RecDoc2025-028833 HEART-SV - Laserfiche WebLink

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FREE RECORDING REQUESTED PURSUANT TO GOVERNMENT CODE SECTION 27383 Recording requested by and when recorded return to: City of Redwood City 1017 Middlefield Road Redwood City, CA 94063 Attn: City Clerk 2025-028833 Simplifile, 11:22 am 06/06/2025 SA Fee: NO FEE Count of Pages 10 Recorded in Official Records County of San Mateo Mark Church Assessor -County Clerk -Recorder II I I II II II II I I III I I I I III II *$ R 0 0 0 3 5 7 8 8 8 3$ (space above this line for Recorder's use) Exempt from Recording Fee pursuant to Government Section 27383. SUBORDINATION AGREEMENT NOTICE: THIS SUBORDINATION AGREEMENT RESULTS IN YOUR SECURITY INTEREST IN THE PROPERTY BECOMING SUBJECT TO AND OF LOWER PRIORITY THAN THE LIEN(S) OF SOME OTHER OR LATER SECURITY INSTRUMENT. THIS SUBORDINATION AGREEMENT dated as of ,Tune 6 , 2025, is entered into by and between the Housing Endowment and Regional Trust of San Mateo County, a joint powers authority existing under the laws of the State of California ("HEART"), HEART -SV, a joint powers authority existing under the laws of the State of California ("Borrower"), and the City of Redwood City ("City") a California charter city and municipal corporation, in connection with a loan by City to Borrower to finance a multifamily residential rental housing project on real property located at 417 Stambaugh Street in the City of Redwood City, County of San Mateo, California and more particularly described on Exhibit A attached hereto and incorporated herein by this reference ("Project"). Unless otherwise noted, references to instruments recorded in "Official Records" refer to instruments recorded in the Office of the County Recorder of the County of San Mateo. RECITALS A. WHEREAS, Borrower and HEART have encumbered the Project with the following - documents related to the financing and/or development of the Project: 1. Regulatory Agreement and Declaration of Affordability Covenant dated as of July 30, 2024 (the "HEART Trust Funds Regulatory Agreement"), by and between HEART and the Borrower and recorded in the Official Records as Instrument No. 2024-0401.13; 2. A Deed of Trust with Assignment of Rents and Security Agreement dated as of July 30, 2024 (the "HEART Trust Funds Deed of Trust") by and between HEART, as beneficiary, and the Borrower, recorded in the Official Records as Instrument No. 2024-040118; 3. The HEART Trust Funds Regulatory Agreement and the HEART Trust Funds Deed of Trust are collectively referred to herein as the "HEART Documents"; and B. WHEREAS, City is making, substantially contemporaneously with the making of this Subordination Agreement, a permanent mortgage loan to Borrower ("City Loan"). The City Loan is evidenced by a Promissory Note from the Borrower to City in the face amount of One Million and REV: 05-22-25 LF �i ATTY/AGR.2025.114/HEART-SV (Subordination Agreement - HEART Trust Funds to RWC) (Page 1 of 8)