SECURITY TO OBTAIN A LOAN A PORTION OF WHICH <br /> MAY BE EXPENDED FOR OTHER PURPOSES THAN IMPROVEMENT <br /> OF THE LAND. <br /> <br />Beneficiary: <br /> <br />REDEVELOPMENT AGENCY OF THE CITY OF REDWOOD CITY <br /> <br />Owner: <br /> <br />MEZES COURT ASSOCIATES, a California limited partnership <br /> <br />By: MP Mezes, Inc., a California nonprofit public benefit corporation <br />Its: General Partner <br /> <br /> By: <br /> Fran Wagstaff <br /> Its: Executive Director <br /> <br />Lender: <br /> <br />CITIBANK, Federal Savings Bank <br /> <br />By: <br /> Vice President <br /> <br /> ALL SIGNATURES MUST BE NOTARIZED <br /> <br />REIS SUB CITY (R~v. 1/96) 4 <br /> <br /> <br />