|
‘: 1) .
<br /> RECORDING REQUESTED BY •
<br /> • FIRST AMERICAN T1TLE
<br /> r- 2004047239 02/03/2004 08:30 AM
<br /> Recording Requested By 4t^`�,�, • c �`•' 'S = "•]PL RcCO40S OF V7LAnEDR COUNTY
<br /> And When Recorded Mail To: 4,1,,,/ r -I n ; e •CoNNELL
<br /> p. e J Redevelopment Agency of the City ;Sr ' � `GE 55 do
<br /> .74
<br /> Of San Leandro
<br /> 835 East 14'" Street '
<br /> San Leandro, CA 94577 �; 3 ' ) r ccs
<br /> W Attention: Executive Director • a # 9
<br /> aU and 1
<br /> 04W Column Financial, Inc. - - --
<br /> Z c/o Allen, Matkins, Leck, Gamble & Mallory LL?
<br /> 333 Bush Street, 17" Floor
<br /> F+ San Francisco, CA 94104
<br /> Attn: Andrea Clay v,\
<br /> Space Above For Recorder's Use
<br /> SUBORDINATION AND STANDSTILL AGREEMENT
<br /> NOTICE: THIS SUBORDINATION AND STANDSTILL AGREEMENT
<br /> RESULTS IN THE LIEN OF A DEED OF TRUST AND CERTAIN
<br /> RESTRICTIONS ON THE PROPERTY BECOMING SUBJECT TO AND
<br /> OF LOWER PRIORITY THAN THE LIEN OF SOME OTHER OR LATER
<br /> SECURITY INSTRUMENT.
<br /> This SUBORDINATION ANDf°TANDSTILL AGREEMENT "Subordination Agreement ") is
<br /> dated for reference purposes as of JkfAUary 14, • , 6' between CREEKSIDE PARTNERS
<br /> 1000, LLC., a California limited liability comp ny (the "Borrower "), and THE CITY OF SAN LEANDRO
<br /> REDEVELOPMENT AGENCY, a public body, corporate and politic (the "Junior Lender "), in favor of
<br /> COLUMN FINANCIAL, INC., a DELAWARE CORPORATION, and its successors and assigns
<br /> ( "Lender ").
<br /> Factual Background
<br /> A. Junior Lender has made certain loans to Borrower's predecessor in interest in the
<br /> aggregate principal amount of One Million Three Hundred Forty Eight Thousand Three Hundred One And
<br /> No /100. Dollars (51,348,301.00)(the "Subordinated Loan "). The Subordinated Loan was initially
<br /> evidenced by two promissory notes which were subsequently modified by that certain Modification of
<br /> Loan Agreement dated June 2, 2003 (then "Modification Agreement ") to apportion the total debt
<br /> amongst three parcels of real property, including the Property (defined below) (collectively, as modified,
<br /> the "Subordinated Note "). The Subordinated Loan is secured ,by certain deeds of trust dated May 9,
<br /> 2001, one of which was recorded on May 11, 2001 in the Official Records of Alameda County, California
<br /> ( "Official Records ") as Instrument No. 2001- 161047, and the other of which was recorded on May 11,
<br /> 2001, in Official Records as Instrument No. 2001- 161046, each was modified by the Modification
<br /> Agreement which was recorded on July 8, 2003, as Instrument No. 2003 - 395366 (collectively, as
<br /> modified, the "Subordinated Deed of Trust "); both deeds of trust encumber all three of the real property
<br /> parcels located in Alameda County, California, including that certain property commonly known as Parcel
<br /> B of Parcel Map 7758 more particularly described in Exhibit A attached hereto and made a part hereof
<br /> (the "Property ").
<br /> B. 'N Borrower and Junior Lender have entered into a certain Amended and Restated
<br /> • Disposition and Agreement ( "DDA ") dated July 17, 2000, a copy of which is recorded with
<br /> the County of Al ameda, (Instrument Series No. 2001 - 161041) and is on file with the Agency Secretary.
<br /> cJccd • ct rc"cn
<br /> Carr - r7 1 7 ore 0 f Pi.
<br />
|