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( <br />I ' <br />RECORDING REQUESTED BY: <br />Chicago Title-Company <br />Order No.: FWPN-3652001246 <br />When Recorded Mail Document To: <br />City of San Leandro <br />835 E. 14th St. <br />2020362817 12/23/2020 03:20 PM <br />OFFICIAL RECORDS OF ALAMEDA COUNTY <br />MELISSA WILK, CLERK-RECORDER <br />RECORDING FEES: $117.00 <br />7 PGS <br />San Leandro, CA 94577 <br />Attn: City Clerk ELECTRONICALLY RECO ~ OF SAN LEANDRO <br />FEB 1 O 2021 <br />No fee for recording pursuant to <br />Government Code Section 27383 <br />APN: OSOG-1287-032-00 <br />• CITY CLERK'S OFFICE <br />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 , is entered into by and between Francesca <br />Valentina Lorenzo the owner ("Owner"} and ~he City of San Leandro as Housing Successor to the Redevelopment <br />Agency of the City of San Leandro (''City'J. Owner and City are collectively referred to herein as the "Parties." <br />RECilALS <br />WHEREAS, Owner is the owner of certain real property located at 700 Fargo Avenue # 4. San Leandro, CA <br />94579 in the City, known as Assessor's Parcel Number OSOG-1287-032-00 (the "Property'') as more particularly <br />described in 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'') recorded as document number 2017148605 on July 7, 2017 in the official records of Alameda <br />County; and <br />WHEREAS, to secure the Agreement to the City, Owner .did execute a deed of trust (the "Performance Deed of <br />Trust") recorded as document number 2017148606 on July 7, 2017, in favor of The City of San Leandro; and <br />WHEREAS, Owner has executed, or is about to execute, a deed of ~the "Lender Deed of Trust") and note (the <br />"Lender Loan 1') in the amount of $194,000 dated P&U?IY)~ t/ 1 JrQ 1:0, in favor of Best Capital <br />Funding (the "Lender") upon the terms and conditions described in the Lender Loan, which Lender Deed of Trust is <br />to be 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 unconditiona!ly 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 />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 />Page No. 1 of 3