8I Consent 2010 1206 - Laserfiche WebLink

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Freddie Mac Loan No. 968726569 Eden Lodge Apartments SUBORDINATION AGREEMENT FHLMC FORM —JULY 2006 (Governmental Entity) (Redevelopment Agency of the City of San Leandro) THIS SUBORDINATION AGREEMENT (this "Agreement ") is entered into as of the 1st day of December, 2010, by and between (i) FEDERAL HOME LOAN MORTGAGE CORPORATION, a shareholder- owned, government- sponsored enterprise organized and existing under the laws of the United States (the "Senior Mortgagee "), and (ii) REDEVELOPMENT AGENCY OF THE CITY OF SAN LEANDRO (the "Agency "). RECITALS A. Eden Lodge, L.P., a California limited partnership (the "Borrower ") is the owner of certain land located in Alameda County, State of California, described in Exhibit A hereto (the "Land "). The Land is or will be improved with a multifamily housing project (the "Improvements "). B. California Housing Finance Agency, a public instrumentality and political subdivision of the State of California (the `Issuer ") has issued and sold its $10,000,000 California Housing Finance Agency Affordable Multifamily Housing Revenue Bonds (Eden Lodge Apartments) 2009 Series A -11 (the `Bonds ") pursuant to a Trust Indenture dated as of the date hereof (the `Indenture ") between the Issuer and U.S. Bank National Association, a national banking association, duly organized and existing under the laws of the United States , as trustee (the "Bond Trustee "). Proceeds of the Bonds (the "Loan ") are being loaned by the Issuer to the Borrower upon the terms and conditions of a certain Financing Agreement dated as of the date hereof among the Issuer, Bond Trustee and Borrower (the "Financing Agreement") for the sole and exclusive purpose for financing the Improvements. C. Freddie Mac has entered into a Credit Enhancement Agreement dated as of the date hereof with the Bond Trustee (the "Credit Enhancement Agreement ") pursuant to which Freddie Mac has agreed to make certain advances to the Bond Trustee (a) with respect to amounts due under the Loan for the Project and (b) to provide funds to purchase the Bonds tendered under certain circumstances in accordance with the Indenture, D. The Borrower has entered into a Reimbursement and Security Agreement dated as of the date hereof with Freddie Mac (the "Reimbursement Agreement ") to evidence the Borrower's obligation to reimburse Freddie Mac for advances under the Credit Enhancement Agreement. E. The Reimbursement Agreement will be secured by a Multifamily Deed of Trust, Assignment of Rents, Security Agreement and Fixture Filing dated as of the date hereof (the "Senior Mortgage "), encumbering the Land and Improvements and other "Mortgaged Property" (as defined in the Senior Mortgage). F. The Agency and Borrower have entered into an Amended and Restated Affordable Housing Regulatory Agreement (the "Restrictive Covenants") which will be recorded in the Official Records ("Recording Offices ") of Alameda County. California.