Deed - 1348 & 1364 Orchard Ave - File 1137, 1985

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89063'771 ■♦ Wr ir.RLAS, It 1> to tilt, r.,utu.il Rene{ - it lean to Owner; and Beneficiary is willinj, shall, when recorded, const-itute a lien or prior and superior to the lien or charge of 4 Of th(: parties hereto th,±t Lender make such that the deed of trust securing the same charge upon said land which is unconditionall,, the deed of trust first above mentioned. NOIi, THERI-FoRl , in consideration of the mutual benefits accruing to the parties hereto and other valuable consideration, the receipt and sufficiency of which consider- ation is hereby ackno%,Iedged, and in order to induce Lender to make the loan above re- ferred to, it is hereby declared, understood and agreed as follows: (1) That said deep: of trust securing said note in favor of Lender, and any renewals or extensions thereof, shall unconditionally be and remain at all times a lien or charge on the property therein described, prior and superior to the lien or charge of the deed of trust first above mentioned. (2) That Lender would not make its loan above described without this subordi- nation agreement. (3) That this agreement shall be the whole and only agreement between the parties hereto with regard to the subordination of the lien or charge of the deed Of trust first above mentioned to the lien or charge of the deed of trust in favor of Lender above referred to and shall supersede and cancel an prior agreements fP Y P g as to such, or any, subordination including, but not limited to, those provisions, -� if any, contained in the deed of trust first above mentioned, which provide for the subordination of the lien or charge thereof to a deed or deeds of trust or to a mortgage or mortgages to be thereafter executed. Beneficiary declares, agrees and acknowledges that (a) He consents to and approves (i) all provisions of the note and deed of trust in favor of Lender above referred to, and (ii) all agreements, including but not limited to any loan or escrow agreements, between Owner and Lender for the dis- bursement of the proceeds of Lender's loan; (b) Lender in making disbursements pursuant to any such agreement is under no obligation or duty to, nor has Lender represented that it will, see to the ap- plication of such proceeds by the person or persons to whom Lender disburses such proceeds and any application or use of such proceeds for purposes other than those provided for in such agreement or agreements shall not defeat the subordi- nation herein made in whole or in part; (c) He intentionally and unconditionally waives, relinquishes and subordinates the lien or charge of the deed of trust first above mentioned in favor of the lien or charge upon said land of the deed of trust in favor of Lender above re- ferred to and understands that in reliance upon, and in consideration of, this waiver, relinquishment and subordination specific loans and advances are being and will be made and, as part and parcel thereof, specific monetary and other obligations are being and will be entered into which would not be made or entered into but for said reliance upon this waiver, relinquishment and subordination; and (d) An endorsement has been placed upon the note secured by the deed of trust first above mentioned that said deed of trust has by this instrument been sub- ordinated to the lien or charge of the deed of trust in favor of Lender above referred to. NOTICE: THIS SUBORDINATION AGREEMENT CONTAINS A PROVISION WHICH ALLOWS THE PERSON OB- LIGATED ON YOUR REAL PROPERTY SECURITY TO OBTAIN A LOAN A PORTION OF WHICH MAY BE EXPENDED FOR OTHER PURPOSES THAN IMPROVEMENT OF THE LAND. THEECITY OF AN LAAND � I U art KULBU +M GUM A `-`- BY • J'ttJANGl� D1RGc.'IDl� � M RUPA GUPT Beneficiary Owner (ALL SIGNATURES MUST BE ACKNOWLEDGED) -2- IT IS RECOMMENDED THAT, PRIOR TO THE EXECUTION OF THIS SUBORDINATION AGREEMENT, TIIL PARTILS CONSULT WITH THEIR ATTORNEYS WITH RESPLCT TIIERGTO. (CLTA SUBORDINATION FORM "A")