21-030 Subordination Agreement, 20488 Stevens Creek Blvd #104RECORDING REQUESTED BY:
Chicago Title Company
Title No.: FWPS-T020003175
Escrow Order No.: FWAC-5982002076
When Recorded Mail Document and Tax
Statement To:
City of Cupertino
10300 Torre Avenue
Cupertino, CA 95014
Attention; City Manager
APN/Parcel I D (s ): 369-53-113
**This document was electronically submitted
to Santa Clara County for recording**
24690589
Regina Alcomendras
Santa Clara County - Clerk -Recorder
11/05/2020 11:52 AM
Titles:1 Pages:12
Fees: $58.00
Tax: $0
Total: $58.00
SPACE ABOVE THI
ER'S USE
Exempt from fee per GC 27388.1 (a) (2); recorded concurrently in connection with a
transfer of real property that is a residential dwelling to an owner -occupier.
SUBORDINATION AGREEMENT
MAIL TAX STATEMENTS AS DIRECTED ABOVE
THIS PAGE ADDED TO PROVIDE ADEQUATE SPACE FOR RECORDING INFORMATION
(Additional recording fee applies)
Recording Document Cover Page Printed: 11.04.20 @ 01:39 PM
SCA0000079.doc / Updated: 02.11.20 Page 1 CA-CT-FWAC-02180.055598-FWAC-5982002076
RECORDING REQUESTED BY:
Chicago Title Company
Title No.: FW PS-T020003175
Escrow Order No.: FWAC-5982002076
When Recorded Mail Document and Tax
Statement To:
City of Cupertino
10300 Torre Avenue
Cupertino, CA 95014
Attention; City Manager
APN/Parcel I D(s): 369-53-113
SPACE ABOVE THIS LINE FOR RECORDER'S USE
Exempt from fee per GC 27388.1 (a) (2); recorded concurrently in connection with a
transfer of real property that is a residential dwelling to an owner -occupier.
SUBORDINATION AGREEMENT
MAIL TAX STATEMENTS AS DIRECTED ABOVE
THIS PAGE ADDED TO PROVIDE ADEQUATE SPACE FOR RECORDING INFORMATION
(Additional recording fee applies)
Recording Document Cover Page Printed: 11.04.20 @ 01:39 PM
SCA0000079.doc / Updated: 02.11.20 Page 1 CA-CT-FWAC-02180.055598-FWAC-5982002076
RECORDING 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
0 / ad ab , 2020, by and among the City of Cupertino, a municipal corporation (the
"City"), Patricia R. Greenlee, Trustee of the Patricia R. Greenlee Trust (the "Owner") and United
Lending Partners, Inc. (the "Lender").
RECITALS
A. Owner is the fee simple owner of that certain real property located at 20488
Stevens Creek Boulevard #1404, 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") dated as of October 6, 2009,
by and between City and the Owner, and recorded in the official records of Santa Clara County
(the "Official Records") on November 16,.2009 as Document No. 20507440;
(ii) That certain Promissory Note dated as of October 28, 2009, executed by
Owner for the benefit of the City (the "City Promissory Note"); and
394\09\2528698.1
(iii) That certain Deed of Trust dated as of November 10, 2009, executed by the
Owner, as trustor, naming the City as beneficiary, securing the City Promissory Note and the
City Resale Restriction Agreement, and recorded in the Official Records on November 16, 2009
as Document No. 20507439.
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 November 12, 2009 and recorded on
November 16, 2009against the Property as Instrument No. 20507439 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 Ninety -Five Thousand Dollars ($295,000), at a fixed interest rate of Two and Three
Hundred Seventy -Five Thousandths percent (2.375%) 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 , 2020, 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,
2
394\09\2528698.1
and in consideration of, this waiver, relinquishment and subordination, specific monetary
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]
3
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:
Its:
LENDER:
United Lending Partners, Inc.
By: Y�-Vv
C
Name:
Its:
4
394\09\2528698.1
OWNER:
Patricia R. Greenlee
CALIFORNIA ALL-PURPOSE CERTIFICATE OF ACKNOWLEDGMENT
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 Oclobes Zz,.Z, before me Lauren Sapudar
,Notary Public,
(Here insert name and title of the officer)
personally appeared -L,6o, ►-, f_e w,
who proved to me on the basis of satisfactory evidence to be the erso (s) whose (s) mare subscribed to
the within instrument and acknowledged to me that heg3J/they executed the same in his/Qy/their authorized
dies), and that by his/lr their s' na.ftire ) on the instrument the fs), or the entity upon behalf of
which the erso ) 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.
————-----———-
*My
LAUREN SAPUDAR
WITNE my hand and official seal. Notary Public - CaliforniaZ
Santa Clara CountyCommission N 2247155
Comm. Expires Jun 22, 2022
S atur of Notary Public (Notary Seal)
ADDITIONAL OPTIONAL INFORMATION
DESCRIPTION OF THE ATTACHED DOCUMENT
(Title or description of attached document)
(Title or description of attached document continued)
Number of Pages Document Date
(Additional information)
CAPACITY CLAIMED BY THE SIGNER
❑ Individual (s)
❑ Corporate Officer
(Title)
❑ Partner(s)
❑ Attorney -in -Fact
❑ Trustee(s)
❑ Other
INSTRUCTIONS FOR COMPLETING THIS FORM
Any acknowledgment completed in California must contain verbiage exactly as
appears above in the notary section or a separate acknowledgment form must be
properly completed and attached to that document. The only exception is if a
document is to be recorded outside of California. In such instances, any alternative
acknowledgment verbiage as may be printed on such a document so long as the
verbiage does not require the notary to do something that is illegal for a notary in
California (i.e. certifying the authorized capacity of the signer). Please check the
document carefully forproper notarial wording and attach this form if required.
• State and County information must be the State and County where the document
signer(s) personally appeared before the notary public for acknowledgment.
• Date of notarization must be the date that the signer(s) personally appeared which
must also be the same date the acknowledgment is completed.
• The notary public must print his or her name as it appears within his or her
commission followed -by a comma and then your title (notary public).
• Print the name(s) of document signer(s) who personally appear at the time of
notarization.
• Indicate the correct singular or plural forms by crossing off incorrect forms (i.e.
lie/she/Ehe},-- is /are ) or circling the correct forms. Failure to correctly indicate this
information may lead to rejection of document recording.
• The notary seal impression must be clear and photographically reproducible.
Impression must not cover text or lines. If seal impression smudges, re -seal if a
sufficient area permits, otherwise complete a different acknowledgment form.
• Signature of the notary public must match the signature on file with the office of
the county clerk.
Additional information is not required but could help to ensure this
acknowledgment is not misused or attached to a different document.
Indicate title or type of attached document, number of pages and date.
Indicate the capacity claimed by the signer. If the claimed capacity is a
corporate officer, indicate the title (i.e. CEO, CFO, Secretary).
• Securely attach this document to the signed document
C 2004-2015 ProLink Signing Service, Inc. — All Rights Reserved www.TheProLink.com —Nationwide Notary Service
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:
Its: � --f4
United Lending Partners., Inc.
By:
Name:
Its:
4
394\09\2528698.1
Patra R. Greenlee
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 ( 0)n -o a- a , before me, Ching Ying Chill , Notary Public,
personally ap eared ( cLa R,, 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 signatures) on the instrument the person(s), or the entity upon behalf of
which the person(s) acted, executed the instrument.
1 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.
1--�
I o
CHING YING CHIU
COMM. #2299867 o � . - z Name: Ching Ing Chu
W t = Notary Public •California
w.p. Santa Clara County ° Notary Public
M Comm, Expires July 27, 2023
Y �GVJt7��n�►���n � irJPie�
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 LIENS) 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:
OWNER:
CITY OF CUPERTINO a municipal corporation
Patricia R. Greenlee
By:
L
Its: 4ra4z- irk.
LENDER:
United Lending Partners, Inc.
r/ By:
Name:
Its: V
4
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 N I a M ed o.
On Noyernber 4, 2o20 , before me, Lertny QQW ki ri S , Notary Public,
personally appeared An�honv Maclelmlon , who proved to me on the basis of satisfactory
evidence to be the person(s whose name(s)oare subscribed to the within instrument and
acknowledged to me that ee he/they executed the same i hi er/their authorized capacity(ies),
and that by isher/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.
jQyt n . V-L-W
6My
JENNY DAWKINS
Notary Public - California Name: J e ► ) n!/ DalW k e%SAlameda CountyNotary Public
Commission N 2297423 Comm. Expires Aug 13, 2023
EXHIBIT "A"
Legal Description
For APN/Parcel ID(s): 369-53-113
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.
A CONDOMINIUM COMPRISED OF
PARCEL ONE:
CONDOMINIUM UNIT NO. 113, AS SAID UNIT IS DEPICTED UPON THAT CERTAIN CONDOMINIUM PLAN
WHICH SHALL HEREAFTER BE REFERRED TO AS (THE "PLAN"), WHICH PLAN IS ATTACHED AS EXHIBIT
"A" TO THE VERONA DECLARATION OF RESTRICTIONS (CCR'S), WHICH DECLARATION RECORDED
APRIL 14TH, 2004, AS DOCUMENT NO. 17721430, OFFICIAL RECORDS, AND AMENDED BY THAT CERTAIN
FIRST AMENDMENT TO VERONA DECLARATION OF RESTRICTIONS (CCR'S) RECORDED MAY 19, 2004
AS DOCUMENT NO. 17798307, OFFICIAL RECORDS, ALL OF WHICH SHALL HEREINAFTER BE REFERRED
TO AS (THE "DECLARATION")- SAID UNIT BEING SITUATED ON LOT 1 AS SAID LOT IS SHOWN UPON
THAT CERTAIN MAP OF TRACT 475 (THE "MAP") WHICH MAP WAS FILED IN THE OFFICE OF THE
RECORDER, COUNTY OF SANTA CLARA, STATE OF CALIFORNIA ON APRIL 6, 2004, IN BOOK 768 OF
MAPS, AT PAGES 47 AND 48.
PARCEL TWO:
AN UNDIVIDED 1/207TH FEE SIMPLE INTEREST AS TENANTS IN COMMON IN LOT 1 AS SHOWN ON THE
MAP, WHICH IS THE COMMON AREA AS DEFINED IN THE DECLARATION.
EXCEPTING THEREFROM THE FOLLOWING:
1. ALL OF THE CONDOMINIUM UNITS DEPICTED ON THE PLAN AND DEFINED IN THE DECLARATION, AS
AMENDED BY FIRST AMENDMENT REFERENCED ABOVE, OTHER THAN THE CONDOMINIUM UNIT
DESCRIBED IN PARCEL ONE ABOVE.
2. THE EXCLUSIVE USE COMMON AREAS AS DEFINED IN THE DECLARATION, AS AMENDED BY FIRST
AMENDMENT REFERENCED ABOVE, AND AS DEPICTED ON THE PLAN, AS AMENDED, INCLUDING BUT
NOT LIMITED TO, BALCONIES AND PARKING SPACES, WHICH ARE SET ASIDE AND ALLOCATED FOR
THE EXCLUSIVE USE OF THE CONDOMINIUM UNITS OTHER THAN THE CONDOMINIUM UNIT
DESCRIBED IN PARCEL ONE ABOVE.
3. NON-EXCLUSIVE EASEMENTS FOR ACCESS, INGRESS, EGRESS AND SUPPORT, USE AND
ENJOYMENT, AND OTHER RIGHTS OVER, UNDER, UPON AND THROUGH THE COMMON AREAS
APPURTENANT TO ALL CONDOMINIUM UNITS AS SAID EASEMENTS AND RIGHTS ARE DEFINED IN THE
DECLARATION, AS AMENDED BY FIRST AMENDMENT REFERENCED ABOVE.
4. NON-EXCLUSIVE 8 FOOT AND A NON-EXCLUSIVE 10 FOOT DRAINAGE EASEMENT (P. S. D. E. ) IN
FAVOR OF THE CUPERTINO CITY CENTER OWNERS' ASSOCIATION, AS SAID EASEMENTS ARE SHOWN
UPON THE MAP OF TRACT 9476.
PARCELTHREE
THE EXCLUSIVE RIGHT TO THE USE, POSSESSION AND ENJOYMENT OF THE EXCLUSIVE USE
COMMON AREAS INCLUDING BUT NOT LIMITED TO, BALCONY, IF ANY, LOCATED WITHIN THE COMMON
AREA, WHICH ARE APPURTENANT TO PARCEL ONE ABOVE, AS DEFINED IN THE DECLARATION, AS
AMENDED BY FIRST AMENDMENT REFERENCED ABOVE, AND AS DEPICTED ON THE PLAN, AS
CLTA Preliminary Report Form - Modified (11.17.06) Printed: 08.21.20 @ 10:01 AM by
S CA0002402. doc / Updated: 07.10.19 3 CA-C T-F W P S-02180.054980-S PS-1-20-F W P S-T020003175
Title No.: FWPS-T020003175-HR
EXHIBIT "A"
Legal Description
(continued)
AMENDED, WHICH ARE SET ASIDE AND ALLOCATED FOR THE EXCLUSIVE USE OF THE OWNER OF THE
UNIT TO WHICH THEY ARE ATTACHED.
PARCEL FOUR:
THE EXCLUSIVE RIGHT TO THE USE, POSSESSION AND ENJOYMENT OF THE EXCLUSIVE USE
COMMON AREA PARKING SPACE(S) DESIGNATED 211 AND 212 LOCATED WITHIN THE COMMON AREA
IN LOT 1 AS SAID LOT IS SHOWN ON THE MAP, WHICH ASSIGNED PARKING SPACE(S) ARE
APPURTENANT TO PARCEL ONE ABOVE, AS DEFINED IN THE DECLARATION, AS AMENDED BY FIRST
AMENDMENT REFERENCED ABOVE, AND AS DEPICTED ON THE PLAN, AS AMENDED, WHICH ARE SET
ASIDE AND ALLOCATED FOR THE EXCLUSIVE USE OF THE OWNER OF THE UNIT TO WHICH IT IS
ASSIGNED.
PARCEL FIVE:
A NON-EXCLUSIVE EASEMENT, APPURTENANT TO PARCEL ONE ABOVE, FOR ACCESS, INGRESS,
EGRESS AND SUPPORT, USE AND ENJOYMENT, AND RIGHTS OVER, UNDER, UPON AND THROUGH THE
COMMON AREA AS SAID EASEMENTS AND RIGHTS ARE DEFINED IN THE DECLARATION.
CLTA Preliminary Report Form -Modified (11.17.06) Printed: 08.21.20 @ 10:01 AM by
SCA0002402.doc / Updated: 07.10.19 4 CA-CT-FWPS-02180.054980-SPS-1-20-FWPS-TO20003175