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Inst 2018015832
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Inst 2018015832
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2/15/2018 4:10:46 PM
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2/15/2018 4:10:42 PM
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CM City Clerk-City Council
Document Date (6)
1/26/2018
Recorded Document Type
Subordination
Retention
PERM
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WHEREAS, it is to the mutual benefit of the Parties that Lender make the Lender Loan to Owner; and City has agreed <br /> to subordinate the City Deed of Trust to the Lender Deed of Trust. <br /> NOW, THEREFORE, in consideration of the mutual benefits accruing to the parties hereto and other valuable <br /> consideration, the receipt and sufficiency of which consideration is hereby acknowledged, and in order to induce <br /> Lender to make the loan above referred to, it is hereby declared, understood and agreed as follows: <br /> (1) That the Lender Deed of Trust securing the Lender Loan, and any renewals or extensions thereof, <br /> shall unconditionally be and remain at all times lien or charge on the Property, prior and superior to <br /> the lien or charge of the City Deed of Trust. <br /> (J) That Lender would not make the Lender Loan above described without this Subordination Agreement. <br /> (3) That this Subordination Agreement shall be the whole and only agreement with regard to the <br /> subordination of the lien or charge of the City Deed of Trust to the lien or charge of the Lender Deed <br /> and shall supersede and cancel, but only insofar as would affect the priority between the City Deed of <br /> Trust, any prior agreement as to subordination including, but not limited, those provisions, if any, <br /> contained in the City Loan Agreement, which provide for the subordination of the lien or charge <br /> thereof to another deed or deeds of trust or to another mortgage or mortgages. <br /> City declares, agrees and acknowledges that <br /> (a) City consents to and approves (i) all provisions of the note and Lender Deed of Trust in favor of <br /> Lender, and (ii) all agreements, including but not limited to any loan nrescrow agreements, between <br /> Owner and Lender for the disbursement of the proceeds of Lender's loan; <br /> (b) Lender in making disbursements pursuant hJany such agreement is under no obligation orduty to, <br /> nor has Lender represented that it will, see to the application of such proceeds by the person or <br /> persons to whom Lender disburses such proceeds and any application or use of such proceeds for <br /> purposes other than those provided for in such agreement or agreements shall not defeat the <br /> subordination herein made in whole or in part; <br /> (c) City intentionally and unconditionally subordinates the lien or charge of the City Loan Agreement favor <br /> of the Lender Deed of Trust in favor and understands that in reliance upon, and /n consideration of, <br /> this subordination, specific loans and advances are being and will be made and, as part and parcel <br /> thereof, specific monetary and other obligations are being and will be entered into which would not be <br /> made or entered into but for said reliance upon this subordination; and <br /> (d) An endorsement has been placed upon the note secured by City Deed of Trust that the note is <br /> subordinate bothe lien orcharge o[the Lender Deed ufTrust. <br /> NOTICE: THIS SUBORDINATION AGREEMENT CONTAINS A PROVISION WHICH ALLOWS THE PERSON OBLIGATED <br /> ON YOUR REAL PROPERTY SECURITY TO OBTAIN & LOAN A PC}FOI{)N OF WHICH MAY BE EXPENDED FOR OTHER <br /> PURPOSES THAN IMPROVEMENT DFTHE LAND. <br /> IT IS RECOMMENDED THAT, PRIOR TO THE EXECUTION OF THIS SUBORDINATION AGREEMENT, THE <br /> PARTIES CONSULT WITH THEIR ATTORNEYS WITH RESPECT THERETO. <br /> Jeff Kay, Assistant ity Manager <br /> City of San Leandro <br /> (ALL SIGNATURES MUST BE NOTARIZED) <br /> Page No. 2uY2 <br />
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