Subordination Agmt 700 Fargo Ave 12232020

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(1) (2) (3) ( r That the Lender Deed of Trust securing the Lender Loan, and any renewals or extensions thereof, shall unconditionally be and remain at all times a Jien or charge on the Property, prior and superior to the lien or charge of the City Deed of Trust. That Lender would not make the Lender Loan above described without this Subordination Agreement. That this Subordination Agreement shall be the whole and on.ly agreement with regard to the subordination of the lien or charge of the City Deed of Trust to the lien or charge of the Lender Deed and shall supersede and cancel, but only insofar as would affect the priority between the City Deed of Trust, any prior agreement as to subordination including, but not limited, those provisions, if any, contained in the City Loan Agreement, which provide· for the subordination of the lien or charge thereof to another deed or deeds of trust or to another mortgage or mortgages. City declares, agrees and acknowledges that (a) (b) (c) (d) City consents to and approves (i) all provisions of the note and Lender Deed of Trust in favor of Lender, and (ii) all agreements, including but not limited to any loan or escrow agreements, between Owner and Lender for the disbursement of the proceeds of L,ender's loan; Lender in making disbursements pursuant to any such agreement is unde r no obligation or duty to, nor has Lender rep resented that it will, see to the application 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 subordination herein made in whole or in part; City intentionally and unconditionally subordinates the lien or charge of the City Loan Agreement favor of the Lender Deed of Trust in favor and understands that in reliance upon, and in consideration of, this 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 subordination; ·and An endorsement has been placed upon the note secured by City Deed of Trust that the note is subordinate to the lien or charge of the Lender Deed of Trust. NOTICE: THIS SUBORDINATION AGREEMENT CONTAINS A PROVISION WHICH AlLOWS THE PERSON OBLIGATED ON YOUR REAL PROPERTY SECURITY TO OBTAIN A LOAN A PORTION OF WHICH MAY BE EXPENDED FOR OTHER PURPOSES THAN IMPROVEMENT OF THE LAND. IT IS RECOMMENDED THAT, PRIOR TO THE EXECUTION OF THIS SUBORDINATION AGREEMENT, THE PARTIES CONSULT WITH THEIR ATTORNEYS. WITH RESPECT THERETO. Jeff Kay, City Manager City of San Leandro SIGNED IN COUNTERPART (ALL SIGNATURES MUST BE NOTARIZED) Page No. 2 of 3