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