Inst 2019192026 - Laserfiche WebLink

Home

RECORDING REQUESTED BY: Chicago Title Company Order No.: FWAC-5851901450 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 OF 449 r "�a 2019192026 @912512@ 19 08 , 3@ R�1 OFFICIAL RECORDS OF ALAMEDA COUNTY MELISSA WILK 4; • CF00 RECORDING FEE: 0.00 III I 111�1111 1111111111111 5 PGS APN: 080G-1287-051-00 SPACE ABOVE THIS LINE FOR RECORDER'S USE SUBORDINATION AGREEMENT 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 September 9, 2019, is entered into by and between Alvin J. Bashful, Jr. and Trusha R. Harrison, husband and wife, as joint tenants,_ 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." RECITALS WHEREAS, Owner is the owner of certain real property located at 680 Fargo Avenue #10 in the City, known as Assessor's Parcel Number 080G-1287-051-00 (the "Property's as more particularly described in Exhibit A attached hereto and incorporated herein by this reference. WHEREAS, The City and the Owner entered into that certain Resale Agreement and Option to Purchase Agreement (the "Agreement") recorded as document number 017148471 on July 7, 2017 in the official records of Alameda County; and WHEREAS, to secure the Agreement to the City, Owner did execute a deed of trust (the "Performance Deed of Trust's dated June 25, 2017, recorded as document number 2017148472 in favor of The City of San Leandro; and WHEREAS, Owner has executed, or is about to execute, a deed of trust (the "Lender Deed of Trust") and note (the Lender Loan � in the amount of $199,000 dated S 11 1<;0l G1 , 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