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4WPM 11RECORDING Chicago Title Company Order No.: 8000 785 When Recorded Mail Document To: City of San Leandro 835 E. 14th St. San Leandro, CA 94577 Attn: City Clerk No fee for recording pursuant to Government Code Section 27383 2018125646 06/2612018 OC N Ori �.� eat F Eu;'TE�`� ��af V:➢6ZlIt> �tp'-' 6�9. V=#i°6ka�h9 t,t�ikP��N � S rE.VE:. MANNING RECORDING FEE: h, 00 APN: 08OG---1287-089-00 SPACE ABOVE THIS LINE FOR RECORDER'S USE SUBORDINATIONAGREEMENT NOTICE: THIS SUBORDINATION AGREEMENT RESULTS IN YOUR SECURITY INTEREST IN THE PROPERTY BECOMING SUBJECT TO AND OF LOWER PRIORITY THAN THE LIEN OF SOME OTHER OR LATER SECURITY INSTRUMENT. THIS AGREEMENT (this "Subordination Agreement"), dated as of June 7, 2018, is entered into by and between Michael M Bondoc and Milagros E Malicdem, the owner ("Owner") and the City of San Leandro as Housing Successor to the Redevelopment Agency of the City of San Leandro ("City'. Owner and City are collectively referred to herein as the "Parties." WHEREAS, Owner is the owner of certain real property located at 730 Fargo #12, in the City, known as Assessor's Parcel Number 080G-1287-089-00 (the "Property") as more particularly described in Exhibit A attached hereto and incorporated herein by this reference. WHEREAS, Owner entered into that certain loan agreement (the "Loan Agreement") with the City in the amount of $00 (the "Loan"), which is evidenced by a promissory note (the "Note") in the amount of the Loan, both of which are dated June 25th, 2017. WHEREAS, to secure the Loan to the City, Owner executed a deed of trust (the "City Deed of Trust") dated June 25, 2017, in favor of The City of San Leandro, which was recorded as instrument no. 2017148462 on July 7, 2017 in the Official Records of Alameda County; and WHEREAS, Owner has executed, or is about to execute, a deed of trust (the "Lender Deed of Trust") and note (the "Lender Loan's in the amount of $302,500 dated June 18, 2018 , in favor of Best Capital Funding, (the "Lender") upon the terms and conditions described in the Lender Loan, which Lender Deed of Trust is to be recorded concurrently herewith; and WHEREAS, it is a condition precedent to obtaining the Lender Loan that the Lender Deed of Trust shall unconditionally be and remain at all times a lien or charge upon the Property prior and superior to the lien or charge of the City Deed of Trust; and WHEREAS, Lender is willing to make the Lender Loan provided the Lender Deed of Trust is prior and superior to City Deed of Trust, and the City agrees specifically and unconditionally subordinate the lien or charge of the City Deed of Trust to the lien or charge of the Lender Deed of Trust in favor of Lender; and Page No. 1 of 3