21-273 Subordination Agreement, (City to Lender) Ann Mae Akimoito & Donald Kazuo Akimoto, 10281 Torre Ave #812RECORDING REQUESTED BY:
Chicago Titte Company
Escrow Order No.: FWPS-2999210209
When Recorded Mail To:
City of Cupertino
t0300 Torre Avenue
.Cupertino, CA 95014
Attn: City Manager
No fee for recording pursuant to
Government Code Section 27383
APN/Parcel ID(s): 369-54-Ot2
"This documentwas electronically submitted
to Santa Clara County for recording"
25139078
Regina Alcomendras
Santa CJara County - CJerk-Recorder
10/20/2021 03:26 PM
Titles: 1 Pages: 10
Fees: $O.OCI
Tax: $0
Total: $0.00
SPACE ABOVE THIS LINE FOR RECORDER'S USE
Subordination Agreement
(City to Lender)
THIS PAGE ADDED TO PROVIDE ADEQUATE SPACE FOR RECORDING INFORMATION
(Additional recordlng fee applles)
Recording Documant Cover Page
SCAOOOOO79.doc/Updated: 10.29.20a Page i
Pdnted: 09.21.21 @ 02140 PM
CA-CT-FWPS-O;)I 80.052999-FWPS-29992'l0209
RECORDING REQUESTED BY:
Chicago Title Company
Escrow Order No.: FWPS-29992f0209
When Recorded Mail To:
City of Cupertino
10300 Torre Avenue
Cupertino, CA 95014
Attn: City Manager
No fee for recording pursuant to
Government Code Section 27383
APN/Parcel ID(s): 369-54-012 SPACE ABOVE THIS LINE FOR RECORDER'S USE
Subordination Agreement
(City to Lender)
THIS PAGE ADDED TO PROVIDE ADEQUATE SPACE FOR RECORDING INFORMATION
(Additional recording fee applies)
Recording Document Cover Page
SCAOOOOO79.doc / Updated: 10.29.20 Page 1
Printed: 09.21.21 @ 02:40 PM
CA-CT-FWPS-02180.052999-FWPS-299921 0209
RECORDmG 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
(SPACF,ABOVE THIS i,im FOR RECORDER'S USE)
SUBORDINATION AGREF,MENT
(CITY TO LENDER)
NOTICE:THIS SUBORDINATION AGREEMENT RESULTS IN YOUR SECURITY
NNTEREST ffi AND RESTRICTIVE COVENANTS AFFECTING THE
PROPERTY BECOMING SUBJECT TO AND OF LOWER PRIORITY
THAN THE LIEN OF SOME OTHER OR LATER SF,CURITY
INSTRUMENT AND RESTRICTIVE COVENANTS.
THIS SUBORDINATION AGREEMENT (the "Agreement") is entered into as of
September 20 , 2021, by and among the City of Cupertino, a municipal corporation (the
"City"), Anna Mae Akimoto and Donald Kazuo Akimoto, wife and husband as community
property with right of survivorship (the "Owner") and '@!l{fsl'fiq{igfQJ8.(thc "Lender").
Wells Fargo Bank, N.A.
RECIT ALS
A. Owner is the fee simple ovmer of that certain real property located at 10281
Torre Avenue #812, Cupertino, California, as more particularly described in Exhibit A attached
hereto (the "Property"), which is a below market rate unit restricted underthe 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 cettain Property Value Restrictions, Resale Agreement and Option to
Purchase (the "City Resale Restriction Agreement") dated as of December 15, 2006, by and
between City and the Owner, and recorded in the official records of Santa Clara County (the
"Official Records") on December 21, 2006 as Document No. ;
C. Owner desires to refinance the Owner's first loan on the Property (the "First
Loan"), which was secured by a deed of tnist dated December 8, 2006 and recorded on
I
394la912528698.l
December 21, 2006 against the Property as Instniment No. 19235708 in the Official Records
(th.e "First Loan Deed of Trust").
D, Lender has agreed to refinance the First Loan in an amount not to exceed
Hundred Thirty Thousand Dollars ($ ,230000), 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 wiJl 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 tnist (the "Lender Deed of Trust") dated as of
0d(i5Bl-13 , 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 accniing
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
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
2
39410912528698. l
concurrently with delivery to Owner, and the City shall have the right (but not the obligation) to
cure airy 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 ternns 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 tertn 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
39410912528698.1
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: OWNER:
Donald Kazuo Akimoto
Its: City Manager
Anna Mae Akimoto
LENDER:
Wells Fargo717.4/Bank, N.A.
4
39410R2528698. l
A notary public or other officer completing this ceitificate verifies only the
identity of the individual who signed the document to which this certificate is
attached, and not the truthtulness, accuracy, or validity of that document.
STATE OF CALIFORNIA
COUNTYOF sq'n'ai C-/azrq
acknowledged to me that h@/she/they executed the same in %/her/their authorized capacity@s)
and that by Iqs/her/their signatured on the instrument the person(g), or the entity upon behalf of
which the person4 acted, executed the instrument.
I certify {JNDER 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.
J-, .' I ," " :RS'TEN SQU'A:CIA" f
! @ Notary Public - Californiai; ,: 3 Santa Clara County @
v , u ' Commission # 2257322
L"'o"' My Comm, Expires ad 4, 2022 t'
Notary Public
A notary public or other officer completing this ceitificate 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.
ST ATE OF CALIFORNIA
personally appeared Lwau> Kauto kr<trvibrb , 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 {JNDER 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.
Notary Public
A not.ary 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
COUNTYOF 3ama;a C
on5e-pte-u6e+- "L %z-i , before me, Sh4 & Lt)arxrucg , Notary Public,
personally appeared AuuA /%4 A;imbm , 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 PERJLTRY under the laws of the State of California that the
foregoing paragraph is true and correct.
WITNESS my hand and official seal.
Public - California
Notary Public
i=€;:5iyB3:,y2x7
FOR NOT ARIZATION OF LENDER PERSONNEL:
State or Minnesota)
County of Hennepin)
On the ('t day of (:)b-er
) SS.
in the year 2021 before me the undersigned,
personallyappeared Sewn Cil;M ,VicePresidentLoan
Documentation (\/PLD) of Wells Fargo Bank, N.A., Who proved to me on the basis of
satisfactory evidence, to be the individuai(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.
Signatu're or4-biic
My Commission Expires: 01 l 3( ''3>'
(Notary Seal)
EXHIBIT "A"
Legal Description
ForAPN/ParcellD(s): 369-54-O"l2
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:
UNIT -12, AS SAID UNIT IS DEPICTED ON THAT CERTAIN CONDOMINIUM PLAN FOR STERLING SQUARE
AT CMC PARK, WHICH SHALL HEREAFTER BE REFERRED TO AS (THE "PLAN"), WHICH PLAN IS
ATT ACHED AS EXHIBIT 'B" TO THE DECLARATION OF COVENANTS, CONDITIONS AND RESTRICT10N8
OF STERLING SQUARE AT CMC PARK OWNERS ASSOCIATION (THE "DECLARATION"), WHICH
DECLARATION RECORDED JUNE 16, 2006 AS DOCUMENT N0. 18977691, OFFICIAL RECORDS; SAID UNIT
BEING SITUATED ON LOT 6, AS SAID LOT IS SHOWN UPON THAT CERTAIN MAP ENTITLED "TRACT NO.
961 2", WHICH MAP WAS FILED IN THE OFFICE OF THE RECORDER, COUNTY OF SANTA CLARA, ST ATE
OF CALIFORNIA ON DECEMBER 28, 2004 IN BOOK 779 0F MAPS, AT PAGES 48 AND 49.
PARCEL TWO:
A i/'14TH UNDIVIDED TENANCY-IN-COMMON INTEREST, IN THE BUILDING COMMON AREA A, INCLUDING
ALL IMPROVEMENTS THEREIN WHICH ARE NOT PART OF ANY UNIT, AS DEFINED IN THE DECLARATION
AND DEPICTED ON THE PLAN.
EXCEPTING THEREFROM 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/OR [)EPICTED ON
THE PLAN WHICH ARE SET ASIDE AND ALLOCATED FOR THE EXCLUSIVE USE OF THE OWNERS OF
THE CONDOMINIUMS OTHER THAN THE CONDOMINIUM UNIT DESCRIBED IN PARCEL ONE ABOVE.
3. NONEXCLUSIVE EASEMENTS FOR ACCESS, INGRESS, EGRESS, SUPPORT, UTILITIES AND OTHER
RIGHTS, OVER, UNDER, UPON AND THROUGH THE COMMON AREA, APPURTENANT TO ALL UNITS, AS
SAID EASEMENTS AND RIGHTS ARE DEFINED IN THE 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
DEPICTED ON THE PLAN WHICH IS SET ASIDE AND ALLOCATED FOR THE EXCLUSIVE USE OF THE
OWNER OF THE UNIT TO WHICH THEY ARE ATT ACHED OR ASSIGNED.
PARCEL FOUR:
A NON-EXCLUSIVE EASEMENT, APPURTENANT TO PARCEL ONE ABOVE, FOR ACCESS, INGRESS,
EGRESS, SUPPORT, UTILITIES AND OTHER RIGHTS, OVER, UNDER, UPON AND THROUGH THE
COMMON AREAS AS SAID EASEMENTS AND RIGHTS ARE DEFINED IN THE DECLARATION.
STERLING SQUARE AT CIVIC PARK
CLTA Preliminary ReportForm - Modified (11.'l7.06)
SCAOOO2402.doc/updated: 07.10.19
Prlmed: 02.18.21 @ IO:11 PM by
CA--SPS-1-21-FWPS-2999210209