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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
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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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WHEREAS, it is to the mutual benefit of the Parties that Lender make the Lender Loan to Owner; and City has agreed <br />to subordinate the City Deed of Trust to the Lender Deed of Trust. <br />NOW, THEREFORE, in consideration of the mutual benefits accruing to the parties hereto and other valuable <br />consideration, the receipt and sufficiency of which consideration is hereby acknowledged, and in order to induce <br />Lender to make the loan above referred to, it is hereby declared, understood and agreed as follows: <br />(1) That the Lender Deed of Trust securing the Lender Loan, and any renewals or extensions thereof, <br />shall unconditionally be and remain at all times a lien or charge on the Property, prior and superior to <br />the 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 <br />thereof 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 <br />Lender, and (ii) all agreements, including but not limited to any loan or escrow agreements, between <br />Owner 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, <br />nor has Lender represented that it will, see to the application of such proceeds by the person or <br />persons to whom Lender disburses such proceeds and any application or use of such proceeds for <br />purposes other than those provided for in such agreement or agreements shall not defeat the <br />subordination herein 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, <br />this subordination, specific loans and advances are being and will be made and, as part and parcel <br />thereof, specific monetary and other obligations are being and will be entered into which would not be <br />made or 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 />NOTICE: THIS SUBORDINATION AGREEMENT CONTAINS A PROVISION WHICH ALLOWS THE PERSON OBLIGATED <br />ON YOUR REAL PROPERTY SECURITY TO OBTAIN A LOAN A PORTION OF WHICH MAY BE EXPENDED FOR OTHER <br />PURPOSES THAN IMPROVEMENT OF THE LAND, <br />IT IS RECOMMENDED THAT, PRIOR TO THE EXECUTION OF THIS SUBORDINATION AGREEMENT, THE <br />PARTIES CONSULT WITH THEIR ATTORNEYS WITH RESPECT THERETO. <br />ly W&Ie6 -- - <br />Robust , _pCIInterim City Manager. -f a he a S <br />City of San Leandro 1 <br />obus4'e ll� <br />(ALL SIGNATURES MUST BE NOTARIZED) <br />Owner Magd ene King'ori-Brewer <br />Page No. 2 of 3 <br />
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