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SANTA CLARA LAND TITLE COMPANY
<br />Escrow No. 90- 1054BG
<br />RECOMNG REQUESTED BY:
<br />California Housing Finance Agency
<br />WHEN RECORDED MAIL TO:
<br />California Housing Finance Agency
<br />Office of the Gen ?ral Counsel
<br />1121 L Street, 7th Floor
<br />Sacramento, California 95814
<br />SUBORDINATION AGREEMENT
<br />WITNESSETH
<br />THAT WHEREAS, City of Pleasanton, California
<br />, as lessor, executed a lease, dated June 1, 1988
<br />Form D
<br />(.
<br />SANTA CLARA IANO TITLE COMPANY
<br />HEREBY CERTIFIES THIS IS A TRUE AND
<br />CORRECT 'I
<br />COPY OF THE ORIGINAL
<br />RECORDED /d " UNDER RECORDERS
<br />,.\
<br />SEFIIES,1 C2 Y' al
<br />11 .r_' 1
<br />AUTHORIZED SIGNATUBE
<br />SPACE ABOVE THIS LINE FOR RECORDER'S USE
<br />NOTICE: COMING SUBJECT TO AND OF LOWER PRIORITY THAN THE LIEN LEASEHOLD SOME OTHER OR LATER SECURITY ESTATE IN THE PROPERTY BE-
<br />INSTRUMENT.
<br />THIS AGREEMENT, made this day of January , 19 90 , by
<br />CITY OF PLEASANTON, CALIFORNIA, a municipal corporation
<br />owner of the land hereinafter described and hereinafter referred to as "Owner," and
<br />RIDGE VIEW COMMONS ASSOCIATES, a California Limited Partnership
<br />present owner and holder of the leasehold estate created by the lease hereinafter described and hereinafter referred to as "Lessee';
<br />, covering:
<br />All that certain real property situate in the City of Pleasanton, County of Alameda, State
<br />of California, described as follows:
<br />Parcel 2, as shown on Parcel Map No. 5231, recorded April 22, 1988 under Recorder's Series
<br />No. 88- 096708, in Book 176 of Maps at Pages 40 and 41, Alameda County Records,
<br />in favor of Eden Housing, Inc, a California nonprofit corporation, as lessee, which lease
<br />is disclosed by a document entitled "Short Form Ground Lease" recorded June 9, 1988, as
<br />Instrument No. 88- 138518, as amended by that instrument recorded June 30, 1988, as
<br />Instrument No. 88- 157652; and lessee's interest therein was assigned to Ridge View Commons
<br />Associates by an Assignment recorded November 14 , 1989, as Instrument No. 89- 308002
<br />of Official Records of said county; and
<br />WHEREAS, Owner has executed, or is about to execute a deed of trust and note in the sum of S 1,035,342.35
<br />dated January 1, 1990 ,in favor of California Housing Finance Agency, a public
<br />instrumentality apd a pglitical subdivision of the State of Californi
<br />hereinafter referred to as Lender, payable with interest and upon the terms and conditions described therein, which deed of trust is
<br />to be recorded concurrently herewith; and
<br />WHEREAS, it is a condition precedent to obtaining said loan that said deed of trust last above mentioned shall unconditionally be and
<br />remain at all times a lien or charge upon the land hereinbefore described, prior and superior to the lease above described and to the
<br />leasehold estate created thereby; and
<br />WHEREAS, Lender is willing to make said loan provided the deed of trust securing the same is a lien or charge upon said land prior and
<br />superior to the lease above described and to the leasehold estate created thereby and provided that Lessee will specifically and uncon-
<br />ditionally subordinate and subject the lease above described, the leasehold estate created thereby together with all rights and privileges
<br />of Lessee thereunder, to the lien or charge of the deed of trust in favor of Lender; and
<br />WHEREAS, it is to the mutual benefit of the parties hereto that Lender make such loan to Owner; and Lessee is willing that the deed
<br />of trust securing the same shall, when recorded, constitute a lien or charge upon said land which is unconditionally prior and superior
<br />to the lease above described and to the leasehold estate created thereby.
<br />NOW. THEREFORE, in consideration of the mutual benefits accruing to the parties hereto and other valuable consideration. the
<br />receipt and sufficiency of which consideration is hereby acknowledged. and in order to induce Lender to make the loan above referred
<br />to, it is hereby declared, understood and agreed as follows:
<br />(1) That said deed of trust securing said note in favor of Lender, and any renewals and extensions thereof, shall unconditionally
<br />be and remain at all times a lien or charge on the land described therein, prior and superior to the lease above described, to
<br />the leasehold estate created thereby and to all rights and privileges of Lessee thereunder, and said lease, the leasehold estate
<br />created thereby together with all rights and privileges of Lessee thereunder is hereby subjected. and made subordinate, to
<br />the lien or charge of the deed of trust in favor of Lender.
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