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Inst 2018245843
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Inst 2018245843
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Last modified
6/5/2019 7:16:24 AM
Creation date
1/25/2019 4:42:36 PM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Agreement
Document Date (6)
12/28/2018
Recorded Document Type
Subordination
Retention
PERM
Document Relationships
Inst 2019001029
(Amended by)
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\City Clerk\City Council\Recorded Documents\2019
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(1) That the Lender Deed of Trust securing the Lender Loan, and any renewals or extensions thereof, shall <br />unconditionally be and remain at all times a lien or charge on the Property, prior and superior to the <br />lien or charge of the City Deed of Trust. <br />(2) 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 thereof <br />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 Lender, <br />and (fl) all agreements, including but not limited to any loan or escrow agreements, between Owner <br />and Lender for the disbursement of the proceeds of Lender's loan; <br />(b) Lender in making disbursements pursuant to any such agreement is under no obligation or duty to, nor <br />has Lender represented that it will, see to the application of such proceeds by the person or persons to <br />whom Lender disburses such proceeds and any application or use of such proceeds for purposes other <br />than those provided for in such agreement or agreements shall not defeat the subordination herein <br />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 in consideration of, this <br />subordination, specific loans and advances are being and will be made and, as part and parcel thereof, <br />specific monetary and other obligations are being and will be entered into which would not be made or <br />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 to the lien or charge of the Lender Deed of Trust. <br />Now - IM111110MMINIMI <br />2111MISMa".21119 1-4 . <br />V 41114111,*101*1 <br />MIRA 9114MAM pip I% WJI H 10 1 AF -1 I PRINX&.17)1:11*414,11W qua 9: 1 <br />Signed ill COUnterpart <br />Jeff Kay, Ci Manager <br />City of San Leandro <br />Page NOL 2 of 3 <br />
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