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3 $ RECORDING REQUESTED BY <br />North American Title Company <br />54605-1588367—SHS <br />RECORDING REQUESTED BY <br />AND WHEN RECORDED MAIL TO: <br />City Of Redwood City <br />1017 Middlefield Road <br />Redwood City, Ca 94063 <br />Attn: City Clerk <br />2019-047057 <br />9:45 am 06/19/19 SA Fee: NO FEE <br />Count of Pages 9 <br />Recorded in Official Records <br />County of San Mateo <br />Mark Church <br />Aeso,ConII <br />1111 s Ilsll rll lul t111111111 <br />I kl le I I lelll II <br />*$ R 0 0 0 2 7 1 5 1 4 4$* <br />EXEMPT FROM RECORDING FEES PER <br />GOVERNMENT CODE §§6103,27383 <br />APN• : 053-271-490-4 SPACE ABOVE FOR RECORDER'S USE <br />*This document is signed in counterpart <br />Exempt from fee per GC 27388.1(a)(2); recorded <br />concurrently "in connection with" a transfer SUBORDINATION AGREEMENT <br />subject to the imposition of dofumentary <br />transfer tax (DTT). <br />NOTICE: THIS SUBORDINATION AGREEMENT RESULTS IN YOUR SECURITY <br />INTEREST IN THE PROPERTY BECOMING SUBJECT TO AND OF LOWER PRIORITY <br />THAN THE LIEN OF SOME OTHER OR LATER SECURITY INSTRUMENT <br />This Subordination Agreement (this "Subordination Agreement") is dated for reference <br />purposes as of May 1, 2019, and is executed by and between the CITY OF REDWOOD CITY, a charter <br />city and municipal corporation (the "City"), and HUMAN INVESTMENT PROJECT, INC. (dba HIP <br />Housing), a California nonprofit public benefit corporation ("HIP"). <br />Factual Background <br />A. HIP has or will make a loan to Redwood Oaks Associates II LP, a California limited partnership <br />(the "Borrower"), in the original principal amount of approximately Two Million, Six Hundred <br />Dollars ($2,600,000) (the "HIP Loan") to assist in financing the acquisition and rehabilitation of an <br />affordable residential development (the "Project") on property located in the City of Redwood <br />City at 330-340 Redwood Avenue, and more particularly described in Exhibit A attached hereto <br />and incorporated herein (the "Property"). <br />B. The HIP Loan is evidenced by a Promissory Note executed by the Borrower in favor of HIP dated <br />as of May 1, 2019 (the "HIP Note"). Repayment of the HIP Note is secured by a Short Form <br />Deed of Trust and Assignment of Rents, dated as of May 1, 2019 (the "HIP Deed of Trust") <br />which will be recorded in the official records of San Mateo County ("Official Records") <br />substantially concurrently herewith. The HIP Note and the HIP Deed of Trust are collectively <br />referred to herein as the "HIP Loan Documents." <br />C. To assist in financing the rehabilitation of the Project, City made a loan to Borrower's predecessor <br />in interest (the "Original City Loan"). Borrower has assumed the obligation to repay the <br />Original City Loan pursuant to an Assignment, Assumption, Loan Modification Agreement and <br />Release of Estoppel dated as of May 1, 2019 (the "Loan Modification Agreement") which will <br />be recorded in the Official Records substantially concurrently herewith. Borrower's obligation to <br />repay the Original City Loan is evidenced by an Amended and Restated Secured Promissory <br />Note in the amount of $367,331.77, executed by Borrower for the benefit of City and dated as of <br />May 1, 2019 (the "A&R City Note"). The A&R City Note is secured by an Amended and <br />Restated Deed of Trust, Assignment of Rents, Security Agreement and Fixture Filing dated as of <br />May 1, 2019 (the "A&R City Deed of Trust") which will be recorded in the Official Records <br />substantially concurrently with the recordation of this Subordination Agreement. <br />Page 1 of 8 <br />INArHr}�FIIRPI:t <br />ATTY/AGR.2019.158/Redwood Oaks Associates 11 LP - HIP—City-Sponsor Subordination <br />