21-189 Subordination Agreement (City to Lender), Ritu Bhatia, 20488 Stevens Creek Blvd #2214RECORDING REQUESTED BY:
Chicago Title Company
Escrow Order No.: FWPS-2996211237
When Recorded Mail To:
The City of Cupertino
10300 Torre Avenue
Cupertino, CA 95014
APN/Parcel ID(s): 369-53-046
Subordination Agreement
*This document was electronically submitted
to Santa Clara County for recording"
25015840
Regina Alcomendras
Santa Clara County - Clerk -Recorder
07/01/2021 02:14 PM
Titles:1 Pages:11
Fees: $0.00
Tax: $0
Total: $0.00
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: 06.29.21 @ 04:08 PM
SCA0000079.doc / Updated: 10.29.20 Page 1 CA-CT-FWPS-02180.054996-FWPS-2996211237
RECORDING REQUESTED BY:
Chicago Title Company
Escrow Order No.: FW PS-2996211237
When Recorded Mail To:
The City of Cupertino
10300 Torre Avenue
Cupertino, CA 95014
APN/Parcel I D(s): 369-53-046
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: 06.29.21 @ 04:08 PM
SCA0000079.doc/ Updated: 10.29.20 Page 1 CA-CT-FWPS-02180.054996-FWPS-2996211237
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.
TV
S SUBORDINATION AGREEMENT (the "Agreement") is entered into as of -3�i�iE?
, 2021, by and among the City of Cupertino, a municipal corporation (the
"City"), Ritu Bhatia, 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 20488
Stevens Creek Blvd. # 2214, 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
July 6, 2012 as Document No. 21737816;
(ii) That certain Promissory Note dated as of June 12, 2012, executed by
Owner for the benefit of the City (the "City Promissory Note"); and
(iii) That certain Deed of Trust dated as of June 12, 2012, executed by the Owner, as
trustor, naming the City as beneficiary, securing the City Promissory Note and the City Resale
394\09\2528698.1
Restriction Agreement, and recorded in the Official Records on July 6, 2012 as Document No
21737817.
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 June 27, 2012 and recorded on July 6, 2012
against the Property as Instrument No. 21737815 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 One
Hundred Fifty -Four Thousand Dollars ( 154 000), at a fixed interest rate of Two and Five
Tenths percent (2.5%) per annum, for a term of fifteen (15) 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
ZN�)Q, 0--5 , 9.6 U , 2021, and recorded concurrently herewith in the Official Records.
The Lender e 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
2
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
1 Ritu Bhatia
By:
Q V r-
Name: Deborah L. Fena
Its: City Manager
LENDER:
. Wells Fargo Bank. N.A.
By. ���r�i ;` ��'- SIGNED IN COUNTERPART
Name:VIC
Lea — -
Its:
394\09\2528698.1
4
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. Fena
Its: City Manager
LENDER:
Wells Farao Bank, N.A.
By: c ��
Name:
Its:
3 � ►
Ritu Bhatia
394\09\2528698.1
FOR NOTARIZATION OF LENDER PERSONNEL:
State of Minnesota)
) SS.
County of Hennepin)
On the %�� day of 7-u P6 in the year 2021, before me the undersigned,
personally appeared 45HAW N Gt 1 Dan, &AJ , Vice President Loan
Documentation (VPLD) of Wells Fargo Bank, N.A., Who proved to me on the basis of
satisfactory evidence, to be the individual(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) capacity(y)(ies), and that by (his) (her) (their) signature(s) on the instrument, the
individual(s) or the person upon behalf of which the individual(s) acted, executed the instrument.
I certify that the foregoing paragraph is true and correct.
Signature of Notary Public
(Notary Seal)
My Commission Expires: -C>! /a 1 %20.? G a MICHAEL ALLEN STILL
� w� ..
NOTARY PUBLIC - MINNESOTA
MY COMMISSION EXPIRES 01 /31/26
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 -3(nn+0. C [P-&
On -�b,njL- (� , 7=-Z , before me, L, 0-u f to Jc,f U d c— , Notary Public,
personally appeared 'V-jL6c�,a1, Fe„!i , who proved to me on the basis of satisfactory
evidence to be the r�(s) whose n0 (s) 0/are subscribed to the within instrument and
acknowledged to me that he/they executed the same in his 1f�- their authorized a ity(ies),
and that by.his,l&?/their 1 n (s) on the instrument the(pers s), or the entity upon behalf of
which the ers 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.
LAUREN SAPUDAR
Notary Public . California Z
x Santa Clara County ame: LA y iLE/i S.A P�- 44v-
Commis5ion # 2247155 Notary Public
"`°"� My Comm. Expires Jun 22, 2022
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 SC" Oaf )
On 2G0 7- 7i , before me, jky A� i � , Notary Public,
personally appeared who proved to n4 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.
M
WS'rrI t ..
Notary Public �j \'�l
THO XUAN NGUYEN
Notary Public • California Z W..
Santa Clara County
Commission H 2337141
�4L1 09L My Comm. Expires Nov 13, 2024
EXHIBIT "A"
Legal Description
For APN/Parcel ID(s). 369-53-046
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
CONDOMINIUM UNIT NO. 46, 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 14, 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 9476 (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 AMENDMENTS 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 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 AU CONDOMINIUM UNITS AS SAID EASEMENTS AND RIGHTS ARE DEFINED IN - THE
DECLARATION, AS AMENDED BY FIRST AMENDMENT REFERENCE ABOVE.
4. NON-EXCLUSIVE 8 FOOT AND A NON-EXCLUSIVE 10 FOOT DRAINAGE EASEMENT (P.S.D.E.) IN FAVOR
OF THE CUPERTINO CITY OWNERS ASSOCIATION, AS SAID EASEMENTS ARE SHOWN UPON THE MAP
OF TRACT 9476.
PARCEL THREE:
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
AMENDED, WHICH ARE SET ASIDE AND ALLOCATED FOR THE EXCLUSIVE USE OF THE OWNER OF THE
UNIT TO WHICH THEY ARE ATTACHED.
CLTA Preliminary Report Form - Modified (11.17.06) Printed: 03.11.21 @ 10:45 AM by GJ
SCA0002402.doc / Updated: 07.10.19 CA --- SPS-1-21-F W PS-2996211237
EXHIBIT "A"
Legal Description
(continued)
PARCEL FOUR:
Title No.: FWPS-2996211237-MA
THE EXCLUSIVE RIGHT TO THE USE, POSSESSION AND ENJOYMENT OF THE EXCLUSIVE USE
COMMON AREA PARKING SPACES DESIGNATED 123 LOCATED WITHIN THE COMMON AREA IN LOT 1 AS
SAID LOT IS SHOWN ON THE MAP, WHICH ASSIGNED PARKING SPACES ARE APPURTENANT TO
PARCEL ONE ABOVE, AS DEFINED IN THE DECLARATION AS AMENDED BY FIRST AMENDMENT
REFERENCE 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, AS AMENDED
BY RIGHTS AMENDMENTS REFERENCED ABOVE, AND SHOWN ON THE PLAN.
CLTA,Preliminary Report Form - Modified (11.17.06) Printed: 03.11.21 @ 10:45 AM by GJ
SCA0002402.doc / Updated: 07.10.19 CA --- SPS-1-21-FWPS-2996211237