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• RECORDED AT THE REQUEST OF ' PLACER TITLE CO.# 8I5-9 ,of. . 2006181155 05/05/2096 08 :30 All 1 . V � ; f �' o OFFICIAL RECORDS OF ALAnEDA COUNTY PATRICK O'CONNELL RECORDING FEE: 0.00 e•4s0. v Recording requested by and when recorded mail to: 1 , 1 II 1 Ili I ' i 1 li :ii 1 Redevelopment Agency of the Agency of San Leandro III I ' l 1 IF l.l, ill l l ll I,II 1 11 III t a Pcs 835 East 14 Street 11 I1 II i I 10 li 1 1 1 u � 1 1 San Leandro, CA 94577 Attention: Executive Director EXEMPT FROM RECORDING FEES PER lyt GOVERNMENT CODE § §6103, 27383 CITY OF SAN LEANDRO , This document is signed in counterpart SUI3ORDINATION AGREEMENT JUN 0 6 2006 NOTICE: THIS SUBORDINATION AGREEMENT RESULTS IN YOUR CITY CLERK'S OFFICE SECURITY INTEREST IN THE PROPERTY BECOMING SUBJECT TO AND OF LOWER PRIORITY THAN THE LLEN OF SOME OTHER OR LATER SECURITY INSTRUMENT. THIS SUBORDINATION AGREEMENT (this "Subordination Agreement") is made as of the 3 " day of MAY , 2006, by and among ALAivIEDA COUNTY ALLIED HOUSING PROGRAM, a California nonprofit public benefit corporation (the `Borrower'), the REDEVELOPMENT AGENCY OF THE AGENCY OF SAN LEANDRO, a public body, corporate and politic (the "Agency "), the CITY OF SAN LEANDRO, a public body, corporate and politic (the "City ", and together with the Agency, the "Subordinate Lienholder') and LOCAL INITIATIVES SUPPORT CORPORATION, a New York not - for - profit corporation (the "Senior Lienholder "). Background A. The Borrower has executed or will execute a deed of trust (the "Agency Deed of Trust ") in favor of the Agency, which will be recorded in the office of the County Recorder of Alameda County, Califomia (the "Recorder ") concurrently herewith, and which will secure an indebtedness by the Borrower in favor of the Agency in the amount of Five Hundred Eight -Three Thousand Sixty-Seven and No /100 Dollars (S538,067.00) and which shall encumber the real property described in Exhibit A attached hereto and incorporated herein by this reference (the "Real Property "). B. The Borrower has executed or will execute a deed of trust (the "City Deed of Trust ") in favor of the City, which will be recorded in the office of the Recorder concurrently herewith, and which will secure an indebtedness by the Borrower in favor of the City in the amount of One Million One Hundred Thousand and 67/100 Dollars (51,100,000.67) and which shall encumber the Property. The Borrower, the Agency, and the City have also entered into or will also enter into an Affordable Housing Regulatory Agreement and Declaration of Restrictive Covenants containing covenants that affect the Real Property (the `Agency /City Regulatory Agreement'), will be recorded in the office of the Recorder concurrently herewith. C. The Agency Deed of Trust, the Agency /City Regulatory Agreement, and the City Deed of Trust shall be referred to herein as the `Subordinate Lienholder Documents." 43511- 0001su(City.Agency)