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21-078 Subordination Agreement (City to Lender), Kyle K. Le, 19503 Stevens Creek Blvd #309, APN 316-49-086\U RECORDING REQUESTED BY: Chicago Title Company Escrow Order No.: FWPS-2999210142 When Recorded Mail To: City of Cupertino 10300 Torre Ave Cupertino, Ca. 95014 APN/Parcel ID(s): 316-49-083 24969187 Regina Alcomendras Santa Clara County — Clerk —Recorder 05/21/2021 10:12 AM Titles: 1 Pages: 9 Fees: 124.00 Taxes: 0 Total: 124.00 III FAX RIJOiV yIl lMM I� Subordination Agreement SPACE ABOVE THIS LINE FOR RECORDER'S USE THIS PAGE ADDED TO PROVIDE ADEQUATE SPACE FOR RECORDING INFORMATION (Additional recording fee applies) Recording Document Cover Page Printed: 05,14.21 @ 12:57 PM SCA0000079.doc / Updated: 10.29.20 Page 1 CA-CT-FWPS-02180.052999-FWPS-2999210142 Rf'CORDING REQUESTED BY: AND WHEN RECORDED MAIL TO: City of Cupertino 10300 Torre Avenue Cupertino, CA 95014 Attention: City Manager No fee for recording pursuant to Government Code Section 27383 (SPACE ABOVE THIS LINE FOR RECORDER'S USE) SUBORDINATION AGREEMENT (CITY TO LENDER) NOTICE: THIS SUBORDINATION AGREEMENT RESULTS IN YOUR SECURITY INTEREST IN AND RESTRICTIVE COVENANTS AFFECTING THE PROPERTY BECOMING SUBJECT TO AND OF LOWER PRIORITY THAN THE LIEN OF SOME OTHER OR LATER SECURITY INSTRUMENT AND RESTRICTIVE COVENANTS. THIS SUBORDINATION AGREEMENT (the "Agreement") is entered into as of Ms,j—:7, , 2021, by and among the City of Cupertino, a municipal corporation (the "City' ), Kyle K. Le, a single person (the "Owner") and Wells Fargo Bank, N.A.(the "Lender"). RECITALS A. Owner is the fee simple owner of that certain real property located at 19503 Stevens Creek Blvd. #309, Cupertino, California, as more particularly described in Exhibit A attached hereto (the "Property"), which is a below market rate unit restricted under the City's Below Market Rate Housing Program. B. In connection with the Owner's purchase of the Property, the City and the Owner entered into the following documents (collectively, the "City Documents"): (i) That certain Occupancy, Refinancing, and Resale Restriction Agreement with Option to Purchase (the "City Resale Restriction Agreement") by and between City and the Owner, and recorded in the official records of Santa Clara County (the "Official Records") on September 21, 2012 as Document No. 21866099; (ii) That certain Promissory Note dated as of September 4, 2012, executed by Owner for the benefit of the City (the "City Promissory Note"); and (iii) That certain Deed of Trust dated as of September 4, 2012, executed by the Owner, as trustor, naming the City as beneficiary, securing the City Promissory Note and the City 394\09\2528698.1 Resale Restriction Agreement, and recorded in the Official Records on September 21, 2012 as Document No. 21866100. C. Owner desires to refinance the Owner's first loan on the Property (the "First Loan"), which was secured by a deed of trust dated September 13, 2012 and recorded on September 21 , 2012 against the Property as Instrument No. 21866097 in the Official Records (the "First Loan Deed of Trust"). D. Lender has agreed to refinance the First Loan in an amount not to exceed Two Hundred Fifteen Thousand Dollars ($215,000), at a fixed interest rate of Two and Seven , -Five Hundredths percent (2.75%) per annum, for a term of thirty (30) years (the "Refinanced Loan"). The proceeds of the Refinanced Loan will be used to pay off the First Loan and to reconvey the First Loan Deed of Trust. The Refinanced Loan will be evidenced by a promissory note (the "Lender Note"), and secured by a deed of trust (the "Lender Deed of Trust") dated as of MOO - , 2021, and recorded concurrently herewith in the Official Records. The Lender Note and the Lender Deed of Trust are hereinafter collectively referred to as the "Lender Documents." E. It is a condition of the Refinanced Loan that the Lender Documents 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 Documents. F. As a condition to subordinating the City Documents, the City requires that the Lender provide the City notice of defaults and the right to cure defaults under the Lender Documents. G. It is to the mutual benefit of the parties herein that the Lender Documents shall constitute a lien or charge upon the Property which is unconditionally prior and superior to the lien or charge of the City Documents. NOW, THEREFORE, in consideration of the recitals hereof, the mutual benefits accruing to the parties hereto and other valuable consideration, the receipt and sufficiency of which consideration is hereby acknowledged, it is hereby declared, understood and agreed as follows: 1. Owner represents and warrants that proceeds of the Refinanced Loan will be used to repay the First Loan. 2. The Lender Documents and any renewals, modifications, extensions or advances thereunder or secured thereby shall unconditionally be and remain at all times liens, claims or charges on the Property therein described, prior and superior to the lien or charge of the City Documents. 3. The City declares, agrees and acknowledges that it intentionally and unconditionally waives, relinquishes and subordinates the lien or charge of the City Documents in favor of the lien or charge upon the Property of the Lender Documents and understands that in reliance upon, and in consideration of, this waiver, relinquishment and subordination, specific monetary 394\09\2528698.1 obligations are being entered into which would not be made or entered into but for said reliance upon this waiver, relinquishment and subordination. 4. Lender covenants and agrees that in the event that Lender delivers to Owner a notice of default under the Lender Documents, Lender shall deliver to the City a copy of said notice concurrently with delivery to Owner, and the City shall have the right (but not the obligation) to cure any or all defaults specified in said notice for a period of ninety (90) days after the date of such notice, and Lender hereby agrees to accept all payments and all acts done by the City on behalf of Owner within the cure period specified herein as though the same had been timely done and performed by Owner, so that such acts and payments shall fully and totally cure and correct all such defaults, breaches, failures or refusals for all purposes. 5. As a condition for approval of this subordination, a request for notice of default and notice of sale regarding the Refinanced Loan shall be recorded in the Official Records for the benefit of the City. 6. With regard to the priority of the deeds of trust described herein, this Agreement shall be the sole and only agreement with regard to the subordination of the lien of the City Documents to the liens, claims or charges of the Lender Documents and shall supersede and cancel any prior agreements as to such subordination including, but not limited to, those provisions, if any, contained in the City Documents, which provide for the subordination of the restrictions contained therein to another deed or deeds of trust or to another mortgage or mortgages or to another regulatory agreement. 7. This Agreement shall be binding on and inure to the benefit of the legal representatives, heirs, successors and assigns of the parties. 8. This Agreement shall be governed by and construed in accordance with the laws of the State of California. 9. If any of the provisions or terms of this Agreement shall for any reason be held invalid or unenforceable, such invalidity or unenforceability shall not affect any other of the terms hereof, and this Agreement shall be construed as if such unenforceable term had never been contained herein. 10. This Agreement may be signed by different parties hereto in counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same agreement. [Signatures on following page] 394\09\2528698.1 IN WITNESS WHEREOF, the parties have executed this Agreement as of the day first above written. NOTICE: THIS SUBORDINATION AGREEMENT RESULTS IN YOUR SECURITY INTEREST IN THE PROPERTY BECOMING SUBJECT TO AND LOWER PRIORITY THAN THE LIEN(S) OF SOME OTHER LATER SECURITY INTEREST(S). IT IS RECOMMENDED THAT PRIOR TO THE EXECUTION OF THIS AGREEMENT, THE PARTIES CONSULT WITH THEIR ATTORNEYS WITH RESPECT HERETO. CITY: CITY OF CUPERTINO, a municipal corporation By: Name: Deborah L. Feniz Its: City Manager LENDER: Wells Faro Bank, N.A. Name: /V/ C'��6L S 7-'6L __...._._.... --- Its: V= Pft8MM4T LOAN i OMM—NTA770N (VPLD) 1 I ►_ t- Kyle K. Le 394\09\2528698.1 A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document. STATE OF CALIFORNIA COUNTY OF Santa Clara On April 26, 2021 , before me, Kirsten Squarcia , Notary Public, personally appeared Deborah Feng , who proved to me on the basis of satisfactory evidence to be the persono) whose name} is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity fies3, and that by his/her/their signature(} on the instrument the person{-s-}, or the entity upon behalf of which the personf} acted, executed the instrument. I certify UNDER PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. WITNESS my hand and official seal. T l Name: S4 e Notary Public r/�KIRSTEN SQUARCIA " F' NotaryPublic - California Santa Clara County It Z Commission N 2257322 r + �o••''�m� Comm. Oct 4, 2022 ACKNOWLEDGMENT PAGE TO BE ATTACHED TO THE FOLLOWING DOCUMENT: Subordination Agreement A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document. State of—minneA County of koppI On QV 14, before me, fay A wrockr (here insert name and title of the officer) Notary Public, personally appeared I qr who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. WITNESS y hand a�n al. Signature a. SEAN A NAWROCKI NOTARY PUBLIC - MINNESOTA MY COMMISSION EXPIRES 01/31/2025 Notary Acknowledgment - General Printed: 05.12.21 @ 09:44 AM by SSCORPD 1863.doc / Updated: 09.23.19 CA-CT-F W PS-02180.052999-FW PS-2999210142 A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document. STATE OF CALIFORNIA COUNTY OF 5A L. ,4 C L_4 rL-A On y A-1 ^7 . 2.0 u , before me,��,wl 441 K , Notary Public, personally appeared 1{4lc— K. Le_ , who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. I certify UNDER PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. WITNESS my hand and official seal. Na e: Ltevtg-i c.k! Notary Public .4 ° ry DARYL ROBIN WENRICH Notary Public • California ° Santa Clara County > �` Commission # 2317140 ��.oR My Comm. Expires Jan 21,.2024 IEXH113IT nqa Legal Description For APN/Parcel ID s 316-49-083 THE LAND REFERRED TO HEREIN BELOW :IS SITUATED IN THE CITY OF CUPERTINO, COUNTY OF SANTA CLARA, STATE OF CALIFORNIA AND IS DESCRIBED AS FOLLOWS: PARCEL ONE: UNIT NO. 309 LOCATED IN BUILDING B, AS DEPICTED UPON THAT CERTAIN CONDOMINIUM PLAN FOR METROPOLITAN AT CUPERTINO (THE "PLAN") WHICH PLAN IS ATTACHED AS EXHIBIT A TO THE DECLARATION OF COVENANTS AND RESTRICTIONS ESTABLISHING A PLAN FOR CONDOMINIUM OWNERSHIP FOR METROPOLITAN AT CUPERTINO (THE "DECLARATION') WHICH DECLARATION RECORDED DECEMBER 1, 2005 AS DOCUMENT NO. 18700161, OFFICIAL RECORDS, SANTA CLARA COUNTY, SAID UNIT AND BUILDING BEING .SITUATED ON LOT 1 AS SAID LOT IS SHOWN UPON THAT CERTAIN MAP ENTITLED "TRACT NO, 9655",, WHICH MAP WAS FILED IN THE OFFICE OF THE RECORDER, COUNTY OF SANTA CLARA, STATE OF CALIFORNIA ON JANUARY 27TH IN BOOK 780 OF MAPS, AT PAGES 40 AND 41. PARCEL TWO: AN UNDIVIDED PERCENTAGE INTEREST IN THE BUILDING B - BUILDING COMMON AREA IN WHICH THE CONDOMINIUM UNIT DESCRIBED IN PARCEL ONE ABOVE IS LOCATED, AS DEPICTED ON THE PLAN AND AS DEFINED ON THE DECLARATION AND AS: SAID UNDIVIDED INTEREST IS SET FORTH IN EXHIBIT E ATTACHED THERETO. EXCEPTING THEREFROM AND EXCEPTING THE FOLLOWING: 1. ALL THE CONDOMINIUM UNITS DEPICTED ON THE PLAN AND DEFINED IN THE DECLARATION OTHER THAN THE UNIT DESCRIBED IN PARCEL ONE ABOVE. 2. THE EXCLUSIVE USE COMMON AREAS AS DEFINED IN THE DECLARATION AND THE EXHIBITS ATTACHED THERETO, AND AS DEPICTED ON THE PLAN WHICH ARE SET ASIDE AND ALLOCATED FOR THE EXCLUSIVE USE OF THE OWNERS OF CONDOMINIUMS OTHER THAN THE CONDOMINIUM UNIT DESCRIBED IN PARCEL ONE ABOVE. 3. NON-EXCLUSIVE EASEMENTS FOR INGRESS, EGRESS, SUPPORT, ENCROACHMENT, USE, ENJOYMENT AND RIGHTS OVER, UNDER;. UPON AND THROUGH THE COMMON AREAS APPURTENANT TO ALL UNITS AS SAID EASEMENTS AND RIGHTS ARE DEFINED INTHE DECLARATION. PARCEL THREE: THE EXCLUSIVE RIGHT TO THE USE,. POSSESSION AND ENJOYMENT OF THE EXCLUSIVE USE COMMON AREAS APPURTENANT TO PARCEL ONE ABOVE, AS DEFINED IN THE DECLARATION AND THE EXHIBITS ATTACHED THERETO AND AS DEPICTED ON TH.E PLAN WHICH ARE SET ASIDE AND ALLOCATED FOR THE EXCLUSIVE USE OF THE OWNER OF THE UNIT TO WHICH THEY ARE ATTACHED OR ASSIGNED. PARCEL FOUR: A NON-EXCLUSIVE EASEMENT FOR INGRESS AND EGRESS,, SUPPORT, ENCROACHMENT, USE, ENJOYMENT AND RIGHTS .OVER, UNDER, UPON AND THROUGH THE COMMON AREAS AS SHOWN ON THE PLAN AND DEFINED IN THE DECLARATION. CLTA Preliminary Report Form - Modified (11.17.06) Printed: 0217.21 ® 06:39 AM by SCA0002402.doc I Updated: 07.10.19 CA-BPS-1-21-FWPS-2999210142