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Subordination Agmt 720 Fargo Ave #12 05162022
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Subordination Agmt 720 Fargo Ave #12 05162022
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6/26/2024 5:30:55 PM
Creation date
7/14/2022 12:55:19 PM
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CM City Clerk-City Council
Document Date (6)
5/16/2022
Recorded Document Type
Subordination
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PERM
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RECORDING REQUESTED BY: <br />First American Title Company <br />Order No.: 13707-429648 <br />When Recorded Mail Document To: <br />City of San Leandro <br />835 E. 14th St. <br />San Leandro, CA 94577 <br />Attn: City Clerk <br />No fee for recording pursuant to <br />Government Code Section 27383 <br />APN: 08OG-1287-076 SPACE ABOVE THIS LINE FOR RECORDER'S USE <br />SUBORDINATION AGREEMENT <br />NOTICE: THIS SUBORDINATION AGREEMENT RESULTS IN YOUR SECURITY INTEREST IN THE PROPERTY <br />BECOMING SUBJECT TO AND OF LOWER PRIORITY THAN THE LIEN OF SOME OTHER OR LATER <br />SECURITY INSTRUMENT. <br />THIS AGREEMENT (this "Subordination Agreement'), dated as of February 1, 2021, is entered into by and <br />between Magdalene King'ori-Brewer the owner ("Owner") and the City of San Leandro as Housing Successor to <br />the Redevelopment Agency of the City of San Leandro ("City'. Owner and City are collectively referred to herein as <br />the "Parties." <br />RECITALS <br />WHEREAS, Owner is the owner of certain real property located at 720 Fargo Ave #12, San Leandro, CA 94579 in <br />the City, known as Assessor's Parcel Number 08OG-1287-075 (the "Property's as more particularly described in <br />Exhibit A attached hereto and incorporated herein by this reference. <br />WHEREAS, The City and the Owner entered into that certain Resale Agreement and Option to Purchase Agreement <br />(the "Agreement'D recorded as document number 2007428192 on December 21, 2007 in the official records of <br />Alameda County; and <br />WHEREAS, to secure the Agreement to the City, Owner did execute a deed of trust (the "Performance Deed of <br />Trust'D recorded as document number2007428193 on December 21, 2007, in favor of The City of San Leandro; <br />and <br />WHEREAS, Owner has executed, or is about to execute, a deed of trust (the "Lender Deed of Trust'D and note (the <br />"Lender Loan'D in the amount of $323.00 dated __ _, in favor of Bank of the West <br />(the "Lender") upon the terms and conditions described in the Lender Loan, which Lender Deed of Trust is to be <br />recorded concurrently herewith; and <br />WHEREAS, it is a condition precedent to obtaining the Lender Loan that the Lender Deed of Trust shall unconditionally <br />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 <br />of Trust; and <br />WHEREAS, Lender is willing to make the Lender Loan provided the Lender Deed of Trust is prior and superior to City <br />Deed of Trust, and the City agrees specifically and unconditionally subordinate the lien or charge of the City Deed of <br />Trust to the lien or charge of the Lender Deed of Trust in favor of Lender; and <br />Page No. 1 of 3 <br />
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