RecDoc 2002-103852 Blanca Ugarte

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Recorded at the request of: Old Republic Title Company /RWC 299426 055-121-400 When recorded, mail to: City of Redwood City P.O. Box 391 Redwood City, CA 94064-0391 A DOC = 2002-103aF$ ,2 05/29/2002 08:00A SA Fee:19.00 Page 1 of 5 Recorded in Official Records County of San Mateo Warren Slocum Assessor -County Clerk -Recorder Recorded By OLD REPUBLIC TITLE COMPANY i l 1 I1111111IN 11lill111111111 I'll 1111 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 this 22ndday of May, 2002 , by_Blanca LTgarte, as TYustee of The Blanca Ugarte Revocable TYust dated February 13, 2001 owner of the land hereinafter described and hereinafter referred to as "Owner", and City of Redwood City, a municipal corporation , present owner and holder of the Deed of Trust and Note first hereinafter described and hereinafter referred to as "Beneficiary". to WITNESSETH THAT WHEREAS, Blanca Ugarte, an unmarried woman did execute a Deed of Trust, dated a corporation as Trustee, covering; * * * See "Exhibit B11 attached hereto and made a part hereof. * * * to secure a Note in the sum of $258, 000.00 , dated December 08, 1999 in favor of City of Resod City, a munici corporation which Deed of Trust was recorded on at Page/Image n/a , Series Number 1Q0 , in Book/Reel n/a of Official Records of said county; and WHEREAS, Owner has executed, or is about to execute, a Deed of Trust and Note in the sum Of $ 500, 000.00 , dated May 17, 2002 , in favor of Washington Mutual Bank, FA hereinafter referred to as "Lender", payable with interest and upon the terms and conditions described therein, which Deed of Trust is to be recorded concurrently herewith; and SUBORDINATION, RECORDED DEED OF TRUST TO DEED OF TRUST TO RECORD. FTGIS-950 2/94 - Subordination Agreement - A, Page 1 of 3