RecDoc 2013-065195 - Laserfiche WebLink

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RECORDING REQUESTED BY: EQUITY TITLE-ORANGE COUNTY/INLAND EMPIRE AND WHEN RECORDED MAIL TO: City of Redwood City CDD— Planning and Housing �n: Ct�n� 1017 Middlefield Road '��-'4 Redwood City, CA. 94063 Order No.: PL-19165 Escrow No.: 2013009012 A.P.N.: 053-242-040 SPACE ABOVE THIS LINE IS FOR RECORDER'S USE SUBORDINATION AGREEMENT NOTICE: THIS SUBORDINATION AGREEMENT RESULTS IN YOUR SECURITY INTEREST IN THE PROPERTY BECOMING SUBJECT TO AND OF LOWER PRIORITY THAN THE LIEN OF SOME OTHER OR LATER SECURITY INSTRUMENT. THIS AGREEMENT, made March 22, 2013 by Barbara Estrada, owner of the land hereinafter described and hereinafter referred to as"Owner," and Redevelopment Agency of The City of Redwood City, a Corporation organized and existing under the laws of the State of California present owner and holder of the deed of trust and note first hereinafter described and hereinafter referred to as "Beneficiary"; WITNESSETH THAT WHEREAS, Barbara Estrada, did execute a deed of trust dated 05/31/2001, to American Title Company, as Trustee, covering that property in the City of Redwood City, County of San Mateo, State of California, described as: See Exhibit"A"attached hereto and made a part hereof for complete legal description. to secure a note in the sum of$100,000.00, dated 05/31/2001, in favor of Redevelopment Agency of The City of Redwood City, which deed of trust was recorded 06/08/2001, as Instrument No. 2001-084332, of Official Records of said county; and WHEREAS, Owner has,ex�cuted, or is about to execute, a deed of trust and note NOT to exceed the sum of $133,985.00 dated ��Y►( 23, Z�t3 , in favor of, JP Morgan Chase Bank, N.A. hereinafter referred to as "Lender," payable with in erest and upon the terms and conditions described therein, which deed of trust is to be recorded concurrently herewith; and WHEREAS, it is a condition precedent to obtaining said loan that said deed of trust last above mentioned shall unconditionally be and remain at all times a lien or charge upon the land hereinbefore described, prior and superior to the lien or charge of the deed of trust first above mentioned; and WHEREAS, lender is willing to make said loan provided the deed of trust securing the same is a lien or charge upon the above described property prior to the lien or charge of the deed of trust first above mentioned and provided that Beneficiary will specifically and unconditionally subordinate the lien or charge of the deed of trust first above mentioned to the lien or charge of the deed or trust in favor of Lender; and WHEREAS, it is to the mutual benefit of the parties hereto that Lender make such loan to Owner; and Beneficiary is willing that the deed of trust securing the same shall, when recorded, constitute a lien or charge upon said land which is unconditionally prior and superior to the lien or charge of the deed of trust first above mentioned.