Subordination Agmt 720 Fargo Ave #12 05162022

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RECORDING REQUESTED BY: First American Title Company Order No.: 13707-429648 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 2021124156 03/26/2021 03:02 PM OFFICIAL RECORDS OF ALAMEDA COUNTY OF 44,gti MELISSA WILK, CLERK -RECORDER o' �o RECORDING FEES: $0.00 U Y C,CIFOA ELECTRONICALLY RECORDED APN: 080G-1287-075 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 February 1, 2021, is entered into by and between Magdalene King'ori-Brewer the owner ("Owner") and the City of San Leandro as Housing Successor to the Redevelopment Agency of the City of San Leandro ("City'l. Owner and City are collectively referred to herein as the "Parties." RECITALS WHEREAS, Owner is the owner of certain real property located at 720 Fargo Ave #12 San Leandro CA 94579 in the City, known as Assessor's Parcel Number - 287-075 (the "Property'l 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 200742§192 on December 21. 2007 in the official records of Alameda County; and 3 PGS WHEREAS, to secure the Agreement to the City, Owner did execute a deed of trust (the "Performance Deed of Trust') recorded as document number2007428193 on December 21. 2007, 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 $323.000 dated , in favor of Bank of the West (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