Subordination Agmt 623 Bixbo Street 12082020

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F4)hc — To 2-o o o �-> 393 RECORDING REQUESTED BY: Chicago Title Company ' Order No.: FWPN-36520000929 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: 075-0209-014 SPACE ABOVE THIS LINE FOR RECORDER'S USE 623131X co sfAmT. SUBORDINATION AGREEMENT 51W leq N )>A0 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 October 20, 2020, is entered into by and between Yolanda Lai Chuen Lo and Vincent Kwong 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 623 Bixco Street, San Leandro, CA 94577 in the City, known as Assessor's Parcel Number 075-0209-014 (the "Property's 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's recorded as document number 2004039582 on January 30, 2004 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 dated January 22, 2004, 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 $253,000 dated A/0 6UM 2 l , 2020 , in favor of Best Capital Funding (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