Laserfiche WebLink
y~ REC®RDING REQUESTED B16 <br />NORTH AMERICAN TITLE COMPANr <br />~54b°-~.- 5Za-'Y~I Sit ~ ~ t~ <br />Recording requested by and when recorded mail to: <br />Redevelopment Agency of the Agency of San Leandro <br />835 East 14~~' Street <br />San Leandro, CA 94577 <br />Attention: Executive Director ~ <br />EXEMPT FROM RECORDING FEES PER <br />GOVERNMENT CODE §§6]03, 27383 <br />~~ OF 4~9 <br />,~ ` ~ q 2007334386 09/18/2007 08:30 RM <br />OFFICIAL RECORDS OF ALAMEDA COUNTY <br />PATRICK O'CONNELL <br />°'L,FOaH~~ RECORDING FEE: 0.00 <br />f i ~ ~ IIi~ li f ~ <br />III ! ~ I I ~ PGS <br />II <br />SUBORDINATION AGREEMENT <br />(CITY LOAN TO AGENCY LOAN) <br />NOTICE: THIS SUBORDINATION AGREEMENT RESULTS IN YOUR <br />SECURITY INTEREST IN THE PROPERTY BECOMING SUBJECT TO <br />AND OF LOWER PRIORITY THAN THE LIEN OF SOME OTHER OR <br />LATER SECURITY INSTRUMENT. <br />THIS SUBORDINATION AGREEMENT (this "Agreement") is made as of September <br />10, 2007 (the "Effective Date") by and among Estabronk Senior Housing, L.P., a California <br />limited partnership ("Borrower"), the Redevelopment Agency of the City of San Leandro, a <br />public body, corporate and politic (the "Agency"), and the City of San Leandro, a municipal <br />corporation (the "City"). <br />RECITALS <br />A. The Borrower has or will execute a deed of trust in favor of the City (the "City <br />Deed of Trust") which will be recorded in the office of the County Recorder of Alameda <br />County, California (the "Recorder") concurrently herewith, and which will secure an <br />indebtedness by the Borrower in favor of the City in the amount of Two Million Twenty-Two <br />Thousand Dollars ($2,022,000) and which shall encumber the real property described in Exhibit <br />A attached hereto and incorporated herein by this reference (the "Property"). <br />B. The Borrower has or will execute a deed of trust in favor of the Agency (the <br />"Agency Deed of Trust") which will be recorded in the Recorder currently herewith, and which <br />will secure an indebtedness by Borrower in favor of the Agency in the amount of One Million <br />Nine Hundred Seventy-Eight Thousand Dollars ($1,978,000) and which shall encumber the <br />Property. <br />C. Agency has requested, and City has agreed, to subordinate the City Deed of Trust <br />to the Agency Deed of Trust. <br />In consideration of the mutual benefit accruing to the parties hereto and other <br />valuable consideration, the receipt and sufficiency of which consideration is hereby <br />acknowledged it is hereby declared, understood and agreed as follows: <br />1012001 j <br />