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SANTA CLARA LAND TITLE CO ANY
<br />Escrow No. 90- 1054BG
<br />RECORDING REQUESTED BY AND
<br />WHEN RELORDED MAIL TO:
<br />California Housing Finance Agency
<br />Office of the General Counsel
<br />1121 L Street, 7th Floor
<br />Sacramento, California 95814
<br />SANTA CLARA LANG TTTT E COMPANY
<br />HEREBY CERTIFIE S THIS IS A TRUE,ANO
<br />CORRECT Copy OF THE CRIGrNAL
<br />RE1;ORDE0424L;_ -UNDER RECORDERS
<br />SERIES NO. L C%' ?, ;
<br />AUTHOR, D sIGNATuaE
<br />SUBORDINATION AGREEMENT
<br />NOTICE: THIS SUBORDINATION AGREEMENT RESULTS IN YOUR 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, made as of the gm day of January , 1990 , b
<br />RIDGE VIEW COMMONS ASSOCIATES, a California Limited Partnership (the "Owner ")
<br />and the CITY OF PLEASANTON, CALIFORNIA, a municipal corporation present owner
<br />and holder of the deed of trust and note first hereinafter described and
<br />hereinafter referred to as "Beneficiary ".
<br />WITNESSETH
<br />THAT WHEREAS, Eden Housing, Inc., a California nonprofit corporation did
<br />execute a deed of trust, dated June 27, 1988, to Santa Clara Land Title
<br />Company, a California corporation, as trustee, covering:
<br />All that certain real property situate in the City of Pleasanton, County of
<br />Alameda, State of California, described as follows: Parcel 2, as shown on
<br />Parcel Map No. 5231, recorded April 22, 1988 under Recorder's Series No.
<br />88- 096708, in Book 176 of Maps at Pages 40 and 41, Alameda County Records,
<br />to secure a note in the sum of $4,000,000.00, dated June 27, 1988, in favor of
<br />City of Pleasanton, California, which deed of trust was recorded June 29, 1988,
<br />as Instrument No. 88- 154983, which note and deed of trust were assigned by Eden
<br />Housing, Inc., to Ridge View Commons Associates by that Assumption and
<br />Assignment Agreement dated October 31, 1989, recorded November 14 , 1989, as
<br />Instrument No. 89- 308002 , Official Records of said county; and
<br />WHEREAS, Owner has executed, or is about to execute, a Regulatory
<br />Agreement, State /Local Program, CHFA Development No. 87 -007 -N (the "Regulatory
<br />Agreement "), with the California Housing Finance Agency, a public
<br />instrumentality and a political subdivision of the State of California,
<br />hereinafter referred to as "Lender," which Regulatory Agreement is to be
<br />recorded concurrently herewith. Said Regulatory Agreement is a condition
<br />precedent to Lender making two loans to Owner in the amount of $9,360,000.00
<br />and $1,0$0,000.00, each loan to be evidenced by a separate note.
<br />WHEREAS, it is a condition precedent to obtaining said loans that the
<br />Regulatory Agreement above mentioned shall unconditionally be and remain at all
<br />times a lien or charge upon the property hereinbefore described, prior and
<br />superior to the lien or charge of the deed of trust first above mentioned; and
<br />WHEREAS, Lender is willing to make said loans provided the Regulatory
<br />Agreement is a lien or charge upon the above described property prior and
<br />superior to the lien or charge of the deed of trust first above mentioned and
<br />provided that Beneficiary will specifically and unconditionally subordinate the
<br />lien or charge of the deed of trust first above mentioned to the lien or charge
<br />of the Regulatory Agreement; and
<br />WHEREAS, it is to the mutual benefit of the parties hereto that Lender
<br />make such loans to Owner; and Beneficiary is willing that the Regulatory
<br />Agreement required by the same shall, when recorded, constitute a lien or
<br />charge upon said property which is unconditionally prior and superior to the
<br />lien or charge of the deed of trust first above mentioned.
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