Inst 2012189380 - Laserfiche WebLink

Home

• • North American Title Company Page 3 (ii) the Agency Deed of Trust will be subordinated to the CaIHFA Deed of Trust, the CaIHFA Regulatory Agreement and the CaIHFA RHCP Deed of Trust pursuant to a subordination agreement (the "CaIHFA/Agency Subordination"). After the close of escrow,the Agency Deed of Trust will be the third deed of trust on the Property. E. The City made a loan to Citizens Housing Corporation ("CHC") in the original principal amount of $700,000 (the "City Loan") which is secured by a deed of trust recorded June 13, 2002, as Instrument No. 2002-261092 (the "City Deed of Trust") and a regulatory agreement recorded June 13, 2002, as Instrument No. 2002-261091 (the "City Regulatory Agreement"). Pursuant to an assignment and assumption agreement recorded July 31, 2003, as Instrument No. 2003-446758, CHC assigned its rights, title and interest in and obligations under the City Loan to Citizens Surf LP. Through this escrow: (i) Citizens Surf LP is assigning its rights, title and interest in the City Loan, plus the interest accrued in the amount of $202,347.95 to Eden Surf LP pursuant to an assignment and assumption agreement (the "City Loan Assignment"); (ii) the City is loaning an additional amount of $100,000 (the "City Additional Loan") to Eden Surf LP; (iii) the City Deed of Trust will be replaced with an amended and restated deed of trust securing the City Loan and the Additional City Loan executed by Eden Surf LP (the "City A&R Deed of Trust") and the City Deed of Trust will be reconveyed pursuant to a deed of reconveyance (the "City Reconveyance"); (iv) the City Regulatory Agreement will be replaced with an amended and restated regulatory agreement (the "City A&R Regulatory Agreement") and the City Regulatory Agreement will be terminated by termination language embedded in the City A&R Regulatory Agreement;AND (v) the City A&R Deed of Trust and the City A&R Regulatory Agreement will be subordinated to the CaIHFA Deed of Trust, the CaIHFA Regulatory Agreement and the CaIHFA RHCP Deed of Trust pursuant to a subordination agreement (the "CaIHFA/City Subordination").