RECORDING REQUESTED BY:
WHEN RECORDED MAIL TO:
IRWINDALE HOUSING AUTHORITY
5050 N IRWINDALE AVENUE
IRWINDALE, CA 91706
ESCROW NO:
TITLE ORDER NO:
SPACE ABOVE THIS LINE FOR RECORDER’S USE
This document is exempt from payment of a recording fee pursuant to Government Code Section 6103 APN: 8533-016-026
SUBORDINATION AGREEMENT
NOTICE: THIS SUBORDINATION AGREEMENT RESULTS IN YOUR SECURITY lNTEREST IN THE PROPERTY
BECOMING SUBJECT TO AND OF LOWER PRIORITY THAN THE LIEN OF SOME OTHER OR LATER SECURITY INSTRUMENT.
THIS AGREEMENT, made _____________, 2025, by JING HU, an individual and owner of the land hereinafter described and hereinafter referred to as "Owner," and IRWINDALE HOUSING AUTHORITY, a public body and housing successor to the IRWINDALE COMMUNITY REDEVELOPMENT AGENCY and present owner and holder of the Affordable Housing Agreement and Declaration of Covenants and Restrictions (“Affordable Housing Agreement”) and Deed of Trust with Assignment of Rents and Rider to Deed of Trust with Assignment of Rents (“Agency Deed of Trust”), both dated December 11, 2006, hereinafter referred to as "Beneficiary";
WITNESSETH
WHEREAS, Owner’s predecessor in interest (“Predecessor”) executed the Agency Deed of Trust in favor of the IRWINDALE COMMUNITY REDEVELOPMENT AGENCY to First American Title Insurance Company, Trustee, which Agency Deed of Trust was recorded on January 5, 2007 as document no. 20070026145 and Predecessor executed the Affordable Housing Agreement in favor of IRWINDALE COMMUNITY REDEVELOPMENT AGENCY, which Affordable Housing Agreement was recorded on January 5, 2007 as document no. 20070026143, Official Records of said county covering the following real property having a common address of 2445 Alice Rodriguez Circle, City of Irwindale (“Property”) and having a legal description as follows:
THE LAND REFERRED TO HEREIN BELOW IS SITUATED IN THE COUNTY OF LOS ANGELES, STATE OF CALIFORNIA AND IS DESCRIBED AS FOLLOWS:
LOT 13 OF TRACT NO. 62718, IN THE CITY OF IRWINDALE, COUNTY OF LOS ANGELES, STATE OF CALIFORNIA, AS PER MAP FILED IN BOOK 1321, PAGES 99 AND 100, OF MAPS, IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY
WHEREAS, Owner purchased the Property from Predecessor and in connection therewith, all Predecessor’s rights, obligations and indebtedness under the Affordable Housing Agreement and Agency Deed of Trust were assigned to, and assumed by, Owner.
WHEREAS, Owner has executed, or is about to execute, a Deed of Trust and promissory note not to exceed the sum of $155,700.00, dated not later than April 4, 2025 (approximately) in favor of:
OnY Glo Inc., DBA CAPITALEND HOME LOANS
hereinafter referred to as "Lender," payable with interest and upon the terms and conditions described therein, which deed of trust (“Lender Deed of Trust”) is to be recorded concurrently herewith; and WHEREAS, it is a condition precedent to obtaining said loan that said Lender Deed of Trust shall unconditionally be and remain at all times a lien or charge upon the land hereinbefore described, prior and superior to the lien or charge of the Agency Deed of Trust; and
WHEREAS, Lender is willing to make said loan provided the Lender Deed of Trust securing the same is a lien or charge upon the above described property prior and superior to the lien or charge of the Agency Deed of Trust and Affordable Housing Agreement first above mentioned and provided that Beneficiary will specifically and unconditionally subordinate the lien or charge of the Agency Deed of Trust and Affordable Housing Agreement first above mentioned to the lien or charge of the Lender Deed of Trust in favor of Lender; and WHEREAS, it is to the mutual benefit of the parties hereto that Lender make such loan to Owner; and Beneficiary is willing that the Lender Deed of Trust securing the same shall, when recorded, constitute a lien or charge upon said land which is unconditionally prior and superior to the lien or charge of the Agency Deed of Trust and Affordable Housing Agreement first above mentioned.
NOW, THEREFORE, in consideration of the mutual benefits accruing to the parties hereto and other valuable consideration, the receipt and sufficiency of which consideration is hereby acknowledged, and in order to induce Lender to make the loan above referred to, it is hereby declared, understood and agreed as follows:
(1) That said Lender Deed of Trust securing said note in favor of Lender, and any renewals or extensions thereof, shall unconditionally be and remain at all times a lien or charge on the property therein described, prior and superior to the lien or charge of the Agency Deed of Trust and Affordable Housing Agreement above mentioned.
(2) That Lender would not make its loan above described without this subordination agreement. (3) That this agreement shall be the whole and only agreement with regard to the subordination of the lien or charge of the Agency Deed of Trust and Affordable Housing Agreement first above mentioned to the lien or charge of the Lender Deed of Trust in favor of Lender above referred to and shall supersede and cancel, but only insofar as would affect the priority between the deeds of trust hereinbefore specifically described, any prior agreement as to such subordination including, but not limited, those provisions, if any, contained in the Agency Deed of Trust and Affordable Housing Agreement first above mentioned, which provide for the subordination of the lien or charge thereof to another deed or deeds of trust or to another mortgage or mortgages.
Beneficiary declares, agrees and acknowledges that:
(A) It intentionally and unconditionally waives, relinquishes and subordinates the lien or charge of the Agency Deed of Trust and Affordable Housing Agreement first above mentioned in favor of the lien or charge upon said land of the Lender Deed of Trust in favor of Lender above referred to and understands that in reliance upon, and in consideration of, this waiver, relinquishment and subordination, specific loans and advances are being and will be made and, as part and parcel thereof, specific monetary and other obligations are being and will be entered into which would not be made or entered into but for said reliance upon this waiver, relinquishment and subordination; and (B) An endorsement has been placed upon the note secured by the Agency Deed of Trust and Affordable Housing Agreement first above mentioned that said Agency Deed of Trust and Affordable Housing Agreement have by this instrument been subordinated to the lien or charge of the Lender Deed of Trust in favor of Lender above referred to.
NOTICE: THIS SUBORDINATION AGREEMENT CONTAINS A PROVISION WHICH ALLOWS THE PERSON
OBLIGATED ON YOUR REAL PROPERTY SECURITY TO OBTAIN A LOAN, A PORTION OF WHICH MAY BE EXPENDED FOR OTHER PURPOSES THAN IMPROVEMENT OF THE LAND.
IT IS RECOMMENDED THAT, PRIOR TO THE EXECUTION OF THIS SUBORDINATION AGREEMENT, THE PARTIES CONSULT WITH THEIR ATTORNEYS WITH RESPECT THERETO.
IRWINDALE HOUSING AUTHORITY, a public body,
as Housing Successor to the Irwindale Redevelopment Agency Julian Miranda, Executive Director
ATTEST:
____________________________
Laura M. Nieto, Authority Secretary
APPROVED AS TO FORM:
ALESHIRE & WYNDER, LLP
___________________________
Adrian Guerra, Authority Counsel
JING HU, an individual
___________________________
Jing Hu