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FREE RECORDING REQUESTED <br />PURSUANT TO GOVERNMENT CODE <br />SECTION 27383 <br />Recording requested by and <br />when recorded return to: <br />City of Redwood City <br />1017 Middlefield Road <br />Redwood City, CA 94062 <br />Attn: City Clerk <br />2025-028831 <br />Simplifile, <br />11:22 am 06/06/2025 SA Fee: NO FEE <br />Count of Pages 11 <br />Recorded in Official Records <br />County of San Mateo <br />Mark Church <br />Assessor -County Clerk -Recorder <br />II I I II II II II I I III I I I I III II <br />*$ R 0 0 0 3 5 7 8 8 8 1$ <br />(space above this line for Recorder's use) <br />Exempt from Recording Fees pursuant to Government Code Section 27383 <br />REGULATORY SUBORDINATION AGREEMENT <br />NOTICE: THIS REGULATORY SUBORDINATION AGREEMENT RESULTS IN YOUR <br />SECURITY INTEREST IN THE PROPERTY BECOMING SUBJECT TO AND OF <br />LOWER PRIORITY THAN THE LIEN(S) OF SOME OTHER OR LATER SECURITY <br />INSTRUMENT. <br />THIS REGULATORY SUBORDINATION AGREEMENT ("RSA") dated as of <br />June 6 , 2025, is entered into by and between the Commercial Bank of California, a <br />California corporation, as successor -in -interest to Community Bank of the Bay (`Bank"), HEART - <br />SV, a joint powers authority existing under the laws of the State of California ("Borrower"), and the <br />City of Redwood City ("City") a California charter city and municipal corporation, in connection <br />with a loan by City to Borrower to finance a multifamily residential rental housing project on real <br />property located at 417 Stambaugh Street in the City of Redwood City, County of San Mateo, <br />California and more particularly described on Exhibit A attached hereto and incorporated herein by <br />this reference ("Project'). Unless otherwise noted, references to instruments recorded in "Official <br />Records" refer to instruments recorded in the Office of the County Recorder of the County of San <br />Mateo. <br />RECITALS <br />A. WHEREAS, Borrower and Bank have encumbered the Project with the following documents <br />related to the financing and/or development of the Project: <br />1. A Deed of Trust dated as of July 29, 2024 (the "Bank Deed of Trust") by and between the <br />Community Bank of the Bay, as beneficiary, and the Borrower, recorded in the Official <br />Records as Instrument No. 2024-040115; <br />2. An Assignment of Rents dated as of July 29, 2024 (the "Bank Assignment of Rents") by and <br />between the Community Bank of the Bay, as lender, and the Borrower, recorded in the <br />Official Records as Instrument No. 2024-040116; <br />REV: 05-28-25 LF <br />ATTY/AGR.2025.118/HEART-SV (Subordination Agreement - Bank to RWC) (Page 1 of 9) <br />