Subord Agmt 459 Alvarado St 09212021

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REQUESTED BY RECORDING FIDEI..ITY NATIONALTITLI= RECORDING REQUESTED BY: Chicago Title Company Order No.: 2110562 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 APN: 075 0208 126 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 August 19, 2021, is entered into by and between Lauriana Cabasug and Pablo Gonzales 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 459 Alvarado Street, San Leandro CA 94577 in the City, known as Assessor's Parcel Number 075 0208 126 00 (the "Property's as more particularly described in Exhibit A attached hereto and incorporated herein by this reference. See Exhibit A WHEREAS, The City and the Owner entered into that certain Resale Agreement and Option to Purchase Agreement (the "Agreement's recorded as document number 2002256185 on June 10, 2002 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 recorded as document number2002229928 on May 23, 2002, 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's and note (the "Lender Loan' in the amount of $106,167 dated 'a ~ °, , in favor of Fremont Bank (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