21-261 Subordination Agreement 20500 Town Center Ln #271Recording Requested By
Old Republic Title
RECORDmG RBQUESTED BY:
AND WHEN RECORDED MAIL TO:
City of Cupertino
10300 Torre Averiue
Cupertino, CA 95014
Attention: City Manager
* No fee for recording pursuant toGovert'ment Code Section 27383
"This document was electronically submitted
to Santa Clara County for recording"
25'l36991
Regina Alcomendras
Santa Clara County - Clerk-Recorder
10/19/2021 11:59 AM
Titles: 1 Pages: 10
Fees: $0.00
Tax' $0
Total: $0.00
(SPACE ABOVE THIS i, FORRECORDER'S USE)
SUBORDINATION AGREEMENT
(CITY TO LENDER)
NOTICF,:TmS SUBORDINATION AGREEMENT RESULTS IN YOUR 8F,CURITY
INTEREST IN AND RESTRICTIVE COVENANTS AFFECTING THE
PROPERTY BY,COMING SUBJECT TO AND OF LOWER PRIORITY
THAN THE LIF,N OF 80MF, OTHER OR LATER SECURITY
INSTRUMENT AND RESTRICTIVE COVENANTS.
THIS SUBORDINATION AGREEMENT (the "Agreement") is entered into as of
1'D'/2" ?VZ-1 ,2021,byaridamongtheCityofCupertino,amunicipalcorporation(the
"City"), Arin Marie Boorie, an unmarried womari (the "Owner") and Wells Fargo Bank, N.A. (the
"Lender").
RECITALS
A. Owner is the fee simpIe owner of that certain reaJ property Iocated at 2Q5!2Q
Town Center Lane #271, Cupertino, Califorriia, as moreparticularly desctibed in
attached hereto (the "Property"), which is a below marketrate unit restricted under the City's
Below Market Rate Housirig Program.
B. In connection with the Owner's purchase of the Property, the City and the Owner
entered into the following documents:
(i) That certain Occupancy, Refinancing, and Resale Restriction Agreement
with Optionto Purchase (the "City Resale Restriction Agreement") dated as of
/0-/2- - '145,byandbetweenCityandthe'Owner,andrecordedintheofficial
MofSantaClaraCounty(the"OfflcialRecords")on * asDocumentNo.
* , : ;14 Rvbunltid GuuttdiieullylivivWltb
(ii) ThatcertainPromissoryNotedatedasof i4 -/';L'#&/'executedby
Owner for the benefit of the City (the "City Promissory Note"); and
Recorded concurrently herewjth
39410913137609.2
I
neeording Requested By
Old Republic Title
OW 3 eg>&oy[
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 toGovernment Code Section 27383
(SPACE ABOVE THIS try FOR RF.CORDER'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
IU -/ 2' X?2) , 2021, by and among the City of Cupertino, a municipal corporation (the
"City"), Ann Marie Boone, an unmarried woman (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 20500
Town Center Lane #271, 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:
(i) That certain Occupancy, Refinancing, and Resale Restriction Agreement
with Option to Purchase (the "City Resale Restriction Agreement") dated as of
/0-/2 - ')1)2 ,byandbetweenCityandtheOwner,andrecordedintheofficial
records of Santa Clara County (the "Official Records") on * as Document No.
* ; * Recorded concurrently herewitta
(ii) ThatcertainPromissoryNotedatedasof /'-72-:A'2-<executedby
Owner for the benefit of the City (the "City Promissory Note"); and
Recorded concurrently herewith
394109S3 137609.2
l
(iii) That certain Deed of Trust dated as of l'D -/ '.'2- "2""n"" , executed by the
Owner, as trristor, naming the City as beneficiary, securing the City Promissory Note and the
City Resale Restriction Agreement, and recorded in the Official Records on *
as Document No. ';X (the "City Deed of Trust", and collectively with the
City Promissory Note, the "City Documents").
* Recorded concurrently herewith
C. Lender has agreed to finance the First Loan in an amoruit not to exceed Two
Hundred Thirty-Seven Thousand Eight Hundred Eighty-Four Dollars ($ 237884), at a fixed
interest rate of three percent (3%) per annum, for a term of thirty (30) years (the "First Loan").
The First 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 / 0 - /'7,=- 7y;LA , 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."
Recorded concurrently herewith
D. Owner, the City, and Lender hereby acknowledge and agree that the documents
referenced herein shall be recorded in the Official Records in the following order:
1. City Resale Restriction Agreement
2. Lender Deed of Trust
3. City Deed of Trust
E. It is a condition of the First 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 vatuable consideration, the receipt and sufficiency of which
consideration is hereby acknowledged, it is hereby declared, understood and agreed as follows:
1. 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.
2. 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
39=RO913 137609.2
2
reliance upon this waiver, relinquishment and subordination. Lender acknowledges and agrees
for the benefit of the City that the City Resale Restriction Agreement shall unconditionally be
and at all times remain an encumbrance on the Property prior and superior to the rights of Lender
rinder the Lender Documents. Lender intentionally and unconditionally subordinates all of
Lender's right, title and interest in and to the Lender Documents to the encumbrance of the City
Resale Restriction Agreement.
3. 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 a'fter 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 sucli acts and payments shall fially and totally cure and correct
all such defaults, breaches, failures or refusals for all purposes.
4. As a condition for approval of this subordination, a request for notice of default and
notice of sale regarding the First Loan shall be recorded in the Official Records for the benefit of
the City.
5. 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.
6. This Agreement shall be binding on and inure to the benefit of the legal
representatives, heirs, successors and assigns of the parties.
7. This Agreement shall be governed by and construed in accordance with the laws of
the State of California.
8. 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.
9. 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]
39j+l0913137609.2
3
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
Greg Lats6n, City Manager
APPROVED AS TO FORM AND
LEGALITY BY:
Christopher Jensen, City Attorney
Date: Sep 27, 2021
OWNER:
Ann Marie Boone, an unmarried woman
Ann Marie Boone
LENDER:
Wells Fargo Bank, N.A.
Signed in
THiS DCLtjMENT l'VAS counlerpa'
EXE(!JTED tM 00tJA!TEflPAFIT
Name:
Its:
39=RO913 137609.2
4
IN WITNESS WHEREOF, the paities have executed this Agreement as of the day first
above written.
NOTICE:THIS StJBORDINATlON 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 WITT-t
RESPECT HERETO.
CITY:
CITY OF CUPERTINO, a municipal corporation
OWNER:
Ann Marie Boone., an unmarried woman
Signed in
Counterpart
Ann Marie Boone
APPROVED AS TO FORM AND
LEGALITYBY: Sigmd in
Christopher Jensen, City Attorney
Date: Sep 27, 2021
LENDER:
Wells Fargo Bank, N.A.
B)/:
Name: MriNAuuh5 AS&-L /t7 U L
ItS:V'//. C)
39410913137609.2
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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.
ST ATE OF CAI,IFORNIA
coryopSh*o (!,lyh
On 3.(>%em6cr Z '6', Zz"Di , before me, l,.(lm €ti ,,S-al,J,ir , Notary Public,
personally appeared Csr<,. Lw->-..-i , who proved to me on the basis of satisfactory
evidence to be the l(s) whose x@p(s) idare subscribed to the within instrument and
acknowledged to me thathe/they executed the same in 9her/their authorized ca(ies),
and that by U3/her/their sig8(s) on the instrument the @(s), or the entity upon behalf of
which the (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.
WIaINESS my hand and official seal.
Notary Public
394109S3137609.2
5
A notary priblic 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.
ST ATE OF CALIFORNIA
COUNTY OF '>-! Q(a-s
onD(-'S'a'12-Joa,beforeme,l\"'+ ,NotaryPublic,
personally appeared Avm Mav=:z &o , 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.
WI"'I'NESS my hand and official seal.
VILLEGAS i
COMM.#2251954 ;
Notary Public - California "o
Santa Clara County ,
My Comm. Expires Aug. 27, 2022 q
39ARO913137609 2
6
FOR NOT ARIZATION OF LENDER PERSONNEL:
State of Minnesota)
) SS.
County of Hennepin)
Onthe 5 dayof QC-+5m€- ,intheyear202l, beforemetheundersigned,
MotgnmOdAdmiM
personally appeared , Vice President Loan
Documentation (VPLD) of Wells Fargo Bank, N.A.i 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.
Sig& Public
(Notary Seal)
My Commission Expires: O/ I Sl/e%a-(p
,,i?%., SONGYANG
': MY COMMISSION EXPIFIES 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.
ST ATE OF CALIFORNIA
COUNTY OF
On ,beforeme, ,NotaryPublic,
personally appeared , 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.
Name:
Notary Public
394109S3 137609.2
7
EXHIBIT A
The land referred to is situated in the County of Santa Clara, City of Cupertino, State of
California, and is described as follows:
A CONDOMINIUM COMPRISED OF:
PARCEL ONE:
Residential Unit No. 271, as depicted upon that certain Condominium Plan (the "Plan") which
Plan is attached as Exhibit A to the Amended and Restated Villagio Cupertino Enabling
Declaration Establishing a Plan for a Mixed Use Residential/Retail Project (the Declaration)
Recorded Odober 6, 2006 as Document No. 19134111, Official Records, Santa Clara County,
and any modifications thereto, said Unit being situated on Lot 7 as said lot is shown upon that
certain Map entitled "Tract No. 9582, which Map was filed in the Office of the Recorder, County
of Santa Clara, State of California on August 18, 2004 in Book 773 of Maps, Pages 35 and 36.
Excepting and reserving therefrom easements as defined in the Declaration.
PARCEL TWO:
An undivided 1/80th interest in the Residential Common Area, being all of the area designated
"Residential Common Area" located above the Residential Area, between elevation 315.00 feet
and elevation 325.00 feet as depicted on the Plan and defined in the Declaration
PARCEL THREE:
The exclusive right to the use, possession and enjoyment of the Restricted Residential Areas,
appurtenant to Parcel One above, as defined in the Declaration and as depicted on the Plan,
including but not limited to the Assignment of Parking Spaces attached as an exhibit thereto,
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, use, enjoyment and rights over,
under, upon and through the common areas as shown on the Plan and defined on the
Dedaration.
APN: 369-55-044
8